NYSE : ANGX
Angel Studios, Inc. — Financial statements
Communication Services · Entertainment · United States
Last price 3.58 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 668.59M
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Financial statements
Angel Studios, Inc. (ANGX) reported revenue of 413.29M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 413.29M | 321.56M | 96.52M | 202.44M | 75.52M | 122.79M |
| Cost of Revenue | 173.84M | 124.86M | 44.36M | 86.03M | 40.39M | 77.13M |
| Gross Profit | 239.44M | 196.70M | 52.16M | 116.40M | 35.12M | 45.66M |
| Selling, General & Admin | 357.99M | 345.28M | 126.03M | 94.34M | 32.11M | 28.30M |
| Research & Development | 16.72M | 15.53M | 12.84M | 9.70M | 12.35M | 4.94M |
| Other Operating Expenses | 5.07M | 2.74M | ||||
| Operating Expenses | 374.71M | 360.81M | 138.88M | 104.05M | 49.52M | 35.97M |
| Operating Income | -135.27M | -164.11M | -86.72M | 12.36M | -14.40M | 9.69M |
| Interest Expense | -16.65M | -11.83M | -2.37M | -3.66M | -694.37K | -514.38K |
| Interest & Investment Income | 4.17M | 5.45M | 3.49M | 1.82M | 614.43K | 485.87K |
| Other Non Operating Income (Expenses) | -12.15M | 6.80K | 683.95K | -4.00K | ||
| EBT Excluding Unusual Items | -159.90M | -170.49M | -84.91M | 10.52M | -14.48M | 9.66M |
| Gain (Loss) on Sale of Assets | 8.28M | |||||
| Pretax Income | -155.00M | -170.49M | -84.91M | 10.52M | -14.48M | 17.94M |
| Income Tax Expense | 3.53M | -2.70M | -765.18K | 819.18K | ||
| Earnings From Continuing Operations | -155.00M | -170.49M | -88.45M | 13.21M | -13.71M | 17.12M |
| Minority Interest in Earnings | 1.82K | 12.68K | 172.10K | 151.67K | ||
| Net Income | -155.00M | -170.48M | -88.27M | 13.36M | -13.71M | 17.12M |
| Net Income to Common | -155.00M | -170.48M | -88.27M | 13.36M | -13.71M | 17.12M |
| Shares Outstanding (Basic) | 169.91M | 155.25M | 137.99M | 132.56M | 24.26M | 22.67M |
| Shares Outstanding (Diluted) | 169.91M | 155.25M | 137.99M | 139.87M | 24.26M | 24.40M |
| EPS (Basic) | -0.91 | -1.10 | -0.64 | 0.10 | -0.57 | 0.76 |
| EPS (Diluted) | -0.91 | -1.10 | -0.64 | 0.10 | -0.57 | 0.70 |
| Free Cash Flow | -44.73M | -83.84M | -51.60M | 14.62M | -12.80M | 14.48M |
| Free Cash Flow Per Share | -0.26 | -0.54 | -0.37 | 0.10 | -0.53 | 0.59 |
| Gross Margin | 57.94% | 61.17% | 54.04% | 57.50% | 46.51% | 37.19% |
| Operating Margin | -32.73% | -51.03% | -89.85% | 6.11% | -19.06% | 7.89% |
| Profit Margin | -37.51% | -53.02% | -91.46% | 6.60% | -18.16% | 13.94% |
| Free Cash Flow Margin | -10.82% | -26.07% | -53.46% | 7.22% | -16.95% | 11.79% |
| EBITDA | -119.25M | -150.79M | -78.89M | 17.96M | -13.80M | 9.94M |
| EBITDA Margin | -28.85% | -46.89% | -81.74% | 8.87% | -18.28% | 8.09% |
| D&A For EBITDA | 16.02M | 13.32M | 7.83M | 5.61M | 592.92K | 248.31K |
| EBIT | -135.27M | -164.11M | -86.72M | 12.36M | -14.40M | 9.69M |
| EBIT Margin | -32.73% | -51.03% | -89.85% | 6.11% | -19.06% | 7.89% |
| Effective Tax Rate | 4.57% | |||||
| Revenue as Reported | 321.56M | 321.56M | 96.52M | 202.44M | 75.52M | |
| Advertising Expenses | 12.79M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 48.04M | 44.08M | 7.21M | 25.20M | 10.72M | 24.26M |
| Cash & Short-Term Investments | 48.04M | 44.08M | 7.21M | 25.20M | 10.72M | 24.26M |
| Accounts Receivable | 40.10M | 60.82M | 25.02M | 24.14M | 7.19M | 10.44M |
| Other Receivables | 7.85M | |||||
| Receivables | 41.48M | 62.19M | 25.77M | 32.70M | 9.38M | 11.80M |
| Inventory | 1.48M | 1.26M | 1.71M | 2.84M | 500.68K | 1.87M |
| Prepaid Expenses | 15.90M | 13.52M | 6.80M | 4.32M | 1.62M | 3.71M |
| Other Current Assets | 18.45M | 13.83M | 11.46M | |||
| Total Current Assets | 125.35M | 134.88M | 52.95M | 65.06M | 22.22M | 41.63M |
| Property, Plant & Equipment | 3.25M | 3.95M | 3.52M | 2.50M | 3.28M | 714.31K |
| Long-Term Investments | 46.04M | 46.01M | 9.07M | 4.50M | 2.77M | 957.81K |
| Other Intangible Assets | 22.12M | 23.43M | 16.48M | 3.38M | 3.29M | 2.93M |
| Long-Term Accounts Receivable | 6.11M | 2.58M | 12.07M | |||
| Long-Term Deferred Tax Assets | 4.00M | |||||
| Other Long-Term Assets | 28.39M | 26.62M | 13.05M | 14.32M | 3.08M | 8.11M |
| Total Assets | 235.06M | 241.41M | 111.38M | 98.26M | 39.39M | 59.31M |
| Accounts Payable | 39.81M | 39.96M | 7.93M | 3.17M | 1.02M | 1.27M |
| Accrued Expenses | 51.61M | 55.75M | 28.44M | 30.97M | 6.89M | 16.48M |
| Short-Term Debt | 9.11M | 4.16M | 2.00M | |||
| Current Portion of Long-Term Debt | 17.20M | 55.47M | 11.46M | |||
| Current Portion of Leases | 1.35M | 1.28M | 673.29K | 364.63K | 652.26K | |
| Current Income Taxes Payable | 1.28M | |||||
| Current Unearned Revenue | 82.55M | 66.53M | 22.17M | 3.92M | 633.63K | 1.68M |
| Other Current Liabilities | 280.24K | 253.88K | 230.00K | 208.37K | ||
| Total Current Liabilities | 192.52M | 219.00M | 80.06M | 44.12M | 11.43M | 19.64M |
| Long-Term Debt | 57.17M | 41.69M | ||||
| Long-Term Leases | 1.36M | 2.06M | 2.15M | 961.15K | 1.33M | |
| Long-Term Deferred Tax Liabilities | 434.95K | |||||
| Other Long-Term Liabilities | 13.34M | 4.44M | 12.46M | 13.50M | 4.63M | 4.86M |
| Total Liabilities | 264.39M | 267.19M | 94.67M | 58.58M | 17.39M | 24.93M |
| Common Stock | 18.65K | 16.91K | 14.44K | 24.99K | 24.27K | 24.70K |
| Additional Paid-In Capital | 249.96M | 210.08M | 95.49M | 49.88M | 41.22M | 39.54M |
| Retained Earnings | -279.13M | -241.53M | -87.01M | -10.07M | -19.24M | -5.19M |
| Total Common Equity | -29.15M | -31.43M | 8.49M | 39.83M | 22.00M | 34.38M |
| Minority Interest | -182.37K | 5.65M | 8.22M | -151.67K | ||
| Shareholders' Equity | -29.33M | -25.78M | 16.71M | 39.68M | 22.00M | 34.38M |
| Total Liabilities & Equity | 235.06M | 241.41M | 111.38M | 98.26M | 39.39M | 59.31M |
| Total Debt | 77.08M | 100.51M | 23.40M | 5.49M | 3.98M | |
| Net Cash (Debt) | -29.04M | -56.43M | -16.18M | 19.72M | 6.74M | 24.26M |
| Net Cash Per Share | -0.17 | -0.36 | -0.12 | 0.14 | 0.28 | 0.99 |
| Filing Date Shares Outstanding | 186.76M | 169.51M | 27.44M | 25.01M | 24.99M | 22.67M |
| Total Common Shares Outstanding | 186.50M | 169.10M | 26.99M | 24.99M | 24.27M | 22.67M |
| Working Capital | -67.17M | -84.12M | -27.11M | 20.94M | 10.79M | 21.99M |
| Book Value Per Share | -0.16 | -0.19 | 0.31 | 1.59 | 0.91 | 1.52 |
| Tangible Book Value | -51.27M | -54.87M | -8.00M | 36.45M | 18.71M | 31.45M |
| Tangible Book Value Per Share | -0.27 | -0.32 | -0.30 | 1.46 | 0.77 | 1.39 |
| Machinery | 2.82M | 2.43M | 2.32M | 1.72M | 1.11M | |
| Leasehold Improvements | 564.49K | 454.08K | 420.90K | 589.34K | 238.28K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -155.00M | -170.48M | -88.27M | 13.36M | -13.71M | 17.12M |
| Depreciation & Amortization | 17.22M | 14.24M | 8.50M | 6.27M | 1.05M | 248.31K |
| Other Amortization | 1.10M | 1.10M | 73.00K | 73.00K | 73.00K | 55.40K |
| Loss (Gain) From Sale of Assets | -8.28M | |||||
| Loss (Gain) on Equity Investments | -349.16K | -271.70K | -67.61K | -9.36K | -67.61K | -12.55K |
| Stock-Based Compensation | 11.92M | 9.67M | 3.64M | 1.03M | 1.50M | 4.59M |
| Provision & Write-off of Bad Debts | 67.67K | 233.77K | 204.15K | 2.39M | ||
| Other Operating Activities | 25.53M | 7.99M | 3.14M | 195.21K | 4.63M | 3.17M |
| Change in Accounts Receivable | -9.56M | -35.12M | 7.70M | -19.34M | 3.25M | -9.24M |
| Change in Inventory | -5.72K | 447.54K | 1.13M | -2.34M | 1.37M | -1.08M |
| Change in Accounts Payable | 12.46M | 32.87M | 13.46M | 4.75M | -12.93M | 12.51M |
| Change in Unearned Revenue | 42.44M | 44.36M | 18.25M | 3.29M | -1.05M | 141.99K |
| Change in Other Net Operating Assets | 10.02M | 11.63M | -19.06M | 5.52M | 4.22M | -3.97M |
| Operating Cash Flow | -44.15M | -83.33M | -51.30M | 15.19M | -11.66M | 15.26M |
| Capital Expenditures | -579.55K | -509.42K | -303.79K | -572.46K | -1.14M | -780.43K |
| Divestitures | -880.79K | |||||
| Sale (Purchase) of Intangibles | -15.11M | -18.05M | -8.93M | -9.28M | -2.19M | |
| Investment in Securities | -33.68M | -36.80M | -5.50M | -1.72M | -1.75M | -945.26K |
| Other Investing Activities | 335.55K | -227.76K | 1.89M | 1.60M | -613.56K | -814.57K |
| Investing Cash Flow | -57.23M | -55.59M | -12.84M | -9.96M | -3.50M | -5.61M |
| Short-Term Debt Issued | 2.00M | |||||
| Long-Term Debt Issued | 157.34M | 23.75M | 28.91M | |||
| Total Debt Issued | 138.45M | 157.34M | 23.75M | 28.91M | 2.00M | |
| Short-Term Debt Repaid | -10.18M | -208.37K | ||||
| Long-Term Debt Repaid | -67.05M | -18.44M | -26.75M | |||
| Total Debt Repaid | -104.52M | -77.23M | -18.44M | -26.75M | -208.37K | |
| Net Debt Issued (Repaid) | 33.93M | 80.11M | 5.31M | 2.16M | 1.79M | |
| Issuance of Common Stock | 101.92M | 104.78M | 33.44M | 7.74M | 258.86K | 12.94M |
| Repurchase of Common Stock | -1.47M | -437.79K | -706.64K | -107.07K | -427.22K | -8.78M |
| Other Financing Activities | -12.96M | -8.67M | 8.11M | -535.28K | -577.44K | |
| Financing Cash Flow | 121.42M | 175.79M | 46.15M | 9.25M | 1.62M | 3.58M |
| Foreign Exchange Rate Adjustments | -2.06K | 2.06K | ||||
| Net Cash Flow | 20.04M | 36.87M | -17.99M | 14.48M | -13.54M | 13.24M |
| Free Cash Flow | -44.73M | -83.84M | -51.60M | 14.62M | -12.80M | 14.48M |
| Free Cash Flow Margin | -10.82% | -26.07% | -53.46% | 7.22% | -16.95% | 11.79% |
| Free Cash Flow Per Share | -0.26 | -0.54 | -0.37 | 0.10 | -0.53 | 0.59 |
| Levered Free Cash Flow | 8.14M | -45.14M | -39.36M | 5.43M | -12.93M | |
| Unlevered Free Cash Flow | 18.55M | -37.75M | -37.88M | 7.71M | -12.50M | |
| Cash Interest Paid | 10.86M | 7.81M | 2.37M | 3.59M | 498.77K | 518.37K |
| Cash Income Tax Paid | -2.08M | 2.35M | ||||
| Change in Working Capital | 55.36M | 54.18M | 21.48M | -8.13M | -5.14M | -1.64M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 668.59M | 787.52M | 64.48M | 105.29M | 292.68M | |
| Enterprise Value | 697.63M | 782.89M | 59.05M | 100.24M | 283.88M | |
| Last Close Price | 3.58 | 4.67 | 11.14 | 10.63 | 10.18 | |
| PE Ratio | 7.88 | |||||
| PS Ratio | 1.62 | 2.45 | 0.67 | 0.52 | 3.88 | |
| PB Ratio | -30.55 | 3.86 | 2.65 | 13.30 | ||
| P/TBV Ratio | 2.89 | 15.64 | ||||
| P/FCF Ratio | 7.20 | |||||
| P/OCF Ratio | 6.93 | |||||
| EV/Sales Ratio | 1.69 | 2.44 | 0.61 | 0.49 | 3.76 | |
| EV/EBITDA Ratio | 5.58 | |||||
| EV/EBIT Ratio | 8.11 | |||||
| EV/FCF Ratio | 6.86 | |||||
| Debt / Equity Ratio | -2.63 | -3.90 | 1.40 | 0.14 | 0.18 | |
| Debt / EBITDA Ratio | 0.29 | |||||
| Debt / FCF Ratio | 0.38 | |||||
| Net Debt / Equity Ratio | -0.99 | -2.19 | 0.97 | -0.50 | -0.31 | -0.71 |
| Net Debt / EBITDA Ratio | -0.24 | -0.37 | -0.20 | -1.10 | 0.49 | -2.44 |
| Net Debt / FCF Ratio | -0.65 | -0.67 | -0.31 | -1.35 | 0.53 | -1.68 |
| Asset Turnover | 2.16 | 1.82 | 0.92 | 2.94 | 1.53 | |
| Inventory Turnover | 117.68 | 83.92 | 19.48 | 51.45 | 34.08 | |
| Quick Ratio | 0.46 | 0.48 | 0.40 | 1.30 | 1.57 | 1.77 |
| Current Ratio | 0.65 | 0.62 | 0.66 | 1.48 | 1.94 | 2.12 |
| Return on Equity (ROE) | -313.73% | 42.85% | -48.64% | |||
| Return on Assets (ROA) | -44.13% | -58.15% | -51.71% | 11.22% | -18.23% | |
| Return on Invested Capital (ROIC) | -401.03% | -593.48% | -328.16% | 70.17% | -113.44% | 91.41% |
| Return on Capital Employed (ROCE) | -318.00% | -732.20% | -276.90% | 22.80% | -51.50% | 24.40% |
| Earnings Yield | -25.49% | -21.65% | -136.90% | 12.69% | -4.69% | |
| FCF Yield | -6.69% | -10.65% | -80.03% | 13.88% | -4.37% | |
| Buyback Yield / Dilution | 14.70% | -12.50% | 1.34% | -476.45% | 0.54% |