Angel Studios (ANGX)
Market Price (3/18/2026): $3.49 | Market Cap: $560.8 MilSector: Communication Services | Industry: Movies & Entertainment
Angel Studios (ANGX)
Market Price (3/18/2026): $3.49Market Cap: $560.8 MilSector: Communication ServicesIndustry: Movies & Entertainment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -63% | Weak multi-year price returns2Y Excs Rtn is -103%, 3Y Excs Rtn is -147% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -99 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -53% |
| Megatrend and thematic driversMegatrends include Social Media & Creator Economy, Digital Content & Streaming, and Niche & Values-Based Media. Themes include Creator Economy Monetization, Show more. | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -32% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% | ||
| High stock price volatilityVol 12M is 134% | ||
| Key risksANGX key risks include [1] a history of significant unprofitability and a scrutinized valuation, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -63% |
| Megatrend and thematic driversMegatrends include Social Media & Creator Economy, Digital Content & Streaming, and Niche & Values-Based Media. Themes include Creator Economy Monetization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -103%, 3Y Excs Rtn is -147% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -99 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -53% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -25%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -32% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -23% |
| High stock price volatilityVol 12M is 134% |
| Key risksANGX key risks include [1] a history of significant unprofitability and a scrutinized valuation, Show more. |
Qualitative Assessment
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Angel Studios (ANGX) stock has lost about 30% since 11/30/2025 because of the following key factors:
1. Widening Net Losses and Profitability Concerns. Angel Studios reported significantly widening net losses for the fourth quarter and full year ended December 31, 2025. The company's net loss for Q4 2025 more than doubled to $78.6 million (or $0.47 per share), compared to a $37.1 million loss in Q4 2024. For the full year 2025, the net loss reached $170.5 million, an 89.9% increase from $88.3 million in 2024. This was despite a substantial revenue increase, with heavy selling and marketing expenses of $120.6 million in Q4 2025 contributing to the deepened losses. Additionally, the company's stockholders' equity turned negative at $(25.8) million as of December 31, 2025, highlighting elevated financial risk.
2. Tightened Financial Covenants and Mandated Equity Raise. In February 2026, Angel Studios amended its Loan and Security Agreement, introducing stricter financial covenants that require a minimum liquidity level of $30 million. The revised terms also mandated that the company secure an additional $30 million in net cash proceeds from equity sales between January 1, 2025, and June 30, 2026. These conditions indicated ongoing financial pressures and signaled potential future shareholder dilution, contributing to investor apprehension.
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1. Widening Net Losses and Profitability Concerns. Angel Studios reported significantly widening net losses for the fourth quarter and full year ended December 31, 2025. The company's net loss for Q4 2025 more than doubled to $78.6 million (or $0.47 per share), compared to a $37.1 million loss in Q4 2024. For the full year 2025, the net loss reached $170.5 million, an 89.9% increase from $88.3 million in 2024. This was despite a substantial revenue increase, with heavy selling and marketing expenses of $120.6 million in Q4 2025 contributing to the deepened losses. Additionally, the company's stockholders' equity turned negative at $(25.8) million as of December 31, 2025, highlighting elevated financial risk.
2. Tightened Financial Covenants and Mandated Equity Raise. In February 2026, Angel Studios amended its Loan and Security Agreement, introducing stricter financial covenants that require a minimum liquidity level of $30 million. The revised terms also mandated that the company secure an additional $30 million in net cash proceeds from equity sales between January 1, 2025, and June 30, 2026. These conditions indicated ongoing financial pressures and signaled potential future shareholder dilution, contributing to investor apprehension.
