AMC
AMC Entertainment Holdings, Inc.
AMC offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
SPHR
Sphere Entertainment Co.
SPHR has a slight edge over AMC overall, supported by lower modeled downside and stronger fundamentals.
AMC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Stable | |
| Under pressure |
AMC's revenue is currently healthy, and its profitability and cash flow are stable, but its balance sheet is under pressure.
SPHR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Strong | |
| Under pressure |
SPHR's cash flow is currently strong, and its revenue is stable, but its profitability and balance sheet are under pressure.
AMC PE Valuation
AMC has no meaningful PE right now: it lost money over the past year.
SPHR PE Valuation
SPHR has no meaningful PE right now: it lost money over the past year.
AMC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
AMC has the edge over SPHR on the outlook, with more favorable revenue expectations.
SPHR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect SPHR's losses to shrink, with revenue holding steady. However, they disagree widely on these estimates.
AMC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.40 | +$0.94 |
| Q2 2026 | -$1.10 | -$0.28 |
| Q1 2026 | -$1.09 | -$0.18 |
| Q4 2025 | -$1.34 | -$0.28 |
| Q3 2025 | -$1.34 | +$0.29 |
| Q2 2025 | -$0.82 | +$0.67 |
| Q1 2025 | -$0.91 | +$0.38 |
| Q4 2024 | -$1.06 | +$1.31 |
AMC lost $0.40 per share over the past year, a smaller loss than the year before.
SPHR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$3.53 | +$1.64 |
| Q2 2026 | -$1.49 | +$3.83 |
| Q1 2026 | $2.97 | +$13.01 |
| Q4 2025 | $0.74 | +$9.84 |
| Q3 2025 | -$5.17 | +$5.35 |
| Q2 2025 | -$5.32 | +$0.36 |
| Q1 2025 | -$10.04 | -191% |
| Q4 2024 | -$9.10 | -178% |
SPHR has the edge over AMC on earnings, with more consistent year-over-year improvement.
AMC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.7B | +32% |
| Q2 2026 | $1.6B | +14% |
| Q1 2026 | $1B | +21% |
| Q4 2025 | $1.3B | -1.4% |
| Q3 2025 | $1.3B | -3.6% |
| Q2 2025 | $1.4B | +36% |
| Q1 2025 | $862.5M | -9.3% |
| Q4 2024 | $1.3B | +18% |
AMC's revenue is growing: $1.7B last quarter, up 32% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +12 points |
| Q2 2026 | 15% | +8.3 points |
| Q1 2026 | -4.4% | +13 points |
| Q4 2025 | 0% | -0.3 points |
| Q3 2025 | 2.8% | -2.6 points |
| Q2 2025 | 6.6% | +11 points |
| Q1 2025 | -17% | -5.5 points |
| Q4 2024 | 0.4% | +14 points |
AMC has the edge over SPHR on profitability, with a higher operating margin.
SPHR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $274.3M | +4.5% |
| Q2 2026 | $313.6M | +11% |
| Q1 2026 | $386.4M | +38% |
| Q4 2025 | $394.3M | +28% |
| Q3 2025 | $262.5M | +15% |
| Q2 2025 | $282.7M | +3.4% |
| Q1 2025 | $280.6M | -13% |
| Q4 2024 | $308.3M | -1.9% |
SPHR's revenue has grown year over year for six quarters in a row: $274M last quarter, up 4.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -88% | -38 points |
| Q2 2026 | -20% | -1.8 points |
| Q1 2026 | 1.9% | +30 points |
| Q4 2025 | 7.3% | +54 points |
| Q3 2025 | -49% | +2.2 points |
| Q2 2025 | -18% | +8.4 points |
| Q1 2025 | -28% | N/A |
| Q4 2024 | -46% | N/A |
SPHR's operating margin was −88% last quarter, down 38 points from the same quarter a year ago.
AMC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $109.3M | +$190.4M |
| Q2 2026 | $190.1M | +114% |
| Q1 2026 | -$174.7M | +$242.3M |
| Q4 2025 | $43.3M | -62% |
| Q3 2025 | -$81.1M | +$11.1M |
| Q2 2025 | $88.9M | +$168.1M |
| Q1 2025 | -$417M | -$178.2M |
| Q4 2024 | $113.9M | +$263.8M |
AMC has the edge over SPHR on cash flow, with more consistent year-over-year improvement.
SPHR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $56.9M | -51% |
| Q2 2026 | -$33.7M | +$25.4M |
| Q1 2026 | $136.2M | +2046% |
| Q4 2025 | $180.2M | +614% |
| Q3 2025 | $115.8M | +240% |
| Q2 2025 | -$59.1M | +$13.4M |
| Q1 2025 | $6.3M | -94% |
| Q4 2024 | $25.3M | -46% |
SPHR generated $340M in free cash flow over the past year, about four times what it generated the year before.
AMC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +24% | +175M shares |
| 1 year | +107% | +463M shares |
| 3 years | +767% | +793M shares |
| 5 years | +4063% | +875M shares |
AMC has 897M diluted shares, up 107% from a year ago.
SPHR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +186K shares |
| 1 year | -19% | -8.5M shares |
| 3 years | +4% | +1.4M shares |
| 5 years | -30% | -15.9M shares |
SPHR has the edge over AMC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | $16,000 |
| Q4 2024 | $1.3M |
| Q1 2020 | — |
| Q4 2019 | — |
AMC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.0x | Elevated |
| Q2 2026 | 5.7x | High |
| Q1 2026 | 9.2x | High |
| Q4 2025 | 12.2x | High |
| Q3 2025 | 12.2x | High |
| Q2 2025 | 10.7x | High |
| Q1 2025 | 18.6x | High |
| Q4 2024 | 14.3x | High |
AMC's net debt is about 4.0 years of its operating earnings (EBITDA), down from 12 years a year ago.
SPHR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.4x | Elevated |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 0.9x | Very low |
| Q4 2025 | 2.9x | Moderate |
| Q3 2025 | 4.2x | High |
| Q2 2025 | 4.2x | High |
| Q1 2025 | 8.2x | High |
| Q4 2022 | 15.9x | High |
SPHR has the edge over AMC on leverage, with a lower net debt burden relative to earnings.
AMC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 67.3 | Neutral |
| Stochastic | 65.4 | Neutral |
AMC's weekly RSI is 67 (neutral) and its Stochastic is 65 (neutral).
SPHR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.2 | Neutral |
| Stochastic | 23.2 | Neutral |
SPHR's weekly RSI is 47 (neutral) and its Stochastic is 23 (neutral).
AMC PE vs Communication Services Sector
AMC has no meaningful PE right now: it lost money over the past year.
SPHR PE vs Communication Services Sector
| Metric | SPHR | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 16x | — |
SPHR has no meaningful PE right now: it lost money over the past year.
AMC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $3.01 | 11% above |
| 20 week MA | $2.64 | 27% above |
| 50 week MA | $2.01 | 66% above |
| 100 week MA | $2.53 | 32% above |
| 200 week MA | $10.9 | 69% below |
AMC has the edge over SPHR on trend strength, trading above more of its moving averages.
SPHR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $117.6 | 5.1% above |
| 20 week MA | $136.7 | 9.5% below |
| 50 week MA | $125.4 | 1.4% below |
| 100 week MA | $85.6 | 44% above |
| 200 week MA | $60.9 | 103% above |
SPHR's trend is mixed: it's above three of its five weekly moving averages, and 103% above its 200-week average.
AMC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.5 | $12.6 | -66% |
| 2021 | $12.6 | $142.6 | +1036% |
| 2022 | $142.6 | $44.0 | -69% |
| 2023 | $44.0 | $6.12 | -86% |
| 2024 | $6.12 | $4.00 | -35% |
| 2025 | $4.00 | $1.69 | -58% |
| 2026 YTD | $1.69 | $3.34 | +98% |
AMC has the edge over SPHR on returns for 2026, with the stronger performance.
SPHR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $40.9 | $40.7 | -0.3% |
| 2021 | $40.7 | $32.8 | -19% |
| 2022 | $32.8 | $19.9 | -39% |
| 2023 | $19.9 | $34.0 | +71% |
| 2024 | $34.0 | $38.1 | +12% |
| 2025 | $38.1 | $93.4 | +145% |
| 2026 YTD | $93.4 | $123.7 | +32% |
SPHR is up 32% so far in 2026, after finishing lower in three of the previous six years.