ANGX · Angel Studios, Inc.
Angel Studios, Inc. operates as a media and technology company. The company produces and distributes films and series; and releases licensed films or shows. The company's platform allows users to watch movies, shows, and documentaries for all ages through its streaming platform. It also offers apparel, DVDs, Blu-rays, books; direct online store for Angel Studios themed products and wholesale products to retail partners; and content licensing services. In addition, the company provides Angel Guild memberships; theatrical ticket presales; theatrical distribution; theatrical pay it forward; and merchandise services. The company was formerly known as VidAngel, Inc. and changed its name to Angel Studios, Inc. in March 2021. Angel Studios, Inc. was founded in 2013 and is based in Provo, Utah.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $3.12 |
| SO | 169.9M |
| Options | 32.0M |
| Warrants | 23.2M |
| FD SO | 225.0M |
| MC | $703.2M |
| Cash | $38.9M |
| Total debt | $45.5M |
| EV | $709.8M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 2.0x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-03-31. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 3/31/25 | |
|---|---|---|---|---|
| Total Revenue | 115.11 | 109.93 | 76.54 | 47.44 |
| Revenue YoY % | 270.9% | 446.4% | — | — |
| Cost of Revenue | 44.00 | 43.76 | 34.33 | 19.48 |
| Gross Profit | 71.10 | 66.18 | 42.21 | 27.96 |
| Gross Profit YoY % | 294.8% | 450.9% | — | — |
| Gross Margin % | 61.8% | 60.2% | 55.1% | 58.9% |
| SG&A | 67.84 | 131.13 | 74.81 | 57.89 |
| R&D | 4.08 | 4.20 | 4.22 | 3.24 |
| Operating Expense | 73.77 | 137.05 | 80.30 | 61.55 |
| Operating Income | (2.67) | (70.88) | (38.09) | (33.59) |
| Operating Income YoY % | (104.7%) | (28807.9%) | — | — |
| Operating Margin % | (2.3%) | (64.5%) | (49.8%) | (70.8%) |
| EBITDA | 0.43 | (57.99) | (38.79) | (31.37) |
| EBITDA Margin % | 0.4% | (52.7%) | (50.7%) | (66.1%) |
| Interest Expense | 6.03 | 3.55 | 3.98 | 1.56 |
| Pretax Income | (13.76) | (78.62) | (38.61) | (37.24) |
| Tax Provision | — | — | — | 0.09 |
| Net Income | (13.76) | (78.62) | (38.61) | (37.33) |
| Net Income to Common | (13.80) | (78.63) | (38.55) | (37.30) |
| Net Margin % | (12.0%) | (71.5%) | (50.4%) | (78.7%) |
| Diluted EPS | -$0.08 | -$0.49 | -$0.25 | -$0.26 |
| Basic EPS | -$0.08 | -$0.49 | -$0.25 | -$0.26 |
| Diluted Avg Shares | 169.4 | 4.6 | 156.8 | 145.6 |
| Basic Avg Shares | 169.4 | 4.6 | 156.8 | 145.6 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Total Revenue | 349.02 | 321.56 | 96.52 | 202.44 |
| Revenue YoY % | 8.5% | 233.2% | (52.3%) | — |
| Cost of Revenue | 141.57 | 124.86 | 44.36 | 86.03 |
| Gross Profit | 207.45 | 196.70 | 52.16 | 116.40 |
| Gross Profit YoY % | 5.5% | 277.1% | (55.2%) | — |
| Gross Margin % | 59.4% | 61.2% | 54.0% | 57.5% |
| SG&A | 331.68 | 335.18 | 115.20 | 92.30 |
| R&D | 15.74 | 15.53 | 12.84 | 9.70 |
| Operating Expense | 352.67 | 360.81 | 138.88 | 104.05 |
| Operating Income | (145.22) | (164.11) | (86.72) | 12.36 |
| Operating Income YoY % | 11.5% | (89.2%) | (801.7%) | — |
| Operating Margin % | (41.6%) | (51.0%) | (89.8%) | 6.1% |
| EBITDA | (127.70) | (149.69) | (78.82) | 18.04 |
| EBITDA Margin % | (36.6%) | (46.6%) | (81.7%) | 8.9% |
| Interest Expense | 15.12 | 11.83 | 2.37 | 0.93 |
| Pretax Income | (168.23) | (170.49) | (84.91) | 10.52 |
| Tax Provision | — | — | 3.53 | (2.70) |
| Net Income | (168.31) | (170.49) | (88.45) | 13.21 |
| Net Income to Common | (168.29) | (170.48) | (88.27) | 13.36 |
| Net Margin % | (48.2%) | (53.0%) | (91.6%) | 6.5% |
| Diluted EPS | -$1.07 | -$1.10 | -$0.64 | $0.10 |
| Basic EPS | -$1.07 | -$1.10 | -$0.64 | $0.10 |
| Diluted Avg Shares | 169.4 | 155.3 | 138.0 | 139.9 |
| Basic Avg Shares | 169.4 | 155.3 | 138.0 | 132.6 |
| 3/31/26 | 12/31/25 | 9/30/25 | 3/31/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 38.88 | 44.08 | 63.33 | 14.19 |
| Receivables | 30.79 | 51.12 | 24.68 | — |
| Inventory | 1.38 | 1.26 | 1.54 | — |
| Total Current Assets | 111.62 | 134.88 | 123.08 | 0.59 |
| Net PPE | 0.58 | 0.71 | 0.73 | — |
| Total Assets | 213.09 | 241.41 | 197.00 | 1.03 |
| Accounts Payable | 25.79 | 39.96 | 11.07 | 0.20 |
| Total Current Liabilities | 188.16 | 219.00 | 113.15 | 4.62 |
| Long-term Debt | — | 45.50 | — | — |
| Total Liabilities | 254.55 | 267.19 | 159.83 | 9.20 |
| Retained Earnings | (255.34) | (241.53) | (175.76) | (9.32) |
| Total Equity | (41.46) | (25.78) | 37.17 | 7.01 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Cash & Equivalents | 38.88 | 44.08 | 7.21 | 25.20 |
| Receivables | 30.79 | 51.12 | 16.23 | — |
| Inventory | 1.38 | 1.26 | 1.71 | — |
| Total Current Assets | 111.62 | 134.88 | 52.95 | 2.17 |
| Net PPE | 0.58 | 0.71 | 0.78 | — |
| Total Assets | 213.09 | 241.41 | 111.38 | 46.88 |
| Accounts Payable | 25.79 | 39.96 | 7.93 | 0.10 |
| Total Current Liabilities | 188.16 | 219.00 | 80.06 | 4.98 |
| Long-term Debt | — | 45.50 | — | — |
| Total Liabilities | 254.55 | 267.19 | 94.67 | 5.56 |
| Retained Earnings | (255.34) | (241.53) | (87.01) | (4.15) |
| Total Equity | (41.46) | (25.78) | 16.71 | 51.01 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (13.80) | (78.63) | (38.55) | (1.56) |
| D&A | 3.10 | 12.89 | (0.70) | — |
| Stock-Based Comp | 3.47 | 1.89 | 5.15 | — |
| Operating Cash Flow | 1.89 | (24.68) | (58.12) | 9.23 |
| Investing Cash Flow | (2.53) | (40.00) | (15.57) | 3.24 |
| Stock Issuance | 0.00 | 1.36 | 87.99 | — |
| Stock Buyback | (0.90) | (0.30) | (0.07) | — |
| Financing Cash Flow | (4.57) | 45.44 | 129.98 | (19.60) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (132.54) | (170.48) | (88.27) | 13.36 | 18.13 |
| D&A | — | 14.42 | 7.90 | 5.68 | — |
| Stock-Based Comp | — | 9.67 | 3.64 | 1.03 | — |
| Operating Cash Flow | (71.68) | (83.33) | (51.30) | 15.19 | 0.40 |
| Investing Cash Flow | (54.87) | (55.59) | (12.84) | (9.96) | (2.62) |
| Stock Issuance | — | 104.10 | 32.82 | 7.50 | — |
| Stock Buyback | — | (0.44) | (0.71) | (0.11) | — |
| Financing Cash Flow | 151.24 | 175.79 | 46.15 | 9.25 | 0.33 |
| Effect of FX on Cash | — | — | (0.00) | 0.00 | — |
| 3/31/26 | 12/31/25 | 9/30/25 | 3/31/25 | |
|---|---|---|---|---|
| Current Ratio | 0.59 | 0.62 | 1.09 | 0.13 |
| Quick Ratio | 0.59 | 0.61 | 1.07 | — |
| Debt / Equity | -6.14 | -10.36 | 4.30 | 1.31 |
| EBITDA Margin % | 0.4% | (52.7%) | (50.7%) | (66.1%) |
| Working Capital | (76.55) | (84.12) | 9.93 | (4.03) |
| Net Debt | — | 1.42 | — | — |
| ROE % | 33.2% | 304.9% | (103.9%) | (532.3%) |
| ROA % | (6.5%) | (32.6%) | (19.6%) | (3632.5%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Current Ratio | 0.59 | 0.62 | 0.66 | 0.44 |
| Quick Ratio | 0.59 | 0.61 | 0.64 | — |
| Debt / Equity | -6.14 | -10.36 | 5.67 | 0.11 |
| EBITDA Margin % | (36.6%) | (46.6%) | (81.7%) | 8.9% |
| Working Capital | (76.55) | (84.12) | (27.11) | (2.81) |
| Net Debt | — | 1.42 | — | — |
| ROE % | 406.0% | 661.3% | (529.4%) | 25.9% |
| ROA % | (79.0%) | (70.6%) | (79.4%) | 28.2% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-07 | Sarowitz Steven I | Director | 2026-05-05 | P | 321,544 | $3.06 | $982,574 |
| 2026-04-24 | Sarowitz Steven I | Director | 2026-04-23 | M | 2,648 | — | $0 |
| 2026-04-24 | Sarowitz Steven I | Director | 2026-04-23 | M | (2,648) | — | $-0 |
| 2026-04-24 | Nguyen Trang T | Director | 2026-04-23 | M | 2,648 | — | $0 |
| 2026-04-24 | Nguyen Trang T | Director | 2026-04-23 | M | (2,648) | — | $-0 |
| 2026-04-24 | Liljenquist Katie | Director | 2026-04-23 | M | 2,648 | — | $0 |
| 2026-04-24 | Liljenquist Katie | Director | 2026-04-23 | M | (2,648) | — | $-0 |
| 2026-04-24 | Crane Benton Deloss | Director | 2026-04-23 | M | 2,648 | — | $0 |
| 2026-04-24 | Crane Benton Deloss | Director | 2026-04-23 | M | (2,648) | — | $-0 |
| 2026-04-24 | Ahlstrom Paul | Director | 2026-04-23 | M | 2,648 | — | $0 |
| 2026-04-24 | Ahlstrom Paul | Director | 2026-04-23 | M | (2,648) | — | $-0 |
| 2026-03-09 | Oskoui Stephen D. | 10% Owner | 2026-03-06 | C | 57,770 | — | $0 |
| 2026-03-09 | Oskoui Stephen D. | 10% Owner | 2026-03-06 | C | (57,770) | — | $-0 |
| 2026-03-03 | Oskoui Stephen D. | 10% Owner | 2026-02-27 | M | 137,651 | $2.24 | $308,338 |
| 2026-03-03 | Oskoui Stephen D. | 10% Owner | 2026-02-27 | F | (79,881) | $3.86 | -$308,341 |
| 2026-03-03 | Oskoui Stephen D. | 10% Owner | 2026-02-27 | M | (137,651) | — | $-0 |
| 2026-01-28 | Sarowitz Steven I | Director | 2026-01-26 | M | 2,648 | — | $0 |
| 2026-01-28 | Sarowitz Steven I | Director | 2026-01-26 | M | (2,648) | — | $-0 |
| 2026-01-26 | Ahlstrom Paul | Director | 2026-01-23 | M | 2,648 | — | $0 |
| 2026-01-26 | Ahlstrom Paul | Director | 2026-01-23 | M | (2,648) | — | $-0 |
| 2026-01-26 | Nguyen Trang T | Director | 2026-01-23 | M | 2,648 | — | $0 |
| 2026-01-26 | Nguyen Trang T | Director | 2026-01-23 | M | (2,648) | — | $-0 |
