IMAX vs Reservoir Media
IMAX reported revenue of $410 million in fiscal 2025, 2.3 times Reservoir Media's $176 million in fiscal 2026. IMAX's revenue grew 16.5% in its latest year, and Reservoir Media's grew 10.7%. IMAX had an operating margin of 20.5%, against 21.8% at Reservoir Media. Free cash flow was $119 million at IMAX and $50 million at Reservoir Media. Their fiscal years end in different months (December 31 and March 31), so the periods don't line up exactly.
Side by side
| IMAX | Reservoir Media | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2026, Mar 31, 2026 |
| Revenue | $410M | $176M |
| Revenue growth | 16.5% | 10.7% |
| Revenue growth a year, last 5 years | 24.5% | 17.0% |
| Gross margin | 60.0% | 64.7% |
| Operating margin | 20.5% | 21.8% |
| Net margin | 8.5% | 4.7% |
| Free cash flow | $119M | $50M |
| Free cash flow margin | 29.0% | 28.3% |
| Return on capital | — | 3.5% |
| Net debt to EBITDA | — | 6.2x |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 3.1% | 0.5% |
| Last close | $47.67 | $10.21 |
| P/E at the last close | 20.6× | 78.5× |
| Insider trades, last 12 months | sold $74.7 million | — |
| Piotroski F-score | — | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
IMAXReservoir Media
Operating margin
Percent of revenue
IMAXReservoir Media
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
IMAXReservoir Media
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the IMAX and Reservoir Media pages.