Angel Studios (ANGX)
Market Price (12/28/2025): $4.91 | Market Cap: $788.9 MilSector: Communication Services | Industry: Movies & Entertainment
Angel Studios (ANGX)
Market Price (12/28/2025): $4.91Market Cap: $788.9 MilSector: Communication ServicesIndustry: Movies & Entertainment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| 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 -109%, 3Y Excs Rtn is -144% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -101 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -54% |
| 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 -30%, 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 -18% | ||
| High stock price volatilityVol 12M is 162% | ||
| Key risksANGX key risks include [1] a history of significant unprofitability and a scrutinized valuation, Show more. |
| 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 -109%, 3Y Excs Rtn is -144% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -101 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -54% |
| 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 -30%, 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 -18% |
| High stock price volatilityVol 12M is 162% |
| Key risksANGX key risks include [1] a history of significant unprofitability and a scrutinized valuation, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Angel Studios (ANGX) began trading publicly on the NYSE on September 11, 2025, following its reverse merger with Southport Acquisition Corporation. Since its debut up to December 27, 2025, the stock has experienced significant volatility and a notable overall decline.
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<b>1. Public Listing and Initial Market Enthusiasm:</b> Angel Studios officially became a publicly traded company on September 11, 2025, under the ticker symbol ANGX. The stock immediately garnered positive attention, closing up 8.4% on its inaugural trading day, indicating strong initial investor interest.
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<b>2. Post-IPO Surge and Rapid Peak:</b> Shortly after its market debut, ANGX experienced a quick ascent, reaching an all-time high closing price of $16.00 on September 15, 2025. This rapid increase suggests a brief period of heightened investor optimism and demand.
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<b>3. Sharp Decline to All-Time Low:</b> Following its peak, the stock underwent a significant downturn, plummeting to its all-time low of $3.77 by September 25, 2025. This swift depreciation indicates a rapid shift in market sentiment, potentially driven by profit-taking or a re-evaluation of its valuation after the initial post-IPO excitement.
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<b>4. Third Quarter 2025 Revenue Growth:</b> Around mid-November 2025, Angel Studios reported a significant increase in revenue for the third quarter of 2025. This positive financial news might have contributed to stabilizing the stock or mitigating further declines, demonstrating operational growth during a volatile period for its share price.
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<b>5. Sustained Low Trading Range:</b> As of December 26, 2025, Angel Studios' stock was trading at $4.82, remaining near its all-time lows. This sustained lower price range, considerably below its post-IPO highs, reflects ongoing market adjustments and a re-anchoring of its valuation by investors.
Show moreStock Movement Drivers
Fundamental Drivers
The 21.7% change in ANGX stock from 9/27/2025 to 12/27/2025 was primarily driven by a 21.7% change in the company's P/S Multiple.| 9272025 | 12272025 | Change | |
|---|---|---|---|
| Stock Price ($) | 3.96 | 4.82 | 21.72% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 186.23 | 186.23 | 0.00% |
| P/S Multiple | 3.42 | 4.16 | 21.72% |
| Shares Outstanding (Mil) | 160.67 | 160.67 | 0.00% |
| Cumulative Contribution | 21.72% |
Market Drivers
9/27/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| ANGX | 21.7% | |
| Market (SPY) | 4.3% | 10.4% |
| Sector (XLC) | -0.2% | -3.1% |
Fundamental Drivers
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Market Drivers
6/28/2025 to 12/27/2025| Return | Correlation | |
|---|---|---|
| ANGX | ||
| Market (SPY) | 12.6% | 11.9% |
| Sector (XLC) | 9.9% | 7.5% |
Fundamental Drivers
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Market Drivers
12/27/2024 to 12/27/2025| Return | Correlation | |
|---|---|---|
| ANGX | ||
| Market (SPY) | 17.0% | 11.9% |
| Sector (XLC) | 21.3% | 7.5% |
Fundamental Drivers
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Market Drivers
12/28/2023 to 12/27/2025| Return | Correlation | |
|---|---|---|
| ANGX | ||
| Market (SPY) | 48.0% | 11.9% |
| Sector (XLC) | 64.6% | 7.5% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ANGX Return | - | - | - | - | - | -61% | -61% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| ANGX Win Rate | - | - | - | - | - | 50% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| ANGX Max Drawdown | - | - | - | - | - | -70% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[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] 2025 data is for the year up to 12/26/2025 (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 HPQ, HPE, IBM, CSCO, AAPL
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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AI Analysis | Feedback
1. Kickstarter meets Netflix for faith-based films.
2. The Disney+ or Hallmark Channel for crowdfunded, family-friendly entertainment.
3. An A24 or Lionsgate that crowdfunds and distributes values-driven content.
AI Analysis | Feedback
- Film and TV Series Production & Distribution: Produces and distributes original films and television series, often crowdfunded and family-friendly.
- Crowdfunding Platform: Operates a platform enabling audiences to invest directly in entertainment projects they wish to see produced.
- Streaming Service: Provides a digital platform for streaming its library of films and series, often utilizing a "Pay It Forward" contribution model.
