A Business at a Glance
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IMAX CORP
IMAX
$2.4B
Mkt Cap
$43.38
-1.32%
IMAX CORP (IMAX) has a current P/E ratio of 68.9, compared to its historical median P/E of 51.9. The stock is currently considered Expensive based on its historical valuation range.
IMAX CORP (IMAX) has a 5-year average return on invested capital (ROIC) of 11.9%. This indicates solid capital allocation.
IMAX CORP (IMAX) has a market capitalization of $2.4B. It is classified as a mid-cap stock.
IMAX CORP (IMAX) does not currently pay a regular dividend.
Based on historical P/E analysis, IMAX CORP (IMAX) appears expensive. The current P/E of 68.9 is 33% above its historical median of 51.9. The estimated fair value CAGR (P/E method) is -0.7%.
IMAX CORP (IMAX) operates in the Photographic Equipment & Supplies industry, within the Technology sector.
IMAX CORP (IMAX) reported annual revenue of $410 million in its most recent fiscal year, based on SEC EDGAR filings.
IMAX Corporation (the “Company” or “IMAX”) is a Canadian corporation that was formed in March 1994 as a result of an amalgamation between WGIM Acquisition Corp. and the former IMAX Corporation (“Predecessor IMAX”). Predecessor IMAX was incorporated in 1967. As of December 31, 2025, the Company indirectly owned 71.57% of IMAX China Holding, Inc. (“IMAX China”), whose shares trade on the Hong Kong Stock Exchange. IMAX China is a consolidated subsidiary of the Company. IMAX is a premier global technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers a unique end-to-end solution to create superior, awe-inspiring immersive content experiences for which the IMAX® brand is globally renowned. Top filmmakers, movie studios, artists, and creators utilize the cutting-edge visual and sound technology of IMAX to connect with audiences in innovative ways.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 405M | 410M | 352M | 375M | 301M | 255M |
| Net Income | 37M | 35M | 26M | 25M | -23M | -22M |
| EPS | $0.68 | $0.63 | $0.48 | $0.46 | $-0.40 | $-0.38 |
| Free Cash Flow | 115M | 119M | 62M | 52M | 8.9M | 2.5M |
| ROIC | 24.3% | 26.5% | 16.7% | 17.1% | -2.6% | 1.5% |
| Gross Margin | 59.0% | 60.0% | 54.0% | 57.2% | 52.0% | 52.7% |
| Debt/Equity | 0.14 | 0.10 | 0.12 | 0.08 | 0.14 | 0.01 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 77M | 84M | 44M | 50M | -4.8M | 11M |
| Operating Margin | 19.1% | 20.5% | 12.5% | 13.4% | -1.6% | 4.3% |
| ROE | 11.0% | 10.9% | 9.1% | 9.4% | -7.4% | -6.0% |
| Shares Outstanding | 55M | 55M | 54M | 55M | 57M | 59M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 291M | 374M | 377M | 381M | 374M | 396M | 137M | 255M | 301M | 375M | 352M | 410M | 405M |
| Gross Margin | 59.7% | 58.7% | 53.7% | 48.7% | 55.5% | 54.1% | 15.7% | 52.7% | 52.0% | 57.2% | 54.0% | 60.0% | 59.0% |
| R&D | 16M | 13M | 16M | 21M | 14M | 5.2M | 5.6M | 6.9M | 5.3M | 10M | 5.1M | 5.8M | 6.3M |
| SG&A | 0 | 222M | 249M | 154M | 163M | 137M | 108M | 117M | 138M | 144M | 133M | 138M | 137M |
