AMC · CIK 1411579
What AMC Entertainment Holdings, Inc. told the SEC could break it.
Two heavy dependencies dominate AMC's register. The first is its balance sheet: it carries a large, high-cost debt stack — including Odeon notes due 2027 at a 12.75% cash interest rate, plus exchangeable and other secured notes — that strains liquidity and limits its financial flexibility. The second is its content pipeline: films from its seven largest studio distributors (Disney, Warner Bros., Universal, Sony, Paramount, 20th Century Studios and Lionsgate) generated about 83% of its U.S. admissions revenue in 2025, leaving attendance hostage to those studios' release slates and licensing terms. A smaller thread is international exposure — about 23.6% of 2025 revenue came from outside the U.S., mainly its European Odeon operations, bringing currency and cross-border regulatory risk.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Liquidity & debt
- Substantial high-cost indebtednesshigh
AMC carries a large, high-cost debt stack — including Odeon Senior Secured Notes due 2027 at a 12.75% cash interest rate, exchangeable notes and other secured/subordinated notes — straining liquidity and constraining financial flexibility.
“The Odeon Notes due 2027 bear a cash interest rate of 12.75 % per annum and will be payable semi-annually in arrears on May 1 and November 1, beginning on May 1, 2023.”
SEC filing →As of 2026
Supplier concentration
- Seven movie studios = ~83% of U.S. admissions revenuehigh
AMC depends on a few major studios for its content: films from its seven largest distributors (Disney, Warner Bros., Universal, Sony, Paramount, 20th Century Studios, Lionsgate) generated ~83% of U.S. admissions revenue in 2025, leaving it exposed to studio release slates and licensing terms.
“During the year ended December 31, 2025, films licensed from the Company's seven largest movie studio distributors based on revenues accounted for approximately 83 % of our U.S. admissions revenues, which consisted of Disney, Warner Bros., Universal, Sony, Paramount, 20th Century Studios, and Lionsgate Films.”
SEC filing →As of 2026
Geographic concentration
- International (European) operations (~23.6% of revenue)low
About 23.6% of AMC's 2025 revenue came from outside the U.S. (primarily European Odeon/Nordic operations), exposing it to FX, local-economic, anti-corruption, sanctions and trade-policy risks across multiple countries.
“As a result of our international operations, 23.6% of our revenues were derived from countries outside the United States for the year ended December 31, 2025.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Comcast Corporation (Universal Pictures)
“During the year ended December 31, 2025, films licensed from the Company's seven largest movie studio distributors based on revenues accounted for approximately 83 % of our U.S. admissions revenues, which consisted of Disney, Warner Bros., Universal, Sony, Paramount, 20th Century Studios, and Lionsgate Films.”
Cited →“During the year ended December 31, 2025, films licensed from the Company's seven largest movie studio distributors based on revenues accounted for approximately 83 % of our U.S. admissions revenues, which consisted of Disney, Warner Bros., Universal, Sony, Paramount, 20th Century Studios, and Lionsgate Films.”
Cited →“During the year ended December 31, 2025, films licensed from the Company's seven largest movie studio distributors based on revenues accounted for approximately 83 % of our U.S. admissions revenues, which consisted of Disney, Warner Bros., Universal, Sony, Paramount, 20th Century Studios, and Lionsgate Films.”
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch