IMAX Corporation IMAX

Communication ServicesMedia & PublishingCanada

Last close 50.49 USD on Nov 3, 2026, +36.6% year to date

Quant rating

Quant rating A Rank 5 of 152 in Communication Services

Growth A 4 of 152
Valuation D 115 of 152
Quality A 22 of 152
Revisions A 3 of 152
Momentum A 12 of 152

Wall Street consensus Buy (2.00)Average target 60.31 USD +19.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.8B
Enterprise value: 3.0B
52-week range: 31.87 – 57.70
3-year range: 13.48 – 57.70
Dividend yield: –
Beta (5 years): 0.52
Shares outstanding: 54.8M
Next earnings: Nov 5, 2026

About the company

Imax Corporation is a premier global technology platform for entertainment and events. Through its proprietary software, auditorium, architecture, patented intellectual property, and specialized equipment, the Company offers an end-to-end solution to create content experiences. The Company operates through two segments: Content Solutions and Technology Products and Services. The Content Solutions segment principally includes content enhancement and distribution services. This segment is also engaged in the distribution of large-format documentary films and exclusive experiences ranging from live performances to interactive events with artists and creators, as well as film post-production services. The Technology Products and Services principally include the sale, lease, and maintenance of IMAX Systems. This segment is also involved in ancillary theater business activities, including after-market sales of IMAX System parts and three-dimensional (3D) glasses.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	410	352	375	301	255	–
Revenue growth	16.5%	−6.0%	24.6%	18.0%	86.0%	24.5%
EPS (basic, normalized)	1.45	0.95	0.94	0.06	−0.14	–
EPS growth	52.6%	1.1%	1,466.7%	–	–	–
Gross margin	60.0%	54.0%	57.2%	52.0%	52.7%	55.2%
Net margin	8.5%	7.4%	6.8%	−7.6%	−8.8%	1.3%
ROE	10.9%	9.1%	9.4%	−7.4%	−6.0%	3.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	160
Current ratio	–
Long-term debt (mil)	244
Net debt (mil)	217
Total equity (mil)	356
Net debt / equity	0.61x
Net debt / EBITDA	1.17x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	410	+16.5%	7.3x	185	+42.8%	16.1x	1.45	+52.6%	34.8x
2026	483	+17.8%	6.2x	237	+28.4%	12.6x	2.23	+53.6%	22.7x
2027	497	+2.9%	6.0x	245	+3.4%	12.2x	2.23	+0.1%	22.6x
2028	524	+5.3%	5.7x	262	+6.8%	11.4x	2.55	+14.6%	19.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	483	+4.9%	+8.7%	+9.2%	2.23	+18.1%	+22.5%	+31.1%
2027	497	+2.5%	+5.2%	+5.2%	2.23	+7.7%	+10.3%	+14.2%
2028	524	+3.1%	+4.8%	+4.5%	2.55	+12.3%	+16.6%	+14.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	79.1	89.0	91.5	92.7	86.7	91.7	107	125	81.4	103
Sales mean (mil)	78.2	76.0	93.7	103	84.1	91.2	105	121	80.3	93.7
Surprise	+1.2%	+17.0%	−2.4%	−9.6%	+3.1%	+0.5%	+1.4%	+3.7%	+1.4%	+9.7%
EPS reported	0.15	0.18	0.35	0.27	0.13	0.26	0.47	0.58	0.17	0.43
EPS mean	0.10	0.07	0.23	0.28	0.11	0.21	0.38	0.45	0.15	0.28
Surprise	+54.8%	+143.6%	+55.2%	−4.6%	+14.1%	+22.6%	+23.1%	+27.6%	+12.0%	+53.8%

Peer comparison Media & Publishing

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
IMAX IMAX Corporation	2.8B	1.17x	8.5%	7.78x	22.7x	22.6x	12.6x	12.2x
DIS The Walt Disney Company	197.2B	2.24x	13.1%	1.82x	16.5x	15.2x	10.5x	10.1x
LYV Live Nation Entertainment, Inc.	41.7B	0.79x	−0.2%	506.11x	−453.5x	85.1x	16.3x	14.5x
TKO TKO Group Holdings Inc	35.4B	5.85x	4.1%	10.50x	42.1x	31.8x	19.5x	18.3x
FOXA Fox Corporation	26.6B	0.58x	9.8%	2.27x	11.1x	11.4x	7.0x	7.4x
ROKU Roku, Inc.	23.8B	−6.47x	1.9%	7.88x	55.5x	40.8x	26.8x	21.9x
Mean		0.69x	6.2%	89.39x	−51.0x	34.5x	15.4x	14.1x
Median		0.98x	6.3%	7.83x	19.6x	27.2x	14.4x	13.3x

