Lionsgate Studios
LION NYSE Movies & Entertainment Financials FY2024–FY2026
Lionsgate Studios' revenue rose 1.8% to $2.6 billion in fiscal 2026. Its operating margin was 3.7%, up from −0.7% a year earlier. Free cash flow was $11 million. The diluted share count rose 14.7%.
About these figures. Lionsgate Studios became a separate listed company in May 2025, when Starz split from it. Its latest 10-K restates fiscal 2024 and 2025 on the same basis as fiscal 2026; earlier years were reported on a different basis and are incomplete, so its history starts in fiscal 2024.
What Lionsgate Studios does
Lionsgate Studios produces and distributes films and television shows. It licenses them to movie theaters, streaming services, broadcast and cable channels and other partners around the world, and sells or rents films on discs and through digital stores. Its 10-K says it has a library of more than 20,000 film and television titles, and it also owns the talent management and production company 3 Arts Entertainment.
Lionsgate has two reportable segments. Motion Picture made up 60.8% of revenue in the year ended March 31, 2026, and Television Production made up 39.2%. In Motion Picture, home entertainment, meaning sales and rentals of films, was the biggest source, with theatrical releases, television licensing, international licensing and other sources making up the rest. In Television Production, the biggest source is licensing series to domestic television and streaming platforms.
Lionsgate says it faces substantial competition in all parts of its business. It does not have long-term arrangements with many of its production or co-financing partners.
- Legal name
- Lionsgate Studios Corp.
- Fiscal year ends
- March 31, 2026
- Latest annual report
- 10-K · May 27, 2026
- Accession · CIK
- 0002052959-26-000049
0002052959
Revenue and margins
Lionsgate Studios had $2.6B of revenue in fiscal 2026, up 1.8% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $11.4M in fiscal 2026, 0.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Lionsgate Studios returned $0.0M to shareholders in fiscal 2026, 0% of free cash flow. The diluted share count rose 14.7%.
Value Lionsgate Studios yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.6B and divides by 285.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Lionsgate Studios can carry it.
| Fiscal year end | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash and short-term investments | $277M | $213M | $342M |
| Debt incl. finance leases | $1.8B | $2.0B | $1.9B |
| Net debt / EBITDA | 1,369.4x | — | 13.9x |
| Interest coverage | −0.1x | −0.1x | 0.4x |
| Current ratio | 0.4x | 0.4x | 0.5x |
| Quick ratio | 0.4x | 0.4x | 0.5x |
| Total assets | $5.1B | $6.8B | $5.3B |
| Total liabilities | $6.1B | $7.1B | $6.4B |
| Shareholders' equity | −$1.2B | −$265M | −$1.2B |
| Net debt (− = net cash) | $1.5B | $1.8B | $1.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.0M
3 insiders
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY25 | FY26 |
|---|---|---|
| Net income is positive | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✓ |
| Return on assets rose | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ |
| Current ratio rose | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ |
| Gross margin rose | — | — |
| Revenue rose relative to assets | — | ✕ |
| F-score | — / 9 | 5 / 8 |
| Accruals ratio | −3.3% | −3.7% |
| Altman Z'' | −3.90 | −4.27 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Lionsgate Studios LION | $3.6B | 1.8% | 3.7% | 0.4% | 8.3% | — | 5 | |
| TKO Group TKO | $13.1B | −3.1% | 17.6% | — | 5.9% | — | 5 | Compare → |
| Roku ROKU | $24.1B | 15.2% | −0.1% | 10.1% | — | 67.5x | 6 | Compare → |
| AMC Entertainment AMC | $2.1B | 4.6% | −0.4% | −7.6% | −0.8% | — | 2 | Compare → |
| Sphere Entertainment SPHR | $3.9B | 18.8% | −18.8% | — | −4.8% | — | 7 | Compare → |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Income statement | |||
| Revenue | $2.5B | $2.6B | $2.6B |
| Operating income | −$14.5M | −$18.1M | $97.1M |
| Interest expense | $247M | $262M | $260M |
| Pretax income | −$240M | −$277M | −$159M |
| Income tax | $21.7M | $17.2M | $16.2M |
| Net income | −$1.1B | −$362M | −$198M |
| Diluted EPS | −$4.58 | −$1.43 | −$0.70 |
| Diluted shares | 0.24B | 0.25B | 0.29B |
| Cash flow | |||
| Cash from operations | $397M | −$166M | $24.8M |
| Capital expenditure | $9.9M | $13.5M | $13.4M |
| Free cash flow | $387M | −$180M | $11.4M |
| Depreciation and amortization | $15.6M | $17.8M | $17.6M |
| Stock-based compensation | $70.2M | $57.0M | $78.0M |
| Acquisitions | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M |
| Balance sheet | |||
| Cash and short-term investments | $277M | $213M | $342M |
| Total debt | $1.8B | $2.0B | $1.9B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M |
| Current assets | $1.4B | $1.2B | $1.5B |
| Current liabilities | $3.6B | $3.5B | $3.0B |
| Inventory | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $37.3M | $34.1M | $34.9M |
| Total assets | $5.1B | $6.8B | $5.3B |
| Total liabilities | $6.1B | $7.1B | $6.4B |
| Shareholders' equity | −$1.2B | −$265M | −$1.2B |
| Margins | |||
| Operating margin | −0.6% | −0.7% | 3.7% |
| EBITDA margin | 0.0% | −0.0% | 4.4% |
| Net margin | −45.0% | −14.0% | −7.5% |
| FCF margin | 15.8% | −6.9% | 0.4% |
| Returns | |||
| Return on capital | — | −1.1% | 8.3% |
| Return on capital employed | — | −0.8% | 3.5% |
| Return on assets | — | −6.1% | −3.3% |
| Growth | |||
| Revenue growth | — | 5.5% | 1.8% |
| FCF growth | — | −146.4% | — |
| Share count change | — | 2.2% | 14.7% |
| Financial health | |||
| Net debt / EBITDA | 1,369.4x | — | 13.9x |
| Interest coverage | −0.1x | −0.1x | 0.4x |
| Current ratio | 0.4x | 0.4x | 0.5x |
| Quick ratio | 0.4x | 0.4x | 0.5x |
| Capital allocation | |||
| Capex / revenue | 0.4% | 0.5% | 0.5% |
| Stock comp / revenue | 2.9% | 2.2% | 3.0% |
| Payouts / FCF | 0.0% | — | 0.0% |
| Quality scores | |||
| Piotroski F-score | — | — | 5.0 |
| Altman Z'' | −3.8 | −3.9 | −4.3 |
| Accruals ratio | — | −3.3% | −3.7% |
Source: SEC EDGAR XBRL filings (CIK 0002052959). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.