IMAX vs Lionsgate Studios
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KIRAβs take AI analyst
I put IMAX and Lionsgate Studios side by side, using each oneβs latest annual report. Here is what stands out:
- Lionsgate Studios is the larger business, with $2.6B of revenue in fiscal 2026 against $410M for IMAX, about 6.4 times as much.
- IMAX grew revenue faster (16.5%, against 1.8%).
- IMAX kept more of each dollar of sales as operating profit (20.5% operating margin, against 3.7%).
- IMAX turned more of its sales into free cash flow (29.0% FCF margin, against 0.4%).
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
IMAX
IMAX
5/5
Revenue growthOperating marginNet marginFCF marginShare count change
Lionsgate Studios
LION
0/5
Side by side
Best in the row
| Latest fiscal year | IMAX FY25 | LION FY26 |
|---|---|---|
| Size | ||
| Market cap | $3.0B | $3.5B |
| Revenue | $410M | $2.6B |
| Free cash flow | $119M | $11.4M |
| Net income | $34.9M | β$198M |
| Growth | ||
| Revenue growth | 16.5% | 1.8% |
| 5-year growth | 24.5% | β |
| Share count change | 3.1% | 14.7% |
| Profitability | ||
| Gross margin | 60.0% | β |
| Operating margin | 20.5% | 3.7% |
| Net margin | 8.5% | β7.5% |
| FCF margin | 29.0% | 0.4% |
| Return on capital | β | 8.3% |
| Return on equity | 10.9% | β |
| Balance sheet | ||
| Net debt | β | $1.6B |
| Net debt / EBITDA | β | 13.9x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | 74.1x | β |
| Piotroski F-score | β | 5 |
Ten years
Revenue
FY17
IMAX $381M
LION β
FY18
IMAX $374M
LION β
FY19
IMAX $396M
LION β
FY20
IMAX $137M
LION β
FY21
IMAX $255M
LION β
FY22
IMAX $301M
LION β
FY23
IMAX $375M
LION β
FY24
IMAX $352M
LION $2.5B
FY25
IMAX $410M
LION $2.6B
FY26
IMAX β
LION $2.6B
IMAX
LION
Operating margin
FY17
IMAX 8.3%
LION β
FY18
IMAX 12.1%
LION β
FY19
IMAX 19.5%
LION β
FY20
IMAX β88.9%
LION β
FY21
IMAX 4.3%
LION β
FY22
IMAX β1.6%
LION β
FY23
IMAX 13.5%
LION β
FY24
IMAX 12.5%
LION β0.6%
FY25
IMAX 20.5%
LION β0.7%
FY26
IMAX β
LION 3.7%
IMAX
LION
Free cash flow
FY17
IMAX $61.2M
LION β
FY18
IMAX $96.6M
LION β
FY19
IMAX $83.0M
LION β
FY20
IMAX β$23.7M
LION β
FY21
IMAX $2.5M
LION β
FY22
IMAX $8.9M
LION β
FY23
IMAX $52.1M
LION β
FY24
IMAX $62.4M
LION $387M
FY25
IMAX $119M
LION β$180M
FY26
IMAX β
LION $11.4M
IMAX
LION
Return on capital
FY17
IMAX β
LION β
FY18
IMAX β
LION β
FY19
IMAX β
LION β
FY20
IMAX β
LION β
FY21
IMAX β
LION β
FY22
IMAX β
LION β
FY23
IMAX β
LION β
FY24
IMAX β
LION β
FY25
IMAX β
LION β1.1%
FY26
IMAX β
LION 8.3%
IMAX
LION
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.