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AMC Entertainment
(NYSE:AMC)
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Rating:50Neutral
Price Target:
$2.00
▲(7.53% Upside)
Action:Reiterated
Date:06/25/26
The score is held down primarily by weak financial fundamentals—high leverage with negative equity, ongoing net losses, and negative free cash flow—despite signs of operating improvement. Offsetting this are a mildly constructive technical backdrop and a more optimistic earnings outlook (record Q1 post-pandemic EBITDA and stronger 2026 guidance) plus supportive capital-structure actions, though valuation remains constrained by continued losses and no dividend signal.
Positive Factors
Per‑patron margin expansion & attendance recovery
Higher contribution margin per patron and rising attendance indicate durable improvements in underlying unit economics. Strong per‑patron spend (pricing, concessions, premium upcharges) provides structural operating leverage, making future revenue gains more likely to flow to EBITDA even if attendance growth moderates.
Negative Factors
High leverage & negative equity
A very large debt load and persistent negative equity create a thin capital cushion and limit strategic flexibility. In downcycles this elevates default and covenant risk, raises refinancing costs, and constrains ability to invest organically or pursue acquisitions without further external capital or dilution.
Read all positive and negative factors
Positive Factors
Negative Factors
Per‑patron margin expansion & attendance recovery
Higher contribution margin per patron and rising attendance indicate durable improvements in underlying unit economics. Strong per‑patron spend (pricing, concessions, premium upcharges) provides structural operating leverage, making future revenue gains more likely to flow to EBITDA even if attendance growth moderates.
Read all positive factors
AMC Entertainment Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where AMC earns its money globally, highlighting regions with strong box office sales and areas that might need strategic focus or improvement.
Shows where AMC earns its money globally, highlighting regions with strong box office sales and areas that might need strategic focus or improvement.
Data provided by:
The Fly
The FlyAMC Entertainment (AMC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.93B
Dividend YieldN/A
Average Volume (3M)36.17M
Price to Earnings (P/E)―
Beta (1Y)1.59
Revenue Growth10.63%
EPS Growth-7.77%
CountryUS
Employees2,915
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-1.06
Shares Outstanding892,604,600
10 Day Avg. Volume46,990,952
30 Day Avg. Volume36,166,277
Financial Highlights & Ratios
PEG Ratio-0.08
Price to Book (P/B)-0.42
Price to Sales (P/S)0.17
P/FCF Ratio-2.19
Enterprise Value/Market Cap4.76
Enterprise Value/Revenue1.82
Enterprise Value/Gross Profit2.72
Enterprise Value/Ebitda28.53
Forecast
1Y Price Target
$1.86Price Target Upside0.13% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)-0.27
Revenue Forecast (FY)$5.43B
AMC Entertainment Business Overview & Revenue Model
Company Description
AMC Entertainment Holdings, Inc., through its various subsidiaries, primarily operates within the theatrical motion picture exhibition sector. The company possesses ownership, management, or significant interests in cinema locations across both th...
How the Company Makes Money
AMC primarily earns revenue from (1) admissions and (2) food and beverage sales, with additional contributions from other theater-related income streams. Admissions revenue comes from ticket sales for movies and alternative programming (e.g., spec...
AMC Entertainment Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and financial progress: a substantial YoY adjusted EBITDA improvement ($96M), robust box office recovery (NA box office +22% YoY), attendance growth (+13.6% YoY), record per‑patron metrics, meaningful balance-sheet actions (refinancing, debt-to-equity conversion, ~$101M capital raise) and new revenue initiatives (Arena 1, merchandising and stronger studio window discipline). Headwinds include seasonal Q1 cash usage, remaining sizable debt and interest costs, ongoing CapEx, footprint pruning, and execution risks tied to new products and continued slate performance. Overall, the positives (record profitability, revenue and per-patron gains, liquidity and strategic initiatives) materially outweigh the listed challenges.Positive Updates
Record Adjusted EBITDA
Adjusted EBITDA reached a post-pandemic Q1 record of $38.3M, an improvement of $96M year-over-year, driven by operating leverage as revenues rose.
