MeritValue

Angel Studios, Inc.

ANGXdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 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—139.9M138.0M155.3M

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
shares
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.

seeing a moat in the numbers →
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.

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 v0.5.0
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
  1. 10-K · period ending 2023-12-31 · accession 0001865200-26-000020 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000408 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001865200-26-000020 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001410578-24-000408 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001865200-26-000020 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2025-12-31 · accession 0001865200-26-000020 (LongTermDebt)
  7. 10-K · period ending 2022-12-31 · accession 0001865200-26-000020 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 10-K · period ending 2024-12-31 · accession 0001865200-26-000020 (CashAndCashEquivalentsAtCarryingValue)