IMAX Corporation (IMAX)
NYSE:IMAX
Want to see IMAX full AI Analyst Report?
Top Page
IMAX
(NYSE:IMAX)
Select Model
Select Model
Rating:69Neutral
Price Target:
$46.00
▲(31.09% Upside)
Action:Reiterated
Date:06/12/26
IMAX scores highest on improving profitability and strong free cash flow, supported by constructive technical momentum and upbeat 2026 guidance. The score is held back primarily by a rich valuation (high P/E) and some fundamental volatility risks (recent TTM revenue softness, margin cadence, and ongoing leverage sensitivity).
Positive Factors
Free cash flow generation
Sustained FCF roughly equal to net income shows high earnings quality and internal funding capacity. Over 2–6 months this supports organic installation rollouts, marketing investments, debt servicing and strategic optionality without needing frequent capital raises, reducing financing risk.
Negative Factors
Inconsistent revenue growth
Revenues that oscillate reduce operating leverage and make scaling fixed costs harder. For IMAX, dependence on hit content and regional cycles means top‑line variability can persist, constraining predictability of partner revenue shares and pressuring margins during weaker slate periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Free cash flow generation
Sustained FCF roughly equal to net income shows high earnings quality and internal funding capacity. Over 2–6 months this supports organic installation rollouts, marketing investments, debt servicing and strategic optionality without needing frequent capital raises, reducing financing risk.
Read all positive factors
IMAX (IMAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.32B
Dividend YieldN/A
Average Volume (3M)1.22M
Price to Earnings (P/E)62.2
Beta (1Y)0.30
Revenue Growth12.56%
EPS Growth43.49%
CountryUS
Employees700
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)0.68
Shares Outstanding54,855,175
10 Day Avg. Volume845,473
30 Day Avg. Volume1,221,310
Financial Highlights & Ratios
PEG Ratio1.74
Price to Book (P/B)5.87
Price to Sales (P/S)4.83
P/FCF Ratio16.67
Enterprise Value/Market Cap1.00
Enterprise Value/Revenue5.73
Enterprise Value/Gross Profit9.87
Enterprise Value/Ebitda18.34
Forecast
1Y Price Target
$46.89Price Target Upside33.62% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.7
Revenue Forecast (FY)$442.65M
IMAX Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
IMAX primarily generates revenue through a combination of technology-based fees and content-based participation tied to the IMAX theatrical ecosystem. Key revenue streams include: (1) Theater system and services revenue: IMAX sells or leases its p...
IMAX Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum and confidence in a record 2026, highlighted by robust box office growth outside China, a deep upcoming slate of IMAX‑leaning titles, meaningful network expansion (notably the HOYTS deal) and improved adjusted net income and EPS. Short‑term financial headwinds were acknowledged — primarily a steep Q1 box office comp in Greater China (≈62% decline), softer total revenue and compressed EBITDA/margins due to region mix and upfront marketing and incentive investments. Management framed the cash outlays (lease incentives, pre‑marketing) as deliberate growth investments to accelerate installations and capture upside from the strengthened slate. Given the strong forward guidance, portfolio depth, network deals and bottom‑line improvement against the temporary China comp and margin cadence, the positives on balance outweigh the near‑term negatives.Positive Updates
2026 Guidance and Long-Term Outlook
Company reiterated full-year 2026 guidance: record global box office of $1.4 billion; 160–175 system installations; adjusted EBITDA margin guidance with a floor of at least 45% (mid-40s target). Management emphasized strong momentum and confidence in meeting guidance.
Negative Updates
Greater China Box Office Decline
China box office in Q1 declined ~62% year‑over‑year versus an exceptionally strong prior‑year quarter (Ne Zha 2 comp). Company noted a heavy 2025 first‑quarter concentration (46% of China annual box office) that is unlikely to repeat in 2026, pressuring Q1 results.
Read all updates
Q1-2026 Updates
Positive
Negative
2026 Guidance and Long-Term Outlook
Company reiterated full-year 2026 guidance: record global box office of $1.4 billion; 160–175 system installations; adjusted EBITDA margin guidance with a floor of at least 45% (mid-40s target). Management emphasized strong momentum and confidence in meeting guidance.
Read all positive updates
Company Guidance
IMAX reiterated 2026 guidance calling for a record $1.4 billion in global box office, 160–175 system installations worldwide and an adjusted EBITDA margin in the mid‑40s with a floor of at least 45% (management also referenced a >50% adjusted‑EBITDA forecast for the coming year); CapEx was guided to $30–35 million with potential upside of $10–15 million to accelerate rollouts. Management pointed to strong early momentum — quarter‑to‑date global box office >$100 million (up >10% YoY) and April box office >$105 million (up >15% YoY) — and noted year‑to‑date signings of over 40 new/upgraded systems across 10 countries (including a 10‑system HOYTS deal); balance sheet metrics as of March 31 were $146 million cash, $300 million debt and net leverage of 0.86x.IMAX Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
63
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 404.92M | 410.21M | 352.21M | 374.84M | 300.81M | 254.88M |
| Gross Profit | 235.29M | 237.57M | 190.20M | 214.34M | 156.35M | 134.41M |
| EBITDA | 126.58M | 133.10M | 111.28M | 112.96M | 52.77M | 74.16M |
| Net Income | 36.77M | 34.88M | 26.06M | 25.34M | -22.80M | -22.33M |
Balance Sheet | ||||||
| Total Assets | 893.15M | 894.03M | 830.40M | 814.67M | 821.15M | 883.25M |
| Cash, Cash Equivalents and Short-Term Investments | 146.00M | 151.17M | 100.59M | 76.20M | 97.40M | 189.71M |
| Total Debt | 290.83M | 297.41M | 278.12M | 252.06M | 263.02M | 226.11M |
| Total Liabilities | 464.81M | 466.30M | 452.18M | 469.08M | 491.39M | 452.88M |
| Stockholders Equity | 335.46M | 337.89M | 299.47M | 273.14M | 263.36M | 356.08M |
Cash Flow | ||||||
| Free Cash Flow | 115.28M | 118.90M | 29.62M | 25.78M | -15.30M | -11.71M |
| Operating Cash Flow | 123.88M | 127.07M | 70.84M | 58.62M | 17.32M | 6.07M |
| Investing Cash Flow | -33.92M | -41.92M | -41.22M | -31.79M | -53.29M | -7.00K |
| Financing Cash Flow | -41.16M | -34.08M | -6.04M | -48.53M | -58.51M | -132.72M |
IMAX Technical Analysis
Positive
35.09
Price Trends
37.31
Positive
37.45
Positive
35.76
Positive
Market Momentum
1.42
Negative
67.77
Neutral
80.82
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMAX, the sentiment is Positive. The current price of 35.09 is below the 20-day moving average (MA) of 38.51, below the 50-day MA of 37.31, and below the 200-day MA of 35.76, indicating a bullish trend. The MACD of 1.42 indicates Negative momentum. The RSI at 67.77 is Neutral, neither overbought nor oversold. The STOCH value of 80.82 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMAX.
IMAX Risk Analysis
IMAX disclosed 33 risk factors in its most recent earnings report. IMAX reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
IMAX Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $2.32B | 62.17 | 10.95% | ― | 12.56% | 43.49% | |
67 Neutral | $3.48B | 53.82 | 8.89% | ― | 4.51% | -62.44% | |
65 Neutral | $3.95B | 22.79 | 31.48% | 1.45% | 6.85% | -26.53% | |
62 Neutral | $5.49B | 45.89 | 5.36% | ― | 11.47% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | $4.16B | -20.95 | 16.27% | ― | -17.64% | -54.79% | |
53 Neutral | $1.43B | -2.31 | 29.90% | ― | 10.63% | -7.77% |
* Communication Services Sector Average
IMAX
IMAX
42.24
13.00
44.46%
CNK
Cinemark Holdings
33.80
2.27
7.19%
AMC
AMC Entertainment
2.34
-0.79
-25.24%
SPHR
Sphere Entertainment
153.25
113.74
287.88%
LION
Lionsgate Studios
14.32
8.05
128.39%
MSGE
Madison Square Garden Entertainment Corp.
73.49
36.66
99.54%
IMAX Corporate Events
Executive/Board ChangesShareholder Meetings
IMAX Shareholders Approve Directors, Auditor and Executive Pay
Positive
Jun 11, 2026
At its 2026 Annual General Meeting of Shareholders held on June 10, 2026, IMAX Corporation shareholders elected ten directors, including CEO Richard L. Gelfond, to serve until the next annual meeting in 2027 or until their successors are chosen. T...
Executive/Board Changes
IMAX Names Robert Lister Interim Principal Executive Officer
Neutral
Apr 17, 2026
On March 30, 2026, IMAX disclosed that Chief Executive Officer Richard Gelfond had taken a temporary medical leave of absence, prompting a short-term leadership adjustment. On April 16, 2026, the board appointed Chief Legal Officer and Senior Exec...
Business Operations and StrategyExecutive/Board Changes
IMAX CEO Takes Medical Leave, Leadership Team Oversees Operations
Negative
Mar 30, 2026
On March 30, 2026, IMAX Corporation announced that long-serving CEO Richard Gelfond has taken a temporary medical leave of absence while being treated for pneumonia and will not participate in upcoming company or industry events. To maintain conti...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.