Forensic Analysis · Media / Entertainment / Streaming · as of Aug 7, 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.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-7.0
Distress distance
Clean
Earnings quality
5
Forensic signals
$715M
Market cap
233.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Angel Studios, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -7.0, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-284.2%
FY2024
Return on invested capital.Return on invested capital is -284.2% in the latest fiscal year and slipping from -1% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+5.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +11% over the last 2 years to FY2025 (+5.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.4% 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 ~10%.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue in FY2025 — about $0.06 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 5.6% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
OCF ($83M)
FY2025
Shareholder returns.Returned $437,791 to shareholders (buybacks + dividends) in FY2025, while operating cash flow itself was ($83M) — zero or negative. Capex isn't disclosed for FY2025, but free cash flow can't have been positive when operating cash flow already isn't, so the entire return is coming from debt or cash reserves, not cash the business generated.
n/m (sign flip)
FY2024→FY2025
Key fundamentals
Latest Revenue$321.6M
Revenue Growth YoY+233.2%
Net Margin-53.0%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Angel Studios, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 7, 2026. Forensic signals flag probability, not certainty.
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+21.0M to FY2025 $-24.4M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
Angel Studios, Inc. (ANGX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy