Education
About Us
Working with TipRanks
Follow Us
Eastman Kodak Company (KODK)
NYSE:KODK
Top Page
Kodak
(NYSE:KODK)
Select Model
Select Model
Rating:54Neutral
Price Target:
$7.50
▼(-6.95% Downside)
Action:ReiteratedDate:03/17/26
The score is driven primarily by mixed financial performance—stronger leverage and a strong 2025 cash-flow year but unstable earnings and uneven revenue trends. Earnings-call commentary supports a cautiously improving operational and balance-sheet trajectory, while technical signals are neutral-to-weak and valuation is less supportive due to losses and no dividend data.
Positive Factors
Balance-sheet deleveraging
Large pension reversion and $312M term‑loan reduction materially improved liquidity and reduced net leverage, cutting interest expense (~$40M annually). This strengthens financial flexibility to fund capex, product investment and further debt reduction over the next several quarters.
Margin & EBITDA improvement
Sustained margin expansion and outsized operational EBITDA gains signal improving unit economics via pricing and efficiency actions. Stronger margins enhance durable cash flow generation potential, insulating operations from cyclical equipment sales and supporting reinvestment and debt reduction.
Product & end‑market diversification
Growing AM&C, pharma product introductions, film and print product momentum broaden revenue sources beyond cyclical print equipment. Diversified end markets and new production ramps increase recurring consumables and services potential, improving revenue durability and reducing single-market exposure.
Negative Factors
Revenue & earnings volatility
Inconsistent top‑line trends and volatile profitability make forecasting cash generation and investment capacity difficult. Large swings from profit to loss raise execution risk and mean improvements may be sensitive to pricing, volume cycles and one‑off items rather than stable structural growth.
Cash‑flow inconsistency
2025 cash strength appears partially driven by discrete items; prior negative operating and free cash flow years show the core business can underperform. Reliance on one‑time benefits undermines confidence in persistent free cash generation needed for sustained capex, debt service and growth.
High‑cost debt & near‑term obligations
Elevated financing costs and mandatory near‑term repayments consume cash flow and raise refinancing risk if operations weaken. Even after paydowns, high coupon debt and Series B terms constrain flexibility and can pressure margins and liquidity if revenue or cash flow slips.
Kodak (KODK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$769.27M
Dividend YieldN/A
Average Volume (3M)1.58M
Price to Earnings (P/E)―
Beta (1Y)1.79
Revenue Growth-0.67%
EPS Growth-141.58%
CountryUS
Employees3,900
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)-1.12
Shares Outstanding97,500,000
10 Day Avg. Volume1,294,705
30 Day Avg. Volume1,578,509
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)1.07
Price to Sales (P/S)0.71
P/FCF Ratio1.70
Enterprise Value/Market Cap0.74
Enterprise Value/Revenue0.53
Enterprise Value/Gross Profit2.45
Enterprise Value/Ebitda10.51
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Kodak Business Overview & Revenue Model
Company DescriptionEastman Kodak Company provides hardware, software, consumables, and services to customers in the commercial print, packaging, publishing, manufacturing, and entertainment markets worldwide. The company operates through Traditional Printing, Digital Printing, Advanced Materials and Chemicals, and Brand. The Traditional Printing segment offers digital offset plate and computer-to-plate imaging solutions to commercial industries, including commercial print, direct mail, book publishing, newspapers and magazines, and packaging. The Digital Printing segment provides electrophotographic printing solutions, such as The ASCEND and NEXFINITY printers; prosper products, including the PROSPER 6000 Press, PROSPER Writing Systems, PROSPER press systems, and PROSPER components; versamark products; and PRINERGY workflow production software. The Advanced Materials and Chemicals segment engages in industrial film and chemicals, motion picture, and advanced materials and functional printing businesses. This segment also comprises the Kodak Research Laboratories, which conducts research, develops new product or new business opportunities, and files patent applications for its inventions and innovations, as well as manages licensing of its intellectual property to third parties. The Brand segment engages in the licensing of Kodak brand to third parties. The company engages in the operation of Eastman Business Park, a technology center and industrial complex. It sells its products and services through direct sales, third party resellers, dealers, channel partners, and distributors. Eastman Kodak Company was founded in 1880 and is headquartered in Rochester, New York.
How the Company Makes MoneyKodak primarily makes money by selling products and services used in the commercial printing ecosystem, with revenue generated across a mix of equipment, recurring consumables, and services. A core portion of its revenue comes from its Print segment, where it sells digital printing systems and related software/workflow solutions; these equipment sales are typically more transactional and can be cyclical, influenced by customers’ capital spending. Kodak also generates ongoing, repeat revenue from consumables used in print production—such as printing plates and other print-related supplies—where demand is tied to customers’ print volumes and replenishment cycles. In addition, Kodak earns revenue from services and support associated with its installed base (e.g., maintenance, service contracts, parts, and professional services tied to installation and optimization). Kodak also earns revenue from its Advanced Materials & Chemicals activities by selling specialty materials and chemical products for industrial uses; the specific mix and contribution can vary by period. Information on any significant partnerships specifically contributing to earnings is null.