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Angel Studios (ANGX) - Major Customers
Angel Studios (symbol: ANGX) primarily sells its content and services directly to individuals, rather than to other companies. Its business model heavily relies on direct engagement with viewers and supporters. The company serves the following categories of individual customers:
- Content Viewers/Subscribers: These are individuals who watch the movies, series, and other content distributed by Angel Studios. They access content directly through the Angel Studios app or website, often paying for access, using "Pay It Forward" credits, or consuming free offerings.
- "Pay It Forward" Contributors: This category includes individuals who choose to financially contribute to "pay it forward," enabling other viewers to watch content for free. These contributors are crucial to Angel Studios' unique distribution model and broader reach.
- Crowdfunding Investors: Individuals who invest in the production of specific projects (movies, series) through Angel Studios' crowdfunding platform. While not customers in the traditional sense of purchasing a finished product, these investors are a vital customer segment that funds the content creation and often possess a strong affinity for the studio's mission.
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- Amazon.com, Inc. (AMZN)
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Neal Harmon, Chief Executive Officer
Neal Harmon is the CEO and co-founder of Angel Studios, which was originally founded as VidAngel in 2014. He previously co-founded Orabrush and the Harmon Brothers ad agency, known for viral video campaigns for brands such as Squatty Potty, Poo-Pourri, and Purple Mattress. VidAngel faced a lawsuit from Disney and Warner Bros., which resulted in a $62 million settlement and a subsequent bankruptcy reorganization, leading to its rebranding as Angel Studios in 2021. The company settled for a $9.9 million payout to emerge from bankruptcy.
Scott Klossner, Chief Financial Officer
Scott Klossner is a veteran with 35 years of experience in public companies. He most recently served as CFO of Field Nation. Prior to that, he was the Chief Financial Officer and a board member of Mercato Partners Acquisition Corporation, which merged with Nuvini Ltd. in September 2023, and he continues to serve on Nuvini Ltd.'s board of directors. Klossner previously held the CFO position at Kount Inc., a digital fraud protection software company acquired by Equifax Inc. in February 2021. He also served as CFO for the online retailer Backcountry.com, which was acquired by Liberty Media Corporation in 2007.
Jeffrey Harmon, Chief Content Officer
Jeffrey Harmon is a co-founder and the Chief Content Officer of Angel Studios. He was instrumental in developing Angel Studios' "Pay it Forward" ticket model. Jeffrey co-founded Orabrush, Inc. in 2009, where he served as CEO from 2009-2010, and is credited with helping Google/YouTube invent the "skip ad" button. He is also a co-founder of the Harmon Brothers ad agency, known for creating viral campaigns for brands like Poo-Pourri, Purple, and Squatty Potty. Additionally, he co-founded Endorse Liberty, Pixlin, and Status King.
Jordan Harmon, President
Jordan Harmon is a co-founder and the President of Angel Studios. He co-founded and served as the Head of Marketing at Cove, a home security company that achieved $100 million in business growth within four years. Prior to that, Jordan was the Chief Marketing Officer at VidAngel. He also co-founded the Facebook application Status King and worked as a marketing consultant for Harmon Brothers.
Liz Ellis, Chief Operating Officer
Liz Ellis serves as the Chief Operating Officer at Angel Studios.
AI Analysis | Feedback
The key risks to Angel Studios (ANGX) include:
- Unprofitability and Valuation Concerns: Angel Studios has a history of net losses, reporting $(89.8) million in 2024 and $(91.9) million in the first nine months of 2025, with uncertain future profitability. The company remains highly unprofitable with inconsistent total revenues. Its valuation, particularly after its SPAC merger, has been scrutinized for having an elevated price-to-sales ratio significantly higher than the industry average, raising doubts about its sustainability given unprofitable operations and declining revenue. Analysts have highlighted a fair value estimate significantly below its trading price, suggesting overextension relative to traditional metrics. Continued negative returns and uncertain profitability are identified as major risks that could further erode sentiment.
- Content Performance and Revenue Volatility: The entertainment industry is inherently unpredictable. Angel Studios faces revenue concentration risks tied to its Angel Guild and the unpredictable popularity of its content releases, which underpins volatility in financial results. There is also a risk of content underperformance. Furthermore, the termination of "The Chosen Agreement" is expected to reduce the company's revenues and adversely affect operating results. Actual box office performance for its releases may differ materially from presale figures due to factors such as audience attendance, competitive releases, and market conditions.
- Competition and Market Pressures: Angel Studios operates as a relatively small company in a highly competitive market, competing against massive entertainment conglomerates with substantial resources and established distribution networks. Macroeconomic pressures and intense competition from streaming giants amplify doubts regarding Angel Studios' ability to achieve profitability and sustain its valuation. The broader entertainment sector is also sensitive to consumer spending trends and competitive dynamics, especially from well-established streaming platforms.
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Angel Studios (ANGX) operates in several addressable markets related to content creation, distribution, and financing. The primary markets include independent film production and distribution, faith-based entertainment, and crowdfunding for content.
Independent Film Production and Distribution
- The global independent film distribution market size reached an estimated USD 5.4 billion in 2024 and is projected to grow to approximately USD 10.2 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2025 to 2033. Another estimate places the global independent film distribution market size at USD 6.8 billion in 2024.
