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AMC Global Media
(NASDAQ:AMCX)
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Rating:60Neutral
Price Target:
$10.00
▼(-22.18% Downside)
Action:Reiterated
Date:08/01/26
AMCX scores moderately due to solid (though softening) free cash flow and improved forward visibility from raised guidance and the Walking Dead licensing deal, supported by a favorable price trend above major moving averages. The score is capped by ongoing revenue erosion, a return to slight TTM losses, and elevated leverage that increases sensitivity to continued affiliate/subscription and advertising declines.
Positive Factors
Long-term content licensing
The multi-year Walking Dead licensing agreement adds contracted revenue visibility and monetizes a valuable owned franchise across a global streaming platform. Its scale supports near-term results while demonstrating AMC Networks’ ability to convert established intellectual property into durable licensing cash flows.
Negative Factors
Persistent revenue erosion
Continuing declines in consolidated, domestic, affiliate, and subscription revenue indicate structural pressure on the company’s traditional distribution model. If the erosion persists, it can reduce the recurring revenue base and make growth increasingly dependent on episodic licensing transactions.
Read all positive and negative factors
Positive Factors
Negative Factors
Long-term content licensing
The multi-year Walking Dead licensing agreement adds contracted revenue visibility and monetizes a valuable owned franchise across a global streaming platform. Its scale supports near-term results while demonstrating AMC Networks’ ability to convert established intellectual property into durable licensing cash flows.
Read all positive factors
AMC Global Media Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales between the U.S. and international markets, highlighting exposure to domestic cable declines versus growth opportunities from international streaming, licensing, and regional content demand.
Breaks down sales between the U.S. and international markets, highlighting exposure to domestic cable declines versus growth opportunities from international streaming, licensing, and regional content demand.
Data provided by:
The Fly
The FlyAMC Global Media (AMCX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$414.56M
Dividend YieldN/A
Average Volume (3M)644.80K
Price to Earnings (P/E)―
Beta (1Y)1.14
Revenue Growth-4.59%
EPS Growth87.95%
CountryUS
Employees1,707
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-0.47
Shares Outstanding29,765,562
10 Day Avg. Volume607,187
30 Day Avg. Volume644,799
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.43
Price to Sales (P/S)0.18
P/FCF Ratio1.55
Enterprise Value/Market Cap4.22
Enterprise Value/Revenue0.78
Enterprise Value/Gross Profit1.61
Enterprise Value/Ebitda1.59
Forecast
1Y Price Target
$9.50Price Target Upside-26.07% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering5
EPS Forecast (FY)1.51
Revenue Forecast (FY)$2.43B
AMC Global Media Business Overview & Revenue Model
Company Description
AMC Networks Inc., an entertainment company, distributes contents in the United States, Europe, and internationally. It operates in two segments, Domestic Operations and International. The Domestic Operations segment operates programming networks,...
How the Company Makes Money
AMC Networks primarily makes money by monetizing its networks and content through a mix of subscription/affiliate fees, streaming subscriptions, advertising, and content licensing. (1) Affiliate/subscription fees: A major revenue source comes from...
AMC Global Media Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call emphasized several major strategic and financial positives — notably a material co-exclusive global licensing deal for The Walking Dead (enhancing multi-year revenue visibility and cash flow), raised full-year revenue/AOI/FCF guidance, streaming engagement gains, and distribution renewals — while acknowledging near-term operating pressures including a 9% decline in consolidated revenue, double-digit affiliate declines, mid-single-digit advertising softness, and a Q2 AOI low point. Management framed Q2 as the expected trough with improvement forecast for the back half of the year and highlighted balance sheet progress (cash on hand, improved debt maturity).Positive Updates
The Walking Dead Global Licensing Deal
Signed a co-exclusive global streaming license with Netflix for the entire Walking Dead universe (7 series, 371 episodes). Contracted license fees total $500 million over a 5-year license; expected revenue recognized at present value of approximately $445 million over the life of the agreement. Management expects to recognize ~$200 million to $225 million of that revenue in each of 2026 and 2027. Cash schedule: ~$25 million in 2026, ~ $100 million annually in 2027–2030, remainder due in 2031. Deal bolsters content licensing visibility and is included in updated full-year guidance.
Negative Updates
Decline in Consolidated and Domestic Revenues
Q2 consolidated net revenue declined 9% year-over-year to $547 million. Domestic operations revenue fell 11% to $470 million in the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
The Walking Dead Global Licensing Deal
Signed a co-exclusive global streaming license with Netflix for the entire Walking Dead universe (7 series, 371 episodes). Contracted license fees total $500 million over a 5-year license; expected revenue recognized at present value of approximately $445 million over the life of the agreement. Management expects to recognize ~$200 million to $225 million of that revenue in each of 2026 and 2027. Cash schedule: ~$25 million in 2026, ~ $100 million annually in 2027–2030, remainder due in 2031. Deal bolsters content licensing visibility and is included in updated full-year guidance.
