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AMC Entertainment
(NYSE:AMC)
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Rating:51Neutral
Price Target:
$3.00
▲(13.21% Upside)
Action:Reiterated
Date:10/06/26
AMC’s score is held back primarily by weak financial fundamentals—ongoing net losses, still-negative free cash flow, and a highly stressed balance sheet with negative equity and heavy debt. Offsetting that, the latest earnings call and recent refinancing events indicate improving operating momentum, stronger quarterly cash generation, and better-managed near-term maturities. Technicals are mildly supportive with the stock above key moving averages, while valuation remains constrained by negative earnings and no dividend support.
Positive Factors
Revenue and EBITDA growth
Strong revenue and adjusted EBITDA growth indicates improving attendance monetization and operating leverage. The record quarterly margin also shows that higher volume and better cost absorption can strengthen earnings capacity as the theatrical market continues recovering over the next several quarters.
Negative Factors
Highly stressed balance sheet
Negative equity and debt that exceeds the asset base leave AMC with limited financial flexibility and a thin balance-sheet cushion. High leverage increases sensitivity to operating setbacks and interest costs, making sustained earnings improvement and debt reduction essential for long-term stability.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and EBITDA growth
Strong revenue and adjusted EBITDA growth indicates improving attendance monetization and operating leverage. The record quarterly margin also shows that higher volume and better cost absorption can strengthen earnings capacity as the theatrical market continues recovering over the next several quarters.
Read all positive factors
AMC Entertainment Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how much money AMC generates in each region, highlighting where ticket and concession sales are strongest, which markets are recovering faster after disruptions like COVID, and where growth or risk is concentrated.
Shows how much money AMC generates in each region, highlighting where ticket and concession sales are strongest, which markets are recovering faster after disruptions like COVID, and where growth or risk is concentrated.
Data provided by:
The Fly
The FlyAMC Entertainment (AMC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.66B
Dividend Yield12.27%
Average Volume (3M)26.96M
Price to Earnings (P/E)―
Beta (1Y)1.67
Revenue Growth6.41%
EPS Growth-19.34%
CountryUS
Employees33,311
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-1.06
Shares Outstanding892,604,600
10 Day Avg. Volume28,851,680
30 Day Avg. Volume26,964,224
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 Cap3.11
Enterprise Value/Revenue1.58
Enterprise Value/Gross Profit2.36
Enterprise Value/Ebitda19.15
Forecast
1Y Price Target
$2.94Price Target Upside10.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.21
Revenue Forecast (FY)$5.56B
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 makes money through cinema exhibition and related guest spending. Its largest revenue stream is admissions (ticket sales) for theatrical showings; ticket revenue is influenced by film release volume and popularity, showtime schedulin...
AMC Entertainment Earnings Call Summary
Earnings Call Date:Jul 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed a distinctly positive operational and financial trajectory: record quarterly revenue and adjusted EBITDA, strong attendance growth, improved margins, meaningful free cash flow generation, and clear balance sheet actions that materially reduced near-term maturities and interest cost. Management highlighted structural improvements (premium formats, loyalty/subscription growth, portfolio optimization) that support higher profit per patron and operating leverage. Remaining challenges include attendance still below 2019 levels, elevated leverage relative to the company’s 3x target, seasonality and not-yet full-year free-cash-flow positivity, reliance on a strong film slate, and near-term cash uses and prior equity raises. On balance, the highlights materially outweigh the lowlights.Positive Updates
Record Revenue and Adjusted EBITDA
Total Q2 2026 revenue ~ $1.6 billion, up 14.2% year-over-year; adjusted EBITDA of $321.4 million, up 70% YoY and the highest quarterly adjusted EBITDA in AMC's 106-year history; adjusted EBITDA margin expanded to 20.1% from 13.6% (+650 basis points).
Negative Updates
Attendance and Box Office Still Below Pre-Pandemic Levels
North American box office in Q2 2026 was ~7.5% below Q2 2019 levels and AMC attendance was ~26.5% lower than Q2 2019 (approximately 26 million fewer attendees), indicating recovery is not yet back to pre-pandemic volumes.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue and Adjusted EBITDA
Total Q2 2026 revenue ~ $1.6 billion, up 14.2% year-over-year; adjusted EBITDA of $321.4 million, up 70% YoY and the highest quarterly adjusted EBITDA in AMC's 106-year history; adjusted EBITDA margin expanded to 20.1% from 13.6% (+650 basis points).
