AMC Networks (AMCX)
NASDAQ:AMCX
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AMC Networks
(NASDAQ:AMCX)
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Rating:63Neutral
Price Target:
$9.50
▲(8.32% Upside)
Action:Reiterated
Date:05/09/26
AMCX scores in the low-to-mid 60s primarily due to improved profitability and solid cash generation alongside an improved (but historically inconsistent) balance-sheet profile. The key offset is persistent revenue decline and earnings-call guidance for lower 2026 AOI and free cash flow, while technicals are supportive and valuation is penalized by a negative P/E and lack of dividend yield data.
Positive Factors
Streaming mix shift
A durable shift to streaming alters AMC's revenue base from declining linear affiliate fees and spot ads to recurring subscription and platform distribution revenue. Sustained streaming growth supports more predictable cash flows, broader distribution monetization, and long-term leverage against pay-TV secular decline.
Negative Factors
Linear affiliate & ad declines
Structural cord-cutting and advertising marketplace oversupply are shrinking traditional revenue streams, reducing top-line scale and compressing AOI margins. Persistent declines force heavier reliance on streaming to replace lost affiliate and ad dollars, increasing execution risk and content spending requirements over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Streaming mix shift
A durable shift to streaming alters AMC's revenue base from declining linear affiliate fees and spot ads to recurring subscription and platform distribution revenue. Sustained streaming growth supports more predictable cash flows, broader distribution monetization, and long-term leverage against pay-TV secular decline.
Read all positive factors
AMC Networks Key Performance Indicators (KPIs)
AMC Networks (AMCX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$364.60M
Dividend YieldN/A
Average Volume (3M)376.51K
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue Growth-3.42%
EPS GrowthN/A
CountryUS
Employees1,800
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)1.16
Shares Outstanding32,443,302
10 Day Avg. Volume268,418
30 Day Avg. Volume376,515
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.43
Price to Sales (P/S)0.18
P/FCF Ratio1.55
Enterprise Value/Market Cap4.54
Enterprise Value/Revenue0.72
Enterprise Value/Gross Profit1.51
Enterprise Value/Ebitda1.54
Forecast
1Y Price Target
$7.25Price Target Upside-17.33% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering4
EPS Forecast (FY)1.84
Revenue Forecast (FY)$2.25B
AMC Networks Business Overview & Revenue Model
Company Description
AMC Networks Inc., an entertainment company, owns and operates a suite of video entertainment products that are delivered to audiences and a platform to distributors and advertisers in the United States and internationally. The company operates in...
How the Company Makes Money
AMC Networks primarily earns revenue by (1) licensing and distributing its networks and content to distributors and platforms, and (2) selling advertising tied to viewership of its linear networks and, where applicable, its streaming services. A m...
AMC Networks Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 07, 2026
Earnings Call Sentiment Positive
The call presented a mix of strong operational and financial progress alongside persistent headwinds in linear affiliate and advertising revenue. Highlights include streaming becoming the largest domestic revenue source, record streaming viewing hours, a substantial free cash flow outperformance ($272M), meaningful debt reduction (nearly $600M gross debt retired), improved liquidity (~$675M) and strategic content/asset moves (full ownership of RLJE assets, launch of AllReality, relaunch of Sundance Now). Lowlights center on continued declines in linear affiliate revenue (‑13%), domestic advertising declines (‑15% year), International subscription pressures (‑8% year) and guidance for lower AOI (~$350M for 2026) and at least $200M free cash flow, reflecting near-term profitability pressure. On balance, the company appears to be successfully executing a transformation toward streaming and cash generation while managing legacy linear decline and ad-market volatility.Positive Updates
Streaming Becomes Largest Domestic Revenue Source
Streaming represented the largest single source of domestic revenue in 2025; streaming revenue grew 12% year-over-year for the full year and 14% in Q4, helping offset linear declines and demonstrating successful reorientation of the revenue mix.
Negative Updates
Linear Affiliate Revenue Declines
Affiliate revenue declined 13% for both the full year and Q4, reflecting continued headwinds in traditional pay-TV affiliate economics and contributing to overall Domestic Operations revenue pressure.
Read all updates
Q4-2025 Updates
Positive
Negative
Streaming Becomes Largest Domestic Revenue Source
Streaming represented the largest single source of domestic revenue in 2025; streaming revenue grew 12% year-over-year for the full year and 14% in Q4, helping offset linear declines and demonstrating successful reorientation of the revenue mix.
