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Angel Studios, Inc.

ANGX · Communications · $685M mkt cap · FY2025 filings · · not refreshed in 39 days · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

40

2023–2025 (latest 3 aligned FYs; v3 window cap 5): revenue $202M to $322M, increasing; diluted EPS 0.10 to -1.10, decreasing.

93

Median gross margin 57.5% over 3y, very stable.

—

Not enough years of ROIC data to score returns on capital.

28

Net debt/EBITDA n/ax, interest coverage -14x.

24

Owner earnings changed trend unclear over up to the ten most recent annual observations.

The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$4.05
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

5 years of fundamentals

The business, in plain English

Angel Studios, Inc. booked $322M of revenue in FY2025 in the Communications sector and kept 61.2% of it as gross profit — a high-margin business by that measure. After every other cost, −53.0% of each revenue dollar reached the bottom line.

The balance sheet carried $45.5M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2021–FY2025 · 5 fiscal years, normalized from ANGX’s SEC filings

Sales, as filed$322M FY2025
$0$200M202120232025
Revenue kept after cost of goods61.2% FY2025
0%25%50%202120232025
Standard ROIC or separately labeled Operating ROIC

Not meaningful FY2025: invested capital is negative (cash exceeds debt + equity)

Not meaningful FY2025: invested capital is negative (cash exceeds debt + equity)

Cash an owner could take out−$170M FY2025
−$100M$0202120232025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Angel Studios, Inc. makes its money

Angel Studios, Inc.'s filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$322M100%
Cost of revenue$125M39%
$197M61%
−$164M−51%
Income before tax−$170M−53%
−$170M−53%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What Angel Studios, Inc. owns — and owes

Angel Studios, Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$241M100%
Cash and equivalents$44.1M18%
$45.5M19%
Stockholders’ equity−$25.8M−11%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Angel Studios, Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity995%Tax burden100%net income ÷ pretax incomeInterest burden104%pretax ÷ operating incomeOperating margin−51%operating income ÷ revenueAsset turnover1.82×revenue ÷ average assetsEquity multiplier-10.29×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$170MFY2025
Income before tax−$170MFY2025
Operating income−$164MFY2025
$322MFY2025
Ending assets$241MFY2025
Beginning assets$111MFY2024
−$25.8MFY2025
−$8.5MFY2024
Source:
  • SEC filingFiling detailsAccession 0001410578-25-000747
  • SEC filingFiling detailsAccession 0001865200-26-000020
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
Embed this chart

Flagship explainer

Where Angel Studios, Inc.'s cash went

Angel Studios, Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$83.3M−100%
Depreciation and amortization$14.4M17%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Angel Studios, Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Angel Studios, Inc. insiders reported

Records still being gathered — partial as of retrieval Sep 4, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

