Assay

Financial-condition grades for SEC filers

Company Report · as of Oct 9, 2026

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MethodCoverageAbout
Angel Studios, Inc.ANGX · other
GradeNonecomputable_factors_below_threshold: 5 of 14 inputs computable; 7 are required
Reliability0.87 AUCfailure model, filers with $120M to $591M assets; 95% interval 0.83 to 0.90; 206 events, 2020 to 2025
Peer failure rate1.03% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025
Size band$120M to $591M assetstotal assets $241.4M[1]
Standard universeinsiderevenue above $1M and assets above $10M[1-2]
Warningslate filer, thin datanot computable: dilution, distress
Inputs computable5 of 14
Graded fromfilings received through Mar 12, 2026211 days before the rescan; every figure keyed to the SEC receipt date
Last close$4.052026-10-08; market equity $756.3M; iex feed
Price used in gradeNone
Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history
$5NovDecJanFebMarAprMayJunJulAugSepOct$4.07
ABCDE20132014201520162017201820192020202120222023202420252026

Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date.

Open this report as it stood on

Letter setLetterPercentileBand
Jan 21, 2012nonen/a
Jun 21, 2023nonen/aQ3
Apr 21, 2024nonen/aQ2
Apr 21, 2025nonen/aQ1
Mar 21, 2026nonen/aQ3

Each date opens the report as it stood on that rescan.

Business, in the company's words. Opening of Item 1 of the 10-K received Mar 12, 2026; the document on sec.gov.

We are a media and technology company guided by a community of approximately 2.0 million grassroots Angel Guild members championing values-driven stories. The combination of our community and our technology platform replaces the traditional Hollywood gatekeeper model with a scalable, data-informed approach to film and TV show decisions that improves with each new member and interaction. Our community, known as the Angel Guild, is at the heart of this mission. 2) The Angel Guild rallies in theaters to support film releases. 3) The Angel Guild funds future films and TV shows with their membership.

Warnings [top]

Late filer. found 2 NT 10-K/Q filings in the last eight quarters
Thin data. 5 of 14 grade factors are computable; minimum is 7

7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.

The Fourteen Inputs [top]

Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.

InputPercentile, 0 to 100ValueSourcePeer medianPercentilePeersPeriod end
Profitability, sleeve percentile 3.1
Gross profitability81.5%[1-3]27.1%2.82892025-12-31
Return on invested capitalnot computable10.0%
required facts have no common fiscal period end
Accruals ratio(49.4%)[1,4-6](5.9%)3.45062025-12-31
Gross margin stability, five yearsnot computable2.2 pts
five annual gross margins are required; found 1
Solvency, sleeve percentile 87.2
Twelve-month failure probabilitynot computable0.04%
latest liabilities, cash plus short-term investments, book equity, and shares are required
Altman Z double-prime(10.22)[1,7-12]2.0589.13862025-12-31
Net debt to EBITDAnot computable2.52x
EBITDA must exceed $100,000
Interest coveragenot computable2.18x
latest aligned inputs end 2023-12-31; latest annual assets end 2025-12-31
Current ratio0.62x[7-8]1.32x85.35062025-12-31
Growth and financing, sleeve percentile 65.4
Revenue growth, three-year compoundnot computable5.1%
four annual observations are required; found 1
Free cash flow growth, three-year compoundnot computable8.7%
four consecutive annual FCF observations are required; found 0
Reinvestment ratenot computable11.9%
one or more required annual facts are missing
Asset growth, three years0.4%[1,6,13-14]4.1%65.44382025-12-31
Net share issuance, one yearnot computable(0.4%)
two annual share counts are required; found 1

Gross profitability. Revenue less cost of goods sold, over total assets.

Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.

Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.

Twelve-month failure probability. CHS model; lower is stronger.

Net debt to EBITDA. Lower is stronger.

Net share issuance, one year. Split-adjusted; lower is stronger.

Among 336 Peers [top]

What the Price Implies [top]

Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.

MeasureValuePeer medianPercentileReading
Twelve-month price change, skipping the latest month(27.5%)2.0%22hotter than 22 of 100 peers
Distance from 52-week high(45.0%)(26.8%)25closer to its high than 25 of 100 peers
EBIT to enterprise value(21.7%)4.4%6pricier than 94 of 100 peers
Free cash flow yieldnot computable4.1%required accounting or market input is missing
Book value to price(0.04)0.348pricier than 92 of 100 peers
Sales to price0.420.7037pricier than 63 of 100 peers
Composite equity issuance, five yearsnot computable(8.8%)a share count from five years earlier is required
Relative strength against the sector, log excess return(0.47)(0.13)22ahead of 22 of 100 peers

Inputs: market equity $759.1M; EBIT -$164.1M; book equity -$29.3M; sales $321.6M; debt $45.5M; cash $48.0M[15].

Diagnostics [top]

Diagnostics do not feed the grade.