Technical analysis

1M−4.2%
3M−1.0%
1Y+54.7%
3Y+171.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, IMAX Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	410	352	375	301	255	137
Cost of revenue	164	162	160	144	120	115
Gross profit	246	190	214	156	134	21.5
Selling, general & administrative expenses	138	132	145	138	117	108
Research & development	5.8	5.1	10.1	5.3	6.9	5.6
Depreciation/amortization	7.5	5.8	4.6	4.8	4.9	5.4
Interest expense (income), operating	0.1	1.2	0.7	–	–	–
Unusual expense (income)	10.2	2.8	3.4	13.0	−5.7	23.9
Other operating expenses	0	0	0	0	0	0
Operating income	84.2	43.9	50.4	−4.8	11.0	−122
Net interest income (expense)	−20.7	−5.8	−3.9	−4.4	0.5	−6.7
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.2	−0.4	−0.4	−0.6	−0.5	−0.6
Net income before taxes	63.3	37.7	46.1	−9.8	11.0	−129
Provision for taxes	17.8	5.0	13.1	10.1	20.6	26.5
Minority interest	−10.7	−6.6	−7.7	−2.9	−12.8	13.7
Equity in affiliates	–	–	–	0	0	−1.9
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	34.9	26.1	25.3	−22.8	−22.3	−144
Extraordinary items	–	–	–	–	–	–
Net income	34.9	26.1	25.3	−22.8	−22.3	−144
EBIT, normalized	96.7	48.2	58.5	9.7	2.3	−105
EBITDA, normalized	159	111	118	66.3	56.5	−53.5
Basic EPS, normalized	1.45	0.95	0.94	0.06	−0.14	–

Balance sheet in millions of USD, fiscal years

Balance sheet, IMAX Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	151	101	76.2	97.4	190	317
Receivables	108	108	136	136	110	56.3
Total inventory	32.5	32.8	31.6	31.5	26.9	39.6
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	243	240	243	253	260	277
Goodwill	45.8	52.8	52.8	52.8	39.0	39.0
Intangibles	47.9	43.8	41.8	38.0	27.3	32.0
Long-term investments	0	1.0	1.0	2.0	2.1	14.6
Note receivable	213	202	191	173	185	172
Other long-term assets	344	290	284	302	369	462
Total assets	894	830	815	821	883	998
Liabilities
Accounts payable	19.5	19.8	26.4	25.2	15.9	20.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	105	101	110	116	112	99.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	37.2	36.4	23.4	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	241	230	229	264	226	306
Minority interest	89.8	78.7	72.4	66.4	74.3	79.3
Other liabilities	225	222	240	227	227	227
Total liabilities	556	531	542	558	527	612
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	419	401	389	377	410	407
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−236	−271	−289	−289	−231	−203
Treasury stock	–	–	–	–	0	0
Other equity	154	169	173	176	177	181
Total equity	338	299	273	263	356	385
Total liabilities & shareholders' equity	894	830	815	821	883	998

Cash flow statement in millions of USD, fiscal years

Cash flow statement, IMAX Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	45.5	32.7	33.1	−19.9	−9.6	−157
Depreciation, depletion & amortization	59.8	63.3	58.2	54.9	54.2	51.6
Deferred taxes	0.8	−5.6	−1.4	−2.1	3.0	23.6
Non-cash items	57.4	27.5	31.2	49.3	23.2	63.0
Changes in working capital	−36.4	−47.0	−62.5	−64.9	−64.8	−3.7
Cash from operations	127	70.8	58.6	17.3	6.1	−23.0
Investing activities
Capital expenditures	−13.5	−16.9	−14.8	−12.8	−7.7	−2.6
Other investing cash flows	−28.4	−24.3	−17.0	−40.5	7.7	−6.7
Cash from investing	−41.9	−41.2	−31.8	−53.3	0	−9.3
Financing activities
Financing cash flow items	−279	−5.0	−8.0	−8.7	−29.3	−8.9
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	245	−1.1	−40.6	−49.8	−103	249
Cash from financing	−34.1	−6.0	−48.5	−58.5	−133	241
Foreign exchange effects	−0.5	0.8	0.5	2.2	−1.0	−0.4
Net change in cash	50.6	24.4	−21.2	−92.3	−128	208
Free cash flow	114	54.0	43.8	4.5	−1.6	−25.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.