A Business at a Glance
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National CineMedia, Inc.
NCMI
$363M
Mkt Cap
$3.77
+0.80%
National CineMedia, Inc. (NCMI) has a 5-year average return on invested capital (ROIC) of -3.9%. This is below average and may indicate limited pricing power.
National CineMedia, Inc. (NCMI) has a market capitalization of $363M. It is classified as a small-cap stock.
Yes, National CineMedia, Inc. (NCMI) pays a dividend with a trailing twelve-month yield of 3.14%. The company also returns capital through share buybacks, with a buyback yield of 6.06%.
National CineMedia, Inc. (NCMI) operates in the Services-Advertising industry, within the Industrials sector.
National CineMedia, Inc. (NCMI) reported annual revenue of $243 million in its most recent fiscal year, based on SEC EDGAR filings.
National CineMedia, Inc. (NCMI) has a net profit margin of -4.4%. The company is currently unprofitable.
National CineMedia, Inc. (NCMI) generated $3 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
The Company National CineMedia is the largest cinema advertising platform in the U.S. With unparalleled reach and scale, NCM connects brands to sought-after young, diverse audiences through the power of movies and pop culture. A premium video, full-funnel marketing solution for advertisers, NCM enhances advertisers’ ability to measure and drive results. NCM’s Noovie® Show is presented exclusively in 41 leading national and regional theater circuits including all three national chains, AMC, Cinemark and Regal. NCM’s cinema advertising platform consists of more than 17,000 screens in over 1,300 theaters in 184 Designated Market Areas® (“DMA®”), including all of the top 50. In November of 2025, NCM extended its reach by acquiring Spotlight and the Spotlight Cinema Network, a U.S. cinema advertising company dedicated to serving art house, luxury and dine-in exhibitors.
| Segment | 2021 | 2022 | 2023 | 2024 | 2026 | % of Total |
|---|---|---|---|---|---|---|
National advertising revenue | $84M | $187M | $115M | $188M | $195M | 79% |
Local and regional advertising revenue | — | — | $30M | $39M | $35M | 14% |
ESA advertising revenue from beverage concessionaire agreements | — | $19M | $10M | $14M | $14M | 6% |
Barter Transaction Revenue | $0M | — | $0M | $1M | $3M | 1% |
Management Fee Reimbursement | — | — | $10M | — | — | — |
| Metric | TTM | FY2026 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 243M | 243M | 241M | - | 249M | 115M |
| Net Income | -11M | -11M | -22M | 705M | -29M | -49M |
| EPS | $-0.11 | $-0.11 | $-0.23 | $14.34 | $-3.50 | $-0.61 |
| Free Cash Flow | 2.8M | 2.8M | 55M | -10M | -50M | -101M |
| ROIC | -3.1% | -2.7% | -5.2% | - | 0.6% | -8.5% |
| Gross Margin | 18.2% | 18.2% | 17.0% | - | 57.0% | 39.1% |
| Debt/Equity | 0.03 | 0.03 | 0.06 | 0.04 | -4.39 | -2.09 |
| Dividends/Share | $0.12 | $0.12 | $0.00 | $0.01 | $1.16 | $0.20 |
| Operating Income | -14M | -14M | -20M | - | 6.9M | -69M |
| Operating Margin | -5.7% | -5.7% | -8.1% | - | 2.8% | -59.9% |
| ROE | -2.8% | -2.8% | -5.3% | 162.3% | 5.5% | 9.7% |
| Shares Outstanding | 96M | 96M | 97M | 49M | 8M | 80M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 463M | 447M | 448M | 426M | 441M | 445M | 90M | 115M | 249M | N/A | 241M | 243M | 243M |
| Gross Margin | 56.1% | 68.2% | 75.6% | 60.8% | 61.7% | 63.0% | 45.0% | 39.1% | 57.0% | N/A | 17.0% | 18.2% | 18.2% |
| R&D | 1.8M | 1.5M | 3.4M | 3.6M | 1.7M | 3.6M | 1.9M | 1.7M | 4.6M | 3.0M | 3.3M | 3.1M | 3.1M |
| SG&A | 29M | 39M | 44M | 38M | 48M | 44M | 31M | 36M | 44M | 57M | 51M | 46M | 46M |
| EBIT | 202M | 148M | 173M | 154M | 154M | 161M | -61M | -69M | 6.9M | N/A | -20M | -14M | -14M |
| Op. Margin | 43.6% | 33.1% | 38.7% | 36.1% | 35.0% | 36.3% | -67.5% | -59.9% | 2.8% | N/A | -8.1% | -5.7% | -5.7% |
| Net Income | 41M | 11M | 33M | 58M | 30M | 36M | -65M | -49M | -29M | 705M | -22M | -11M | -11M |
| Net Margin | 8.9% | 2.5% | 7.4% | 13.7% | 6.8% | 8.1% | -72.3% | -42.5% | -11.5% | N/A | -9.3% | -4.4% | -4.4% |
| Non-Recurring | 600K | 1.0M | 200K | 100K | 500K | 0 | 1.7M | 0 | 3.6M | -300K | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 45.0% | 23.4% | 30.2% | 17.8% | 23.3% | 29.1% | -11.7% | -8.5% | 0.6% | N/A | -5.2% | -2.7% | -3.1% |
| ROE | -10.4% | -2.8% | -8.6% | -16.2% | -8.2% | -9.7% | 15.3% | 9.7% | 5.5% | 162.3% | -5.3% | -2.8% | -2.8% |
| ROA | 4.4% | 1.1% | 3.0% | 5.0% | 2.6% | 3.2% | -6.5% | -5.7% | -3.6% | 103.7% | -3.9% | -2.2% | -2.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 153M | 105M | 134M | 139M | 150M | 144M | 55M | -95M | -47M | -6.7M | 60M | 8.4M | 8.4M |
| Free Cash Flow | 143M | 93M | 121M | 127M | 136M | 130M | 47M | -101M | -50M | -10M | 55M | 2.8M | 2.8M |
| Owner Earnings | 78M | 26M | 51M | 117M | 130M | 125M | 40M | -114M | -61M | -13M | 43M | -9.3M | -9.3M |
| CapEx | 10M | 13M | 13M | 12M | 14M | 14M | 8.0M | 5.7M | 2.9M | 3.3M | 5.8M | 5.6M | 5.6M |
| Maint. CapEx | 70M | 64M | 64M | 11M | 13M | 14M | 13M | 11M | 6.5M | 1.6M | 4.8M | 8.4M | 8.4M |
| Growth CapEx | 0 | 0 | 0 | 600K | 1.6M | 400K | 0 | 0 | 0 | 1.7M | 1.0M | 0 | 0 |
| D&A | 70M | 64M | 64M | 11M | 13M | 14M | 13M | 11M | 6.5M | 1.6M | 4.8M | 8.4M | 8.4M |
| CapEx/OCF | 6.6% | 12.0% | 9.7% | 8.4% | 9.4% | 9.7% | 14.5% | N/A | N/A | N/A | 9.6% | 66.7% | 66.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 49M | 52M | 55M | 59M | 54M | 54M | 32M | 17M | 9.5M | 500K | 300K | 11M | 11M |
| Dividend Yield | 1.4% | 1.1% | 1.1% | 0.6% | 1.3% | 1.3% | 0.7% | 0.7% | 3.4% | 0.1% | 0.1% | 2.4% | 3.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13M | 22M | 22M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.3% | 6.3% | 6.1% |
| Stock-Based Comp | 5.9M | 15M | 18M | 11M | 7.8M | 5.5M | 2.2M | 8.1M | 7.1M | 4.5M | 12M | 9.3M | 9.3M |
| Debt Repayment | 48M | 171M | 0 | 0 | 14M | 157M | 82M | 7.3M | 20M | 0 | 0 | 1.5M | 1.5M |
| Balance Sheet | |||||||||||||
| Net Debt | 764M | 883M | 877M | 880M | 861M | 858M | 876M | 1.0B | 2.2B | -19M | -49M | -23M | -23M |
| Cash & Equiv. | 55M | 32M | 23M | 30M | 41M | 56M | 180M | 101M | 62M | 35M | 75M | 35M | 35M |
| Long-Term Debt | 876M | 925M | 924M | 923M | 921M | 924M | 1.0B | 1.1B | 0 | 10M | 10M | 12M | 12M |
| Debt/Equity | -2.51 | -2.28 | -2.59 | -2.55 | -2.52 | -2.45 | -2.23 | -2.09 | -4.39 | 0.04 | 0.06 | 0.03 | 0.03 |
| Interest Coverage | 3.9 | 2.8 | 3.2 | 2.9 | 2.8 | 2.8 | -1.1 | -1.1 | 0.1 | N/A | -11.5 | -23.2 | -23.2 |
| Equity | -354M | -407M | -358M | -363M | -368M | -380M | -473M | -527M | -515M | 435M | 411M | 375M | 375M |
| Total Assets | 1.1B | 1.1B | 1.1B | 1.2B | 1.1B | 1.1B | 886M | 817M | 792M | 568M | 569M | 491M | 491M |