Kodak Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where Kodak is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where Kodak is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyKodak Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call communicated strong operational momentum: revenue growth (notably Q4), meaningful margin expansion, large improvements in operational EBITDA, and a materially strengthened balance sheet following the KRIP reversion and substantial term loan paydown. These positives were tempered by large one-time GAAP impacts (notably a $153M excise tax) that produced GAAP net losses, reductions in noncash pension income, restructuring costs, elevated manufacturing and commodity costs, and near-term obligations tied to Series B and high-interest term loans. On balance, the company appears to be transitioning to a healthier, delevered position with sustainable operational improvements despite short-term accounting and tax-related headwinds.Q4-2025 Updates
Positive Updates
Fourth Quarter Revenue Growth
Q4 revenue of $290 million, up $24 million or 9% year-over-year (constant currency +$19M), with both AM&C and Print contributing to growth.
Improved Gross Profit and Margin Expansion
Q4 gross profit of $67 million, up $16 million or 31% YoY; Q4 gross margin 23% vs 19% prior year (+4 percentage points). Full-year gross profit margin 22% vs 19% prior year (+3 percentage points).
Operational EBITDA Strength
Q4 operational EBITDA $22 million, up $13 million or 144% YoY. Full-year operational EBITDA $62 million, up $36 million or 138% YoY, driven by improved pricing and operational efficiencies.
Balance Sheet Improvement and Cash Position
Completed pension reversion generating ~$1.023 billion in proceeds (net benefit ~$870M after $153M excise tax). Paid down term loan principal by $312M (year-end term loan balance $200M) and ended 2025 with $337 million unrestricted cash, up $136M vs year-end 2024, resulting in net positive cash relative to term loan and Series B obligations.
AM&C and Print Operational Wins
AM&C revenue up 25% in Q4; film business resurgence (new owned distribution of still films and film used in notable films); Print growth in North America (plates and imprinting systems); PROSPER 520 moving to full production; investments in AI/ML and rapid response service implemented.
Strategic Investments and New Product Momentum
Launched four new pharma products (PBS to Water for Injection) while pursuing Class II certification; continued investments in battery coating and commercial print infrastructure; brand licensing growth, especially in Asia.
Negative Updates
GAAP Net Losses Driven by One-Time Items
Q4 GAAP net loss $108 million vs GAAP net income $26 million prior year (decline $134M) primarily due to $153M excise tax on KRIP reversion and a $7M loss on early extinguishment of debt. Full-year GAAP net loss $128M vs GAAP net income $102M prior year (decline $230M) for similar reasons.
Adjusted Net Results Still Negative Year-Over-Year
Adjusted Q4 net loss $12 million vs prior-year adjusted net income $27M (decline $39M) and adjusted full-year net loss $11 million vs prior-year adjusted net income $87M (decline $98M), largely due to a $111M (full-year) / $41M (Q4) reduction in noncash pension income and increased restructuring costs.
Significant Excise Tax Impact
KRIP reversion generated a large excise tax expense of $153 million that materially impacted GAAP profitability for the quarter and year.
Elevated Interest and Near-Term Debt Obligations
Term loans accrue interest at 12.5%; Series B amendment increased cumulative dividend rate to 6% (from 4%) and requires near-term term loan paydowns ($50M within 5 days and another $50M by June 1, 2026). Company still plans additional debt reduction to improve leverage.
Rising Manufacturing and Commodity Costs
Operational gains were partially offset by higher manufacturing costs, including aluminum, and continued global cost inflation, which pressured margins and operating costs.
Modest Operating Cash Flow Excluding Reversion
Excluding KRIP reversion proceeds and related items, net cash provided by operating activities was $21 million for 2025 — an improvement but modest relative to scale and after working capital headwinds.
