IMAX vs Shenandoah Telecommunications
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The short version
- IMAX is the larger business, with $410M of revenue in fiscal 2025 against $358M for Shenandoah Telecommunications.
- IMAX grew revenue faster (16.5%, against 9.1%).
- IMAX kept more of each dollar of sales as operating profit (20.5% operating margin, against β6.5%).
- IMAX turned more of its sales into free cash flow (29.0% FCF margin, against β72.1%).
| Latest fiscal year | IMAX Β· FY25 | SHEN Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.0B | $575M |
| Revenue | $410M | $358M |
| Free cash flow | $119M | β$258M |
| Net income | $34.9M | β$32.9M |
| Growth | ||
| Revenue growth | 16.5% | 9.1% |
| 5-year growth | 24.5% | 10.1% |
| Share count change | 3.1% | 2.6% |
| Profitability | ||
| Gross margin | 60.0% | β |
| Operating margin | 20.5% | β6.5% |
| Net margin | 8.5% | β9.2% |
| FCF margin | 29.0% | β72.1% |
| Return on capital | β | β1.3% |
| Return on equity | 10.9% | β3.7% |
| Balance sheet | ||
| Net debt | β | $617M |
| Net debt / EBITDA | β | 5.8x |
| Dividends and buybacks | $0.0M | $6.4M |
| Valuation & quality | ||
| P/E | 74.1x | β |
| Piotroski F-score | β | 3 |
Revenue
FY16
IMAX $377M
SHEN $535M
FY17
IMAX $381M
SHEN $612M
FY18
IMAX $374M
SHEN $193M
FY19
IMAX $396M
SHEN $207M
FY20
IMAX $137M
SHEN $221M
FY21
IMAX $255M
SHEN $245M
FY22
IMAX $301M
SHEN $249M
FY23
IMAX $375M
SHEN $269M
FY24
IMAX $352M
SHEN $328M
FY25
IMAX $410M
SHEN $358M
IMAX
SHEN
Operating margin
FY16
IMAX 15.5%
SHEN 4.2%
FY17
IMAX 8.3%
SHEN 7.6%
FY18
IMAX 12.1%
SHEN β1.5%
FY19
IMAX 19.5%
SHEN β0.7%
FY20
IMAX β88.9%
SHEN β1.2%
FY21
IMAX 4.3%
SHEN β1.0%
FY22
IMAX β1.6%
SHEN β7.0%
FY23
IMAX 13.5%
SHEN 0.1%
FY24
IMAX 12.5%
SHEN β8.7%
FY25
IMAX 20.5%
SHEN β6.5%
IMAX
SHEN
Free cash flow
FY16
IMAX $62.6M
SHEN β$11.7M
FY17
IMAX $61.2M
SHEN $76.4M
FY18
IMAX $96.6M
SHEN $209M
FY19
IMAX $83.0M
SHEN $192M
FY20
IMAX β$23.7M
SHEN $182M
FY21
IMAX $2.5M
SHEN β$411M
FY22
IMAX $8.9M
SHEN β$114M
FY23
IMAX $52.1M
SHEN β$141M
FY24
IMAX $62.4M
SHEN β$257M
FY25
IMAX $119M
SHEN β$258M
IMAX
SHEN
Return on capital
FY16
IMAX β
SHEN 1.5%
FY17
IMAX β
SHEN 4.2%
FY18
IMAX β
SHEN β0.3%
FY19
IMAX β
SHEN β0.1%
FY20
IMAX β
SHEN β0.2%
FY21
IMAX β
SHEN β0.3%
FY22
IMAX β
SHEN β2.2%
FY23
IMAX β
SHEN 0.0%
FY24
IMAX β
SHEN β2.1%
FY25
IMAX β
SHEN β1.3%
IMAX
SHEN
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.