Angel Studios Earns Buy Ratings, Projects 30% CAGR to $700M by 2028
Maxim initiated coverage of Angel Studios with a Buy rating and $9 target, noting it trades at 1.7x projected 2026 revenue versus a 2.4x peer median. As of December 2025, Angel Studios had topped 2 million paying Guild members and Roth/MKM forecasts 30% CAGR to $700 million revenue by 2028.
1. Analyst Coverage and Price Targets
On January 22, Maxim initiated coverage of Angel Studios with a Buy rating and a $9 price target, highlighting its 1.7x expected 2026 revenue valuation against a 2.4x peer median. Prior to that, Oppenheimer assigned an Outperform rating with an $8 target on December 18, and Roth/MKM maintained a Buy rating with a $9 target on December 16.
2. Membership Growth and Projections
By the end of December 2025, Angel Studios had surpassed 2 million paying Guild members, doubling its subscriber base since March 2025. Roth/MKM projects this community will grow at a 30% compound annual rate, reaching 4.3 million members and driving revenue north of $700 million by 2028.
3. Content Strategy and Business Model
Angel Studios operates an asset-light, audience-led crowdfunding model where Guild members vote on and fund projects. In 2025 the platform rolled out 430 new films, episodes, and specials, and its animated feature "DAVID" became the highest-grossing faith-based animated theatrical release.