MeritValue

Lionsgate Studios Corp.

LIONdata completeness 100%6 fiscal years on file
The thesis, from the filings

Lionsgate Studios Corp. earns about 5% on invested capital, but has diluted owners by 13% 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue—$3.08B1$2.45B2$2.58B2$2.63B2
Net income−$188.2M3−$2.01B3−$1.1B4−$362M4−$198.3M4
Operating cash flow—$346.1M5$396.8M6−$166M6$24.8M6
Capital expenditure—$6.5M7$9.9M8$13.5M8$13.4M8
Free cash flow (derived)—$339.6M5$386.9M6−$179.5M6$11.4M6
Total debt——$3.57B9$3.95B10$3.88B10
Cash & equivalents$270.3M11$251.4M11$277M12$212.5M13$341.5M13
Diluted shares—253.4M243.6M248.9M285.4M

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
−$41.8
your share of equity
Profit it earned you last year
−$6.95
Free cash flow it threw off
$0.4
Debt you’d be carrying
$135.96

10 shares is a claim on −$41.8 of net worth that earned you −$6.95 and generated $0.4 of cash last year, against $135.96 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY22 —FY23 16%FY24 0%FY25 -0%FY26 3%

It earned an average 5% 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
+13% shares · 5y

Share count is up 13% over 5 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 v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$11.4M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$11.4M
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 2023-03-31 · accession 0002052959-25-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-03-31 · accession 0002052959-26-000049 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2022-03-31 · accession 0001193125-25-167991 (NetIncomeLoss)
  4. 10-K · period ending 2024-03-31 · accession 0002052959-26-000049 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0002052959-25-000010 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-03-31 · accession 0002052959-26-000049 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-03-31 · accession 0002052959-25-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-03-31 · accession 0002052959-26-000049 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2024-03-31 · accession 0002052959-25-000010 (LongTermDebtNoncurrent)
  10. 10-K · period ending 2025-03-31 · accession 0002052959-26-000049 (LongTermDebtNoncurrent)
  11. 10-K · period ending 2022-03-31 · accession 0002052959-25-000010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  12. 10-K · period ending 2024-03-31 · accession 0002052959-25-000010 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2025-03-31 · accession 0002052959-26-000049 (CashAndCashEquivalentsAtCarryingValue)