MeritValue

AMC ENTERTAINMENT HOLDINGS, INC.

AMCdata completeness 100%13 fiscal years on file
The thesis, from the filings

AMC ENTERTAINMENT HOLDINGS, INC. earns about -3% on invested capital, but has diluted owners by 395% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.53B1$3.91B2$4.81B3$4.64B3$4.85B3
Net income−$1.27B4−$973.6M5−$396.6M6−$352.6M6−$632.4M6
Operating cash flow−$614.1M7−$628.5M8−$215.2M9−$50.8M9−$119.8M9
Capital expenditure$92.4M10$202M11$225.6M12$245.5M12$246.1M12
Free cash flow (derived)−$706.5M7−$830.5M8−$440.8M9−$296.3M9−$365.9M9
Total debt$10.6B13$10.1B14$9.08B15$8.21B16$8.06B16
Cash & equivalents$1.59B17$631.5M18$884.3M19$632.3M19$428.5M19
Diluted shares95.5M104.8M167.6M332.9M472.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$40.07
your share of equity
Profit it earned you last year
−$13.37
Free cash flow it threw off
−$7.74
Debt you’d be carrying
$170.5

10 shares is a claim on −$40.07 of net worth that earned you −$13.37 and generated −$7.74 of cash last year, against $170.5 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-3% avg · 5y
FY21 -9%FY22 -7%FY23 0%FY24 1%FY25 -2%

It earned an average -3% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+395% shares · 5y

Share count is up 395% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 24% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001411579-24-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001411579-25-000042 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001411579-26-000016 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001411579-24-000021 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001411579-25-000042 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001411579-26-000016 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001411579-24-000021 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001411579-25-000042 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001411579-26-000016 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001411579-24-000021 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001411579-25-000042 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001411579-26-000016 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001411579-23-000038 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001411579-24-000021 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001411579-25-000042 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001411579-26-000016 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0001411579-24-000021 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001411579-25-000042 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001411579-26-000016 (CashAndCashEquivalentsAtCarryingValue)