LIONLionsgate Studios Corp.

Services-Motion Picture & Video Tape Production

Revenue: $2.6B; 1.8% YoY
Operating margin: 3.7%; 627% YoY
EBITDA: $115M; 38333% YoY
Market cap: $3.6B
Employees: 916; $3M revenue each
Net debt / EBITDA: 11.5×; $1.3B net debt
AI in 10-K: 1.8; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$18M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
81% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$3M per employee
Bottom quartile of its SIC industry
Quiet on AINo
1.8 per 10K words · 52nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
11.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	—	$3.1B	$2.5B	$2.6B	$2.6B	1.8%
Operating income	—	$140M	−$15M	−$18M	$97M	636%
Net income	−$188M	−$2.0B	−$1.1B	−$362M	−$198M	45%
Operating cash flow	—	$346M	$397M	−$166M	$25M	115%
Capex	—	$7M	$10M	$14M	$13M	0.7%
Stock-based comp	—	$73M	$70M	$57M	$78M	37%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 9, 2026	MHR FUND MANAGEMENT LLC	SCHEDULE 13D/A	13.0%	Passive
Jan 27, 2026	Liberty 77 Capital L.P.	SCHEDULE 13D/A	3.6%	Passive
Jan 27, 2026	MHR FUND MANAGEMENT LLC	SCHEDULE 13D/A	8.7%	Passive
May 30, 2025	Liberty 77 Capital L.P.	SCHEDULE 13D/A	37.8%	Active
May 12, 2025	Liberty 77 Capital L.P.	SCHEDULE 13D	9.5%	Passive
May 8, 2025	MHR FUND MANAGEMENT LLC	SCHEDULE 13D	13.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 7
Open-market sells, 12 mo: $2M · 8
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$19M	$26M	146	—
FY2025	$10M	$9M	146	—
FY2024	$18M	$13M	164	—
FY2023	$22M	$13M	182	—
FY2022	$6M	$11M	267	—