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Stock Movement Drivers
Fundamental Drivers
The -28.5% change in ANGX stock from 11/30/2025 to 3/17/2026 was primarily driven by a -28.5% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3172026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.88 | 3.49 | -28.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 186 | 186 | 0.0% |
| P/S Multiple | 4.2 | 3.0 | -28.5% |
| Shares Outstanding (Mil) | 161 | 161 | 0.0% |
| Cumulative Contribution | -28.5% |
Market Drivers
11/30/2025 to 3/17/2026| Return | Correlation | |
|---|---|---|
| ANGX | -28.5% | |
| Market (SPY) | -1.8% | 28.2% |
| Sector (XLC) | -0.0% | 27.5% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 3/17/2026| Return | Correlation | |
|---|---|---|
| ANGX | ||
| Market (SPY) | 4.3% | 16.0% |
| Sector (XLC) | 3.9% | 12.5% |
Fundamental Drivers
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Market Drivers
2/28/2025 to 3/17/2026| Return | Correlation | |
|---|---|---|
| ANGX | ||
| Market (SPY) | 13.9% | 16.0% |
| Sector (XLC) | 14.1% | 12.5% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/17/2026| Return | Correlation | |
|---|---|---|
| ANGX | ||
| Market (SPY) | 75.6% | 16.0% |
| Sector (XLC) | 122.0% | 12.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ANGX Return | - | - | - | - | -64% | -18% | -70% |
| Peers Return | -0% | -45% | 22% | 24% | 46% | -13% | 5% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -2% | 78% |
Monthly Win Rates [3] | |||||||
| ANGX Win Rate | - | - | - | - | 25% | 0% | |
| Peers Win Rate | 40% | 38% | 55% | 55% | 55% | 27% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| ANGX Max Drawdown | - | - | - | - | -70% | -35% | |
| Peers Max Drawdown | -13% | -52% | -10% | -23% | -21% | -19% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -3% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WBD, DIS, NFLX, AMCX, FOXA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/17/2026 (YTD)
How Low Can It Go
ANGX has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.
| Event | XLC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -47.2% | -25.4% |
| % Gain to Breakeven | 89.5% | 34.1% |
| Time to Breakeven | 602 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -30.1% | -33.9% |
| % Gain to Breakeven | 43.2% | 51.3% |
| Time to Breakeven | 112 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.8% | -19.8% |
| % Gain to Breakeven | 32.9% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
Compare to WBD, DIS, NFLX, AMCX, FOXA
In The Past
The Communication Services Select Sector SPDR Fund's stock fell -47.2% during the 2022 Inflation Shock from a high on 9/1/2021. A -47.2% loss requires a 89.5% gain to breakeven.
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About Angel Studios (ANGX)
Southport Acquisition Corporation does not have significant operations. The company focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or assets. It intends to identify business opportunities in the field of financial software space with a focus on mortgage and real estate verticals. The company was incorporated in 2021 and is based in Del Mar, California.
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Neal Harmon, Chief Executive Officer
Neal Harmon is the CEO and co-founder of Angel Studios, which emerged from the bankruptcy reorganization of VidAngel. He has a history of launching multiple startup companies, including co-founding Orabrush and the viral video ad agency Harmon Brothers. Harmon Brothers became known for boosting sales for brands like Squatty Potty, Poo-Pourri, and Purple Mattress through viral videos. VidAngel, a content filtering service he co-founded with his brothers, was involved in a high-profile lawsuit with major Hollywood studios, eventually leading to a settlement in 2020. The filtering service business was subsequently sold, and the company rebranded as Angel Studios in 2021.
Scott Klossner, Chief Financial Officer
Scott Klossner is a public company veteran with over 35 years of experience. Prior to joining Angel Studios, he served as the CFO for field technician platform Field Nation. He also held the CFO position and was a member of the board of directors at Mercato Partners Acquisition Corporation, a special purpose acquisition company (SPAC), which merged with Nuvini Ltd. in 2023. Klossner continues to serve on Nuvini Ltd.'s board. His experience includes serving as CFO for fast-growing companies, such as online retailer Backcountry.com, which was acquired by Liberty Media Corporation in 2007.
Jordan Harmon, President
Jordan Harmon is a co-founder and the President of Angel Studios. Before his role at Angel Studios, he co-founded and served as Head of Marketing at Cove, a national home security company, which he helped grow into a $100 million business in four years. He also previously held the position of Chief Marketing Officer at VidAngel and worked as a marketing consultant for Harmon Brothers.
