Marcus
Marcus' revenue rose 3.1% to $758 million in fiscal 2025. Its operating margin was 2.2%, about the same as 2.2% a year earlier. Free cash flow was $1 million, down 96.0%. It paid out $9 million in dividends and buybacks, 926% of free cash flow. The diluted share count fell 1.9%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. 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.
Charts show fiscal years, from the 10-K filings.
What Marcus does
Marcus runs movie theatres and hotels and resorts, mainly in the Midwest. Its theatres operate under the Marcus Theatres, Movie Tavern by Marcus and BistroPlex brands, and many offer recliner seating, bars and food delivered to the seat. It also runs a family entertainment center next to one theatre in Appleton, Wisconsin.
The company reports two segments. In theatres, it earns money from tickets, food and drinks, and from pre-show advertising sold through outside providers. At the end of 2025 it owned or operated 78 theatres with 985 screens in 17 states. About 71% of the screens are in theatres with 12 or more screens. It says it is the fourth largest theatre circuit in the United States. In hotels and resorts, it earns money from room stays, food and beverage, and from fees for managing properties for partners and third parties.
Marcus owns and operates seven hotels and resorts in Wisconsin, Illinois and Nebraska, and manages nine more. It says the theatre industry is very fragmented, so deals to buy theatres or circuits are hard to predict. It competes with other theatre chains and with other lodging operators.
Its biggest risks, as it describes them
- Falling attendance if too few films, or too few films that appeal to audiences, are released.
- Shorter windows before films reach home video, piracy and other ways to watch at home.
- Weaker ties with film distributors, or fewer of them, which could raise film costs.
- Heavy capital needs and debt that takes a lot of cash to service.
- Harsh Midwest winter weather and seasonal swings in results.
Income statement
From fiscal 2016 to 2025, net income fell 11.4% a year; the filings' structured data doesn't give diluted earnings per share.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 18 | 22 | 56 | 41 | 23 |
| Debt incl. finance leases | 282 | 198 | 185 | 172 | 170 |
| Net debt (negative means net cash) | 264 | 176 | 130 | 131 | 147 |
| Net debt to EBITDA | 8.6x | 2.3x | 1.3x | 1.6x | 1.7x |
| Debt to equity | 0.6x | 0.4x | 0.4x | 0.4x | 0.4x |
| Interest coverage | −2.2x | 0.5x | 2.7x | 1.5x | 1.5x |
| Current ratio | 0.5x | 0.4x | 0.6x | 0.5x | 0.4x |
| Quick ratio | 0.5x | 0.4x | 0.6x | 0.5x | 0.3x |
Cash flow
Projections
Project Marcus' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of Marcus reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | 7 of 8 | 5 of 8 | 6 of 8 |
| Rule of 40 | 16.5% | 4.2% | 3.2% |
| Altman Z'' | 1.52 | 1.24 | 1.20 |
| Accruals ratio | −8.2% | −10.6% | −7.0% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Fail | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Fail | Pass |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Pass | Pass | Fail |
| Current ratio rose | Pass | Fail | Fail |
| Share count didn't rise | Fail | Pass | Pass |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Pass | Pass |
| F-score | 7 of 8 | 5 of 8 | 6 of 8 |
Compare
Put Marcus 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 |
|---|---|---|---|---|---|---|---|---|
| Marcus | FY25 | 3.1% | 2.2% | 0.1% | 2.8% | 1.7x | 6 | |
| Atlanta Braves Holdings | FY25 | 10.5% | −1.9% | −9.3% | −0.9% | 12.0x | 4 | Compare |
| Madison Square Garden Entertainment | FY26 | 12.5% | 13.3% | — | 21.8% | 1.2x | 8 | Compare |
| 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 |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 574 | 654 | 707 | 821 | 238 | 458 | 677 | 730 | 736 | 758 |
| Revenue growth | 17.7% | 13.8% | 8.2% | 16.1% | −71.0% | 92.8% | 47.8% | 7.7% | 0.8% | 3.1% |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 72 | 77 | 83 | 68 | −178 | −42 | 8 | 34 | 16 | 17 |
| Net income | 38 | 65 | 53 | 42 | −125 | −43 | −12 | 15 | −8 | 13 |
| Diluted EPS (US$) | — | — | — | — | — | — | — | — | — | — |
| Diluted shares (millions) | 28 | 28 | 29 | 31 | 31 | 31 | 32 | 41 | 32 | 31 |
| Cash flow | ||||||||||
| Cash from operations | 83 | 109 | 137 | 142 | −69 | 46 | 93 | 103 | 104 | 84 |
| Capital expenditure | 84 | 115 | 59 | 64 | 21 | 17 | 37 | 39 | 79 | 83 |
| Free cash flow | −1 | −6 | 79 | 77 | −90 | 29 | 56 | 64 | 25 | 1 |
| Dividends paid | 12 | 14 | 16 | 19 | 5 | 0 | 3 | 7 | 9 | 9 |
| Share buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 64 | 0 | 0 | 30 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-based compensation | 2 | 2 | 3 | 4 | 4 | 9 | 8 | 6 | 8 | 8 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 3 | 16 | 17 | 21 | 7 | 18 | 22 | 56 | 41 | 23 |
| Debt incl. finance leases | 283 | 302 | 263 | 240 | 336 | 282 | 198 | 185 | 172 | 170 |
| Total assets | 911 | 1,018 | 989 | 1,359 | 1,254 | 1,188 | 1,065 | 1,065 | 1,044 | 1,014 |
| Total liabilities | 520 | 573 | 499 | 738 | 756 | 735 | 608 | 594 | 580 | 557 |
| Shareholders' equity | 390 | 445 | 490 | 621 | 499 | 454 | 456 | 471 | 465 | 457 |
| Margins and ratios | ||||||||||
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Operating margin | 12.4% | 11.8% | 11.8% | 8.3% | −75.1% | −9.1% | 1.2% | 4.7% | 2.2% | 2.2% |
| Net margin | 6.6% | 9.9% | 7.5% | 5.1% | −52.5% | −9.4% | −1.8% | 2.0% | −1.1% | 1.7% |
| Free cash flow margin | −0.2% | −0.9% | 11.1% | 9.4% | −37.8% | 6.4% | 8.3% | 8.8% | 3.4% | 0.1% |
| Rule of 40 (growth + FCF margin) | 17.5% | 12.9% | 19.3% | 25.5% | −108.9% | 99.2% | 56.1% | 16.5% | 4.2% | 3.2% |
| Return on capital | 7.0% | 10.4% | 9.1% | 6.7% | −16.9% | −4.2% | 1.0% | 3.8% | 2.1% | 2.8% |
| Return on equity | 10.3% | 15.6% | 11.4% | 7.6% | −22.3% | −9.1% | −2.6% | 3.2% | −1.7% | 2.8% |
| Return on assets | 4.4% | 6.7% | 5.3% | 3.6% | −9.6% | −3.5% | −1.1% | 1.4% | −0.7% | 1.2% |
| Net debt to EBITDA | 2.5x | 2.2x | 1.7x | 1.6x | — | 8.6x | 2.3x | 1.3x | 1.6x | 1.7x |