AMC Entertainment Holdings (AMC)
NYSE:AMC
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AMC Entertainment
(NYSE:AMC)
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Rating:46Neutral
Price Target:
$1.50
▼(-19.35% Downside)
Action:Reiterated
Date:05/09/26
The score is held down primarily by weak financial fundamentals—high leverage with negative equity, ongoing net losses, and negative free cash flow—despite improving operating trends. Technicals are neutral and do not provide a strong tailwind, while valuation is difficult to justify with a negative P/E and no dividend. The latest earnings call was comparatively constructive (better EBITDA, improving per-patron economics, and refinancing/deleveraging actions), but execution and refinancing risks remain material.
Positive Factors
Revenue & Attendance Recovery
Sustained recovery in attendance and quarterly revenue signals durable demand normalization for theatrical exhibition. Higher volumes support operating leverage and fixed-cost absorption over the next several quarters, making revenue trends less reliant on one-off events and more supportive of multi-quarter margin improvement.
Negative Factors
High Leverage & Negative Equity
A very high debt load combined with negative equity leaves a thin capital cushion and limited financial flexibility. This elevated leverage increases default and refinancing risk if operating momentum falters, constrains strategic optionality, and makes the firm sensitive to interest-rate and macro shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Attendance Recovery
Sustained recovery in attendance and quarterly revenue signals durable demand normalization for theatrical exhibition. Higher volumes support operating leverage and fixed-cost absorption over the next several quarters, making revenue trends less reliant on one-off events and more supportive of multi-quarter margin improvement.
Read all positive factors
AMC Entertainment Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where AMC earns its money globally, highlighting regions with strong box office sales and areas that might need strategic focus or improvement.
Shows where AMC earns its money globally, highlighting regions with strong box office sales and areas that might need strategic focus or improvement.
Data provided by:
The Fly
The FlyAMC Entertainment (AMC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$924.22M
Dividend YieldN/A
Average Volume (3M)30.07M
Price to Earnings (P/E)―
Beta (1Y)1.50
Revenue Growth10.63%
EPS Growth-7.77%
CountryUS
Employees2,915
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-1.06
Shares Outstanding612,069,400
10 Day Avg. Volume21,839,067
30 Day Avg. Volume30,072,243
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)-0.42
Price to Sales (P/S)0.17
P/FCF Ratio-2.19
Enterprise Value/Market Cap9.17
Enterprise Value/Revenue1.68
Enterprise Value/Gross Profit2.59
Enterprise Value/Ebitda17.11
Forecast
1Y Price Target
$2.04Price Target Upside9.68% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)-0.3
Revenue Forecast (FY)$5.40B
AMC Entertainment Business Overview & Revenue Model
Company Description
AMC Entertainment Holdings, Inc., through its subsidiaries, engages in the theatrical exhibition business. The company owns, operates, or has interests in theatres in the United States and Europe. As of March 1, 2022, it operated approximately 950...
How the Company Makes Money
AMC primarily generates revenue from (1) admission (ticket) sales and (2) food and beverage sales at its theaters. Ticket revenue is driven by attendance and ticket pricing, including higher-priced premium experiences (e.g., large-format screens, ...
AMC Entertainment Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and financial progress: a substantial YoY adjusted EBITDA improvement ($96M), robust box office recovery (NA box office +22% YoY), attendance growth (+13.6% YoY), record per‑patron metrics, meaningful balance-sheet actions (refinancing, debt-to-equity conversion, ~$101M capital raise) and new revenue initiatives (Arena 1, merchandising and stronger studio window discipline). Headwinds include seasonal Q1 cash usage, remaining sizable debt and interest costs, ongoing CapEx, footprint pruning, and execution risks tied to new products and continued slate performance. Overall, the positives (record profitability, revenue and per-patron gains, liquidity and strategic initiatives) materially outweigh the listed challenges.Positive Updates
Record Adjusted EBITDA
Adjusted EBITDA reached a post-pandemic Q1 record of $38.3M, an improvement of $96M year-over-year, driven by operating leverage as revenues rose.
