IMAX vs Sphere Entertainment
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KIRAβs take AI analyst
I put IMAX and Sphere Entertainment side by side, using each oneβs latest annual report. Here is what stands out:
- 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 β18.8%).
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
IMAX
IMAX
5/6
5-year growthOperating marginNet marginReturn on equityShare count change
Sphere Entertainment
SPHR
1/6
Revenue growth
Side by side
Best in the row
| Latest fiscal year | IMAX FY25 | SPHR FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.0B | $3.9B |
| Revenue | $410M | $1.2B |
| Free cash flow | $119M | β |
| Net income | $34.9M | $33.4M |
| Growth | ||
| Revenue growth | 16.5% | 18.8% |
| 5-year growth | 24.5% | β3.2% |
| Share count change | 3.1% | 28.3% |
| Profitability | ||
| Gross margin | 60.0% | β |
| Operating margin | 20.5% | β18.8% |
| Net margin | 8.5% | 2.7% |
| FCF margin | 29.0% | β |
| Return on capital | β | β4.8% |
| Return on equity | 10.9% | 1.4% |
| Balance sheet | ||
| Net debt | β | $171M |
| Net debt / EBITDA | β | 1.6x |
| Dividends and buybacks | $0.0M | $50.0M |
| Valuation & quality | ||
| P/E | 74.1x | β |
| Piotroski F-score | β | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.