Eastman Kodak Company (KODK)
NYSE:KODK
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Kodak
(NYSE:KODK)
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Rating:54Neutral
Price Target:
$9.50
▲(17.87% Upside)
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
Material balance-sheet deleveraging and stronger liquidity
The KRIP pension reversion generated substantial proceeds used to cut term‑loan principal and build unrestricted cash. Lower debt and ~$40M lower annual interest expense materially reduce financial risk, increase liquidity, and give management durable capacity to invest or absorb shocks.
Negative Factors
Volatile revenue and earnings history
Historic swings in revenue and a recent sizable GAAP net loss indicate underlying demand and earnings instability. This volatility undermines predictability of future cash flows and makes capital allocation decisions and multi-quarter planning more uncertain for investors and management.
Read all positive and negative factors
Positive Factors
Negative Factors
Material balance-sheet deleveraging and stronger liquidity
The KRIP pension reversion generated substantial proceeds used to cut term‑loan principal and build unrestricted cash. Lower debt and ~$40M lower annual interest expense materially reduce financial risk, increase liquidity, and give management durable capacity to invest or absorb shocks.
Read all positive factors
Kodak (KODK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$922.35M
Dividend YieldN/A
Average Volume (3M)1.58M
Price to Earnings (P/E)―
Beta (1Y)1.63
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 Cap0.91
Enterprise Value/Revenue0.78
Enterprise Value/Gross Profit3.60
Enterprise Value/Ebitda15.47
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 Description
Eastman 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, Digita...
How the Company Makes Money
Kodak 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 segme...
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.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.
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.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
45
Neutral
Balance Sheet
66
Positive
Cash Flow
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
7.52
Positive
7.74
Positive
7.02
Positive
Market Momentum
0.39
Negative
81.08
Negative
92.37
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 7.55, above the 50-day MA of 7.52, and above the 200-day MA of 7.02, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 81.08 is Negative, neither overbought nor oversold. The STOCH value of 92.37 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 | $560.09M | 15.59 | 14.61% | 2.98% | -4.96% | 39.42% | |
67 Neutral | $466.94M | 26.39 | 4.02% | ― | 71.28% | -89.20% | |
66 Neutral | $1.29B | 12.96 | 1515.74% | ― | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | $340.76M | 11.05 | 27.02% | 4.69% | -9.23% | ― | |
54 Neutral | $922.35M | -5.94 | -16.48% | ― | -0.67% | -141.58% | |
50 Neutral | $432.74M | 4,518.60 | -9999.00% | ― | -31.51% | ― |
* Industrials Sector Average
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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.