| 2026-01-26 | Liljenquist Katie | Director | 2026-01-23 | M | 2,648 | — | $0 |
| 2026-01-26 | Liljenquist Katie | Director | 2026-01-23 | M | (2,648) | — | $-0 |
| 2026-01-26 | Crane Benton Deloss | Director | 2026-01-23 | M | 2,648 | — | $0 |
| 2026-01-26 | Crane Benton Deloss | Director | 2026-01-23 | M | (2,648) | — | $-0 |
| 2026-01-26 | Crane Benton Deloss | Director | 2025-11-26 | C | (200,000) | — | $-0 |
| 2026-01-26 | Crane Benton Deloss | Director | 2025-11-26 | C | 200,000 | — | $0 |
| 2026-01-20 | Ahlstrom Paul | Director | 2026-01-15 | J | (210,406) | — | $-0 |
| 2026-01-20 | Ahlstrom Paul | Director | 2026-01-15 | J | 210,406 | — | $0 |
| 2026-01-20 | Ahlstrom Paul | Director | 2026-01-15 | D | (3,424,756) | — | $-0 |
| 2025-12-12 | Harmon Neal | Director, Officer (Chief Executive Officer) | 2025-12-12 | A | 245,916 | — | $0 |
| 2025-12-12 | Harmon Neal | Director, Officer (Chief Executive Officer) | 2025-12-12 | A | 129,176 | — | $0 |
| 2025-12-09 | Ellis Elizabeth | Officer (Chief Operating Officer) | 2025-12-05 | X | 20,000 | $0.16 | $3,200 |
| 2025-12-09 | Ellis Elizabeth | Officer (Chief Operating Officer) | 2025-12-05 | X | (20,000) | — | $-0 |
| 2025-11-20 | Klossner Scott Edward | Officer (Chief Financial Officer) | 2025-11-18 | A | 113,549 | — | $0 |
| 2025-11-20 | Klossner Scott Edward | Officer (Chief Financial Officer) | 2025-11-18 | A | 58,482 | — | $0 |
| 2025-11-20 | Ellis Elizabeth | Officer (Chief Operating Officer) | 2025-11-18 | A | 70,695 | — | $0 |
| 2025-11-20 | Ellis Elizabeth | Officer (Chief Operating Officer) | 2025-11-18 | A | 245,916 | — | $0 |
| 2025-11-20 | Nickle Eric Glen | Officer (Chief Legal Officer) | 2025-11-18 | A | 140,457 | — | $0 |
| 2025-11-20 | Nickle Eric Glen | Officer (Chief Legal Officer) | 2025-11-18 | A | 58,482 | — | $0 |
| 2025-11-20 | Harmon Jordan | Officer (President) | 2025-11-18 | A | 169,142 | — | $0 |
| 2025-11-20 | Harmon Jordan | Officer (President) | 2025-11-18 | A | 70,695 | — | $0 |
| 2025-11-20 | Harmon Jeffrey | Officer (Chief Content Officer) | 2025-11-18 | A | 70,695 | — | $0 |
| 2025-11-20 | Harmon Jeffrey | Officer (Chief Content Officer) | 2025-11-18 | A | 245,916 | — | $0 |
| 2025-11-07 | Crane Benton Deloss | Director | 2025-10-23 | A | 10,593 | — | $0 |
| 2025-10-28 | Sarowitz Steven I | Director | 2025-10-23 | A | 10,593 | — | $0 |
| 2025-10-28 | GAY ROBERT C | Director | 2025-10-23 | A | 10,593 | — | $0 |
| 2025-10-28 | Ahlstrom Paul | Director | 2025-10-23 | A | 10,593 | — | $0 |
| 2025-10-28 | Nguyen Trang T | Director | 2025-10-23 | A | 10,593 | — | $0 |
| 2025-10-28 | Liljenquist Katie | Director | 2025-10-23 | A | 10,593 | — | $0 |
| 2025-09-22 | Taylor Seth | Officer (Chief Experience Officer) | 2025-09-11 | P | 11 | $17.54 | $193 |
| 2025-09-16 | Oskoui Stephen D. | 10% Owner | 2025-09-12 | C | 53,504 | — | $0 |
| 2025-09-16 | Oskoui Stephen D. | 10% Owner | 2025-09-12 | C | (53,504) | — | $-0 |