| EBIT | 58M | 88M | 59M | 31M | 45M | 77M | -122M | 11M | -4.8M | 50M | 44M | 84M | 77M |
| Op. Margin | 19.9% | 23.5% | 15.5% | 8.3% | 12.1% | 19.5% | -88.9% | 4.3% | -1.6% | 13.4% | 12.5% | 20.5% | 19.1% |
| Net Income | 39M | 55M | 29M | 2.3M | 23M | 47M | -144M | -22M | -23M | 25M | 26M | 35M | 37M |
| Net Margin | 13.5% | 14.7% | 7.6% | 0.6% | 6.1% | 11.8% | -104.9% | -8.8% | -7.6% | 6.8% | 7.4% | 8.5% | 9.1% |
| Non-Recurring | 3.5M | 830K | 417K | 11M | 2.4M | 724K | 3.6M | 890K | 4.5M | 2.9M | 3.7M | 9.5M | 2.4M |
| Returns on Capital | |||||||||||||
| ROIC | 15.2% | 20.9% | 11.2% | 4.8% | 8.4% | 13.0% | -22.7% | 1.5% | -2.6% | 17.1% | 16.7% | 26.5% | 24.3% |
| ROE | 11.2% | 10.9% | 4.9% | 0.4% | 4.4% | 8.8% | -30.5% | -6.0% | -7.4% | 9.4% | 9.1% | 10.9% | 11.0% |
| ROA | 7.1% | 7.1% | 3.2% | 0.3% | 2.6% | 5.3% | -15.2% | -2.4% | -2.7% | 3.1% | 3.2% | 4.0% | 4.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 87M | 84M | 78M | 85M | 110M | 90M | -23M | 6.1M | 17M | 59M | 71M | 127M | 124M |
| Free Cash Flow | 47M | 41M | 63M | 61M | 97M | 83M | -24M | 2.5M | 8.9M | 52M | 62M | 119M | 115M |
| Owner Earnings | 38M | 20M | 887K | -4.4M | 30M | 4.1M | -98M | -24M | -15M | 30M | 42M | 93M | -184M |
| CapEx | 40M | 43M | 15M | 24M | 13M | 7.4M | 697K | 3.6M | 8.4M | 6.5M | 8.4M | 8.2M | 8.7M |
| Maint. CapEx | 34M | 43M | 46M | 67M | 57M | 63M | 54M | 4.9M | 4.8M | 4.6M | 5.8M | 7.5M | 281M |
| Growth CapEx | 6.3M | 454K | 0 | 0 | 0 | 0 | 0 | 0 | 3.6M | 1.9M | 2.7M | 651K | 0 |
| D&A | 34M | 43M | 46M | 67M | 57M | 63M | 54M | 4.9M | 4.8M | 4.6M | 5.8M | 7.5M | 281M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 12.2% | 8.2% | N/A | 59.2% | 48.6% | 11.1% | 11.9% | 6.4% | 7.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 3.1M | 34M | 0 | 46M | 71M | 2.7M | 37M | 14M | 0 | 1.6M | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | 6.1% | 0.2% | 3.5% | 1.3% | 10.0% | 3.3% | 1.3% | 0.1% | 0.0% |
| Stock-Based Comp | 15M | 22M | 31M | 23M | 23M | 23M | 22M | 26M | 27M | 24M | 23M | 27M | 27M |
| Debt Repayment | 427K | 1.5M | 0 | 0 | 1.9M | 0 | 1.1M | 527K | 2.3M | 46K | 0 | 2.3M | 2.3M |
| Balance Sheet | |||||||||||||
| Net Debt | -102M | -259M | -177M | -133M | -64M | -71M | 294M | -185M | -61M | -53M | -64M | -117M | -99M |
| Cash & Equiv. | 107M | 317M | 205M | 159M | 142M | 109M | 317M | 190M | 97M | 76M | 101M | 151M | 146M |
| Long-Term Debt | N/A | 29M | 27M | 25M | 38M | 18M | 306M | 2.5M | N/A | 53K | N/A | N/A | 47M |
| Debt/Equity | 0.01 | 0.09 | 0.05 | 0.05 | 0.15 | 0.07 | 1.55 | 0.01 | 0.14 | 0.08 | 0.12 | 0.10 | 0.14 |
| Interest Coverage | 62.6 | 52.8 | 32.5 | 16.2 | 15.5 | 27.7 | -17.4 | 1.5 | -0.8 | 7.4 | 5.4 | 11.4 | 28.7 |
| Equity | 383M | 624M | 562M | 528M | 512M | 548M | 394M | 356M | 263M | 273M | 299M | 338M | 335M |
| Total Assets | 622M | 931M | 857M | 867M | 874M | 889M | 998M | 883M | 821M | 815M | 830M | 894M | 893M |
| Total Liabilities | 195M | 253M | 231M | 263M | 274M | 246M | 533M | 453M | 491M | 469M | 452M | 466M | 465M |
