IMAX

IMAX · NYSE · Communication Services · Financials, fiscal 2016 to 2025

IMAX · Last close · October 26, 2026

$52.08

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%.

IMAX Corporation Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001628280-26-011770 Updated October 10, 2026

Revenue

$410M

16.5%

Operating margin

20.5%

8.1 pts

Net income

$35M

33.8%

Free cash flow

$119M

90.5%

Return on equity

10.9%

1.8 pts

Market cap

$2.9B

Oct 26 close

P/E

72.3x

On $0.72 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Its results depend on how many films and events are released in IMAX format and how well they do at the box office.
Its large and growing presence in China, which accounts for much of its network and backlog of planned systems.
Rival large-format screens and new technologies from theater chains and others.
Planned theater installations may not happen, so its backlog may not turn into revenue and cash.
Tariffs, trade barriers and the risks of doing business in many countries.

From IMAX's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 4.6% a year and net income 2.2% a year, as buybacks cut the share count by 19%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value IMAX yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from IMAX's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need IMAX's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to IMAX's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 12% discount rate. Base: growth of 11% then 7% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 16.5% then 10% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $52.08
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from IMAX's earnings per share of $0.72 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 44.6×, the average of the Communication Services median and IMAX's own P/E today for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available.

Earnings growth in the years ahead (% a year) Starts at IMAX's revenue growth over the last 3 years, 10.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $52.08
Value at this multiple, against the last close: —
IMAX's P/E at the last close: 72.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	190	97	76	101	151
Debt incl. finance leases	—	—	—	—	—
Net debt (negative means net cash)	—	—	—	—	—
Net debt to EBITDA	—	—	—	—	—
Debt to equity	—	—	—	—	—
Interest coverage	1.6x	−0.8x	7.4x	5.4x	11.4x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought IMAX shares on the open market, and 9 insiders sold $74.7 million, $45.3 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 10, 2026	Robert D ListerChief Legal Officer Sr Exec VP	Sold	22,500	$51.58	$1.2 million	Form 4
Aug 25, 2026	Mark WeltonPresident IMAX Global Theatres	Sold	30,000	$54.47	$1.6 million	Form 4
Aug 25, 2026	Kenneth Ian WeissmanDeputy GC, Corp. Sec. & CCO	Sold	8,000	$54.54	$436,320	Form 4
Aug 24, 2026	Natasha FernandesChief Financial Officer & EVP	Sold	20,000	$54.63	$1.1 million	Form 4
Aug 20, 2026	Richard L GelfondChief Executive Officer, Director	Sold plan	100,000	$53.23	$5.3 million	Form 4
Aug 20, 2026	Calamera PabloCTO & EVP	Sold	15,000	$52.41	$786,150	Form 4
Aug 19, 2026	Richard L GelfondChief Executive Officer, Director	Sold plan	205,504	$53.27	$10.9 million	Form 4
Aug 18, 2026	Richard L GelfondChief Executive Officer, Director	Sold plan	151,253	$51.00	$7.7 million	Form 4
Aug 6, 2026	Jose Aleksandr ZlatarSVP, Controller & PAO	Sold	500	$49.90	$24,950	Form 4
Apr 27, 2026	Richard L GelfondChief Executive Officer, Director	Sold plan	8,943	$37.33	$333,842	Form 4
Apr 17, 2026	Richard L GelfondChief Executive Officer, Director	Sold plan	34,182	$37.06	$1.3 million	Form 4
Apr 16, 2026	Richard L GelfondChief Executive Officer, Director	Sold plan	41,737	$37.05	$1.5 million	Form 4

The latest 12 of 26 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—
Accruals ratio	−4.1%	−5.4%	−10.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put IMAX side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
IMAX	FY25	16.5%	20.5%	29.0%	—	—	—
Madison Square Garden Sports	FY26	11.0%	2.5%	5.3%	—	2.9x	7	Compare
Sphere Entertainment	FY25	18.8%	−18.8%	—	−4.8%	1.6x	7	Compare
Lionsgate Studios	FY26	1.8%	3.7%	0.4%	8.3%	13.9x	5	Compare
TKO Group	FY25	−3.0%	17.6%	—	5.9%	2.4x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	377	381	374	396	137	255	301	375	352	410
Revenue growth	0.9%	0.9%	−1.7%	5.7%	−65.4%	86.0%	18.0%	24.6%	−6.0%	16.5%
Gross profit	203	185	208	214	22	134	156	214	190	246
Research and development	16	21	14	5	6	7	5	10	5	6
Operating income	59	31	45	77	−122	11	−5	50	44	84
Net income	29	2	23	47	−144	−22	−23	25	26	35
Diluted EPS (US$)	0.42	0.04	0.36	0.76	−2.43	−0.38	−0.40	0.46	0.48	0.63
Diluted shares (millions)	68	66	63	62	59	59	57	55	54	56
Cash flow
Cash from operations	78	85	110	90	−23	6	17	59	71	127
Capital expenditure	15	24	13	7	1	4	8	6	8	8
Free cash flow	63	61	97	83	−24	2	9	52	62	119
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	46	72	3	37	14	0	0	0	0
Acquisitions	0	0	0	0	0	0	16	0	0	0
Stock-based compensation	30	23	23	23	22	26	27	24	23	27
Balance sheet at fiscal year end
Cash and short-term investments	205	159	142	110	317	190	97	76	101	151
Debt incl. finance leases	—	—	—	—	—	—	—	—	—	—
Total assets	857	867	874	889	998	883	821	815	830	894
Total liabilities	231	263	274	246	533	453	491	469	452	466
Shareholders' equity	562	528	512	548	394	356	263	273	300	338
Margins and ratios
Gross margin	53.7%	48.6%	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%	13.4%	12.4%	20.5%
Net margin	7.6%	0.6%	6.1%	11.8%	−104.9%	−8.8%	−7.6%	6.8%	7.4%	8.5%
Free cash flow margin	16.6%	16.1%	25.8%	21.0%	−17.3%	1.0%	3.0%	13.9%	17.7%	29.0%
Return on capital	—	—	—	—	—	—	—	—	—	—
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%
Net debt to EBITDA	—	—	—	—	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: IMAX's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with IMAX.