Jeffrey Harmon, Chief Content Officer
Jeffrey Harmon is a co-founder and the Chief Content Officer of Angel Studios. He co-founded Orabrush, Inc. in 2009 and served as its CEO, with Orabrush winning startup of the year in 2010. While at Orabrush, he is credited with having contributed to the invention of the "skip ad" button for Google/YouTube. Jeffrey also co-founded the Harmon Brothers ad agency with his brothers.
Elizabeth Ellis, Chief Operating Officer
Elizabeth Ellis serves as the Chief Operating Officer of Angel Studios.
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```htmlHere are the key risks to Angel Studios' business:
- Financial Health and Path to Profitability: Angel Studios faces significant financial challenges, evidenced by substantial net losses, negative profitability metrics such as Return on Equity (ROE) and Return on Assets (ROA), and liquidity concerns. Despite impressive revenue growth, expenses are scaling faster than revenue, leading to investor skepticism regarding the company's ability to achieve sustainable profitability. The company's Altman Z-Score also indicates it is in a financial distress zone, suggesting a potential for bankruptcy.
- Reliance on Unique Community-Driven Business Model and Content Acceptance: Angel Studios' business model is heavily dependent on its "Angel Guild" community for content selection, funding, and audience engagement, making its success closely tied to public acceptance rates of its "values-driven" content. This unique approach can lead to rapid fluctuations in revenue based on content popularity and makes the business model difficult to evaluate compared to traditional entertainment companies. Maintaining a positive reputation for content quality and retaining its subscriber base are crucial, as any reputational issues or low content acceptance could negatively impact operational results and subscriber growth.
- Intense Competition and Rapid Technological Change: Angel Studios operates in a highly competitive entertainment industry, facing strong competition from well-capitalized streaming giants and traditional entertainment companies. The rapid pace of technological change in the video industry necessitates continuous investment in technology enhancements, which could significantly influence Angel Studios' growth trajectory and market position.
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Angel Studios (symbol: ANGX) primarily operates as an independent media company and film distribution studio. Its main products and services include producing and distributing films and television shows for theatrical release and through its over-the-top (OTT) video-on-demand streaming service, "Angel". The company is also characterized by its crowdfunding model, the "Angel Guild," which allows members to invest in and promote productions, generating recurring revenue. Additionally, Angel Studios sells physical media and offers content licensing services. The addressable markets for Angel Studios' core offerings are significant:- The U.S. video streaming market is projected to grow from an estimated $43 billion in 2025 to $195.6 billion by 2034.
- Globally, the video streaming market is expected to expand from $157.7 billion in 2025 to $868.9 billion by 2034.
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Here are 3-5 expected drivers of future revenue growth for Angel Studios (ANGX) over the next 2-3 years:
- Growth in Angel Guild Membership: Angel Studios' unique community-driven model, powered by its Angel Guild members, is a significant driver of recurring revenue. The company has seen substantial increases in its Guild membership, expanding from approximately 550,000 members at the end of 2024 to 2.2 million by the end of 2025, representing a 300% year-over-year increase. Guild membership revenue accounted for a significant portion of total revenue in 2025, and the company expects this trend to continue.
- Expansion of Theatrical Releases and Streaming Content Library: Angel Studios plans to continue growing its content offerings through a robust slate of theatrical releases and an expanded streaming library. The company had successful theatrical releases in 2025, including "DAVID" and "The King of Kings," and has announced upcoming films like "Animal Farm," "Young Washington," and "The Fellowship" for 2026. Furthermore, Angel Studios intends to significantly enhance its streaming platform by adding 200 films and over 500 television episodes and specials, aiming to double its content library and increase user engagement.
- Strategic Content Acquisition and Development, Supported by AI-driven Discovery: The company's strategy involves acquiring top-performing franchises and leveraging its AI-driven discovery technology to enhance viewer engagement and content selection. This proprietary platform, combined with the Angel Guild's input, helps identify and greenlight values-driven stories, fostering a sustainable content pipeline.