Negative Updates
Q1 Cash Seasonal Burn and Cash Balance
Quarter-end cash of $339M (excl. $42M restricted) reflects typical Q1 working-capital outflow; management noted Q1 is historically a cash-using period, contributing to near-term cash burn.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Adjusted EBITDA
Adjusted EBITDA reached a post-pandemic Q1 record of $38.3M, an improvement of $96M year-over-year, driven by operating leverage as revenues rose.
Read all positive updates
Company Guidance
Management guided to a stronger 2026 driven by rising revenues and operating leverage, reiterating expectations for a record post‑pandemic full‑year box office (management said industry box office could be $500 million to $1.2 billion higher than 2025) and continued revenue growth; they pointed to Q1 proof points—47.6 million global guests (+13.6% YoY), North American box office +22% YoY, consolidated Q1 revenue >$1 billion, adjusted EBITDA up $96 million YoY to a Q1 post‑pandemic record of $38.3 million, contribution margin per patron $15.19 (+6% YoY, +57% vs Q1 2019), domestic total revenue per patron +53% vs Q1 2019 and domestic contribution margin per patron +67% vs Q1 2019 (international revenue per patron +34.5% vs Q1 2019; +31.4% constant currency); they reiterated 2026 CapEx guidance of $175–$225 million (net of lease incentives), reported cash of $339 million (excl. $42 million restricted), ~$101 million raised in Q1 (ATM + Hycroft sales, including ~$30 million realized from Hycroft in Q1 and ~$54 million total realized vs $27.9 million invested), refinanced $400 million maturing 2027 debt into a $425 million first‑lien term loan at 10.5% due 2031, announced conversion of ≈$155.8 million exchangeable notes to equity (reducing long‑term debt to ~ $3.9 billion), and plans to expand premium offerings (e.g., 225 IMAX at AMC, 181 Dolby Cinema, ~3,543 laser‑at‑AMC screens, 168 XL screens, 83 iSense Odeon auditoriums) plus launch Arena 1 live concerts in >300 U.S. locations (and ~260 Odeon sites in 9 European countries) to drive incremental attendance and revenue.AMC Entertainment Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
18
Very Negative
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.03B | 4.85B | 4.64B | 4.81B | 3.91B | 2.53B |
| Gross Profit | 3.37B | 3.25B | 3.09B | 3.21B | 2.63B | 1.78B |
| EBITDA | 321.70M | 215.70M | 412.70M | 383.00M | -196.40M | -396.90M |
| Net Income | -547.40M | -632.40M | -352.60M | -396.60M | -973.60M | -1.27B |
Balance Sheet | ||||||
| Total Assets | 7.68B | 8.02B | 8.25B | 9.01B | 9.14B | 10.82B |
| Cash, Cash Equivalents and Short-Term Investments | 380.90M | 428.50M | 632.30M | 884.30M | 631.50M | 1.59B |
| Total Debt | 7.93B | 8.14B | 8.28B | 9.14B | 10.02B | 10.75B |
| Total Liabilities | 9.61B | 9.91B | 10.01B | 10.86B | 11.76B | 12.61B |
| Stockholders Equity | -1.93B | -1.89B | -1.76B | -1.85B | -2.62B | -1.79B |
Cash Flow | ||||||
| Free Cash Flow | -123.60M | -365.90M | -296.30M | -444.80M | -848.30M | -714.70M |
| Operating Cash Flow | 121.70M | -119.80M | -50.80M | -215.20M | -628.50M | -614.10M |
| Investing Cash Flow | -190.20M | -221.60M | -242.90M | -180.10M | -224.00M | -68.20M |
| Financing Cash Flow | 16.50M | 125.20M | 68.40M | 649.30M | -91.30M | 1.99B |
AMC Entertainment Technical Analysis
Positive
1.86
Price Trends
1.79
Positive
1.49
Positive
1.89
Positive
Market Momentum
0.15
Positive
52.99
Neutral
18.66
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMC, the sentiment is Positive. The current price of 1.86 is below the 20-day moving average (MA) of 2.15, above the 50-day MA of 1.79, and below the 200-day MA of 1.89, indicating a bullish trend. The MACD of 0.15 indicates Positive momentum. The RSI at 52.99 is Neutral, neither overbought nor oversold. The STOCH value of 18.66 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AMC.