12 logged readings since Jul 18, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale46.0 / 100
0406080100WideNarrowShallowNo moatJul 20, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Sep 4, 2026.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (2 versus 0). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Sarowitz Steven IDirectorOpen-market or private purchase (P)Table I · Acquired · Class A Common Stock, par value $0.0001 per share10,979$4.2741$46,925752,204Sep 1, 2026
1 filed lot
  • Table I · Class A Common Stock, par value $0.0001 per share: 10,979 shares at $4.2741 · code P · owned after 752,204 ·
Harmon NealDirector, Chief Executive OfficerOpen-market or private purchase (P)Table I · Acquired · Class A Common Stock, par value $0.0001 per share29,193.1$4.282$125,00584,723.759Aug 14, 2026
1 filed lot
  • Table I · Class A Common Stock, par value $0.0001 per share: 29,193.1 shares at $4.282 · code P · owned after 84,723.759 ·
Harmon JeffreyChief Content OfficerOpen-market or private purchase (P)Table I · Acquired · Class A Common Stock, par value $0.0001 per share51,380$4.2646$219,115256,404Aug 14, 2026
1 filed lot
  • Table I · Class A Common Stock, par value $0.0001 per share: 51,380 shares at $4.2646 · code P · owned after 256,404 ·
Sarowitz Steven IDirectorOpen-market or private purchase (P)Table I · Acquired · Class A Common Stock, par value $0.0001 per share57,922$4.261$246,806741,225Aug 14, 2026
1 filed lot
  • Table I · Class A Common Stock, par value $0.0001 per share: 57,922 shares at $4.261 · code P · owned after 741,225 ·
Harmon JeffreyChief Content OfficerOpen-market or private purchase (P)Table I · Acquired · Class A Common Stock, par value $0.0001 per share178,700$4.0828$729,596205,024Aug 13, 2026
1 filed lot
  • Table I · Class A Common Stock, par value $0.0001 per share: 178,700 shares at $4.0828 · code P · owned after 205,024 ·
Sarowitz Steven IDirectorOpen-market or private purchase (P)Table I · Acquired · Class A Common Stock, par value $0.0001 per share107,662$4.1173$443,277683,303Aug 13, 2026
1 filed lot
  • Table I · Class A Common Stock, par value $0.0001 per share: 107,662 shares at $4.1173 · code P · owned after 683,303 ·
Harmon NealDirector, Chief Executive OfficerOpen-market or private purchase (P)Table I · Acquired · Class A Common Stock, par value $0.0001 per share29,035.659$4.3053$125,00755,530.659Aug 13, 2026
1 filed lot
  • Table I · Class A Common Stock, par value $0.0001 per share: 29,035.659 shares at $4.3053 · code P · owned after 55,530.659 ·
Sarowitz Steven IDirectorOpen-market or private purchase (P)Table I · Acquired · Class A Common Stock, par value $0.0001 per share246,153$3.7063$912,317575,641Aug 12, 2026
1 filed lot
  • Table I · Class A Common Stock, par value $0.0001 per share: 246,153 shares at $3.7063 · code P · owned after 575,641 ·
Ellis ElizabethChief Operating OfficerExercise or conversion of derivative security (M)Table I · Acquired · Class B Common Stock, par value $0.0001 per share · 1 paired event129,812$0.16$20,770283,573Jul 31, 2026
1 filed lot
  • Table I · Class B Common Stock, par value $0.0001 per share: 129,812 shares at $0.16 · code M · owned after 283,573 · Paired event: 129,812 Stock Option (Right to Buy) → 129,812 Class B Common Stock, par value $0.0001 per share ·
Ellis ElizabethChief Operating OfficerExercise or conversion of derivative security (M)Table II · Disposed · Stock Option (Right to Buy) · 1 paired event129,812—Exercise or conversion of derivative security (M)—0Jul 31, 2026
1 filed lot
  • Table II · Stock Option (Right to Buy): 129,812 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 129,812 Stock Option (Right to Buy) → 129,812 Class B Common Stock, par value $0.0001 per share ·

Source-event as of . Retrieved .

Track record

How Angel Studios, Inc.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2022–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored ANGX on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score100Indexed price · log scale 2022202320242025

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The indexed price path isn't available for this company yet; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, ANGX did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Communications context

#40 of 134 scored Communications companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #38GAIA GAIA, INC46.0Shallow moat
  2. #39PRKS United Parks & Resorts Inc.46.0Shallow moat
  3. #41WBD Warner Bros. Discovery, Inc.45.8Shallow moat
  4. #42APHP American Picture House Corporation45.1Shallow moat

Compare ANGX with its nearest peers →All Communications companies on the Index →

Common questions about ANGX

Does Angel Studios, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Angel Studios, Inc. (ANGX) 46.0 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 40, pricing power 93, returns on capital not measurable from the filings, balance-sheet safety 28, capital allocation 24.
How has ANGX's Moat Score changed over time?
The record logs 12 readings since Jul 18, 2026; the latest reads 46.0 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ANGX. See the disclaimer.