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Earnings transcript
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IMAX
IMAX Corporation
$40.11
0.99
(2.53%)
| Exchange: | NYSE |
| Market Cap: | 2.2B |
| Shares Outstanding: | 27.813M |
Delayed data
About The Company
| Sector: | Communication Services | |||||
| Industry: | Entertainment | |||||
| CEO: | Richard Lewis Gelfond | |||||
| Full Time Employees: | 700 | |||||
| Address: |
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| Website: | https://www.imax.com |
IMAX Corporation operates as a global entertainment technology firm, specializing in delivering advanced cinematic experiences. It achieves this by leveraging its proprietary software, unique theater designs, intellectual property, and specialized equipment. A core offering is IMAX Digital Re-Mastering (DMR), a patented process that dramatically improves the resolution, visual fidelity, and audio quality of motion picture films for their presentation on IMAX screens. The company supplies its signature theater systems to exhibitor customers through outright sales, leasing agreements, or collaborative revenue-sharing models, and also provides digital projection systems. Furthermore, IMAX supports its extensive network with both proactive and urgent maintenance services. The company is involved in distributing large-format documentary films and offers comprehensive post-production and quality control services for such films, alongside general digital post-production. It directly owns and operates IMAX cinemas. For filmmakers, IMAX provides rental services for its 2D and 3D large-format film and digital cameras, coupled with expert production guidance and technical support for both documentary and Hollywood productions. Its theater systems are marketed through dedicated direct sales teams and marketing personnel to a diverse client base, including science and natural history museums, zoological parks, aquariums, various educational and cultural institutions, theme parks, private home cinema installations, tourist attractions, and temporary events like fairs and expositions. The company holds rights to a robust portfolio of trademarks and trade names, prominently featuring IMAX, IMAX Dome, IMAX 3D, Experience It in IMAX, The IMAX Experience, An IMAX Experience, IMAX DMR, and IMAX Enhanced, among many others. As of December 31, 2021, IMAX boasted a global footprint of 1,683 theater systems across 87 countries and territories, consisting of 1,599 commercial multiplex locations, 12 commercial destination venues, and 72 institutional sites. Established in 1967, IMAX Corporation maintains its headquarters in Mississauga, Canada.
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Revenue Segmentation
EPS
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Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 374,839 | 352,208 | 410,212 |
| Gross Profit | 214,341 | 190,200 | 237,574 |
| EBITDA | 112,960 | 111,285 | 158,050 |
| Operating Income | 50,398 | 43,862 | 95,604 |
| Net Income | 25,335 | 26,059 | 34,876 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 814,669 | 830,398 | 894,031 |
| Total Liabilities | 469,080 | 452,183 | 466,298 |
| Total Stockholders Equity | 273,141 | 299,466 | 337,891 |
| Total Debt | 252,055 | 266,257 | 244,034 |
| Cash and Cash Equivalents | 76,200 | 100,592 | 151,168 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 58,615 | 70,837 | 127,068 |
| Capital Expenditure | -32,835 | -41,216 | -8,167 |
| Free Cash Flow | 25,780 | 29,621 | 118,901 |
| Net Income | 33,066 | 32,702 | 45,526 |
| Net Change in Cash | -21,201 | 24,392 | 50,576 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 564,114.330 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 591,861.186 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 577,821.202 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 290,294.922 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 304,573.537 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 297,348.519 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 155,033.860 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 165,019.560 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 159,966.722 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 227,800.459 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 239,005.185 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 233,335.563 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 2.880 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 2.970 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 2.790 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 7 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Record Financial Performance: IMAX reported its highest-ever third-quarter revenue in Q3 2025, as highlighted in the earnings call transcript, reflecting strong operational execution and market demand for its premium cinematic experiences. Key financial results surpassed expectations, with notable growth in revenue and market share.
- Robust Content Portfolio: The earnings call emphasized a diverse and strong content slate driving performance, positioning IMAX as a leader in delivering unique viewing experiences that attract global audiences.
- Positive Free Cash Flow: Analysis of cash flow statements indicates consistent generation of free cash flow, supported by operating cash flow growth, which provides financial flexibility for reinvestment and debt management.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates IMAX intrinsic value between $8.09 – $20.71 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about IMAX valuation
Is IMAX Corporation (IMAX) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for IMAX Corporation (IMAX) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is IMAX a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether IMAX trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is IMAX’s P/E ratio?
You can see IMAX’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for IMAX?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is IMAX a good long-term investment?
Whether IMAX fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
IMAX
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
Daily snapshot
2.53
Trading Metrics:
| Open: | 39.23 | Previous Close: | 39.12 | |
| Day Low: | 39.17 | Day High: | 40.23 | |
| Year Low: | 24.2 | Year High: | 43.16 | |
| Price Avg 50: | 36.99 | Price Avg 200: | 35.47 | |
| Volume: | 501676 | Average Volume: | 1.136M |
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Login — it's freeIMAX full analysis
Welcome to MARKETSNAP’s SWOT analysis for IMAX Corporation! If you’re a long-term investor looking to build wealth and grow your portfolio, you’re in the right place. Today, we’re diving deep into IMAX, a name most of you already know for its larger-than-life cinema experiences. We’ll break down their strengths, weaknesses, opportunities, and threats, while sprinkling in some recent developments and financial insights to keep things interesting. Let’s get started with a quick overview of where IMAX stands right now. IMAX…