- In the U.S., the estimated box office intake for independent films was around $4.8 billion as of 2019, representing 10-13% of domestic box office revenues. The broader U.S. movie and video distribution industry is estimated at $1.5 billion in 2025.
Faith-Based Entertainment Market
- The global Christian streaming market size was estimated at USD 2.5 billion in 2024 and is projected to reach USD 4 billion by 2028, with a CAGR of 10%. Another estimate for the Christian streaming market in 2025 is $2 billion.
- In the U.S., "Faith Driven Consumers" represent a significant market segment with an estimated annual spending potential of $2 trillion within the entertainment industry.
Crowdfunding for Content Creation
- The global crowdfunding market size reached varying estimates in 2024, including USD 18.4 billion, USD 24.05 billion, USD 14.2 billion, and USD 2.14 billion. Projections for this market also vary, with estimates ranging from USD 5.53 billion by 2030 to USD 108.64 billion by 2033. While "movies and theater" is an identified end-use segment for crowdfunding, a specific market size for this sub-segment or for equity crowdfunding for film is not available in the provided information.
- The crowdfunding market in the U.S. generated USD 372.3 million in revenue in 2024 and is expected to reach USD 928.6 million by 2030, growing at a CAGR of 16.9% from 2025 to 2030. North America accounted for a significant share of the global crowdfunding market in 2024, exceeding 40%.
AI Analysis | Feedback
Angel Studios (ANGX) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:
- Growth in Angel Guild Subscriptions: The Angel Guild, which represents paying subscribers to Angel Studios' streaming platform, is a rapidly expanding and increasingly important revenue source for the company. The subscription revenue stream has shown significant year-over-year growth.
- Expansion of Content Pipeline and Theatrical Distribution: Angel Studios' strategy includes consistently creating popular, values-driven content and expanding its film and television project pipeline, funded by its unique crowdfunding model. Theatrical releases are a significant component of their revenue generation.
- International Market Expansion: The company is actively pursuing geographical expansion through content localization, strategic partnerships, and establishing international distribution deals. This initiative aims to make existing content available in more territories and fund projects from international creators.
- Diversification of Monetization Strategies: Beyond its core subscription and theatrical revenue, Angel Studios is exploring new product categories, such as merchandise and interactive experiences. Additionally, the company is positioned to adopt AI-driven monetization tools for personalized content recommendations and dynamic pricing models, further diversifying its revenue streams and enhancing engagement.
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Share Issuance
- Angel Studios completed a business combination with Southport Acquisition Corporation in September 2025, leading to its public listing under the ticker symbol ANGX on the NYSE.
- As of September 29, 2025, Angel Studios had 109,515,366 shares of Class A Common Stock and 59,086,265 shares of Class B Common Stock outstanding.
- In the first half of 2025, Angel Studios raised $47.2 million through an online securities offering (Reg A offering).
Inbound Investments
- On September 18, 2025, Trinity Capital Inc. committed $100 million in growth capital to Angel Studios. This credit facility is intended to expand the Angel Guild.
- Angel Studios secured a $5.4 million loan in February 2025 for working capital and future media acquisition and production, by assigning rights to collect future licensing receivables with a total gross value of $18.0 million.
Outbound Investments
- In October 2025, Angel Studios and 2521 Entertainment acquired the "DAVID" film and TV franchise from Slingshot USA, considering it a long-term strategic asset.
Capital Expenditures
- In the last 12 months (prior to September 2025), Angel Studios reported capital expenditures of approximately $178,154.
Trade Ideas
Select ideas related to ANGX. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | PINS | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.1% | 0.1% | -1.4% | |
| 11212025 | TMUS | T-Mobile US | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -3.6% | -3.6% | -6.4% |
| 11212025 | Z | Zillow | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.9% | -1.9% | -5.1% |
| 11072025 | IRDM | Iridium Communications | 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 | 3.4% | 3.4% | -5.6% |
| 10032025 | TTD | Trade Desk | 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 | -25.7% | -25.7% | -29.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Angel Studios
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.32 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 11,753 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 13,498 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 2.6% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 12.1% |
| Op Mgn 3Y Avg | 16.4% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 14.6% |
| CFO/Rev 3Y Avg | 21.4% |
| FCF/Rev LTM | 11.6% |
| FCF/Rev 3Y Avg | 18.6% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/13/2025 | 13.9% | -1.3% | 0.0% |
| SUMMARY STATS | |||
| # Positive | 1 | 0 | 1 |
| # Negative | 0 | 1 | 0 |
| Median Positive | 13.9% | 0.0% | |
| Median Negative | -1.3% | ||
| Max Positive | 13.9% | 0.0% | |
| Max Negative | -1.3% | ||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 8132025 | 10-Q 6/30/2025 |
| 12312024 | 8042025 | 424B3 12/31/2024 |
| 9302024 | 2142025 | S-4/A 9/30/2024 |
| 12312023 | 11122024 | S-4 12/31/2023 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | Liljenquist Katie | 5082025 | Buy | 32.76 | 6,105 | 200,000 | 308,304 | 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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