| Intangibles | 28M | 29M | 30M | 31M | 34M | 30M | 26M | 23M | 33M | 35M | 35M | 32M | 31M |
| Retained Earnings | -6.3M | 20M | -47M | -88M | -85M | -40M | -203M | -235M | -293M | -293M | -275M | -240M | -236M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 75M | 96M | 93M | 100M | 98M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.56 | 0.78 | 0.42 | 0.04 | 0.36 | 0.76 | -2.43 | -0.38 | -0.40 | 0.46 | 0.48 | 0.63 | 0.68 |
| Owner EPS | 0.54 | 0.28 | 0.01 | -0.08 | 0.47 | 0.07 | -1.66 | -0.42 | -0.25 | 0.55 | 0.78 | 1.68 | -3.35 |
| Book Value | 5.45 | 8.84 | 8.20 | 9.01 | 8.07 | 8.88 | 6.66 | 6.06 | 4.62 | 4.96 | 5.52 | 6.10 | 6.12 |
| Cash Flow/Share | 1.24 | 1.19 | 1.14 | 1.46 | 1.73 | 1.47 | -0.39 | 0.10 | 0.30 | 1.06 | 1.30 | 2.30 | 5.79 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 70.2M | 70.6M | 68.5M | 58.6M | 63.5M | 61.7M | 59.2M | 58.8M | 57.0M | 55.1M | 54.3M | 55.4M | 54.9M |
| Valuation | |||||||||||||
| P/E Ratio | 54.9 | 46.2 | 73.9 | 582.5 | 51.5 | 27.3 | N/A | N/A | N/A | 32.5 | 52.3 | 59.8 | 63.6 |
| P/FCF | 46.1 | 62.1 | 34.0 | 22.3 | 12.2 | 15.4 | N/A | 433.5 | 89.7 | 15.8 | 21.8 | 17.5 | 20.6 |
| EV/EBIT | 34.1 | 22.5 | 30.0 | 34.1 | 20.6 | 14.0 | N/A | 63.6 | N/A | 13.8 | 27.3 | 21.6 | 29.4 |
| Price/Book | 5.7 | 4.1 | 3.8 | 2.6 | 2.3 | 2.3 | 2.7 | 3.0 | 3.0 | 3.0 | 4.5 | 6.2 | 7.1 |
| Price/Sales | 6.7 | 6.9 | 5.6 | 4.0 | 3.7 | 3.4 | 5.9 | 4.4 | 3.1 | 2.6 | 2.9 | 3.8 | 5.9 |
| FCF Yield | 2.1% | 1.6% | 2.9% | 4.5% | 8.2% | 6.5% | -2.3% | 0.2% | 1.1% | 6.3% | 4.6% | 5.7% | 4.9% |
| Market Cap | 2.2B | 2.6B | 2.1B | 1.4B | 1.2B | 1.3B | 1.0B | 1.1B | 798M | 824M | 1.4B | 2.1B | 2.4B |
| Avg. Price | 27.56 | 36.01 | 30.99 | 26.25 | 21.79 | 21.60 | 13.55 | 19.29 | 16.43 | 17.90 | 18.72 | 28.48 | 43.38 |
| Year-End Price | 30.73 | 36.04 | 31.05 | 23.30 | 18.54 | 20.78 | 17.70 | 18.26 | 14.00 | 14.97 | 25.09 | 37.67 | 43.38 |
IMAX CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
IMAX CORP trades at 68.9x trailing earnings, compared to its 15-year median P/E of 51.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 19.7x vs a median of 19.7x. The company's 5-year average ROIC is 11.9% with a gross margin of 55.2%. At current prices, the estimated annualized return to fair value is +3.8%.
IMAX CORP (IMAX) has a net profit margin of 8.5%. This is a modest margin.
IMAX CORP (IMAX) generated $119 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
IMAX CORP (IMAX) has a debt-to-equity ratio of 0.10. This indicates a conservatively financed balance sheet.
IMAX CORP (IMAX) reported earnings per share (EPS) of $0.63 in its most recent fiscal year.
IMAX CORP (IMAX) has a return on equity (ROE) of 10.9%. This indicates moderate shareholder returns.
IMAX CORP (IMAX) has a 5-year average gross margin of 55.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for IMAX CORP (IMAX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
IMAX CORP (IMAX) has a book value per share of $6.10, based on its most recent annual SEC filing.