Angel Studios, Inc.

ANGX

Communication ServicesEntertainmentNYSE

$3.35

Market Cap: $566.23M

Angel Studios, Inc. (ANGX) Valuation Summary

Updated May 11, 2026 01:32

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$3.37 – $47.56	$7.01	+109.2%
▸ Trading Multiples
EV/Revenue	$2.52 – $10.42	$3.28	-2.1%

Valuation History

DCF Analysis

Angel Studios, Inc. (ANGX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.01

Market Price

$3.35

Upside / Downside

+109.2%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -51.0% to a target of 10.4% over 5 years, discounted at a WACC of 8.1%, Angel Studios, Inc. (ANGX) has an intrinsic value of $7.01 per share (range: $3.37 – $47.56).

Key Assumptions

Current Operating Margin

-51.0%

Target Operating Margin

10.4%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.6%

Target CapEx/Rev

6.0%

D&A/Revenue

1.0%

Tax Rate

0.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	474	47.5%	-38.7%	-184	-184	5	(5)	53	-237	-228
2027	596	25.7%	-26.5%	-158	-158	6	(10)	20	-181	-161
2028	774	30.0%	-14.2%	-110	-110	8	(17)	29	-148	-122
2029	1,007	30.0%	-1.9%	-19	-19	10	(28)	38	-74	-56
2030	1,309	30.0%	10.4%	136	136	13	(43)	49	58	41
2031	1,701	30.0%	10.4%	177	177	17	(65)	64	66	43
2032	2,212	30.0%	10.4%	231	231	22	(97)	83	73	44
2033	2,838	28.3%	10.4%	296	296	28	(139)	101	83	46
2034	3,402	19.9%	10.4%	355	355	34	(186)	91	112	58
2035	3,792	11.4%	10.4%	395	395	38	(228)	63	143	68

Enterprise Value Bridge

Sum of PV(FCFF)-268

Terminal Value (Gordon Growth at 3.0%)2,875

PV of Terminal Value1,370

Enterprise Value1,102

(–) Net Debt15

Equity Value1,088

(÷) Shares Outstanding155

Fair Value per Share$7.01

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
6.1%	$-6	$-0	$16	$32	$48
7.1%	$-6	$-1	$10	$22	$33
8.1%	$-6	$-2	$7	$16	$25
9.1%	$-5	$-2	$5	$12	$19
10.1%	$-5	$-3	$3	$9	$15

Current price: $3.35. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.28

Market Price

$3.35

Upside / Downside

-2.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Angel Studios, Inc. (ANGX) has a fair value of $3.28 based on 4 comparable companies in the Entertainment industry.

EV/Revenue Valuation — Entertainment

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Angel Studios, Inc.ANGX	520	1.7x	1.7x
Lionsgate Studios Corp.LION	3,552	1.3x	1.4x
Cinemark Holdings, Inc.CNK	3,161	2.1x	1.9x
IMAX CorporationIMAX	1,936	5.1x	4.7x
Cineverse Corp.CNVS	55	0.5x	0.9x
Industry Median		1.7x	1.6x
(*) Revenue		322	306
= Enterprise Value		544	505
(-) Net Debt		15	15
Equity Value		529	490
(/) Outstanding shares		155	155
Fair Price		$3	$3

Selected Fair Value (avg of trailing + forward)

$3.28

-2.1%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$3.37 – $47.56

$7.01

+109.2%

▸ Trading Multiples

EV/Revenue

$2.52 – $10.42

$3.28

-2.1%

DCF Analysis

Angel Studios, Inc. (ANGX) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$7.01

Market Price

$3.35

Upside / Downside

+109.2%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-51.0%

Target Operating Margin

10.4%

WACC

8.1%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

0.6%

Target CapEx/Rev

6.0%

D&A/Revenue

1.0%

Tax Rate

0.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	474	47.5%	-38.7%	-184	-184	5	(5)	53	-237	-228
2027	596	25.7%	-26.5%	-158	-158	6	(10)	20	-181	-161
2028	774	30.0%	-14.2%	-110	-110	8	(17)	29	-148	-122
2029	1,007	30.0%	-1.9%	-19	-19	10	(28)	38	-74	-56
2030	1,309	30.0%	10.4%	136	136	13	(43)	49	58	41
2031	1,701	30.0%	10.4%	177	177	17	(65)	64	66	43
2032	2,212	30.0%	10.4%	231	231	22	(97)	83	73	44
2033	2,838	28.3%	10.4%	296	296	28	(139)	101	83	46
2034	3,402	19.9%	10.4%	355	355	34	(186)	91	112	58
2035	3,792	11.4%	10.4%	395	395	38	(228)	63	143	68

Enterprise Value Bridge

Sum of PV(FCFF)-268

Terminal Value (Gordon Growth at 3.0%)2,875

PV of Terminal Value1,370

Enterprise Value1,102

(–) Net Debt15

Equity Value1,088

(÷) Shares Outstanding155

Fair Value per Share$7.01

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.4%	7.4%	10.4%	13.4%	16.4%
6.1%	$-6	$-0	$16	$32	$48
7.1%	$-6	$-1	$10	$22	$33
8.1%	$-6	$-2	$7	$16	$25
9.1%	$-5	$-2	$5	$12	$19
10.1%	$-5	$-3	$3	$9	$15

Current price: $3.35. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 16.2% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$3.28

Market Price

$3.35

Upside / Downside

-2.1%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Angel Studios, Inc. (ANGX) has a fair value of $3.28 based on 4 comparable companies in the Entertainment industry.

EV/Revenue Valuation — Entertainment

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Angel Studios, Inc.ANGX	520	1.7x	1.7x
Lionsgate Studios Corp.LION	3,552	1.3x	1.4x
Cinemark Holdings, Inc.CNK	3,161	2.1x	1.9x
IMAX CorporationIMAX	1,936	5.1x	4.7x
Cineverse Corp.CNVS	55	0.5x	0.9x
Industry Median		1.7x	1.6x
(*) Revenue		322	306
= Enterprise Value		544	505
(-) Net Debt		15	15
Equity Value		529	490
(/) Outstanding shares		155	155
Fair Price		$3	$3

Selected Fair Value (avg of trailing + forward)

$3.28

-2.1%