- International Distribution Expansion: Angel Studios is actively increasing its global reach by forging international distribution partnerships. This expansion into new geographical markets provides an additional avenue for revenue growth by making their content accessible to a broader international audience.
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Share Issuance
- Angel Studios entered into an Equity Distribution Agreement in December 2025, allowing it to offer and sell up to $150,000,000 of its Class A common stock through an "at-the-market" equity program.
- In 2025, the company generated approximately $49.1 million from the sale of 9,266,477 shares of Class A Common Stock to various purchasers, primarily for business management and working capital.
- A Regulation A Offering in September 2025 resulted in gross proceeds of approximately $55.0 million from the sale of 6,688,077 shares of Class A Common Stock.
Inbound Investments
- Angel Studios completed a business combination with Southport Acquisition Corporation, a Special Purpose Acquisition Company (SPAC), in September 2025, becoming a publicly traded company on the NYSE under ANGX with a valuation of $1.6 billion.
- The company secured a $100 million credit facility with Trinity Capital in September 2025, intended to expand the Angel Guild.
Outbound Investments
- In November 2025, Angel Studios acquired three studios (Black Autumn Show, Toothy Cow Productions, and Tuttle Twins Show) through all-stock merger agreements to expand its content portfolio.
- Angel Studios plans to continue acquiring and holding bitcoin as a strategic treasury asset to support its mission of funding filmmakers.
Capital Expenditures
- Capital expenditures for the 12 months ending December 31, 2025, amounted to approximately -$509,424.
- The company is making significant investments in technology and artificial intelligence (AI) to scale the Angel Guild, expand its content slate, and develop AI-enabled products.
- Increased spending on marketing and research and development (R&D) is a primary focus to accelerate content releases and grow its membership.
Trade Ideas
Select ideas related to ANGX.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
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| 02132026 | YELP | Yelp | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 6.2% | 6.2% | -5.7% |
| 02132026 | TRIP | Tripadvisor | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 5.2% | 5.2% | 0.0% |
| 02062026 | OMC | Omnicom | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 22.1% | 22.1% | -3.7% |
| 02062026 | MGNI | Magnite | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 20.6% | 20.6% | -0.8% |
| 01302026 | RBLX | Roblox | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 4.4% | 4.4% | -7.9% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 42.97 |
| Mkt Cap | 46.9 |
| Rev LTM | 26,937 |
| Op Inc LTM | 2,232 |
| FCF LTM | 2,699 |
| FCF 3Y Avg | 4,559 |
| CFO LTM | 3,524 |
| CFO 3Y Avg | 5,724 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.5% |
| Rev Chg 3Y Avg | 4.3% |
| Rev Chg Q | 3.6% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Mgn LTM | 12.7% |
| Op Mgn 3Y Avg | 15.7% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 14.8% |
| CFO/Rev 3Y Avg | 14.4% |
| FCF/Rev LTM | 10.0% |
| FCF/Rev 3Y Avg | 11.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 46.9 |
| P/S | 1.9 |
| P/EBIT | 10.8 |
| P/E | 14.0 |
| P/CFO | 10.4 |
| Total Yield | 5.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 7.9% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.4% |
| 3M Rtn | -13.4% |
| 6M Rtn | -13.7% |
| 12M Rtn | 0.7% |
| 3Y Rtn | 47.6% |
| 1M Excs Rtn | 3.1% |
| 3M Excs Rtn | -12.2% |
| 6M Excs Rtn | -16.2% |
| 12M Excs Rtn | -16.3% |
| 3Y Excs Rtn | -27.7% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/12/2026 | -17.0% | ||
| 11/13/2025 | 13.9% | -1.3% | 0.0% |
| SUMMARY STATS | |||
| # Positive | 1 | 0 | 1 |
| # Negative | 1 | 1 | 0 |
| Median Positive | 13.9% | 0.0% | |
| Median Negative | -17.0% | -1.3% | |
| Max Positive | 13.9% | 0.0% | |
| Max Negative | -17.0% | -1.3% | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Taylor, Seth | Chief Experience Officer | Direct | Buy | 9222025 | 17.54 | 11 | 193 | 79,018 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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