AMC Networks Inc (AMCX)

Return on total capital

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before interest and tax (EBIT)	US$ in thousands	462,773	100,376	474,062	523,980	616,754
Long-term debt	US$ in thousands	2,294,250	2,778,700	2,804,720	2,774,310	3,039,980
Total stockholders’ equity	US$ in thousands	1,048,050	806,988	851,088	616,805	665,781
Return on total capital		13.85%	2.80%	12.97%	15.45%	16.64%

December 31, 2023 calculation

Return on total capital = EBIT ÷ (Long-term debt + Total stockholders’ equity)
= $462,773K ÷ ($2,294,250K + $1,048,050K)
= 13.85%

AMC Networks Inc has exhibited a declining trend in return on total capital over the past five years, starting at 20.43% in 2019 and decreasing to 14.96% in 2023. While the return on total capital has fluctuated slightly between 2019 and 2023, the general trend indicates a decrease in the efficiency of the company in generating profits from its total capital employed. This decline may suggest challenges in effectively utilizing its capital to generate returns for its stakeholders. Further analysis and investigation into the company's operational and financial strategies may be required to address and potentially reverse this declining trend.