Angel Studios, Inc.

ANGXdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'capex'

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	$202.4M¹	$96.5M¹	$321.6M¹
Net income	$18.1M²	$13.4M³	−$88.3M³	−$170.5M³
Operating cash flow	$396,482⁴	$15.2M⁵	−$51.3M⁵	−$83.3M⁵
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	$45.5M⁶
Cash & equivalents	$10.7M⁷	$25.2M⁷	$7.21M⁸	$44.1M⁸
Diluted shares	—	139.9M	138.0M	155.3M

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

Net assets behind them

−$1.66

your share of equity

Profit it earned you last year

−$10.98

Free cash flow it threw off

—

Debt you’d be carrying

$2.93

10 shares is a claim on −$1.66 of net worth that earned you −$10.98 last year, against $2.93 of debt.

iii. Is this a good business?

Moat signal · return on equity

— avg · 4y

Not enough data in the filings for a return-on-capital reading.

Management signal · capital allocation

+11% shares · 4y

Share count is up 11% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

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