| Total Liabilities | 1.4B | 1.2B | 1.3B | 1.5B | 1.2B | 1.3B | 1.2B | 1.2B | 1.3B | 133M | 157M | 115M | 115M |
| Intangibles | 492M | 567M | 561M | 717M | 685M | 644M | 628M | 606M | 351M | 394M | 351M | 309M | 309M |
| Retained Earnings | -80M | -186M | -248M | -130M | -154M | -171M | -266M | -332M | -370M | 317M | 281M | 236M | 236M |
| Working Capital | 134M | 79M | 101M | 103M | 120M | 135M | 150M | 89M | -1.0B | 85M | 104M | 76M | 76M |
| Current Assets | 266M | 204M | 221M | 213M | 231M | 254M | 200M | 158M | 164M | 144M | 178M | 138M | 138M |
| Current Liabilities | 132M | 125M | 121M | 110M | 111M | 120M | 50M | 70M | 1.2B | 58M | 74M | 62M | 62M |
| Per Share Data | |||||||||||||
| EPS | 0.73 | 0.19 | 0.54 | 0.48 | 0.37 | 0.46 | -0.84 | -0.61 | -3.50 | 14.34 | -0.23 | -0.11 | -0.11 |
| Owner EPS | 1.38 | 0.44 | 0.84 | 0.96 | 1.61 | 1.59 | 0.51 | -1.43 | -7.43 | -0.26 | 0.45 | -0.10 | -0.10 |
| Book Value | -6.28 | -6.84 | -5.88 | -2.98 | -4.57 | -4.84 | -6.08 | -6.60 | -62.84 | 8.84 | 4.24 | 3.90 | 3.90 |
| Cash Flow/Share | 2.71 | 1.77 | 2.19 | 1.14 | 1.87 | 1.83 | 0.71 | -1.19 | -5.77 | -0.14 | 0.62 | 0.09 | -0.02 |
| Dividends/Share | 0.88 | 0.88 | 0.88 | 0.48 | 0.68 | 0.68 | 0.40 | 0.20 | 1.16 | 0.01 | 0.00 | 0.12 | 0.12 |
| Shares Out. | 56.4M | 59.5M | 60.9M | 121.5M | 80.5M | 78.5M | 77.9M | 79.8M | 8.2M | 49.2M | 97.0M | 96.4M | 96.4M |
| Valuation | |||||||||||||
| P/E Ratio | 9.2 | 40.6 | 15.4 | 17.5 | 11.6 | 10.8 | N/A | N/A | N/A | 0.2 | N/A | N/A | -34.3 |
| P/FCF | 26.4 | 49.5 | 41.9 | 80.0 | 25.5 | 30.1 | 97.3 | N/A | N/A | N/A | 7.3 | 124.2 | 129.7 |
| EV/EBIT | 6.0 | 9.1 | 8.0 | 12.4 | 7.8 | 7.7 | N/A | N/A | 650.0 | 0.2 | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.3 | 1.0 | 0.9 | 1.0 |
| Price/Sales | 0.8 | 1.0 | 1.1 | 2.4 | 0.9 | 5.0 | N/A | 10.3 | 13.2 | N/A | 1.3 | 1.9 | 1.5 |
| FCF Yield | 37.8% | 20.2% | 23.8% | 12.5% | 39.2% | 33.2% | 10.3% | -16.7% | -2.2% | -7.2% | 13.6% | 0.8% | 0.8% |
| Market Cap | 378M | 459M | 506M | 1.0B | 347M | 390M | 460M | 603M | 2.3B | 139M | 400M | 348M | 363M |
| Avg. Price | 63.69 | 76.86 | 79.93 | 83.81 | 51.04 | 52.38 | 55.75 | 30.17 | 33.79 | 12.68 | 3.35 | 4.89 | 3.77 |
| Year-End Price | 66.98 | 77.10 | 83.00 | 83.90 | 43.06 | 49.76 | 59.12 | 34.67 | 23.76 | 2.83 | 4.12 | 3.61 | 3.77 |
National CineMedia, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 125.4x vs a median of 36.0x. The company's 5-year average gross margin is 32.8%. Total shareholder yield (dividends + buybacks) is 9.2%. At current prices, the estimated annualized return to fair value is -51.3%.
National CineMedia, Inc. (NCMI) has a debt-to-equity ratio of 0.03. This indicates a conservatively financed balance sheet.
National CineMedia, Inc. (NCMI) reported earnings per share (EPS) of $-0.11 in its most recent fiscal year.
National CineMedia, Inc. (NCMI) has a return on equity (ROE) of -2.8%. A negative ROE may indicate losses or negative equity.
National CineMedia, Inc. (NCMI) has a 5-year average gross margin of 32.8%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for National CineMedia, Inc. (NCMI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
National CineMedia, Inc. (NCMI) has a book value per share of $3.90, based on its most recent annual SEC filing.