Piotroski F-score: None of 9, period end 2025-12-31
Return on assets above zero(153.1%)✗ fail[4,6]
Operating cash flow above zero-$83.3M✗ fail[5]
Return on assets improved35.2 pts✓ pass[4,6,13,16]
Operating cash flow exceeds net income$87.1M✓ pass[4-5]
Long-term leverage felln/a[1,6,13,17]
Current ratio improved(4.5 pts)✗ fail[7-8,18-19]
No new shares issuedn/a[20]
Gross margin improvedn/a[2-3]
Asset turnover improvedn/a[2,6,13]
Cash, filings, liquidity
Cash and equivalents$48.0M[21]
Operating cash flow, four quarters-$44.2M[5,21-25]
Months of runway13.1
Late filings, two years2
NT 10-K or NT 10-Q
Days since last periodic filing66
10-Q received Aug 4, 2026
Median daily dollar volume$6.2M
63 sessions
Days since newest grade input211

Downloads [top]

Sources [top]

Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.

#ConceptXBRL tagValuePeriod endReceivedFormLinks
1assetsus-gaap:Assets$241.4M2025-12-312026-03-1210-Kfiling · viewer · series
2revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax$321.6M2025-12-312026-03-1210-Kfiling · viewer · series
3cost of revenueus-gaap:CostOfRevenue$124.9M2025-12-312026-03-1210-Kfiling · viewer · series
4net incomeus-gaap:NetIncomeLoss-$170.5M2025-12-312026-03-1210-Kfiling · viewer · series
5operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$83.3M2025-12-312026-03-1210-Kfiling · viewer · series
6assetsus-gaap:Assets$111.4M2024-12-312026-03-1210-Kfiling · viewer · series
7current assetsus-gaap:AssetsCurrent$134.9M2025-12-312026-03-1210-Kfiling · viewer · series
8current liabilitiesus-gaap:LiabilitiesCurrent$219.0M2025-12-312026-03-1210-Kfiling · viewer · series
9retained earningsus-gaap:RetainedEarningsAccumulatedDeficit-$241.5M2025-12-312026-03-1210-Kfiling · viewer · series
10operating incomeus-gaap:OperatingIncomeLoss-$164.1M2025-12-312026-03-1210-Kfiling · viewer · series
11book equityus-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest-$25.8M2025-12-312026-03-1210-Kfiling · viewer · series
12liabilitiesus-gaap:Liabilities$267.2M2025-12-312026-03-1210-Kfiling · viewer · series
13assetsus-gaap:Assets$46.9M2023-12-312025-04-1510-Kfiling · viewer · series
14assetsus-gaap:Assets$238.3M2022-12-312024-04-0110-Kfiling · viewer · series
15shares outstandingus-gaap:CommonStockSharesOutstanding186,504,2142026-06-302026-08-0410-Qfiling · viewer · series
16net incomeus-gaap:NetIncomeLoss-$88.3M2024-12-312026-03-1210-Kfiling · viewer · series
17long term debtus-gaap:LongTermDebt$45.5M2025-12-312026-03-1210-Kfiling · viewer · series
18current assetsus-gaap:AssetsCurrent$52.9M2024-12-312026-03-1210-Kfiling · viewer · series
19current liabilitiesus-gaap:LiabilitiesCurrent$80.1M2024-12-312026-03-1210-Kfiling · viewer · series
20shares outstandingus-gaap:CommonStockSharesOutstanding169,095,5722025-12-312026-03-1210-Kfiling · viewer · series
21cashus-gaap:CashAndCashEquivalentsAtCarryingValue$48.0M2026-06-302026-08-0410-Qfiling · viewer · series
22operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$18.8M2026-06-302026-08-0410-Qfiling · viewer · series
23operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities$1.9M2026-03-312026-04-3010-Qfiling · viewer · series
24operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$58.7M2025-09-302025-11-1310-Qfiling · viewer · series
25operating cash flowus-gaap:NetCashProvidedByUsedInOperatingActivities-$20.4M2025-06-302026-08-0410-Qfiling · viewer · series

Limitations [top]

Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.

Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.

Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.

Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.

Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.

Informational and educational only. Not investment advice. SEC and market data may contain errors.

If you have any comments about this page, the methodology and every line of code that produced it are in the public repository. However, due to the limited number of personnel, we are unable to provide a direct response.

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GitHub · ezrakruger.cc
Photographs from Wikimedia Commons

bull: Raphael Schön from Vienna, Austria, CC BY 2.0; bear: U. S. Fish and Wildlife Service - Northeast Region, Public domain; elk: Oregon Department of Fish & Wildlife, Public domain; tortoise: NPS, Public domain; sloth: Charles J. Sharp, CC BY-SA 3.0; fox: Cp9asngf, CC BY-SA 4.0; sector-business_equipment: Sangitiana Fararano, CC BY-SA 2.0; sector-healthcare: User:Squidonius, myself, and User:Beliason (assumed)., CC BY-SA 4.0; sector-manufacturing: unknown, CC BY-SA 2.0; sector-shops: Wilfredor, CC BY-SA 4.0; sector-consumer_nondurables: Nielsoncaetanosalmeron, CC BY 4.0; sector-utilities: Lijovklm, CC BY-SA 4.0; sector-consumer_durables: Stilfehler, CC BY-SA 4.0; sector-chemicals: PEO ACWA, CC BY 2.0; sector-energy: Arne Hückelheim, CC BY-SA 3.0; sector-telecom: Wikideas1, CC0; sector-other: Downtowngal, CC BY-SA 4.0.

Updated Oct 9, 2026