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ZYBERNO

Stock Report

Updated Sep 1, 2026

Angel Studios, Inc. (ANGX)

NYSE

$4.35

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

9.0/100

POOR BUSINESS

Angel Studios, Inc. (ANGX) scores 9/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full ANGX quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full ANGX valuation analysis · → View full ANGX Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):CRITICAL (-74.1%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Angel Studios, Inc. (ANGX) stock report — Zyberno Score 9/100 (POOR BUSINESS). Full financial analysis on Zyberno.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:4.35

Market Cap:$801.43M

Valuation Multiples (1)

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$758.54M

Price Action & Momentum (1)

% of 52-Week High:7.3%

B. Profitability Assessment

Return Metrics (4)

ROA:-93.1%

Roic:

-74.1%

📊 Click to view full ANGX ROIC analysis →

Reinvestment Rate:10.4%

Fundamental Growth Rate (g):-7.7%

Margin Analysis (1)

Ebitda Margin:-57.3%

Yield Metrics (2)

Earnings Yield:-$999.00

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-50.0%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):-16.7%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.65x

Quick Ratio:0.64x

Cash Ratio:0.25x

Leverage Analysis (1)

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-53.03x

Times Interest Earned:-53.03

Capital Structure (4)

Working Capital:-67,173,691.00

Cash And Cash Equivalents:48,036,965.00

Long Term Debt:$3.80M

Net Debt:-$42.89M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

$321.56M

Cost Of Revenue Ttm:$124.86M

Profitability Breakdown (2)

$196.70M-$184.87M

Bottom Line Performance (3)

Net income TTM: -$206.42M

Linear Growth: -50.0%

📊 Click to view full ANGX Net Income analysis & methodology →

Income Before Tax:-$206.47M

Ebitda Ttm:-184,267,046.00

Operating Expenses (5)

Operating Expenses:733,236,348.00

R And D Expense:4,000,891.00

Sga Expense:61,141,780.00

Income Tax Expense:$3.56M

Interest Expense:3,094,406.00

Expense Ratios (3)

R And D To Revenue Percentage:3.6%

Sga To Revenue Percentage:54.7%

Ebitda Margin:-57.3%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$235.06M

Current Assets:$125.35M

Ppe Net:631,293.00

Goodwill:0.00

Intangible Assets:$2.31M

Liability Structure (4)

Total Liabilities:264,391,901.00

Current Liabilities:192,522,517.00

Long Term Debt:$3.80M

Short Term Debt:$1.35M

Equity & Capital (3)

Equity:-$29.33M

Retained Earnings:-$279.13M

Common Stock:700,000,000.00

Working Capital Items (3)

Accounts Receivable:30,400,912.00

Inventory:1,480,166.00

Accounts Payable:39,813,785.00

Special Items (2)

Contract Liabilities:82,549,436.00

Stock Based Compensation:3,471,960.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$81.10M

Linear Growth: -16.7%

$0.00

Investment Activities (1)

Investing Cash Flow:-$2.53M

Financing Activities (3)

Financing Cash Flow:-$4.57M

Dividends Paid Ttm:0.00

Stock Repurchase:897,416.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:600,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (1)

Earnings Per Share Ttm:-$1.12

Revenue & Cash Per Share (2)

Sales Per Share Ttm:1.75

Operating Cash Flow Per Share:-$0.45

Book Value & Capital (2)

Book Value Per Share:-$0.16

Cash Per Share:0.26

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.45x

Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:10.58x

Days Sales Outstanding Ttm:34.51

Inventory Management (2)

Inventory Turnover Ttm:84.35x

Days Inventory Outstanding Ttm:4.33

Payables & Cash Cycle (2)

Days Payable Outstanding:116.39

Cash Conversion Cycle:-77.55

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:20.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (2)

Reinvestment Rate:10.4%

Fundamental Growth Rate (g):-7.7%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (1)

Net Income Growth Rate (Linear):-50.0%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):-16.7%

C. Company Profile & Context

Corporate Information (6)

Symbol:ANGX

Company Name:Angel Studios, Inc.

Sector:Unknown

Industry:Entertainment

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:low

Volume Category:N/A

Share Structure (3)

Shares Outstanding:184.24M

Shares Outstanding Basic:184.24M

Shares Outstanding Diluted:184.24M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 22:47:13 UTC

Data Timestamp:2026-09-01T22:47:13.408511