Detailed financial statements for Lionsgate Studios Corp. (LION): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Lionsgate Studios operates as a preeminent, independent, publicly traded entity within the global content sector. It integrates a broad spectrum of film and television creation and distribution operations, an elite collection of valuable brands and franchises, a formidable presence in talent management and content development, and an expansive archive of over 20,000 movie and TV titles.
Analysis Summary
Lionsgate Studios Corp. reported revenue of $2.63B in the most recent fiscal year, growing at a 5-year CAGR of 6.6%.
Trailing-twelve-month margins: gross margin 39.6%, operating margin 5.3%, net margin -4.1%.
At $12.45 (closing price, October 30, 2026), LION has negative trailing earnings (P/E not meaningful) and an ROE of 9.60%. Market capitalisation stands at $3.7B.
Balance sheet quality for LION: current ratio of 0.5, net debt of $3.79B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2015 | 2016 | 2017 | 2018 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $100.8M | $128.8M | $135.2M | $17.9M | $1.91B | $2.72B | $3.08B | $2.99B | $3.20B | $2.63B |
| Cost of Revenue | 0 | 0 | 0 | 0 | $1.22B | $1.93B | $2.21B | $1.89B | $2.21B | $1.58B |
| Gross Profit | $100.8M | $128.8M | $135.2M | $17.9M | $692.9M | $783.1M | $875.9M | $1.10B | $985.5M | $1.05B |
| Research & Development | 0 | 0 | $5.5M | $5.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $76.9M | $96.7M | $103.4M | $113.5M | $542.0M | $657.9M | $691.2M | $811.5M | $740.5M | $881.8M |
| Operating Expenses | $76.9M | $96.7M | $108.9M | $119.0M | $597.0M | $671.2M | $736.3M | $960.6M | $860.9M | $899.4M |
| Operating Income | $77.2M | $81.4M | $77.8M | $89.5M | $95.9M | $111.9M | $139.6M | $139.7M | $124.6M | $148.0M |
| EBITDA | $83.9M | $89.7M | $87.5M | $96.6M | $922.3M | $1.71B | $1.84B | $1.22B | $1.30B | $1.14B |
| Interest Expense | $15.8M | $20.4M | $22.7M | $31.9M | $109.7M | $115.0M | $162.6M | $197.4M | $242.5M | $259.7M |
| Pre-tax Income | $61.4M | $60.9M | $55.1M | $57.6M | -$17.9M | $11.2M | $5.4M | -$72.7M | -$112.4M | -$159.3M |
| Income Tax | $22.3M | $22.1M | $15.3M | $13.8M | $17.3M | $17.3M | $14.3M | $34.2M | $14.5M | $16.2M |
| Net Income | $39.1M | $38.8M | $39.8M | $43.8M | -$19.6M | $11.1M | -$300,000 | -$93.5M | -$128.5M | -$198.3M |
| EPS | $1.77 | $1.52 | $1.50 | $1.61 | $-0.90 | $0.69 | $-0.00 | $-0.47 | $-0.43 | $-0.69 |
| EPS (Diluted) | $1.77 | $1.50 | $1.49 | $1.61 | $-0.90 | $0.69 | $-0.00 | $-0.42 | $-0.43 | $-0.69 |
| Shares Outstanding (Diluted) | 22.1 M | 25.8 M | 26.7 M | 27.3 M | 21.8 M | 16.0 M | 286.8 M | 253.4 M | 284.6 M | 290.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $475.1M | $724.3M | $906.5M | $776.6M |
| Gross Profit | $174.8M | $297.0M | $388.7M | $279.6M |
| Operating Income | -$46.0M | $45.3M | $128.7M | $25.6M |
| EBITDA | $148.1M | $267.6M | $479.4M | $304.7M |
| Net Income | -$113.5M | -$46.2M | $70.2M | -$28.8M |
| EPS | $-0.39 | $-0.16 | $0.24 | $-0.10 |
| EPS (Diluted) | $-0.39 | $-0.16 | $0.23 | $-0.10 |
Balance Sheet (10y)