AMC Entertainment Risk Analysis
AMC Entertainment disclosed 31 risk factors in its most recent earnings report. AMC Entertainment 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 Entertainment Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $2.25B | 60.42 | 10.95% | ― | 12.56% | 43.49% | |
67 Neutral | $3.80B | 73.00 | 8.89% | ― | 4.51% | -62.44% | |
65 Neutral | $3.91B | 22.74 | 31.48% | 1.45% | 6.85% | -26.53% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $747.44M | 55.77 | 3.14% | 1.97% | 2.46% | ― | |
50 Neutral | $1.93B | -2.04 | 29.90% | ― | 10.63% | -7.77% | |
47 Neutral | $411.20M | -6.32 | -53.05% | ― | -0.85% | -277.42% |
* Communication Services Sector Average
AMC
AMC Entertainment
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-30.32%
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AMC Entertainment Corporate Events
Business Operations and StrategyPrivate Placements and Financing
AMC Raises Capital and Retires 2027 Debt Notes
Positive
Jun 25, 2026
On June 25, 2026, AMC Entertainment closed a $200 million registered direct offering of 95.25 million common shares, a move that follows a period of intensive balance-sheet management. The company said that, alongside a notice issued on June 24, 2...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
AMC Announces $200 Million Equity Offering for Debt
Neutral
Jun 23, 2026
On June 23, 2026, AMC Entertainment entered into a registered direct offering with institutional investors to sell 95,250,000 Class A common shares at $2.10 each, for gross proceeds of about $200 million, with closing expected on June 24, 2026. Ro...
Business Operations and StrategyPrivate Placements and Financing
AMC Completes $150 Million Equity Offering to Strengthen Balance Sheet
Positive
Jun 11, 2026
On June 11, 2026, AMC Entertainment Holdings, Inc. announced it had completed a $150 million at-the-market equity offering first launched on February 9, 2026, issuing roughly 105.3 million shares before commissions and fees. The raise adds new equ...
Business Operations and StrategyPrivate Placements and Financing
AMC Entertainment Completes Debt-for-Equity Exchange Transaction
Neutral
May 13, 2026
On May 11, 2026, holders of Muvico, LLC’s Senior Secured Exchangeable Notes due 2030, issued by the AMC Entertainment subsidiary, completed a previously announced voluntary exchange of their notes for AMC Class A common stock under the terms...
Business Operations and StrategyPrivate Placements and Financing
AMC Entertainment Reduces Debt Through Note-for-Stock Exchange
Neutral
May 5, 2026
On May 4, 2026, holders of Muvico, LLC’s Senior Secured Exchangeable Notes due 2030 elected to exchange all $155.8 million of outstanding notes for AMC Entertainment Class A common stock, under the terms of the existing indenture. AMC expect...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
AMC Entertainment Refinances Debt with New Term Loan
Positive
Apr 17, 2026
On April 17, 2026, Odeon Finco PLC, a subsidiary of AMC Entertainment, entered a new $425 million first-lien term loan maturing in 2031 at a fixed 10.50% rate to refinance and fully redeem its 12.750% senior secured notes due 2027, with the redeem...
Business Operations and StrategyPrivate Placements and Financing
AMC Extends Commitment for $425 Million Refinancing Facility
Positive
Apr 1, 2026
On March 6, 2026, AMC Entertainment and its wholly owned subsidiary Odeon Finco PLC entered into a commitment letter with Deutsche Bank AG New York Branch for a new senior secured credit facility of up to $425 million to refinance Odeon’s 12...
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.