Read all positive updates
Company Guidance
Management raised 2026 guidance to consolidated revenue of $2.40–$2.45 billion (including ~$200–$225M of Walking Dead licensing), implying domestic content‑licensing of $460–$485M, adjusted operating income of $410–$420M and free cash flow of ~ $220M; the Walking Dead deal is a 5‑year, $500M contract with ~ $445M recognized under ASC 606 (about $200–$225M recognized in 2026 and 2027) and contractual cash receipts of ~ $25M in 2026, ~$100M per year in 2027–2030 and the remainder in 2031. They expect domestic subscription revenue to decline ~3% for 2026, and noted Q2 was the trough with consolidated revenue of $547M (down 9%), Q2 AOI $46M (domestic AOI $61M, international AOI $14M, 18% margin), Q2 FCF $43M (YTD $108M), quarter‑end cash ~$464M, net debt ~$1.3B and consolidated net leverage ~4.1x.AMC Global Media Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
44
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.25B | 2.31B | 2.42B | 2.71B | 3.10B | 3.08B |
| Gross Profit | 1.08B | 1.17B | 1.29B | 1.38B | 1.58B | 1.65B |
| EBITDA | 1.10B | 1.26B | 979.10M | 1.46B | 1.22B | 1.51B |
| Net Income | -19.75M | 89.40M | -226.55M | 215.46M | 7.59M | 250.60M |
Balance Sheet | ||||||
| Total Assets | 3.73B | 3.94B | 4.36B | 4.97B | 5.63B | 5.75B |
| Cash, Cash Equivalents and Short-Term Investments | 464.00M | 502.38M | 784.65M | 570.58M | 930.00M | 892.22M |
| Total Debt | 1.75B | 1.85B | 2.43B | 2.48B | 2.97B | 3.03B |
| Total Liabilities | 2.78B | 2.92B | 3.42B | 3.71B | 4.53B | 4.56B |
| Stockholders Equity | 911.23M | 981.87M | 855.60M | 1.05B | 806.99M | 851.09M |
Cash Flow | ||||||
| Free Cash Flow | 190.52M | 272.37M | 330.84M | 168.71M | 137.56M | 100.90M |
| Operating Cash Flow | 218.73M | 305.67M | 375.62M | 203.92M | 181.83M | 143.47M |
| Investing Cash Flow | -29.16M | -34.21M | -40.38M | -24.32M | -39.38M | -26.58M |
| Financing Cash Flow | -582.30M | -570.29M | -110.22M | -544.43M | -97.11M | -84.10M |
AMC Global Media Technical Analysis
Negative
12.85
Price Trends
11.72
Negative
10.99
Negative
9.49
Positive
Market Momentum
-0.48
Positive
23.73
Positive
3.81
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AMCX, the sentiment is Negative. The current price of 12.85 is above the 20-day moving average (MA) of 10.98, above the 50-day MA of 11.72, and above the 200-day MA of 9.49, indicating a neutral trend. The MACD of -0.48 indicates Positive momentum. The RSI at 23.73 is Positive, neither overbought nor oversold. The STOCH value of 3.81 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AMCX.
AMC Global Media Risk Analysis
AMC Global Media disclosed 35 risk factors in its most recent earnings report. AMC Global Media 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 Global Media Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $4.40B | 5.93 | 8.27% | 3.59% | -3.61% | -37.40% | |
75 Outperform | $286.02B | 18.48 | 50.41% | ― | 15.41% | 43.84% | |
71 Outperform | $192.82B | 23.00 | 7.87% | 1.34% | 5.31% | -23.96% | |
68 Neutral | $26.66B | 15.07 | 14.74% | 0.87% | 5.07% | -20.95% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
60 Neutral | $414.56M | -20.51 | -2.03% | ― | -4.59% | 87.95% | |
53 Neutral | $419.54M | -0.96 | -82.08% | ― | ― | ― |
* Communication Services Sector Average
AMCX
AMC Global Media
9.33
1.70
22.28%
DIS
Walt Disney
113.13
1.71
1.54%
NFLX
Netflix
67.05
-44.31
-39.79%
FOXA
Fox
68.27
10.00
17.17%
STRZ
Starz Entertainment Corp
23.22
11.55
98.97%
VSNT
Versant Media Group
32.29
-11.90
-26.93%
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.