Lionsgate Studios

LION · NYSE · Communication Services · Financials, fiscal 2024 to 2026

LION · Last close · October 26, 2026

$12.14

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%.

Lionsgate Studios Corp. Latest fiscal year ended March 31, 2026 10-K filed May 27, 2026 · 0002052959-26-000049 Updated October 10, 2026

Revenue

$2.6B

1.8%

Operating margin

3.7%

4.4 pts

Net income

−$198M

Free cash flow

$11M

Return on capital

8.3%

9.4 pts

Market cap

$3.5B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Large capital needs and financial risks from the cost of making films and shows.
Results that swing widely and depend on a small number of releases or library titles in a given period.
Write-offs if films or shows do not earn enough to cover their costs.
Changes in how people watch, including new technology such as AI and shifts in distribution.
Reliance on a few major retailers and distributors, and the risk of labor disputes and strikes.

From Lionsgate Studios's annual report on Form 10-K, filed May 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

Lionsgate Studios lost money in fiscal 2026: a net loss of $198 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Lionsgate Studios yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Lionsgate Studios' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Lionsgate Studios' fiscal 2026 free cash flow of $11M, net cash of −$1.6B at March 31, 2026 and 285 million diluted shares, from its filings. The scenarios are fitted to Lionsgate Studios: the base scenario's growth in years 1 to 5 is its revenue growth over the last 2 years, 3.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Movies & Entertainment), plus 1 point as a smaller company, worth $3.5B, plus 1 point for unsteady results (a loss in fiscal 2026); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Lionsgate Studios' net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at March 31, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Lionsgate Studios's own revenue growth, as above. Cautious: growth of 1.5% then 2% a year, 2% after year 10, a 12% discount rate. Base: growth of 3.5% then 3% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 5.5% then 4% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $12.14
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and Lionsgate Studios' latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY24	FY25	FY26
Cash and short-term investments	277	212	342
Debt incl. finance leases	1,783	1,973	1,940
Net debt (negative means net cash)	1,506	1,760	1,599
Net debt to EBITDA	1,369.4x	—	13.9x
Debt to equity	—	—	—
Interest coverage	−0.1x	−0.1x	0.4x
Current ratio	0.4x	0.4x	0.5x
Quick ratio	0.4x	0.4x	0.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Lionsgate Studios shares on the open market, and 3 insiders sold $2.0 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Dec 23, 2025	Michael Raymond BurnsVice Chair	Sold	21,748	$9.01	$195,949	Form 4
Dec 22, 2025	Jon FeltheimerChief Executive Officer, Director	Sold	195,000	$8.28	$1.6 million	Form 4
Dec 18, 2025	Brian GoldsmithChief Operating Officer	Sold	25,000	$8.54	$213,500	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY25	FY26
Net income is positive	Fail	Fail
Cash from operations is positive	Fail	Pass
Return on assets rose	—	Pass
Cash from operations exceeds net income	Pass	Pass
Debt fell relative to assets	—	Pass
Current ratio rose	Fail	Pass
Share count didn't rise	Fail	Fail
Gross margin rose	—	—
Revenue rose relative to assets	—	Fail
F-score	—	5 of 8
Accruals ratio	−3.3%	−3.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Lionsgate Studios side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Lionsgate Studios	FY26	1.8%	3.7%	0.4%	8.3%	13.9x	5
TKO Group	FY25	−3.0%	17.6%	—	5.9%	2.4x	5	Compare
Roku	FY25	15.2%	−0.1%	10.1%	—	−58.0x	6	Compare
AMC Entertainment	FY25	4.6%	−0.4%	−7.5%	−0.8%	12.3x	2	Compare
Sphere Entertainment	FY25	18.8%	−18.8%	—	−4.8%	1.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

3 years of figures

Fiscal year	FY24	FY25	FY26
Income statement
Revenue	2,450	2,585	2,632
Revenue growth	—	5.5%	1.8%
Gross profit	—	—	—
Research and development	—	—	—
Operating income	−14	−18	97
Net income	−1,103	−362	−198
Diluted EPS (US$)	−4.58	−1.43	−0.70
Diluted shares (millions)	244	249	285
Cash flow
Cash from operations	397	−166	25
Capital expenditure	10	14	13
Free cash flow	387	−180	11
Dividends paid	0	0	0
Share buybacks	0	0	0
Acquisitions	0	0	0
Stock-based compensation	70	57	78
Balance sheet at fiscal year end
Cash and short-term investments	277	212	342
Debt incl. finance leases	1,783	1,973	1,940
Total assets	5,103	6,822	5,327
Total liabilities	6,130	7,081	6,376
Shareholders' equity	−1,152	−265	−1,193
Margins and ratios
Gross margin	—	—	—
Operating margin	−0.6%	−0.7%	3.7%
Net margin	−45.0%	−14.0%	−7.5%
Free cash flow margin	15.8%	−6.9%	0.4%
Return on capital	—	−1.1%	8.3%
Return on equity	—	—	—
Return on assets	—	−6.1%	−3.3%
Net debt to EBITDA	1,369.4x	—	13.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Lionsgate Studios' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Lionsgate Studios.