IMAX
IMAX NYSE Movies & Entertainment Financials FY2016–FY2025
IMAX's revenue rose 16.5% to $410 million in fiscal 2025. Its operating margin was 20.5%, up from 12.4% a year earlier. Free cash flow was $119 million, up 90.5%. The diluted share count rose 3.1%.
About these figures. IMAX tags its convertible notes and its credit-line borrowings separately with no total from 2021, so debt is left blank.
What IMAX does
IMAX is a Canadian company that makes large-screen movie theater systems: projectors, sound systems, screens and auditorium designs. It sells or leases them to cinema operators, mostly multiplex chains, and to museums and science centers. IMAX does not run the theaters itself, apart from one. At the end of 2025 there were 1,864 IMAX systems in 91 countries and territories, and 76% of those in commercial multiplexes were outside the U.S. and Canada.
IMAX reports two segments. Content Solutions works for studios and creators: IMAX converts films into its format and shows them across its network, typically earning about 12.5% of the box office. It also distributes documentaries, concert films and live events. Technology Products and Services sells, leases and maintains the systems for theater operators. Under some deals, called joint revenue sharing arrangements, IMAX takes a share of a theater's ticket sales instead of an upfront fee. Films in IMAX theaters took in $1.28 billion at the global box office in 2025. IMAX says it competes with theater chains' own large-format screens, with streaming and TV, and with other ways people spend their free time.
IMAX employed 679 people at the end of 2025. It indirectly owns 71.57% of IMAX China, which trades on the Hong Kong Stock Exchange.
- Legal name
- IMAX Corporation
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001628280-26-011770
0000921582
Revenue and margins
IMAX had $410M of revenue in fiscal 2025, up 16.5% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 4.6% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $119M in fiscal 2025, 29.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
IMAX returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 3.1%.
Value IMAX yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of — and divides by 55.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 74.1x · peers — · sector 17.1x.
Balance sheet
Cash, debt and the ratios that show how comfortably IMAX can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $190M | $97.4M | $76.2M | $101M | $151M |
| Interest coverage | 1.6x | −0.8x | 7.4x | 5.4x | 11.4x |
| Total assets | $883M | $821M | $815M | $830M | $894M |
| Total liabilities | $453M | $491M | $469M | $452M | $466M |
| Shareholders' equity | $356M | $263M | $273M | $300M | $338M |
| Net debt (− = net cash) | — | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$32.3M
7 insiders
Of sales under plans
84%
$27.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Robert D ListerChief Legal Officer Sr Exec VP | Sold | 22,500 | $51.58 | $1.2M | Form 4 |
| Aug 25, 2026 | Kenneth Ian WeissmanDeputy GC, Corp. Sec. & CCO | Sold | 8,000 | $54.54 | $0.4M | Form 4 |
| Aug 25, 2026 | Mark WeltonPresident IMAX Global Theatres | Sold | 30,000 | $54.47 | $1.6M | Form 4 |
| Aug 24, 2026 | Natasha FernandesChief Financial Officer & EVP | Sold | 20,000 | $54.63 | $1.1M | Form 4 |
| Aug 20, 2026 | Calamera PabloCTO & EVP | Sold | 15,000 | $52.41 | $0.8M | Form 4 |
| Aug 20, 2026 | Richard L GelfondChief Executive Officer, Director | Sold plan | 100,000 | $53.23 | $5.3M | Form 4 |
| Aug 19, 2026 | Richard L GelfondChief Executive Officer, Director | Sold plan | 205,504 | $53.27 | $10.9M | Form 4 |
| Aug 18, 2026 | Richard L GelfondChief Executive Officer, Director | Sold plan | 151,253 | $51.00 | $7.7M | Form 4 |
| Aug 6, 2026 | Jose Aleksandr ZlatarSVP, Controller & PAO | Sold | 500 | $49.90 | $0.0M | Form 4 |
| Apr 27, 2026 | Richard L GelfondChief Executive Officer, Director | Sold plan | 8,943 | $37.33 | $0.3M | Form 4 |
| Apr 17, 2026 | Richard L GelfondChief Executive Officer, Director | Sold plan | 34,182 | $37.06 | $1.3M | Form 4 |
| Apr 16, 2026 | Richard L GelfondChief Executive Officer, Director | Sold plan | 41,737 | $37.05 | $1.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −4.1% | −5.4% | −10.7% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| IMAX IMAX | $3.0B | 16.5% | 20.5% | 29.0% | — | 74.1x | — | |
| Madison Square Garden Sports MSGS | $9.4B | 11.0% | 2.5% | 5.3% | — | — | 7 | Compare → |
| Sphere Entertainment SPHR | $3.9B | 18.8% | −18.8% | — | −4.8% | — | 7 | Compare → |
| Lionsgate Studios LION | $3.6B | 1.8% | 3.7% | 0.4% | 8.3% | — | 5 | Compare → |
