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AMC Networks Inc. is a Nevada corporation with its principal executive offices located at 11 Penn Plaza, New York, NY 10001. AMC Networks Inc. is a holding company and conducts substantially all of its operations through its majority owned or controlled subsidiaries.
Operating margin is thin at 5.77%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 4.5% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 18% versus the prior year, cash generation momentum has weakened. Net debt of $1.35B represents 5.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$2.30B
▼ -4.5% YoY
Net Income (TTM)
$52M
▲ +139.5% YoY
Op. Margin
4.37%
▲ +7.4pp YoY
ROIC
2.54%
▲ +3.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$243M
▼ -17.7% YoY
Op. Cash Flow (TTM)
$264M
▼ -18.6% YoY
Net Debt
$1.29B
Cash & Equiv.
$552M
5Y CAGR: -3.9%
5Y CAGR: -17.3%
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