Angel Studios

ANGX

Entertainment · Communication Services

Price

$4.09

-0.06 (-1.45%)

Market Cap

$659.2M

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+440.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 28.8M (2021) → 155.3M (2025)

Angel Studios is an entertainment company that produces and distributes films and TV shows with faith-friendly and family-oriented themes. Its most well-known projects include the crowdfunded TV series *The Chosen*, about the life of Jesus, and the 2023 theatrical hit *Sound of Freedom*. The company focuses on audiences who feel underserved by mainstream Hollywood content.

Angel Studios makes money by selling tickets to theatrical releases, licensing content, and through a unique "pay it forward" model where fans can buy tickets for strangers to see its films. It operates primarily in the United States but has distributed content internationally. The company's main competitive advantage is its loyal, faith-based audience that actively promotes its projects. However, Angel Studios is currently unprofitable with a deeply negative operating margin, and its biggest risk is whether it can consistently produce films that resonate widely enough to cover its production and distribution costs over time.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+142.6% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+64.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$16M/ year

↑ Rising (+8% vs prior year)

4.8% of revenue

Below sector average (12%)

R&D investment increasing — building for the future

Insider Activity

46.3%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$39M cash & investments at current burn rate

Strong grower

Angel Studios is growing revenue at 143% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

61.8%

Premium pricing power — 61.8% gross margin

Operating Margin

-2.3%

Losing money on operations — -2.3%

ROCE

-4.4%

Weak — -4.4% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+238.2%

Fast-growing sales (238.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-25.9%

Burning cash (-25.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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