AMC
AMC Entertainment Holdings, Inc.
AMC offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
SPOT
Spotify Technology S.A.
SPOT has the 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.
SPOT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Healthy | |
| Strong |
SPOT's revenue, profitability, cash flow and balance sheet are all currently healthy.
AMC PE Valuation
AMC has no meaningful PE right now: it lost money over the past year.
SPOT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 40x | $577 | -3.6% |
| Current | 42x | $599 | — |
| Fair | 98x | $1,404 | +135% |
| Expensive | 144x | $2,066 | +245% |
Historical ranges are pointers, not guarantees.
SPOT's PE is 42x, but its earnings don't support one, so it isn't a reliable read right now.
AMC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect AMC's losses to shrink, with revenue growing. However, they disagree widely on these estimates.
SPOT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for SPOT, with profitability improving. 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.
SPOT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $14.36 | +127% |
| Q2 2026 | $15.25 | +255% |
| Q1 2026 | $11.89 | +91% |
| Q4 2025 | $9.24 | +51% |
| Q3 2025 | $6.32 | +66% |
| Q2 2025 | $4.29 | +70% |
| Q1 2025 | $6.23 | +$6.75 |
| Q4 2024 | $6.12 | +$8.91 |
SPOT has the edge over AMC on earnings quality, reporting a profit while its opponent remains loss making.
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 SPOT on profitability, with a higher operating margin.
SPOT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.5B | +16% |
| Q2 2026 | $5.3B | +14% |
| Q1 2026 | $5B | +8.2% |
| Q4 2025 | $5B | +6.8% |
| Q3 2025 | $4.7B | +7.1% |
| Q2 2025 | $4.7B | +10% |
| Q1 2025 | $4.7B | +15% |
| Q4 2024 | $4.7B | +16% |
SPOT's revenue has grown year over year every quarter since late 2020: $5.5B last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | -0.1 points |
| Q2 2026 | 14% | +4 points |
| Q1 2026 | 16% | +3.6 points |
| Q4 2025 | 15% | +4.2 points |
| Q3 2025 | 14% | +2.2 points |
| Q2 2025 | 9.7% | +2.7 points |
| Q1 2025 | 12% | +7.5 points |
| Q4 2024 | 11% | +13 points |
SPOT's operating margin was 14% last quarter, about level with 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's free cash flow has turned positive after six years mostly in the red: $168M over the past year.
SPOT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $815.4M | -8.9% |
| Q2 2026 | $884.3M | +14% |
| Q1 2026 | $923.2M | +56% |
| Q4 2025 | $926.5M | -4.9% |
| Q3 2025 | $895.4M | +13% |
| Q2 2025 | $776.5M | +43% |
| Q1 2025 | $592.1M | +159% |
| Q4 2024 | $974.3M | +121% |
SPOT generated $3.5B in free cash flow over the past year, up 9.6% from 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.
SPOT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -280K shares |
| 1 year | -2.4% | -5.2M shares |
| 3 years | +5.3% | +10.6M shares |
| 5 years | +7.5% | +14.5M shares |
| Available history | +14% | +25.6M shares |
SPOT has the edge over AMC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $347.7M |
| Q2 2026 | $257.7M |
| Q1 2026 | $339.9M |
| Q4 2025 | $423.3M |
| Q3 2025 | $64.4M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $47.8M |
SPOT spent $1.4B buying back its own shares over the past year, more than ten times what it spent the year before.
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.
SPOT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.8x | Net Cash |
| Q2 2026 | -1.5x | Net Cash |
| Q1 2026 | -1.6x | Net Cash |
| Q4 2025 | -1.4x | Net Cash |
| Q3 2025 | -1.7x | Net Cash |
| Q2 2025 | -2.0x | Net Cash |
| Q1 2025 | -1.8x | Net Cash |
| Q4 2024 | -1.8x | Net Cash |
SPOT 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).
SPOT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.8 | Neutral |
| Stochastic | 86.0 | Overbought |
SPOT's weekly RSI is 63 (neutral) and its Stochastic is 86 (overbought).
AMC PE vs Communication Services Sector
AMC has no meaningful PE right now: it lost money over the past year.
SPOT PE vs Communication Services Sector
| Metric | SPOT | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 16x | 153% above |
| PE % | 23 | 26 | 3 pts below |
SPOT is trading at 42x earnings, a 153% premium to the Communication Services sector's median of 16x, though its earnings don't support one.
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 bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 69% below its 200-week average.
SPOT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $552.7 | 8.3% above |
| 20 week MA | $525.4 | 14% above |
| 50 week MA | $512.5 | 17% above |
| 100 week MA | $570.6 | 4.9% above |
| 200 week MA | $402.8 | 49% above |
SPOT has the edge over AMC on trend strength, trading above more of its moving averages.
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 SPOT on returns for 2026, with the stronger performance.
SPOT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $153.2 | $328.4 | +114% |
| 2021 | $328.4 | $236.6 | -28% |
| 2022 | $236.6 | $77.7 | -67% |
| 2023 | $77.7 | $187.9 | +142% |
| 2024 | $187.9 | $456.5 | +143% |
| 2025 | $456.5 | $584.4 | +28% |
| 2026 YTD | $584.4 | $598.5 | +2.4% |
SPOT's yearly returns have swung widely, from +143% in 2024 to −67% in 2022. It's up 2.4% so far in 2026.