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AMC Networks
(NASDAQ:AMCX)
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Rating:60Neutral
Price Target:
$12.00
▲(22.57% Upside)
Action:Reiterated
Date:08/01/26
AMCX scores moderately due to solid (though softening) free cash flow and improved forward visibility from raised guidance and the Walking Dead licensing deal, supported by a favorable price trend above major moving averages. The score is capped by ongoing revenue erosion, a return to slight TTM losses, and elevated leverage that increases sensitivity to continued affiliate/subscription and advertising declines.
Positive Factors
Large multi-year content licensing deal
The $500M, 5-year Walking Dead licensing contract materially extends multi-year revenue visibility and contracted licensing receipts. It secures predictable content income, smooths future revenue streams, and supports cash flow planning and investor visibility beyond near-term advertising and affiliate volatility.
Negative Factors
Elevated financial leverage
High leverage materially constrains financial flexibility. With net leverage ~4.1x, the company is more sensitive to slower revenue or ad cycles, faces higher refinancing and interest risk, and has reduced capacity for large strategic investments or opportunistic M&A during continued top-line pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Large multi-year content licensing deal
The $500M, 5-year Walking Dead licensing contract materially extends multi-year revenue visibility and contracted licensing receipts. It secures predictable content income, smooths future revenue streams, and supports cash flow planning and investor visibility beyond near-term advertising and affiliate volatility.
Read all positive factors
AMC Networks Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales between the U.S. and international markets, highlighting exposure to domestic cable declines versus growth opportunities from international streaming, licensing, and regional content demand.
Breaks down sales between the U.S. and international markets, highlighting exposure to domestic cable declines versus growth opportunities from international streaming, licensing, and regional content demand.
Data provided by:
The Fly
The FlyAMC Networks (AMCX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$462.00M
Dividend YieldN/A
Average Volume (3M)497.33K
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue Growth-4.59%
EPS Growth87.95%
CountryUS
Employees1,738
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-0.47
Shares Outstanding29,765,562
10 Day Avg. Volume552,996
30 Day Avg. Volume497,335
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$9.75Price Target Upside-0.41% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering4
EPS Forecast (FY)2.54
Revenue Forecast (FY)$2.38B
AMC Networks Business Overview & Revenue Model
Company Description
AMC Networks Inc., an entertainment company, distributes contents in the United States, Europe, and internationally. It operates in two segments, Domestic Operations and International. The Domestic Operations segment operates programming networks,...
How the Company Makes Money
AMC Networks primarily makes money by monetizing its content and brands across two main distribution models: (1) traditional linear/pay-TV networks and (2) subscription streaming services.
1) Affiliate (carriage) fees from pay-TV distributors: A ...
AMC Networks Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call emphasized several major strategic and financial positives — notably a material co-exclusive global licensing deal for The Walking Dead (enhancing multi-year revenue visibility and cash flow), raised full-year revenue/AOI/FCF guidance, streaming engagement gains, and distribution renewals — while acknowledging near-term operating pressures including a 9% decline in consolidated revenue, double-digit affiliate declines, mid-single-digit advertising softness, and a Q2 AOI low point. Management framed Q2 as the expected trough with improvement forecast for the back half of the year and highlighted balance sheet progress (cash on hand, improved debt maturity).Positive Updates
The Walking Dead Global Licensing Deal
Signed a co-exclusive global streaming license with Netflix for the entire Walking Dead universe (7 series, 371 episodes). Contracted license fees total $500 million over a 5-year license; expected revenue recognized at present value of approximately $445 million over the life of the agreement. Management expects to recognize ~$200 million to $225 million of that revenue in each of 2026 and 2027. Cash schedule: ~$25 million in 2026, ~ $100 million annually in 2027–2030, remainder due in 2031. Deal bolsters content licensing visibility and is included in updated full-year guidance.
Negative Updates
Decline in Consolidated and Domestic Revenues
Q2 consolidated net revenue declined 9% year-over-year to $547 million. Domestic operations revenue fell 11% to $470 million in the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
The Walking Dead Global Licensing Deal
Signed a co-exclusive global streaming license with Netflix for the entire Walking Dead universe (7 series, 371 episodes). Contracted license fees total $500 million over a 5-year license; expected revenue recognized at present value of approximately $445 million over the life of the agreement. Management expects to recognize ~$200 million to $225 million of that revenue in each of 2026 and 2027. Cash schedule: ~$25 million in 2026, ~ $100 million annually in 2027–2030, remainder due in 2031. Deal bolsters content licensing visibility and is included in updated full-year guidance.