Read all positive updates
Company Guidance
Management guided 2026 consolidated revenue of approximately $2.25 billion, consolidated adjusted operating income (AOI) of about $350 million (weighted to the back half of the year), and free cash flow of at least $200 million, with the company noting it converts the majority of AOI to cash (it converted roughly two‑thirds in 2025). They expect Domestic content licensing of about $260 million, Domestic advertising to decline in the low double‑digit percent range versus 2025, and stable Domestic subscription revenue as streaming growth offsets linear headwinds; International revenue is forecast at $290–300 million. For context, 2025 results included $2.3 billion consolidated revenue, $412 million AOI (18% margin), $272 million free cash flow, 10.4 million streaming subs, net debt ≈$1.3 billion, and total liquidity ≈$675 million (≈$500M cash and $175M revolver).AMC Networks Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.30B | 2.31B | 2.42B | 2.71B | 3.10B | 3.08B |
| Gross Profit | 1.09B | 1.17B | 1.29B | 1.38B | 1.58B | 1.65B |
| EBITDA | 1.08B | 1.22B | 979.10M | 1.46B | 1.25B | 1.51B |
| Net Income | 52.48M | 89.40M | -226.55M | 215.46M | 7.59M | 250.60M |
Balance Sheet | ||||||
| Total Assets | 3.87B | 3.94B | 4.36B | 4.97B | 5.63B | 5.75B |
| Cash, Cash Equivalents and Short-Term Investments | 552.14M | 502.38M | 784.65M | 570.58M | 930.00M | 892.22M |
| Total Debt | 1.84B | 1.85B | 2.43B | 2.48B | 2.97B | 3.03B |
| Total Liabilities | 2.89B | 2.92B | 3.42B | 3.71B | 4.53B | 4.56B |
| Stockholders Equity | 955.24M | 981.87M | 855.60M | 1.05B | 806.99M | 851.09M |
Cash Flow | ||||||
| Free Cash Flow | 238.67M | 272.37M | 330.84M | 168.71M | 137.56M | 100.90M |
| Operating Cash Flow | 260.00M | 305.67M | 375.62M | 203.92M | 181.83M | 143.47M |
| Investing Cash Flow | -29.51M | -34.21M | -40.38M | -24.32M | -39.38M | -26.58M |
| Financing Cash Flow | -557.54M | -570.29M | -110.22M | -544.43M | -97.11M | -84.10M |
AMC Networks Technical Analysis
Positive
8.77
Price Trends
7.54
Positive
8.21
Positive
7.72
Positive
Market Momentum
0.22
Negative
75.28
Negative
96.74
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMCX, the sentiment is Positive. The current price of 8.77 is above the 20-day moving average (MA) of 7.29, above the 50-day MA of 7.54, and above the 200-day MA of 7.72, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 75.28 is Negative, neither overbought nor oversold. The STOCH value of 96.74 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMCX.
AMC Networks Risk Analysis
AMC Networks disclosed 35 risk factors in its most recent earnings report. AMC Networks 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 Networks Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $364.60M | -3.92 | 5.30% | ― | -3.42% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | $1.01B | 11.41 | 15.82% | 6.52% | -9.25% | -54.61% | |
56 Neutral | $388.17M | -0.48 | -44.91% | ― | ― | ― | |
54 Neutral | $59.99M | -13.79 | -5.46% | ― | 7.48% | 15.04% | |
52 Neutral | $3.67B | -14.33 | 20.86% | ― | 31.47% | -35.23% | |
46 Neutral | $783.45M | -1.13 | 29.90% | ― | 10.63% | -7.77% |
* Communication Services Sector Average
AMCX
AMC Networks
8.30
1.91
29.89%
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SBGI
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14.01
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AMC
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1.28
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LION
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12.64
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23.12
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54.24%
AMC Networks Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
AMC Networks Rebrands as AMC Global Media Inc.
Neutral
Apr 8, 2026
On April 8, 2026, AMC Networks Inc. amended and restated its articles of incorporation and bylaws in Nevada to change its corporate name to AMC Global Media Inc., while keeping its NASDAQ listing under the existing ticker AMCX. The move leaves all...
Executive/Board Changes
AMC Networks Announces Interim Shift in Financial Leadership
Neutral
Apr 3, 2026
AMC Networks Inc., a U.S. entertainment and television content provider, reported a leadership change in its finance organization effective March 31, 2026. The company, which operates cable networks and streaming services with a focus on premium a...
Business Operations and StrategyPrivate Placements and Financing
AMC Networks Fully Retires 2029 Notes, Extends Maturities
Positive
Mar 26, 2026
On March 13, 2026, AMC Networks completed the early settlement of an exchange offer in which about $830.6 million of its 10.25% senior secured notes due 2029 were swapped for new 10.50% senior secured notes due 2032, followed by the tender of an a...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
AMC Networks Completes Major Exchange of Senior Secured Notes
Positive
Mar 13, 2026
On March 13, 2026, AMC Networks completed the early settlement of its exchange offer, swapping approximately $830.6 million, or about 95% of its outstanding 10.25% Senior Secured Notes due 2029, for newly issued 10.50% Senior Secured Notes due 203...
Business Operations and StrategyExecutive/Board Changes
AMC Networks Strengthens Leadership with Board and Executive Moves
Positive
Mar 13, 2026
On March 11, 2026, AMC Networks appointed Chief Executive Officer Kristin A. Dolan as a new Class B director, expanding its board from 11 to 12 members and further aligning top management with board-level governance. The move consolidates leadersh...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
AMC Networks Launches Exchange Offer to Extend Debt Maturities
Positive
Feb 23, 2026
On February 23, 2026, AMC Networks launched a private exchange offer for any and all of its $875 million 10.25% Senior Secured Notes due 2029, proposing to swap them for new 10.50% Senior Secured Notes due 2032, with enhanced consideration for hol...
Business Operations and StrategyStock BuybackPrivate Placements and Financing
AMC Networks Amends Notes to Enable Share Buybacks
Positive
Feb 23, 2026
On February 23, 2026, AMC Networks Inc. obtained consents from approximately 94% of holders of its $400 million 10.50% Senior Secured Notes due 2032, enabling a first supplemental indenture that loosens restrictions on equity repurchases up to $50...
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.