Read all positive updates
Company Guidance
Management's forward-looking guidance emphasized balance‑sheet strengthening, disciplined investment, and continued conversion of box‑office gains into cash: net CapEx for 2026 is expected to be $200–$235 million; AMC ended Q2 with $778 million of cash (excl. $42M restricted) and does not expect material debt principal payments before 2029 after refinancing $400M of 2027 debt (extended 4 years) and converting ~$155.8M of exchangeable debt to equity, though $125.5M of subordinated notes will be redeemed on July 24; Q2 free cash flow was $190.1M and adjusted EBITDA $321.4M, which helped lower leverage to under ~6.5x with a long‑term target near 3x; management expects go‑forward annual cash interest to be reduced by ~ $16M now and ultimately by ~ $51M as rate‑step triggers apply to ~75% of debt; the breakeven box office for annual FCF positivity is ~ $10.4B; the company plans to add roughly 100–250 premium/XL auditoriums over the next 2–4 years, expects 2026 to be the strongest post‑pandemic box‑office year, and will remain highly disciplined on CapEx while prioritizing high‑IRR projects and the seasonal working‑capital cadence (positive in Q2/Q4, negative in Q1/Q3).AMC Entertainment Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
18
Very Negative
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.23B | 4.85B | 4.64B | 4.81B | 3.91B | 2.53B |
| Gross Profit | 3.51B | 3.25B | 3.09B | 3.21B | 2.63B | 1.78B |
| EBITDA | 431.80M | 215.70M | 412.70M | 383.00M | -196.40M | -396.90M |
| Net Income | -554.10M | -632.40M | -352.60M | -396.60M | -973.60M | -1.27B |
Balance Sheet | ||||||
| Total Assets | 8.04B | 8.02B | 8.25B | 9.01B | 9.14B | 10.82B |
| Cash, Cash Equivalents and Short-Term Investments | 778.40M | 428.50M | 632.30M | 884.30M | 631.50M | 1.59B |
| Total Debt | 7.72B | 8.14B | 8.28B | 9.14B | 10.02B | 10.75B |
| Total Liabilities | 9.50B | 9.91B | 10.01B | 10.86B | 11.76B | 12.61B |
| Stockholders Equity | -1.45B | -1.89B | -1.76B | -1.85B | -2.62B | -1.79B |
Cash Flow | ||||||
| Free Cash Flow | -21.40M | -365.90M | -296.30M | -444.80M | -848.30M | -714.70M |
| Operating Cash Flow | 219.70M | -119.80M | -50.80M | -215.20M | -628.50M | -614.10M |
| Investing Cash Flow | -185.60M | -221.60M | -242.90M | -180.10M | -224.00M | -68.20M |
| Financing Cash Flow | 313.70M | 125.20M | 68.40M | 649.30M | -91.30M | 1.99B |
AMC Entertainment Technical Analysis
Positive
2.65
Price Trends
2.68
Positive
2.37
Positive
1.87
Positive
Market Momentum
0.08
Positive
57.23
Neutral
31.50
Neutral
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 2.65 is below the 20-day moving average (MA) of 2.85, below the 50-day MA of 2.68, and above the 200-day MA of 1.87, indicating a bullish trend. The MACD of 0.08 indicates Positive momentum. The RSI at 57.23 is Neutral, neither overbought nor oversold. The STOCH value of 31.50 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.79B | 67.74 | 11.87% | ― | 14.79% | 22.14% | |
72 Outperform | $3.82B | 58.16 | 5.95% | ― | 12.52% | 82.30% | |
69 Neutral | $815.72M | 37.08 | 5.01% | 1.22% | 1.81% | 65.53% | |
67 Neutral | $4.22B | 19.57 | 26.76% | 0.99% | 4.54% | -23.98% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | $61.82M | -3.44 | 63.61% | ― | -2.17% | 25.32% | |
51 Neutral | $2.66B | -2.80 | 31.43% | 12.27% | 6.41% | -19.34% |
* Communication Services Sector Average
AMC
AMC Entertainment
3.00
0.13
4.53%
CNK
Cinemark Holdings
36.87
12.08
48.75%
IMAX
IMAX
51.70
20.61
66.29%
MCS
Marcus
27.48
14.64
113.99%
RDI
Reading International
1.85
0.46
33.09%
MSGE
Madison Square Garden Entertainment Corp.
79.78
36.39
83.87%
AMC Entertainment Corporate Events
Business Operations and StrategyPrivate Placements and Financing
AMC Entertainment completes major multibillion-dollar debt refinancing
Positive
Oct 6, 2026
On October 5, 2026, AMC Entertainment completed a $3.97 billion refinancing of its capital structure, issuing $2.0 billion of 8.875% first lien notes due 2031 and arranging new first and second lien term loan facilities totaling $1.97 billion. The...
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
AMC Shareholders Expand Equity Plan, Maintain Governance Status Quo
Neutral
Sep 24, 2026
At AMC Entertainment’s 2026 Annual Meeting of Stockholders held on September 24, 2026, investors approved an amendment to the 2024 Equity Incentive Plan, doubling the Class A common stock available under the plan from 25 million to 50 millio...
Business Operations and StrategyPrivate Placements and Financing
AMC Entertainment Announces Major Secured Debt Refinancing Plan
Neutral
Sep 24, 2026
On September 23, 2026, AMC Entertainment announced it had priced $2.0 billion of 8.875% first lien notes due 2031 and $850 million of first lien term loans under a new term loan facility, alongside a previously disclosed $1.12 billion second lien ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
AMC Entertainment Launches Major Debt Refinancing Initiative
Positive
Sep 21, 2026
On September 21, 2026, AMC launched a major refinancing push, commencing a private offering of $2.0 billion of first lien notes due 2031, syndicating a new $850 million first lien term loan and securing commitments for a $1.12 billion second lien ...
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.