Negative Updates
Q1 Cash Seasonal Burn and Cash Balance
Quarter-end cash of $339M (excl. $42M restricted) reflects typical Q1 working-capital outflow; management noted Q1 is historically a cash-using period, contributing to near-term cash burn.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Adjusted EBITDA
Adjusted EBITDA reached a post-pandemic Q1 record of $38.3M, an improvement of $96M year-over-year, driven by operating leverage as revenues rose.
Read all positive updates
Company Guidance
Management guided to a stronger 2026 driven by rising revenues and operating leverage, reiterating expectations for a record post‑pandemic full‑year box office (management said industry box office could be $500 million to $1.2 billion higher than 2025) and continued revenue growth; they pointed to Q1 proof points—47.6 million global guests (+13.6% YoY), North American box office +22% YoY, consolidated Q1 revenue >$1 billion, adjusted EBITDA up $96 million YoY to a Q1 post‑pandemic record of $38.3 million, contribution margin per patron $15.19 (+6% YoY, +57% vs Q1 2019), domestic total revenue per patron +53% vs Q1 2019 and domestic contribution margin per patron +67% vs Q1 2019 (international revenue per patron +34.5% vs Q1 2019; +31.4% constant currency); they reiterated 2026 CapEx guidance of $175–$225 million (net of lease incentives), reported cash of $339 million (excl. $42 million restricted), ~$101 million raised in Q1 (ATM + Hycroft sales, including ~$30 million realized from Hycroft in Q1 and ~$54 million total realized vs $27.9 million invested), refinanced $400 million maturing 2027 debt into a $425 million first‑lien term loan at 10.5% due 2031, announced conversion of ≈$155.8 million exchangeable notes to equity (reducing long‑term debt to ~ $3.9 billion), and plans to expand premium offerings (e.g., 225 IMAX at AMC, 181 Dolby Cinema, ~3,543 laser‑at‑AMC screens, 168 XL screens, 83 iSense Odeon auditoriums) plus launch Arena 1 live concerts in >300 U.S. locations (and ~260 Odeon sites in 9 European countries) to drive incremental attendance and revenue.AMC Entertainment Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
18
Very Negative
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.03B | 4.85B | 4.64B | 4.81B | 3.91B | 2.53B |
| Gross Profit | 3.27B | 3.63B | 3.09B | 3.21B | 2.63B | 1.78B |
| EBITDA | 495.10M | -96.30M | 412.70M | 383.00M | -196.40M | -396.90M |
| Net Income | -547.40M | -632.40M | -352.60M | -396.60M | -973.60M | -1.27B |
Balance Sheet | ||||||
| Total Assets | 7.68B | 8.02B | 8.25B | 9.01B | 9.14B | 10.82B |
| Cash, Cash Equivalents and Short-Term Investments | 380.90M | 428.50M | 632.30M | 884.30M | 631.50M | 1.59B |
| Total Debt | 7.93B | 8.14B | 8.28B | 9.14B | 10.02B | 10.75B |
| Total Liabilities | 9.61B | 9.91B | 10.01B | 10.86B | 11.76B | 12.61B |
| Stockholders Equity | -1.93B | -1.89B | -1.76B | -1.85B | -2.62B | -1.79B |
Cash Flow | ||||||
| Free Cash Flow | -123.60M | -365.90M | -296.30M | -444.80M | -848.30M | -714.70M |
| Operating Cash Flow | 121.70M | -119.80M | -50.80M | -215.20M | -628.50M | -614.10M |
| Investing Cash Flow | -190.20M | -221.60M | -242.90M | -180.10M | -224.00M | -68.20M |
| Financing Cash Flow | 16.50M | 125.20M | 68.40M | 649.30M | -91.30M | 1.99B |
AMC Entertainment Technical Analysis
Positive
1.86
Price Trends
1.36
Positive
1.37
Positive
1.98
Negative
Market Momentum
<0.01
Positive
53.86
Neutral
78.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMC, the sentiment is Positive. The current price of 1.86 is above the 20-day moving average (MA) of 1.48, above the 50-day MA of 1.36, and below the 200-day MA of 1.98, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 53.86 is Neutral, neither overbought nor oversold. The STOCH value of 78.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMC.
AMC Entertainment Risk Analysis
AMC Entertainment disclosed 31 risk factors in its most recent earnings report. AMC Entertainment reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
AMC Entertainment Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $3.29B | 103.40 | 8.89% | ― | 4.51% | -62.44% | |
64 Neutral | $542.94M | -8.58 | 3.14% | 1.97% | 2.46% | ― | |
63 Neutral | $2.15B | 121.70 | 10.95% | ― | 12.56% | 43.49% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $3.09B | -127.78 | 31.48% | 1.45% | 6.85% | -26.53% | |
47 Neutral | $408.19M | -4.24 | -36.41% | ― | -1.40% | -196.79% | |
46 Neutral | $924.22M | -1.13 | 29.90% | ― | 10.63% | -7.77% |
* Communication Services Sector Average
AMC
AMC Entertainment
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-53.40%
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AMC Entertainment Corporate Events
Business Operations and StrategyPrivate Placements and Financing
AMC Entertainment Completes Debt-for-Equity Exchange Transaction
Neutral
May 13, 2026
On May 11, 2026, holders of Muvico, LLC’s Senior Secured Exchangeable Notes due 2030, issued by the AMC Entertainment subsidiary, completed a previously announced voluntary exchange of their notes for AMC Class A common stock under the terms...
Business Operations and StrategyPrivate Placements and Financing
AMC Entertainment Reduces Debt Through Note-for-Stock Exchange
Neutral
May 5, 2026
On May 4, 2026, holders of Muvico, LLC’s Senior Secured Exchangeable Notes due 2030 elected to exchange all $155.8 million of outstanding notes for AMC Entertainment Class A common stock, under the terms of the existing indenture. AMC expect...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
AMC Entertainment Refinances Debt with New Term Loan
Positive
Apr 17, 2026
On April 17, 2026, Odeon Finco PLC, a subsidiary of AMC Entertainment, entered a new $425 million first-lien term loan maturing in 2031 at a fixed 10.50% rate to refinance and fully redeem its 12.750% senior secured notes due 2027, with the redeem...
Business Operations and StrategyPrivate Placements and Financing
AMC Extends Commitment for $425 Million Refinancing Facility
Positive
Apr 1, 2026
On March 6, 2026, AMC Entertainment and its wholly owned subsidiary Odeon Finco PLC entered into a commitment letter with Deutsche Bank AG New York Branch for a new senior secured credit facility of up to $425 million to refinance Odeon’s 12...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
AMC Entertainment Adjusts Capital Structure With Consent Shares
Neutral
Mar 24, 2026
On March 23, 2026, AMC Entertainment Holdings, Inc. issued 15,378,194 shares of Class A common stock as consent fees to certain selling stockholders in connection with amendments to indentures governing Muvico, LLC’s 6.00%/8.00% Cash/PIK Tog...
Regulatory Filings and Compliance
AMC registers secondary resale of Class A shares
Neutral
Mar 16, 2026
On March 16, 2026, AMC Entertainment filed a prospectus supplement to an existing shelf registration statement to register the potential resale of up to 17,739,549 shares of its Class A common stock by certain selling stockholders. The transaction...
Business Operations and StrategyPrivate Placements and Financing
AMC Entertainment Announces New Odeon Refinancing Credit Facility
Positive
Mar 6, 2026
On March 6, 2026, AMC Entertainment and its wholly owned unit Odeon Finco PLC entered into a commitment letter with Deutsche Bank for a new senior secured credit facility of up to $425 million to refinance Odeon’s 12.75% senior secured notes...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
AMC Revises Odeon-Linked Collateral Terms for 2029 Notes
Neutral
Feb 25, 2026
On February 24, 2026, AMC Entertainment, its subsidiary Muvico and certain holders of Muvico’s Senior Secured Notes due 2029 agreed to amend the indenture governing those notes, changing how new collateral from the Odeon Group will secure th...
Business Operations and StrategyPrivate Placements and Financing
AMC Launches Major Debt Refinancing and Note Offering
Positive
Feb 23, 2026
On February 23, 2026, AMC Entertainment said its indirect subsidiary Muvico, LLC had launched a private offering of $1.73 billion in first lien notes due 2031, to be guaranteed by AMC and certain subsidiaries alongside a planned $750 million term ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.