| TKO Group TKO | $13.1B | −3.1% | 17.6% | — | 5.9% | — | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $377M | $381M | $374M | $396M | $137M | $255M | $301M | $375M | $352M | $410M |
| Gross profit | $203M | $185M | $208M | $214M | $21.5M | $134M | $156M | $214M | $190M | $246M |
| Research and development | $16.3M | $20.9M | $13.7M | $5.2M | $5.6M | $6.9M | $5.3M | $10.1M | $5.1M | $5.8M |
| Operating income | $58.6M | $31.4M | $45.2M | $77.3M | −$122M | $11.0M | −$4.8M | $50.4M | $43.9M | $84.2M |
| Interest expense | $1.8M | $1.9M | $2.9M | $2.8M | $7.0M | $7.1M | $5.9M | $6.8M | $8.1M | $7.4M |
| Pretax income | $57.9M | $30.0M | $43.6M | $75.3M | −$129M | $11.0M | −$9.8M | $46.1M | $37.7M | $63.3M |
| Income tax | $16.2M | $16.8M | $9.5M | $16.8M | $26.5M | $20.6M | $10.1M | $13.1M | $5.0M | $17.8M |
| Net income | $28.8M | $2.3M | $22.8M | $46.9M | −$144M | −$22.3M | −$22.8M | $25.3M | $26.1M | $34.9M |
| Diluted EPS | $0.42 | $0.04 | $0.36 | $0.76 | −$2.43 | −$0.38 | −$0.40 | $0.46 | $0.48 | $0.63 |
| Diluted shares | 0.07B | 0.07B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.06B | 0.05B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | $77.9M | $85.4M | $110M | $90.4M | −$23.0M | $6.1M | $17.3M | $58.6M | $70.8M | $127M |
| Capital expenditure | $15.3M | $24.1M | $13.4M | $7.4M | $0.7M | $3.6M | $8.4M | $6.5M | $8.4M | $8.2M |
| Free cash flow | $62.6M | $61.2M | $96.6M | $83.0M | −$23.7M | $2.5M | $8.9M | $52.1M | $62.4M | $119M |
| Depreciation and amortization | $46.5M | $66.8M | $57.4M | $63.5M | $53.6M | $56.1M | $56.7M | $60.0M | $65.5M | $62.4M |
| Stock-based compensation | $30.5M | $23.0M | $22.6M | $22.8M | $21.5M | $25.6M | $27.0M | $23.6M | $22.8M | $26.6M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $15.9M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $46.1M | $71.5M | $2.7M | $36.6M | $13.9M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $46.1M | $71.5M | $2.7M | $36.6M | $13.9M | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $205M | $159M | $142M | $110M | $317M | $190M | $97.4M | $76.2M | $101M | $151M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $1.0M | $0.5M | $0.0M | $0.0M |
| Inventory | $42.1M | $30.8M | $44.6M | $43.0M | $39.6M | $26.9M | $31.5M | $31.6M | $32.8M | $32.5M |
| Property and equipment, net | $245M | $277M | $281M | $307M | $277M | $260M | $253M | $243M | $240M | $243M |
| Total assets | $857M | $867M | $874M | $889M | $998M | $883M | $821M | $815M | $830M | $894M |
| Total liabilities | $231M | $263M | $274M | $246M | $533M | $453M | $491M | $469M | $452M | $466M |
| Shareholders' equity | $562M | $528M | $512M | $548M | $394M | $356M | $263M | $273M | $300M | $338M |
| Margins | ||||||||||
| Gross margin | 53.7% | 48.7% | 55.5% | 54.1% | 15.7% | 52.7% | 52.0% | 57.2% | 54.0% | 60.0% |
| Operating margin | 15.5% | 8.3% | 12.1% | 19.5% | −88.9% | 4.3% | −1.6% | 13.5% | 12.5% | 20.5% |
| EBITDA margin | 27.9% | 25.8% | 27.4% | 35.6% | −49.8% | 26.3% | 17.2% | 29.5% | 31.1% | 35.8% |
| Net margin | 7.6% | 0.6% | 6.1% | 11.8% | −104.9% | −8.8% | −7.6% | 6.8% | 7.4% | 8.5% |
| FCF margin | 16.6% | 16.1% | 25.8% | 21.0% | −17.3% | 1.0% | 3.0% | 13.9% | 17.7% | 29.0% |
| Returns | ||||||||||
| Return on equity | 4.9% | 0.4% | 4.4% | 8.8% | −30.5% | −6.0% | −7.4% | 9.4% | 9.1% | 10.9% |
| Return on assets | 3.2% | 0.3% | 2.6% | 5.3% | −15.2% | −2.4% | −2.7% | 3.1% | 3.2% | 4.0% |
| Growth | ||||||||||
| Revenue growth | 0.9% | 0.9% | −1.7% | 5.7% | −65.4% | 86.0% | 18.0% | 24.6% | −6.0% | 16.5% |
| Net income growth | −48.5% | −91.9% | 874.6% | 105.2% | −406.8% | — | — | — | 2.9% | 33.8% |
| EPS growth | −46.2% | −90.5% | 800.0% | 111.1% | −419.7% | — | — | — | 4.4% | 31.3% |
| FCF growth | 52.9% | −2.2% | 57.8% | −14.1% | −128.6% | — | 259.5% | 485.9% | 19.7% | 90.5% |
| Share count change | −3.9% | −4.0% | −3.6% | −2.7% | −3.7% | −0.2% | −4.2% | −2.7% | −2.3% | 3.1% |
| Financial health | ||||||||||
| Interest coverage | 32.5x | 16.2x | 15.5x | 27.7x | −17.4x | 1.6x | −0.8x | 7.4x | 5.4x | 11.4x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.1% | 6.3% | 3.6% | 1.9% | 0.5% | 1.4% | 2.8% | 1.7% | 2.4% | 2.0% |
| Stock comp / revenue | 8.1% | 6.0% | 6.0% | 5.8% | 15.7% | 10.0% | 9.0% | 6.3% | 6.5% | 6.5% |
| Payouts / FCF | 0.0% | 75.4% | 74.0% | 3.2% | — | 561.8% | 0.0% | 0.0% | 0.0% | 0.0% |
| Quality scores | ||||||||||
| Accruals ratio | −5.5% | −9.6% | −10.0% | −4.9% | −12.8% | −3.0% | −4.7% | −4.1% | −5.4% | −10.7% |
Source: SEC EDGAR XBRL filings (CIK 0000921582). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.