IMAX
IMAX · Movies & Entertainment
$53.38
2.0%Sphere Entertainment
SPHR · Movies & Entertainment
$108.94
2.4%The short version
- Sphere Entertainment is the larger business, with $1.2B of revenue in fiscal 2025 against $410M for IMAX, about 3.0 times as much.
- Sphere Entertainment grew revenue faster (18.8%, against 16.5%).
- IMAX kept more of each dollar of sales as operating profit (20.5% operating margin, against −18.8% operating margin).
| Latest fiscal year | IMAX · FY25 | SPHR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.0B | $3.9B |
| Revenue | $410M | $1.2B |
| Free cash flow | $119M | — |
| Net income | $34.9M | $33.4M |
| Growth | ||
| Revenue growth | 16.5% | 18.8% |
| 5-year growth | 24.5% | −3.2% |
| Share count change | 3.1% | 28.3% |
| Profitability | ||
| Gross margin | 60.0% | — |
| Operating margin | 20.5% | −18.8% |
| Net margin | 8.5% | 2.7% |
| FCF margin | 29.0% | — |
| Return on capital | — | −4.8% |
| Return on equity | 10.9% | 1.4% |
| Balance sheet | ||
| Net debt | — | $171M |
| Net debt / EBITDA | — | 1.6x |
| Dividends and buybacks | $0.0M | $50.0M |
| Valuation & quality | ||
| P/E | 74.1x | — |
| Piotroski F-score | — | 7 |
FY16
IMAX $377M
SPHR —
FY17
IMAX $381M
SPHR —
FY18
IMAX $374M
SPHR $989M
FY19
IMAX $396M
SPHR $1.0B
FY20
IMAX $137M
SPHR $1.4B
FY21
IMAX $255M
SPHR $648M
FY22
IMAX $301M
SPHR $610M
FY23
IMAX $375M
SPHR $574M
FY24
IMAX $352M
SPHR $1.0B
FY25
IMAX $410M
SPHR $1.2B
IMAX
SPHR
FY16
IMAX 15.5%
SPHR —
FY17
IMAX 8.3%
SPHR —
FY18
IMAX 12.1%
SPHR −3.2%
FY19
IMAX 19.5%
SPHR −4.4%
FY20
IMAX −88.9%
SPHR 16.4%
FY21
IMAX 4.3%
SPHR −29.1%
FY22
IMAX −1.6%
SPHR −27.2%
FY23
IMAX 13.5%
SPHR −47.6%
FY24
IMAX 12.5%
SPHR −33.2%
FY25
IMAX 20.5%
SPHR −18.8%
IMAX
SPHR
FY16
IMAX $62.6M
SPHR —
FY17
IMAX $61.2M
SPHR —
FY18
IMAX $96.6M
SPHR −$43.0M
FY19
IMAX $83.0M
SPHR −$82.6M
FY20
IMAX −$23.7M
SPHR −$147M
FY21
IMAX $2.5M
SPHR −$515M
FY22
IMAX $8.9M
SPHR −$615M
FY23
IMAX $52.1M
SPHR —
FY24
IMAX $62.4M
SPHR —
FY25
IMAX $119M
SPHR —
IMAX
SPHR
FY16
IMAX —
SPHR —
FY17
IMAX —
SPHR —
FY18
IMAX —
SPHR —
FY19
IMAX —
SPHR —
FY20
IMAX —
SPHR 13.4%
FY21
IMAX —
SPHR −8.6%
FY22
IMAX —
SPHR −5.7%
FY23
IMAX —
SPHR −5.8%
FY24
IMAX —
SPHR −7.8%
FY25
IMAX —
SPHR −4.8%
IMAX
SPHR
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.