| Year | 2015 | 2016 | 2017 | 2018 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $4.0M | $6.7M | $9.1M | $10.7M | $361.3M | $256.9M | $210.9M | $277.0M | $205.7M | $182.4M |
| Short-term Investments | $14.6M | $16.5M | $21.7M | $251.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $2.90B | $3.30B | $3.58B | $3.69B | $456.9M | $694.2M | $877.6M | $981.0M | $1.04B | $772.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.92B | $3.33B | $3.61B | $3.95B | $928.3M | $1.01B | $1.15B | $1.37B | $1.36B | $1.32B |
| Property, Plant & Equipment | $79.6M | $87.9M | $88.5M | $93.7M | $121.8M | $156.0M | $140.6M | $381.6M | $328.2M | $34.4M |
| Goodwill | 0 | 0 | 0 | 0 | $795.6M | $795.6M | $795.6M | $811.2M | $808.5M | $846.8M |
| Intangible Assets | 0 | 0 | 0 | 0 | $1.51B | $1.90B | $1.81B | $25.7M | $20.8M | $27.0M |
| Total Assets | $3.85B | $4.39B | $4.58B | $4.73B | $3.69B | $4.33B | $4.41B | $5.10B | $5.12B | $5.24B |
| Accounts Payable | 0 | 0 | 0 | 0 | $153.9M | $197.0M | $251.1M | $246.7M | $248.2M | $258.6M |
| Short-term Debt | $209.7M | $243.4M | $150.6M | $139.8M | $360.7M | $882.3M | $965.1M | $2.25B | $1.83B | $1.37B |
| Total Current Liabilities | $209.7M | $243.4M | $150.6M | $139.8M | $1.36B | $1.89B | $2.11B | $3.64B | $3.21B | $2.87B |
| Long-term Debt | $120.3M | $120.5M | $120.6M | $120.7M | $1.89B | $1.88B | $2.22B | $1.47B | $1.82B | $2.60B |
| Total Liabilities | $3.55B | $4.03B | $4.18B | $4.29B | $3.71B | $4.26B | $4.85B | $6.13B | $6.04B | $6.38B |
| Retained Earnings | $130.1M | $156.6M | $183.7M | $214.4M | 0 | -$5,000 | 0 | -$1.25B | -$1.42B | -$3.80B |
| Total Equity | $301.5M | $362.6M | $401.6M | $446.2M | -$236.9M | -$261.3M | -$780.4M | -$1.15B | -$1.05B | -$1.28B |
| Total Debt | $330.1M | $363.8M | $271.2M | $260.5M | $2.35B | $2.76B | $3.18B | $3.72B | $3.66B | $3.98B |
| Net Debt | $311.4M | $340.6M | $240.4M | -$1.8M | $1.99B | $2.51B | $2.97B | $3.44B | $3.45B | $3.79B |
| Working Capital | $2.71B | $3.08B | $3.46B | $3.81B | -$432.0M | -$875.1M | -$956.8M | -$2.27B | -$1.85B | -$1.55B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $202.4M | $182.4M | $341.5M | $425.8M |
| Total Assets | $5.16B | $5.24B | $5.33B | $5.33B |
| Total Liabilities | $6.28B | $6.38B | $6.38B | $6.39B |
| Total Equity | -$1.26B | -$1.28B | -$1.19B | -$1.20B |
| Total Debt | $3.89B | $3.98B | $3.89B | $3.94B |
Cash Flow (10y)
| Year | 2015 | 2016 | 2017 | 2018 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | $39.1M | $38.8M | $39.8M | $43.8M | -$35.2M | -$6.1M | -$8.9M | -$93.5M | -$128.5M | -$241.0M |
| Depreciation & Amortization | $6.6M | $8.4M | $9.7M | $7.1M | $830.5M | $1.60B | $1.67B | $945.4M | $1.19B | $1.04B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $58.0M | $70.2M | $73.4M | $62.5M | $57.9M | $61.9M |
| Change in Working Capital | $344.4M | $376.3M | $379.1M | $346.8M | -$1.13B | -$2.15B | -$1.62B | -$902.3M | -$1.78B | -$1.28B |
| Operating Cash Flow | $3.0M | -$29.5M | $155.2M | $166.4M | -$232.4M | -$435.0M | $346.1M | $488.9M | -$106.8M | $24.8M |
| Capital Expenditure | -$12.2M | -$6.5M | -$5.3M | -$9.6M | -$10.2M | -$6.1M | -$6.5M | -$9.9M | -$13.5M | -$13.4M |
| Acquisitions | 0 | $8.0M | $2.2M | $3.6M | $4.9M | -$12.5M | -$17.5M | -$331.1M | 0 | -$29.4M |
| Stock Repurchased | -$4.0M | -$6.7M | -$1.7M | -$4.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$9.2M | -$36.0M | $149.9M | $156.8M | -$242.6M | -$441.1M | $339.6M | $479.0M | -$120.3M | $11.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$104.0M | -$108.9M | $268.7M | $54.1M |
| Capital Expenditure | -$3.2M | -$3.0M | -$3.7M | -$2.9M |
| Free Cash Flow | -$107.2M | -$111.9M | $265.0M | $51.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $23.3M | $25.9M | $27.0M | $41.1M |
Growth & Margins (10y)
| Year | 2015 | 2016 | 2017 | 2018 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +27.8% | +5.0% | -86.8% | +10,602.7% | +42.0% | +13.5% | -3.2% | +7.0% | -17.6% |
| Net Income Growth (YoY) | | -0.9% | +2.7% | +10.1% | -144.7% | +156.6% | -102.7% | -31,066.7% | -37.4% | -54.3% |
| EPS Growth (YoY) | | -14.1% | -1.3% | +7.3% | -155.9% | +176.7% | -100.1% | -46,900.0% | +8.5% | -60.5% |
| Shares Change (YoY) | | +16.6% | +3.5% | +2.0% | -20.2% | -26.4% | +1,689.4% | -11.6% | +12.3% | +1.9% |
| FCF Growth (YoY) | | -291.5% | +516.0% | +4.6% | -254.7% | -81.8% | +177.0% | +41.0% | -125.1% | +109.5% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 36.2% | 28.8% | 28.4% | 36.8% | 30.8% | 39.8% |
| Operating Margin | 76.6% | 63.1% | 57.5% | 500.7% | 5.0% | 4.1% | 4.5% | 4.7% | 3.9% | 5.6% |
| EBITDA Margin | 83.2% | 69.6% | 64.7% | 540.4% | 48.2% | 62.8% | 59.5% | 40.8% | 40.6% | 43.3% |
| Net Margin | 38.8% | 30.1% | 29.4% | 245.2% | -1.0% | 0.4% | -0.0% | -3.1% | -4.0% | -7.5% |
| FCF Margin | -9.1% | -28.0% | 110.8% | 877.3% | -12.7% | -16.2% | 11.0% | 16.0% | -3.8% | 0.4% |
| Effective Tax Rate | 36.3% | 36.4% | 27.7% | 23.9% | -96.6% | 154.5% | 264.8% | -47.0% | -12.9% | -10.2% |
Per-Share Data (10y)
| Year | 2015 | 2016 | 2017 | 2018 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | $-0.42 | $-1.40 | $5.61 | $5.75 | $-11.15 | $-27.53 | $1.18 | $1.89 | $-0.42 | $0.04 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 22.1 M | 25.5 M | 26.6 M | 27.3 M | 21.8 M | 16.0 M | 286.8 M | 222.6 M | 284.6 M | 290.0 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 9.60% |
| Return on Invested Capital | 4.05% |
| Return on Assets | -2.22% |
| Gross Margin | 39.55% |
| Operating Margin | 5.33% |
| Net Margin | -4.10% |
Financial Health
| Debt / Equity | -3.28 |
| Current Ratio | 0.44 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -0.51 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2018 | 2021 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | 7.53 | 7.11 | 7.63 | 0.00 | -12.71 | 16.58 | -11,440.00 | -24.34 | -17.37 | -13.90 |
| P/B | 0.73 | 0.00 | 0.68 | 0.00 | 0.00 | -0.70 | -4.20 | -2.21 | -2.03 | -2.18 |
| P/S | 2.26 | 17.45 | 2.25 | 0.00 | 0.13 | 0.07 | 1.06 | 0.85 | 0.67 | 1.06 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0% | 36.2% | 28.8% | 28.4% | 36.8% | 30.8% | 39.8% |
| Operating Margin | 63.1% | 500.7% | 57.5% | 0.0% | 5.0% | 4.1% | 4.5% | 4.7% | 3.9% | 5.6% |
| Net Margin | 30.1% | 245.2% | 29.4% | 0.0% | -1.0% | 0.4% | -0.0% | -3.1% | -4.0% | -7.5% |