AMC Networks (AMCX)
NASDAQ:AMCX
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AMC Networks
(NASDAQ:AMCX)
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Rating:50Neutral
Price Target:
$6.50
▼(-0.31% Downside)
Action:ReiteratedDate:03/27/26
AMCX scores mid-range primarily due to resilient cash generation and a profitability rebound, partially offset by ongoing multi-year revenue decline and leverage risk. Technicals are notably weak and weigh on the score, while earnings-call guidance points to near-term profitability and cash flow pressure despite continued progress on streaming mix shift and debt reduction.
Positive Factors
Free Cash Flow Generation
Consistent, material free cash flow (FCF) is a durable strength: 2025 FCF of $272M and conversion of roughly two-thirds of AOI into cash improve the firm's ability to pay down debt, fund targeted content and streaming investments, and maintain liquidity through industry cyclicality without relying on equity raises.
Negative Factors
Multi-year Revenue Decline
Sustained top-line contraction undermines scale benefits and makes content monetization harder: shrinking revenue pressures absolute advertising and affiliate receipts, limits reinvestment capacity, raises the bar for streaming to fully offset legacy declines and increases reliance on margin improvements or M&A to stabilize growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Generation
Consistent, material free cash flow (FCF) is a durable strength: 2025 FCF of $272M and conversion of roughly two-thirds of AOI into cash improve the firm's ability to pay down debt, fund targeted content and streaming investments, and maintain liquidity through industry cyclicality without relying on equity raises.
Read all positive factors
AMC Networks (AMCX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$278.50M
Dividend YieldN/A
Average Volume (3M)510.50K
Price to Earnings (P/E)―
Beta (1Y)0.89
Revenue Growth-7.38%
EPS Growth-483.59%
CountryUS
Employees1,800
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)0.64
Shares Outstanding31,229,673
10 Day Avg. Volume458,236
30 Day Avg. Volume510,500
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 Cap5.87
Enterprise Value/Revenue0.71
Enterprise Value/Gross Profit1.43
Enterprise Value/Ebitda1.18
Forecast
1Y Price Target
$7.00Price Target Upside7.36% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering5
EPS Forecast (FY)1.51
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 Key Performance Indicators (KPIs)
AMC Networks Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 08, 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
48
Neutral
Balance Sheet
38
Negative
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.31B | 2.42B | 2.71B | 3.10B | 3.08B |
| Gross Profit | 1.17B | 1.29B | 1.38B | 1.58B | 1.65B |
| EBITDA | 1.22B | 979.10M | 1.46B | 1.25B | 1.51B |
| Net Income | 89.40M | -226.55M | 215.46M | 7.59M | 250.60M |
Balance Sheet | |||||
| Total Assets | 3.94B | 4.36B | 4.97B | 5.63B | 5.75B |
| Cash, Cash Equivalents and Short-Term Investments | 502.38M | 784.65M | 570.58M | 930.00M | 892.22M |
| Total Debt | 1.85B | 2.43B | 2.48B | 2.97B | 3.03B |
| Total Liabilities | 2.92B | 3.42B | 3.71B | 4.53B | 4.56B |
| Stockholders Equity | 981.87M | 855.60M | 1.05B | 806.99M | 851.09M |
Cash Flow | |||||
| Free Cash Flow | 272.37M | 330.84M | 168.71M | 137.56M | 100.90M |
| Operating Cash Flow | 305.67M | 375.62M | 203.92M | 181.83M | 143.47M |
| Investing Cash Flow | -34.21M | -40.38M | -24.32M | -39.38M | -26.58M |
| Financing Cash Flow | -570.29M | -110.22M | -544.43M | -97.11M | -84.10M |
AMC Networks Technical Analysis
Negative
6.52
Price Trends
7.64
Negative
8.25
Negative
7.63
Negative
Market Momentum
-0.36
Positive
33.14
Neutral
16.02
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMCX, the sentiment is Negative. The current price of 6.52 is below the 20-day moving average (MA) of 7.32, below the 50-day MA of 7.64, and below the 200-day MA of 7.63, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 33.14 is Neutral, neither overbought nor oversold. The STOCH value of 16.02 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
58 Neutral | $941.07M | -9.44 | -28.23% | 6.52% | -0.98% | 82.16% | |
56 Neutral | $68.19M | -20.19 | -5.18% | ― | 12.98% | 27.93% | |
52 Neutral | $196.00M | -2.36 | -19.80% | ― | -2.85% | 75.96% | |
51 Neutral | $2.67B | -14.33 | 20.86% | ― | 97.19% | -21.46% | |
50 Neutral | $278.50M | -1.88 | 9.18% | ― | -7.38% | -483.59% | |
44 Neutral | $529.05M | -1.27 | 35.45% | ― | 9.74% | 12.29% |
* Communication Services Sector Average
AMCX
AMC Networks
6.52
-0.32
-4.68%
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AMC
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-67.08%
LION
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9.19
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STRZ
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1.25
11.98%
AMC Networks Corporate Events
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...
Executive/Board Changes
AMC Networks Announces Upcoming Chief Financial Officer Departure
Neutral
Jan 22, 2026
On January 22, 2026, AMC Networks Inc. announced that Chief Financial Officer Patrick O’Connell will leave the company to pursue an opportunity outside the media industry, with the company emphasizing that his departure does not stem from an...
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.