Forensic Analysis · General / Diversified · as of Jun 27, 2026
Angel Studios, Inc. (ANGX)
A forensic read on Angel Studios, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-10.2
Altman Z-score
Clean
Earnings quality
2
Forensic signals
$598M
Market cap
Angel Studios, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -10.2, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-284%Return on invested capital.Return on invested capital is -284% and slipping from -1% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.5%/yrShare-count dilution.Diluted share count changed +11% over the last 2 years to FY2025 (+5.5%/yr). The count is GROWING — existing holders are being diluted. That's ~5.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~11%.
Key fundamentals
Net Margin-53.0%
Latest Revenue$321.6M
Revenue Growth YoY+233.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Angel Studios, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ANGX's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown