Forensic Analysis · Media / Entertainment / Streaming · as of Sep 25, 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
-6.6
Distress distance
Clean
Earnings quality
5
Forensic signals
$906M
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, going concern, valuation). 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 -6.6, 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, against 26.5% in FY2023. After-tax operating profit was $11M in FY2023 and ($69M) in FY2024, with operating income at 6.1% of revenue in FY2023 and -89.8% in FY2024. The capital base behind it cannot be compared across FY2023–FY2024: cash and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+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. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 5.6% a year and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
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.
Key fundamentals
Latest Revenue$321.6M
Revenue Growth YoY+233.2%
Revenue CAGR (2yr)+26.0%
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 Sep 25, 2026. Forensic signals flag probability, not certainty.
n/m (sign flip)
FY2024→FY2025
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