Company Guidance
Kodak’s guidance was largely directional—focused on growth, deleveraging and free cash flow—supported by specific near-term actions and many metrics: Q4 revenue $290M (+9% YoY, +$24M), Q4 gross profit $67M (+31%) and gross margin 23% (+4ppt), full‑year revenue $1.069B (+2%, +$26M), FY gross margin 22% (+3ppt), operational EBITDA Q4 $22M (+144%) and FY $62M (+138%), adjusted net loss Q4 $12M and FY $11M, ending unrestricted cash $337M (up $136M YoY), pension reversion proceeds ~$1.023B (net benefit $870M after $153M excise tax) that funded a $312M term‑loan paydown to a $200M balance, contributed $251M of assets to the replacement pension, yielded ~$144M net cash and $158M in assets, reduced interest expense by ~$40M annually, and prompted Series B amendments (dividend rate to 6% from 4%, conversion price to $10 from $10.50, mandatory redemption extended to June 2029) plus required term‑loan paydowns of $50M immediately and $50M by June 1, 2026—all intended to strengthen liquidity, lower weighted interest cost (term loans accrue ~12.5%) and position the company to drive growth.Kodak Financial Statement Overview
Summary
Financials are mixed: leverage improved sharply and 2025 showed very strong operating/free cash flow, but profitability and revenue have been volatile with a sizable net loss in 2025 and declining equity over time.Income Statement
Revenue has been choppy over the last several years (down in 2023–2024, modest rebound in 2025), suggesting inconsistent demand and limited sustained growth. Profitability is volatile: the company swung from solid profitability in 2023–2024 to a sizable net loss in 2025, even as gross margin improved versus prior years. Overall, margins and earnings power look unstable, with a meaningful risk of further earnings swings.45
Neutral
Balance Sheet
Leverage improved sharply in 2025, with debt dropping to a very low level relative to equity, which reduces financial risk. However, equity has declined from 2022–2025 and returns to shareholders turned negative in 2025 due to the net loss, indicating weaker underlying value creation. Asset base also stepped down versus prior years, pointing to a smaller balance sheet and potentially less cushion than earlier periods.66
Positive
Cash Flow
Cash flow performance is inconsistent. 2025 shows exceptionally strong operating cash flow and free cash flow, indicating a near-term liquidity benefit and better cash conversion in that period. But prior years included negative operating cash flow and negative free cash flow (notably 2021–2022 and again in 2024), highlighting volatility and execution risk. The sharp swing in free cash flow trends raises questions about durability of the 2025 cash strength.58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.07B | 1.04B | 1.12B | 1.21B | 1.15B |
| Gross Profit | 232.00M | 203.00M | 213.00M | 173.00M | 164.00M |
| EBITDA | 54.00M | 197.00M | 195.00M | 114.00M | 87.00M |
| Net Income | -128.00M | 102.00M | 75.00M | 26.00M | 24.00M |
Balance Sheet | |||||
| Total Assets | 1.66B | 2.00B | 2.35B | 2.29B | 2.17B |
| Cash, Cash Equivalents and Short-Term Investments | 337.00M | 201.00M | 255.00M | 217.00M | 362.00M |
| Total Debt | 250.00M | 499.00M | 495.00M | 363.00M | 312.00M |
| Total Liabilities | 944.00M | 1.14B | 1.21B | 1.04B | 1.19B |
| Stockholders Equity | 713.00M | 859.00M | 1.14B | 1.24B | 977.00M |
Cash Flow | |||||
| Free Cash Flow | 446.00M | -63.00M | 6.00M | -147.00M | -68.00M |
| Operating Cash Flow | 480.00M | -7.00M | 38.00M | -116.00M | -47.00M |
| Investing Cash Flow | -29.00M | -39.00M | -32.00M | -56.00M | -20.00M |
| Financing Cash Flow | -314.00M | -23.00M | 85.00M | 43.00M | 238.00M |
Kodak Technical Analysis
Positive
8.06
Price Trends
7.42
Positive
7.62
Positive
6.94
Positive
Market Momentum
0.02
Negative
63.52
Neutral
82.66
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For KODK, the sentiment is Positive. The current price of 8.06 is above the 20-day moving average (MA) of 7.24, above the 50-day MA of 7.42, and above the 200-day MA of 6.94, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 63.52 is Neutral, neither overbought nor oversold. The STOCH value of 82.66 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for KODK.
Kodak Risk Analysis
Kodak disclosed 43 risk factors in its most recent earnings report. Kodak 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
Kodak Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $556.99M | 15.59 | 14.61% | 2.98% | -4.96% | 39.42% | |
68 Neutral | $1.39B | 12.96 | 1515.74% | ― | ― | ― | |
67 Neutral | $474.66M | 16.61 | 4.02% | ― | 71.28% | -89.20% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $343.90M | 6.71 | 27.02% | 4.69% | -9.23% | ― | |
54 Neutral | $769.27M | -5.94 | -16.48% | ― | -0.67% | -141.58% | |
49 Neutral | $422.21M | 4,518.60 | -88.38% | ― | -31.51% | ― |
* Industrials Sector Average
KODK
Kodak
7.89
1.38
21.20%
ACTG
Acacia Research
4.92
1.47
42.61%
CASS
Cass Information Systems
43.15
0.70
1.66%
QUAD
Quad/Graphics
6.58
1.35
25.91%
SPIR
Spire Global
12.20
3.32
37.39%
RHLD
Resolute Holdings Management, Inc.
164.17
128.94
365.99%
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.