Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin15.0%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin-0.7%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
F
Years to Pay Off Debt-676.8 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$4.6B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital-$860M
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
D
Price-to-BookN/A (neg. equity)
Negative book value means total liabilities exceed total assets on the balance sheet. Two very different causes: (1) Heavy buybacks and dividends in highly profitable companies (Apple, McDonald's, Domino's) — equity deliberately reduced, not a warning sign. (2) Accumulated losses in unprofitable companies (Peloton, WeWork) — a genuine red flag. Check profitability and free cash flow to distinguish between the two. P/B cannot be scored meaningfully here.
Cash Flow
A
Free Cash Flow$190M
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings$110M
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About AMC Entertainment Holdings, Inc
AMC Entertainment Holdings, Inc. engages in the theatrical exhibition business in the United States and internationally. It owns, operates, or has interests in theatres. The company was founded in 1920 and is headquartered in Leawood, Kansas.
AMC Entertainment Holdings, Inc. engages in the theatrical exhibition business in the United States and internationally. It owns, operates, or has interests in theatres. The company was founded in 1920 and is headquartered in Leawood, Kansas.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Negative book value means total liabilities exceed total assets on the balance sheet. Two very different causes: (1) Heavy buybacks and dividends in highly profitable companies (Apple, McDonald's, Domino's) — equity deliberately reduced, not a warning sign. (2) Accumulated losses in unprofitable companies (Peloton, WeWork) — a genuine red flag. Check profitability and free cash flow to distinguish between the two. P/B cannot be scored meaningfully here.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Net Income From Continuing Operation Net Minority Interest
-11,400
-127,400
Reconciled Depreciation
76,100
80,100
Reconciled Cost Of Revenue
548,000
411,000
EBITDA
204,100
95,400
EBIT
128,000
15,300
Net Interest Income
-136,000
-142,200
Interest Expense
136,000
142,200
Normalized Income
57,360
-24,700
Net Income From Continuing And Discontinued Operation
-11,400
-127,400
Total Expenses
1,357,800
1,145,000
Rent Expense Supplemental
223,800
222,500
Total Operating Income As Reported
238,100
100
Diluted Average Shares
722,015
513,032
Basic Average Shares
722,015
512,944
Diluted EPS
0
0
Basic EPS
0
0
Diluted NI Availto Com Stockholders
-11,400
-127,400
Net Income Common Stockholders
-11,400
-127,400
Net Income
-11,400
-127,400
Net Income Including Noncontrolling Interests
-11,400
-127,400
Net Income Continuous Operations
-11,400
-127,400
Tax Provision
3,400
500
Pretax Income
-8,000
-126,900
Other Income Expense
-110,900
-128,000
Other Non Operating Income Expenses
-300
-300
Special Income Charges
-63,400
-139,200
Other Special Charges
63,100
95,300
-3,700
Restructuring And Mergern Acquisition
300
400
Earnings From Equity Interest
4,000
2,300
Gain On Sale Of Security
-51,200
9,200
Net Non Operating Interest Income Expense
-136,000
-142,200
Interest Expense Non Operating
136,000
142,200
Operating Income
238,900
143,300
Operating Expense
809,800
734,000
Other Operating Expenses
457,900
370,400
Depreciation Amortization Depletion Income Statement
76,100
80,100
Depreciation And Amortization In Income Statement
76,100
80,100
Selling General And Administration
275,800
283,500
General And Administrative Expense
275,800
283,500
Other Gand A
52,000
61,000
Rent And Landing Fees
223,800
222,500
Gross Profit
1,048,700
877,300
Cost Of Revenue
548,000
411,000
Total Revenue
1,596,700
1,288,300
Operating Revenue
1,596,700
1,288,300
Balance Sheet
2026
2025
2024
Ordinary Shares Number
892,605
512,944
Share Issued
892,605
512,944
Net Debt
3,073,200
3,610,000
Total Debt
7,715,200
8,136,000
Tangible Book Value
-3,976,300
-4,458,300
Invested Capital
2,398,900
2,143,700
Working Capital
-859,900
-1,041,800
Net Tangible Assets
-3,976,300
-4,458,300
Capital Lease Obligations
3,863,600
4,097,500
Common Stock Equity
-1,452,700
-1,894,800
Total Capitalization
2,250,000
2,123,800
Total Equity Gross Minority Interest
-1,452,700
-1,894,800
Stockholders Equity
-1,452,700
-1,894,800
Gains Losses Not Affecting Retained Earnings
-73,700
-42,200
Other Equity Adjustments
-73,700
-42,200
Retained Earnings
-9,107,700
-8,979,200
Additional Paid In Capital
7,719,800
7,121,500
Capital Stock
8,900
5,100
Common Stock
8,900
5,100
Total Liabilities Net Minority Interest
9,496,300
9,912,600
Total Non Current Liabilities Net Minority Interest
7,598,200
8,140,300
Other Non Current Liabilities
563,600
529,600
Employee Benefits
24,700
25,400
Non Current Pension And Other Postretirement Benefit Plans
24,700
25,400
Non Current Deferred Liabilities
36,100
35,700
Non Current Deferred Taxes Liabilities
36,100
35,700
Long Term Debt And Capital Lease Obligation
6,998,500
7,550,300
Long Term Capital Lease Obligation
3,295,800
3,531,700
Long Term Debt
3,702,700
4,018,600
Current Liabilities
1,898,100
1,772,300
Other Current Liabilities
79,300
71,600
Current Deferred Liabilities
452,600
465,500
Current Deferred Revenue
452,600
465,500
Current Debt And Capital Lease Obligation
716,700
585,700
Current Capital Lease Obligation
567,800
565,800
Current Debt
148,900
19,900
Other Current Borrowings
148,900
19,900
Pensionand Other Post Retirement Benefit Plans Current
200
200
Current Provisions
2,300
1,500
Payables And Accrued Expenses
728,800
639,300
Current Accrued Expenses
332,100
180,200
Interest Payable
31,000
43,100
Payables
396,700
459,100
Total Tax Payable
76,200
81,300
Accounts Payable
396,700
382,900
Total Assets
8,043,600
8,017,800
Total Non Current Assets
7,005,400
7,287,300
Other Non Current Assets
202,300
131,900
Defined Pension Benefit
8,300
14,200
Financial Assets
800
Investments And Advances
65,200
64,000
Investmentin Financial Assets
5,300
Available For Sale Securities
5,300
Long Term Equity Investment
65,200
64,000
Investment Properties
6,900
3,500
Goodwill And Other Intangible Assets
2,523,600
2,563,500
Other Intangible Assets
146,000
147,400
Goodwill
2,377,600
2,416,100
Net PPE
4,279,500
4,511,500
Accumulated Depreciation
-3,606,100
-3,532,600
Gross PPE
7,885,600
8,044,100
Leases
2,149,500
2,018,600
Other Properties
2,964,200
3,137,300
Machinery Furniture Equipment
2,443,700
2,386,600
Buildings And Improvements
256,800
262,900
Land And Improvements
56,800
62,300
Properties
4,921,400
0
Current Assets
1,038,200
730,500
Other Current Assets
93,100
10,200
Restricted Cash
41,100
48,800
Prepaid Assets
43,100
36,000
Inventory
42,600
51,200
Finished Goods
42,600
51,200
Receivables
125,600
157,300
Other Receivables
76,500
60,900
Taxes Receivable
1,300
1,400
Accounts Receivable
49,100
95,100
Cash Cash Equivalents And Short Term Investments
778,400
428,500
Cash And Cash Equivalents
778,400
428,500
Cash Flow
2026
2025
2024
Free Cash Flow
190,100
43,300
Repayment Of Debt
-406,800
-6,200
Issuance Of Debt
0
0
Issuance Of Capital Stock
0
11,900
Capital Expenditure
-45,300
-83,400
Interest Paid Supplemental Data
123,800
121,400
Income Tax Paid Supplemental Data
2,400
600
End Cash Position
819,500
477,300
Beginning Cash Position
380,900
416,900
Effect Of Exchange Rate Changes
-1,000
500
Changes In Cash
439,600
59,900
Financing Cash Flow
248,300
-9,100
Cash Flow From Continuing Financing Activities
248,300
-9,100
Net Other Financing Charges
-32,600
-2,900
Net Common Stock Issuance
271,200
0
Net Issuance Payments Of Debt
9,700
-6,200
Net Long Term Debt Issuance
9,700
-49,000
Long Term Debt Payments
-406,800
-49,000
Long Term Debt Issuance
0
0
Investing Cash Flow
-44,100
-57,700
Cash Flow From Continuing Investing Activities
-44,100
-57,700
Net Other Investing Changes
1,200
1,600
Net Business Purchase And Sale
0
0
Sale Of Business
0
0
Capital Expenditure Reported
-45,300
-83,400
Operating Cash Flow
235,400
126,700
Cash Flow From Continuing Operating Activities
235,400
126,700
Change In Working Capital
53,800
121,800
Change In Other Current Assets
800
5,500
Change In Payables And Accrued Expense
82,600
171,900
Change In Accrued Expense
-27,600
59,500
Change In Payable
110,200
112,400
Change In Account Payable
110,200
112,400
Change In Receivables
-29,600
-55,600
Other Non Cash Items
600
17,300
Stock Based Compensation
3,300
-800
Unrealized Gain Loss On Investment Securities
1,500
Asset Impairment Charge
43,500
Deferred Tax
100
500
Deferred Income Tax
100
500
Depreciation Amortization Depletion
76,100
80,100
Depreciation And Amortization
76,100
80,100
Operating Gains Losses
111,400
-20,100
Pension And Employee Benefit Expense
500
300
Earnings Losses From Equity Investments
-3,300
-700
Gain Loss On Investment Securities
51,100
-19,700
Net Income From Continuing Operations
-11,400
-127,400
📊Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.
Quarter vs Same Quarter Last Year
YoY strips seasonality
Revenue Growth (YoY)
Prior year: $1.4B▲ $1.6B+14.2%
Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.
Gross Margin
Prior year: 65.1%▲ 65.7%+0.6pp
Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.
Operating Margin
Prior year: 17.1%▲ 15.0%-2.1pp
Graham: operating margin reflects true business economics before financing. Trend matters as much as level.
Net Margin
Prior year: -0.3%▼ -0.7%-0.4pp
Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.
Quarterly Health Checks
3 Graham/Buffett criteria that are valid and reliable on quarterly data
✅ Adequate Size
Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.
$1.6B/qtr (≈$6.4B ann.)
vs > $1.5B annualised revenue
❌ Financial Condition
Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.
0.55x current ratio
vs ≥ 2.0x
✅ Free Cash Flow
Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.
$190M
vs Positive
Operating Cash Flow
$235M
Latest quarter · Buffett's cash reality check
ROIC
3.1%
Based on latest annual operating income
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Market Cap / Net Assets
⚠ Negative Net Assets
Net Assets: -$1.5B
⚠ Negative Net Assets — total liabilities exceed total assets on paper. This is common in companies that aggressively return capital via buybacks and dividends (Apple, McDonald's, Domino's). It does not indicate insolvency if the business generates strong, consistent free cash flow. Focus on FCF and earnings power rather than balance sheet book value for these companies.
Asset Context — Entertainment
Platform and internet businesses derive value from network effects, user data, and brand — intangibles that accounting rules don't capitalise. A low or negative Net Assets figure is expected and not a risk signal. ROIC and FCF per share are more relevant valuation anchors.
⚠️Operating income is positive but net income is negative. This typically reflects below-the-line items: interest expense, impairment charges, tax adjustments, or one-time write-offs. The core business may be healthy — operating margin is a better signal of ongoing profitability here.
⚠️Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.58%
Low — management has little skin in the game
Return on Assets (ROA)
-0.1%
Poor — assets are not generating adequate returns
Debt Trend YoY
-2.7% YoY
Debt is declining — management is deleveraging
Leadership Team
Adam Aron
Chairman, President & CEO
Age 70
Pay: $7,593,790
Sean Goodman CPA
Executive VP of International Operations, IT & Procurement, CFO and Treasurer
Age 60
Pay: $3,034,512
Mark Jonathan Way
MD of Odeon Cinema Group & President of AMC Europe
Age 53
Pay: $1,810,789
John Merriwether
Vice President of Capital Markets and Investor Relations
Ryan Noonan
Senior Vice President of Public Relations
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
4.50%
40,158,824
Vanguard Capital Management LLC
2.56%
22,817,318
Vanguard Portfolio Management LLC
1.61%
14,374,109
Geode Capital Management, LLC
1.43%
12,720,821
State Street Corporation
1.35%
12,056,512
Pentwater Capital Management Lp
1.05%
9,370,686
Renaissance Technologies, LLC
0.88%
7,821,423
Barclays Plc
0.65%
5,844,969
⚠️Very high beta — extreme price volatility
⚠️Current ratio below 1 — liquidity risk
Risk Analysis
Beta (Market Risk)
2.22
High volatility — moves more than the market
Short Interest
5.6% of float
Moderate short interest
Current Ratio
0.55x
Weak liquidity — current liabilities exceed current assets
52-Week Price Range
Low: $0.93Current: $2.68High: $3.26
Currently at 75% of 52-week range
AMC Entertainment Holdings, Inc (AMC) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 65.7%. Operating margin: 15.0%. Net margin: -0.7%. Market cap: N/A. Sector: Communication Services. Industry: Entertainment. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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