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STRONG
BUY
0
BUY 16
HOLD 8
SELL 1
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0
| PRICE TARGET: $45.43 DETAILS
HIGH: $60.00
LOW: $34.00
MEDIAN: $46.00
CONSENSUS: $45.43
UPSIDE: 16.13%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Revenue
Revenue 410.2 352.2 374.8 300.8 254.9 137.0 395.7 374.4 380.8 377.3 373.8 290.5 287.9 282.8 235.1 248.6 171.2 102.7 111.2 122.5 128.9 128.3 119.3 129.1 118.7 173.1 192.8 190.4 158.5 114.3 80.9 69.3
Cost of Revenue 172.6 162.0 160.5 144.4 120.5 115.5 181.5 166.5 195.5 174.7 154.5 117.2 123.3 129.5 121.0 111.0 89.7 65.2 74.7 75.0 70.0 68.2 67.3 75.6 97.4 112.7 98.0 95 61.1 46.4 32.0 34.4
Gross Profit 237.6 190.2 214.3 156.4 134.4 21.5 214.2 207.9 185.2 202.7 219.3 173.4 164.6 153.2 114.1 137.7 81.6 37.6 36.5 47.4 58.9 60.1 52.0 53.5 21.3 60.5 94.9 95.4 97.4 67.9 48.8 34.9
Operating Expenses
R&D Expenses 4.1 5.1 10.1 5.3 6.9 5.6 5.2 13.7 20.9 16.3 12.7 16.1 14.8 11.4 7.8 6.2 3.8 7.5 5.8 3.6 3.2 4.0 3.8 2.4 3.4 6.5 3.1 2.7 2.1 2.5 2.8 0
SG&A Expenses 137.9 132.7 144.4 138.0 117.8 108.5 123.8 117.5 109.9 123.5 113.0 93.3 84.9 81.6 73.2 78.8 56.2 43.7 44.7 42.5 37.5 36.4 33.3 34.9 49.0 53.4 34.5 38.8 32.1 29.5 26.0 23.6
Other Expenses 0 8.5 9.4 17.8 (1.3) 29.3 8.2 31.5 23.1 4.3 5.8 6.2 (0.1) 1.4 4.1 2.0 1.8 2.5 (1.7) (2.5) (4.7) (3.9) (3.2) (0.2) 62.8 18.9 2.8 22.7 15.4 14.5 14.9 19.5
Operating Expenses 142.0 146.3 163.9 161.2 123.4 143.4 136.9 162.8 153.8 144.1 131.5 115.5 99.5 94.4 85.1 87.0 61.8 53.6 48.7 43.6 36.0 36.4 33.9 37.0 115.1 78.8 40.4 64.2 49.6 46.5 43.6 43.1
Operating Income
Operating Income 95.6 43.9 50.4 (4.8) 11.0 (121.8) 77.3 45.2 31.4 58.6 87.8 57.9 65.1 58.9 29.0 50.6 19.8 (16.1) (12.2) 3.8 22.9 23.6 18.1 16.4 (93.9) (18.3) 54.4 31.2 47.8 21.5 5.2 (8.2)
Interest Expense 7.4 8.1 6.8 5.9 7.1 7.0 2.8 2.9 1.9 1.8 1.7 0.9 1.3 0.7 1.8 1.9 13.8 17.7 17.1 16.8 16.9 17.1 0 0 0 0 0 0 0 0 0 0
Interest Income 2.8 2.2 2.5 1.4 2.2 2.4 2.1 1.8 1.0 1.5 1.0 0.4 0.1 0.1 0.1 0.4 0.1 0.4 5.5 6.3 5.6 4.8 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 158.1 111.3 113.0 52.8 74.2 (69.4) 141.1 104.0 98.8 106.1 131.5 92.0 102.3 91.8 54.2 71.6 38.4 2.3 6.4 21.7 39.6 39.0 28.7 32.4 65.8 54.4 79.7 53.9 63.2 36.0 20.1 11.3
EBIT 95.6 45.8 52.9 (3.9) 18.1 (122.1) 78.1 46.5 32.0 59.7 88.7 58.3 65.2 59.0 29.0 51.0 19.3 (15.7) (11.4) 4.9 23.9 23.9 19.0 16.3 (34.0) (7.2) 54.4 31.2 47.8 21.5 5.2 (8.2)
Income Before Tax 63.3 37.7 46.1 (9.8) 11.0 (131.0) 75.3 43.6 30.0 57.9 87.1 57.4 63.8 58.3 27.2 49.2 5.5 (33.4) (28.5) (11.9) 7.0 6.8 (0.2) 11.2 (122.0) (42.9) 42.3 13.7 38 29.0 9.1 (13.1)
Income Tax Expense 17.8 5.0 13.1 10.1 20.6 26.5 16.8 9.5 16.8 16.2 20.1 14.5 16.6 15.1 9.3 (52.6) 0.3 0.1 0.5 6.2 1.1 (0.1) (0.4) (3.6) 11.0 (13.1) 16.6 9.8 17.3 13.6 5.4 (3.6)
Net Income 34.9 26.1 25.3 (22.8) (22.3) (143.8) 46.9 22.8 2.3 28.8 55.8 39.7 44.1 41.3 15.3 101.2 5.0 (33.6) (26.9) (16.8) 7.8 7.7 0.2 12.0 (145.1) (92.9) 25.2 1.8 20.7 15.4 3.7 (9.5)
Per Share Data
EPS (Basic) 0.65 0.49 0.47 -0.40 -0.38 -2.43 0.76 0.36 0.04 0.43 0.79 0.58 0.66 0.63 0.24 1.59 0.10 -0.79 -0.67 -0.42 0.20 0.20 0.01 0.18 -4.69 -3.11 0.85 0.03 0.71 0.54 0.12 -0.34
EPS (Diluted) 0.63 0.48 0.46 -0.40 -0.38 -2.43 0.76 0.36 0.04 0.42 0.78 0.56 0.64 0.61 0.22 1.52 0.09 -0.79 -0.67 -0.42 0.19 0.19 0.01 0.18 -4.69 -3.04 0.85 0.03 0.68 0.50 0.11 -0.34
Shares Outstanding 53.6 52.6 54.3 56.7 59.1 59.2 61.3 63.1 65.4 67.6 69.5 68.3 67.2 65.9 64.5 63.6 52.8 42.4 40.3 40.3 39.9 39.3 36.9 33.2 30.9 29.9 29.7 29.6 29.2 28.5 31.2 27.8
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Current Assets
Cash & Cash Equivalents 151.2 100.6 76.2 97.4 189.7 317.4 109.5 141.6 158.7 204.8 20.1 27.0 29.0 47.3 37.1 26.4 26.8 34.6 143.6 64.1 102.6 50.7 56.9
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7.5 83.1 39.3 0 0 0 0
Net Receivables 138.7 310.1 327.8 309.6 295.3 228.6 267.6 256.7 262.7 221.2 100.2 79.1 79.4 70.6 16.9 18.3 23.6 42.6 45.2 32.4 18.0 10.6 6.3
Inventory 32.5 32.8 31.6 31.5 26.9 39.6 43.0 44.6 30.8 42.1 10.3 19.8 29.0 28.2 34.1 42.7 51.0 31.1 18.7 21.9 21.3 18.8 13.5
Other Current Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 5.0 0 0 0 2.6 13.1 18.7 6.3 4.3 3
Total Current Assets 337.3 456.7 447.9 450.8 523.8 596.0 430.3 453.2 459.8 489.4 133.2 128.0 139.6 153.0 90.5 89.3 112.6 194 259.9 137.1 148.2 84.3 79.7
Non-Current Assets
Property, Plant & Equipment 242.9 240.1 243.3 252.9 260.4 277.4 306.8 280.7 276.8 245.4 58.0 39.4 28.7 35.8 45.3 52.7 87.1 66.9 46.6 41.4 37.8 27.7 25.9
Goodwill 45.8 52.8 52.8 52.8 39.0 39.0 39.0 39.0 39.0 39.0 39.0 39.0 0 39.0 0 39.0 40.8 0 0 0 0 0 0
Intangible Assets 32.4 43.8 41.8 38.0 27.3 32.0 48.3 50.5 36.2 46.9 2.1 2.3 42.1 3.4 42.4 0 60.5 62.8 38.1 43.9 46.5 49.1 50.5
Long-Term Investments 183.7 1 1 2.0 2.1 14.6 19.1 4.6 9.9 3.9 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 39.4 21.4 19.9 14.7 16.8 20.7 21.6 14.4 14.1 11.8 15.1 20.0 14.2 15.4 60.9 77.6 207.2 214.5 145.5 122 76.3 33.4 28.5
Total Non-Current Assets 556.7 373.7 366.8 370.3 359.5 401.7 458.8 420.4 406.8 367.9 114.3 100.7 91.2 97.4 152.4 172.3 379.5 344.2 230.2 207.3 160.5 110.3 104.9
Total Assets 894.0 830.4 814.7 821.2 883.2 997.8 889.1 873.6 866.6 857.3 247.5 228.7 230.9 250.4 243.0 261.5 492.1 538.2 490.1 344.4 308.7 194.6 184.6
Current Liabilities
Account Payables 19.5 19.8 26.4 25.2 15.9 20.8 20.4 32.1 24.2 20.0 16.8 15.8 5.8 5.8 6.8 6.7 11.7 18.4 9.8 7.1 4.5 2.9 2.9
Short-Term Debt 37.9 39.2 22.9 36.1 2.5 305.7 18.2 37.8 25.4 27.3 50 20 0 0 0 0 0 17.3 0 0 1.2 1.2 1.8
Deferred Revenue 50.4 52.7 67.1 70.9 81.3 88.0 94.6 106.7 113.3 90.3 57.9 71.5 50.5 63.3 87.3 95.1 106.4 0 0 0 0 0 0
Other Current Liabilities 89.8 84.9 0 0 0 0 0 0 0 (27.3) 0 (71.5) 0 0 0 0 0 68.6 52.7 53.6 59.4 51.4 35.4
Total Current Liabilities 202.0 200.8 227.4 249.6 211.6 513.8 246.0 274.2 263.0 203.5 202.5 94.0 113.2 112.9 137.5 146.9 152.1 104.3 62.5 60.7 65.1 55.6 40.1
Non-Current Liabilities
Long-Term Debt 251.8 229.9 229.1 226.9 223.6 0 18.2 37.8 25.4 27.3 0 160 160 189.2 209.1 229.6 300 300 300 165 165.9 69.7 68.4
Deferred Tax Liabilities 12.5 12.5 12.5 14.9 17.6 19.1 0 0 0 0 0 0 0 0 0 0 0 0 23.3 19.6 6.1 0 0
Other Non-Current Liabilities (7.7) 0 0 0 0 0 (112.8) (144.5) (138.6) (90.3) (57.9) 0 0 0 0 3.5 17.8 22.8 15.1 13.7 14.1 10.9 22.3
Total Non-Current Liabilities 264.3 251.4 241.7 241.8 241.3 19.1 0 0 0 27.3 0 231.5 160 189.2 209.1 233.1 317.8 322.8 338.4 198.3 186.0 80.5 90.7
Total Liabilities 466.3 452.2 469.1 491.4 452.9 533.0 246.0 274.2 263.0 230.8 202.5 325.4 273.2 302.2 346.6 380.0 469.8 427.1 400.9 259 251.1 136.1 130.8
Stockholders' Equity
Common Stock 419.2 401.4 389.0 376.7 410.0 407.0 423.4 422.5 445.8 439.2 0 0 116.3 115.6 65.6 64.4 60.1 57.5 0 0 0 0 0
Retained Earnings (240.0) (274.7) (292.8) (293.1) (235.0) (202.8) (40.3) (85.4) (87.6) (47.4) (242.0) (247.0) (160.9) (171.2) (171.4) (183.4) (38.3) 54.7 29.4 28.6 8.3 (6.8) (10)
Accumulated Other Comprehensive Income (10.3) (12.5) (8.1) (5.9) 6.5 181.3 (3.2) (3.6) (0.6) (5.2) 0.9 3.5 2.3 3.8 2.2 0.6 0.4 (1.1) (0.2) 0 (0.3) 0.2 0
Total Stockholders' Equity 337.9 299.5 273.1 263.4 356.1 385.5 547.7 512.2 527.7 562.0 45.0 (96.8) (42.4) (51.8) (103.7) (118.4) 22.3 111.1 84.4 82.4 56 58.5 53.8
Total Liabilities & Equity 894.0 830.4 814.7 821.2 883.2 997.8 889.1 873.6 866.6 857.3 247.5 228.7 230.9 250.4 243.0 261.5 492.1 538.2 490.1 344.4 308.7 194.5 184.6
Debt Metrics
Total Debt 297.4 278.1 252.1 263.0 226.1 305.7 36.5 75.5 50.7 54.6 50 180 160 189.2 209.1 229.6 300 317.3 300 165 167.0 70.9 70.2
Net Debt 146.2 177.5 175.9 165.6 36.4 (11.7) (73.0) (66.1) (108.0) (150.1) 29.9 153.0 131.0 142.0 172.0 203.3 273.2 282.7 156.4 100.9 64.4 20.2 13.3
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Operating Activities
Net Income 45.5 32.7 33.1 (19.9) (9.6) (157.5) 58.6 33.6 12.5 39.3 5.9 6.9 0.2 1.6 (133.0) (29.8) 25.7 3.9 20.7 15.4 3.7 (9.5)
Depreciation & Amortization 62.4 65.5 60.0 56.7 56.1 52.7 63.0 57.4 66.8 46.5 15.7 15.1 9.6 16.1 99.8 61.6 25.2 22.7 15.4 14.5 14.9 19.5
Stock-Based Compensation 26.8 23.2 24.2 27.6 26.1 22.0 23.6 23.7 24.1 31.6 4.1 3.6 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (36.4) (47.0) (62.5) (64.9) (64.8) (3.7) (69.4) (10.8) (9.1) (30.9) (15.0) (11.8) (14.9) 6.1 14.5 (73.9) (15.4) (47.3) (34.4) (17.3) (14.7) 3.2
Other Non-Cash Items 27.9 2.1 5.2 19.9 (4.8) 39.8 7.9 12.9 (4.9) (13.6) (8.5) (1.2) (4.2) 1.0 (3.2) (6.8) (14.0) 40.6 (4.1) 5.2 (3.7) 4.9
Operating Cash Flow 127.1 70.8 58.6 17.3 6.1 (23.0) 90.4 110.0 85.4 77.9 2.1 11.4 (9.2) 20.4 2.7 (54.1) (2.6) 23.9 11.6 26.8 4.0 13.1
Investing Activities
Capital Expenditure (8.2) (41.2) (32.8) (32.6) (17.8) (9.3) (50.8) (56.9) (72.0) (63.0) (2.1) (0.7) (1.6) (1.5) (1.1) (27.6) (22.5) (14) (12.7) (15.5) (5.0) (2.2)
Acquisitions 0 0 0 (15.9) 0 0 (40.5) 0 (1.6) (1.9) 0 0 0 0 0 (0.9) (25.7) 0 0 0 0 0
Purchases of Investments 0 0 0 (4.7) 0 0 (15.2) 0 (1.6) 0 (31.3) 0 0 0 0 0 (29.6) (32.9) (8.3) (18.2) 0 0
Sales/Maturities of Investments 0 0 1.0 0 17.8 0 0 0 0 0 23.2 0.4 0 0 7.5 81.5 0 0 0 0 0 0
Other Investing Activities (33.7) (8.4) (8.3) (4.4) (4.1) (1.9) 37.6 (8.7) (3.6) (4.8) (0.5) (1.4) (0.2) (1.6) (0.8) (7.6) (30.4) (25.2) (32.5) (14.8) (3.7) (58.7)
Investing Cash Flow (41.9) (41.2) (31.8) (53.3) (0.0) (9.3) (66.0) (56.9) (73.6) (64.9) (10.2) (1.4) (1.8) (3.2) 5.7 45.3 (108.2) (72.1) (53.5) (48.5) (8.7) (60.9)
Financing Activities
Net Debt Issuance (26.9) 11.6 (13.7) 33.3 (80.3) 287.6 (20) 14.3 (2) (2) 0 (29.2) 27.3 (6.0) (12.5) 0 0 132.2 (2.3) 94.4 (1.2) 52.7
Stock Repurchased (1.5) (18.0) (26.8) (83.2) (24.0) (41.2) (35.7) (78.5) (51.3) (118.5) 0 0 0 0 0 0 (0.4) (2.2) 0 (19.5) (0.1) 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.4) 0 0 0 0
Other Financing Activities (9.7) 0.3 (8.0) (8.7) (28.4) (5.8) (1.5) (6.7) (4.3) (5.3) 0 0.3 (4.8) 0 0 1.0 0 (4.8) (0.1) (3.4) 0 (9.7)
Financing Cash Flow (34.1) (6.0) (48.5) (58.5) (132.7) 240.6 (57.1) (70.9) (57.5) (125.8) 3.6 (29.2) 24.2 (5.9) (12.5) 2.5 1.9 127.4 3.4 73.6 (1.3) 104.1
Cash Position
Net Change in Cash 50.6 24.4 (21.2) (92.3) (127.7) 207.9 (32.1) (17.1) (46.0) (112.7) (4.6) (18.3) 13.5 10.7 (4.5) (3.7) (109.0) 79.5 (102.6) 51.9 (6.2) (0.4)
Cash at Beginning 100.6 76.2 97.4 189.7 317.4 109.5 141.6 158.7 204.8 317.4 29.0 47.3 33.8 26.4 30.9 34.6 143.6 64.1 102.6 50.7 57.0 0.4
Cash at End 151.2 100.6 76.2 97.4 189.7 317.4 109.5 141.6 158.7 204.8 24.3 29.0 47.3 37.1 26.4 30.9 34.6 143.6 0 102.6 50.7 0
Free Cash Flow 118.9 29.6 25.8 (15.3) (11.7) (32.3) 39.5 53.1 13.4 14.9 (0.1) 10.7 (10.7) 18.8 1.6 (81.7) (25.1) 9.9 (1.1) 11.2 (1.0) 10.9
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994
Income Statement
Revenue 410.2 352.2 374.8 300.8 254.9 137.0 395.7 374.4 380.8 377.3 373.8 290.5 287.9 282.8 235.1 248.6 171.2 102.7 111.2 122.5 128.9 128.3 119.3 129.1 118.7 173.1 192.8 190.4 158.5 114.3 80.9 69.3
Gross Profit 237.6 190.2 214.3 156.4 134.4 21.5 214.2 207.9 185.2 202.7 219.3 173.4 164.6 153.2 114.1 137.7 81.6 37.6 36.5 47.4 58.9 60.1 52.0 53.5 21.3 60.5 94.9 95.4 97.4 67.9 48.8 34.9
Operating Income 95.6 43.9 50.4 (4.8) 11.0 (121.8) 77.3 45.2 31.4 58.6 87.8 57.9 65.1 58.9 29.0 50.6 19.8 (16.1) (12.2) 3.8 22.9 23.6 18.1 16.4 (93.9) (18.3) 54.4 31.2 47.8 21.5 5.2 (8.2)
Net Income 34.9 26.1 25.3 (22.8) (22.3) (143.8) 46.9 22.8 2.3 28.8 55.8 39.7 44.1 41.3 15.3 101.2 5.0 (33.6) (26.9) (16.8) 7.8 7.7 0.2 12.0 (145.1) (92.9) 25.2 1.8 20.7 15.4 3.7 (9.5)
EPS (Diluted) 0.63 0.48 0.46 -0.40 -0.38 -2.43 0.76 0.36 0.04 0.42 0.78 0.56 0.64 0.61 0.22 1.52 0.09 -0.79 -0.67 -0.42 0.19 0.19 0.01 0.18 -4.69 -3.04 0.85 0.03 0.68 0.50 0.11 -0.34
Balance Sheet
Cash & Equivalents 151.2 100.6 76.2 97.4 189.7 317.4 109.5 141.6 158.7 204.8 20.1 27.0 29.0 47.3 37.1 26.4 26.8 34.6 143.6 64.1 102.6 50.7 56.9
Total Assets 894.0 830.4 814.7 821.2 883.2 997.8 889.1 873.6 866.6 857.3 247.5 228.7 230.9 250.4 243.0 261.5 492.1 538.2 490.1 344.4 308.7 194.6 184.6
Total Debt 297.4 278.1 252.1 263.0 226.1 305.7 36.5 75.5 50.7 54.6 50 180 160 189.2 209.1 229.6 300 317.3 300 165 167.0 70.9 70.2
Stockholders' Equity 337.9 299.5 273.1 263.4 356.1 385.5 547.7 512.2 527.7 562.0 45.0 (96.8) (42.4) (51.8) (103.7) (118.4) 22.3 111.1 84.4 82.4 56 58.5 53.8
Cash Flow
Operating Cash Flow 127.1 70.8 58.6 17.3 6.1 (23.0) 90.4 110.0 85.4 77.9 2.1 11.4 (9.2) 20.4 2.7 (54.1) (2.6) 23.9 11.6 26.8 4.0 13.1
Capital Expenditure (8.2) (41.2) (32.8) (32.6) (17.8) (9.3) (50.8) (56.9) (72.0) (63.0) (2.1) (0.7) (1.6) (1.5) (1.1) (27.6) (22.5) (14) (12.7) (15.5) (5.0) (2.2)
Free Cash Flow 118.9 29.6 25.8 (15.3) (11.7) (32.3) 39.5 53.1 13.4 14.9 (0.1) 10.7 (10.7) 18.8 1.6 (81.7) (25.1) 9.9 (1.1) 11.2 (1.0) 10.9