Read all positive updates
Company Guidance
Management raised 2026 guidance to consolidated revenue of $2.40–$2.45 billion (including ~$200–$225M of Walking Dead licensing), implying domestic content‑licensing of $460–$485M, adjusted operating income of $410–$420M and free cash flow of ~ $220M; the Walking Dead deal is a 5‑year, $500M contract with ~ $445M recognized under ASC 606 (about $200–$225M recognized in 2026 and 2027) and contractual cash receipts of ~ $25M in 2026, ~$100M per year in 2027–2030 and the remainder in 2031. They expect domestic subscription revenue to decline ~3% for 2026, and noted Q2 was the trough with consolidated revenue of $547M (down 9%), Q2 AOI $46M (domestic AOI $61M, international AOI $14M, 18% margin), Q2 FCF $43M (YTD $108M), quarter‑end cash ~$464M, net debt ~$1.3B and consolidated net leverage ~4.1x.AMC Networks Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
44
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.25B | 2.31B | 2.42B | 2.71B | 3.10B | 3.08B |
| Gross Profit | 1.08B | 1.17B | 1.29B | 1.38B | 1.58B | 1.65B |
| EBITDA | 1.10B | 1.26B | 979.10M | 1.46B | 1.25B | 1.51B |
| Net Income | -19.75M | 89.40M | -226.55M | 215.46M | 7.59M | 250.60M |
Balance Sheet | ||||||
| Total Assets | 3.73B | 3.94B | 4.36B | 4.97B | 5.63B | 5.75B |
| Cash, Cash Equivalents and Short-Term Investments | 464.00M | 502.38M | 784.65M | 570.58M | 930.00M | 892.22M |
| Total Debt | 1.75B | 1.85B | 2.43B | 2.48B | 2.97B | 3.03B |
| Total Liabilities | 2.78B | 2.92B | 3.42B | 3.71B | 4.53B | 4.56B |
| Stockholders Equity | 911.23M | 981.87M | 855.60M | 1.05B | 806.99M | 851.09M |
Cash Flow | ||||||
| Free Cash Flow | 190.52M | 272.37M | 330.84M | 168.71M | 137.56M | 100.90M |
| Operating Cash Flow | 218.73M | 305.67M | 375.62M | 203.92M | 181.83M | 143.47M |
| Investing Cash Flow | -29.16M | -34.21M | -40.38M | -24.32M | -39.38M | -26.58M |
| Financing Cash Flow | -582.30M | -570.29M | -110.22M | -544.43M | -97.11M | -84.10M |
AMC Networks Technical Analysis
Positive
9.79
Price Trends
10.13
Positive
9.02
Positive
8.67
Positive
Market Momentum
0.42
Negative
65.69
Neutral
86.77
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 9.79 is below the 20-day moving average (MA) of 10.51, below the 50-day MA of 10.13, and above the 200-day MA of 8.67, indicating a bullish trend. The MACD of 0.42 indicates Negative momentum. The RSI at 65.69 is Neutral, neither overbought nor oversold. The STOCH value of 86.77 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 |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $462.00M | -23.83 | -2.03% | ― | -4.59% | 87.95% | |
58 Neutral | $46.83M | -9.59 | -5.46% | ― | 7.48% | 15.04% | |
55 Neutral | $3.95B | -18.70 | 9.60% | ― | -17.64% | -54.79% | |
52 Neutral | $991.56M | 15.17 | 12.71% | 7.41% | -9.25% | -54.61% | |
52 Neutral | $436.86M | -1.55 | -44.91% | ― | ― | ― | |
50 Neutral | $2.52B | -2.65 | 31.43% | ― | 6.41% | -19.34% |
* Communication Services Sector Average
AMCX
AMC Networks
11.87
5.34
81.78%
GAIA
Gaia
1.90
-2.23
-54.00%
SBGI
Sinclair Broadcast
14.76
3.42
30.16%
AMC
AMC Entertainment
2.57
-0.36
-12.29%
LION
Lionsgate Studios
12.93
6.60
104.27%
STRZ
Starz Entertainment Corp
25.74
11.80
84.65%
AMC Networks Corporate Events
Executive/Board ChangesShareholder Meetings
AMC Networks Appoints New CFO Amid Strong Shareholder Backing
Positive
Jun 17, 2026
On June 16, 2026, AMC Global Media appointed former VICE Media co‑chief executive and veteran media investment banker Hozefa Lokhandwala as executive vice president and chief financial officer, backing the hire with a three‑year employ...
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.