IMAX Corp (IMAX) stock analysis
Close on Nov 12, 2026Market cap $2.63BP/E 20.7Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed14 of 30 checks passed
IMAX passes 14 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 5/6
- Growth
- 3/6
- Past performance
- 4/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Margin of safety over 20%
The price is 38.9% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $48.81 is below our fair value estimate of $79.94.
Return on capital over 10%
Return on invested capital was 52.9%, above the 10% that usually covers the cost of capital.
Revenue growing 10%+ a year
Revenue grew 10.9% a year over the last three fiscal years.
What to watch
Return on equity under 15%
Return on equity was 31.9% over the last twelve months and averaged 3.2% over five years; we look for 15% on both.
P/B above the industry
IMAX's price-to-book of 5.45 is above the Measuring, Analyzing, and Controlling Instruments; Photographic, Medical and Optical Goods; Watches and Clocks median of 3.19.
No dividend
IMAX has not paid a dividend in the last twelve months.
Valuation5/6
P/E below its 5-year median
IMAX's P/E of 21.1 is below its own 5-year median of 53.7.
P/E below the industry
IMAX's P/E of 21.1 is below the Measuring, Analyzing, and Controlling Instruments; Photographic, Medical and Optical Goods; Watches and Clocks median of 30.2.
EV/EBITDA below its 5-year median
IMAX's EV/EBITDA of 12.6 is below its 5-year median of 12.7.
P/B above the industry
IMAX's price-to-book of 5.45 is above the Measuring, Analyzing, and Controlling Instruments; Photographic, Medical and Optical Goods; Watches and Clocks median of 3.19.
Trading below fair value
The share price of $48.81 is below our fair value estimate of $79.94.
Margin of safety over 20%
The price is 38.9% below fair value, more than the 20% cushion we look for.
Growth3/6
Revenue growing 10%+ a year
Revenue grew 10.9% a year over the last three fiscal years.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 28.1% over the last twelve months; the Measuring, Analyzing, and Controlling Instruments; Photographic, Medical and Optical Goods; Watches and Clocks median is 9.2%.
Guidance unchanged
The latest outlook (2026 full-year global box office, Apr 30, 2026) was maintained, so it neither adds nor takes away points.
Gross margin improving
Gross margin was 63.5% over the last twelve months, against 58.9% a year earlier.
Past performance4/6
Return on equity under 15%
Return on equity was 31.9% over the last twelve months and averaged 3.2% over five years; we look for 15% on both.
Return on capital over 10%
Return on invested capital was 52.9%, above the 10% that usually covers the cost of capital.
Return on equity above the industry
IMAX's return on equity of 31.9% is above the Measuring, Analyzing, and Controlling Instruments; Photographic, Medical and Optical Goods; Watches and Clocks median of -16.6%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 27.7% over the last twelve months, against a 5-year average of 1.3%.
Net margin above the industry
IMAX's net margin of 27.7% is above the Measuring, Analyzing, and Controlling Instruments; Photographic, Medical and Optical Goods; Watches and Clocks median of -9.3%.
Financial health2/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest well covered
Operating income covers interest expense 17.4 times.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Low bankruptcy risk
The Altman Z-score is 4.38; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
IMAX has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$79.94
The share price is 39% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 42.1× | 53.7× | 30.2× | $97.19 | 53% |
| EV/EBITDA | 15.2× | 12.7× | 17.7× | $60.23 | 47% |
| Earnings powerleft out, too far from the others | 8.4% cost of equity | – | – | $16.86 | – |
| Fair value | $79.94 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 53.7
- Measuring, Analyzing, and Controlling Instruments; Photographic, Medical and Optical Goods; Watches and Clocks median 30.2
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $51.74M
- Value traded per 1% price move
- $32.75M
Downside
Low risk
- Typical loss in a bad month
- 11.9%
- Volatility (annualized)
- 44%
- Sharpe ratio, 1 year
- 0.74
- Beta to the S&P 500 (5Y)
- 0.71
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +16.5% | +10.9% | +24.5% | +0.9% | |
| Gross profit | +29.4% | +16.3% | +62.8% | +1.2% | |
| Operating income | +92.0% | – | – | -0.4% | |
| Net income | +33.8% | – | – | -4.6% | |
| EPS, diluted | +31.3% | – | – | -2.1% | |
| Free cash flow | +90.5% | +137.3% | – | +11.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 4.9% | -30.5% | 10.9% | |
| Return on assets | 3.2% | -15.2% | 4.0% | |
| Interest coverage | 32.5× | -17.4× | 11.4× | |
| Inventory turnover | 4.3× | 2.8× | 5.0× | |
| Capex to revenue | 4.0% | 0.5% | 2.0% | |
| Diluted shares | 0M | 59M | 56M |
Where the cash went
Fiscal 2021 to 2025, five years combined
IMAX generated $279.91M from operations and spent $49.01M on capital expenditure, dividends and share buybacks. 72% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 8.5% | 0.48× | 2.71× | 10.9% |
| FY2024 | 7.4% | 0.43× | 2.87× | 9.1% |
| FY2023 | 6.8% | 0.46× | 3.05× | 9.4% |
| FY2022 | -7.6% | 0.35× | 2.75× | -7.4% |
| FY2021 | -8.8% | 0.27× | 2.51× | -6.0% |
| FY2020 | -104.9% | 0.15× | 2.00× | -30.5% |
| FY2019 | 11.8% | 0.45× | 1.66× | 8.8% |
| FY2018 | 6.1% | 0.43× | 1.67× | 4.4% |
| FY2017 | 0.6% | 0.44× | 1.58× | 0.4% |
| FY2016 | 7.6% | 0.42× | 1.51× | 4.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$34.88M
- Cash generatingOperating cash flow above zero$127.07M
- Return on assets improvedROA up on the prior year3.2% → 4.2%
- Earnings backed by cashOperating cash flow above net income$127.07M vs $34.88M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise54M → 56M
- Gross margin improvedGross margin up on the prior year54.00% → 60.02%
- More efficientAsset turnover rose0.43 → 0.49
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