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IMAX
(NYSE:IMAX)
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Rating:77Outperform
Price Target:
$60.00
▲(38.31% Upside)
Action:Reiterated
Date:08/22/26
IMAX scores well due to improving profitability and especially strong TTM cash generation, reinforced by a positive trend in price/technical indicators and a constructive, guidance-reaffirming earnings call with strong Q2 execution. The overall score is held back primarily by the high P/E valuation, which leaves less room for operational disappointment.
Positive Factors
Network Expansion
Continued system installations and geographically diverse signings expand IMAX’s installed base, supporting recurring service economics and increasing the network’s reach for future premium film releases.
Negative Factors
Cyclical Revenue History
IMAX’s dependence on theatrical releases makes results sensitive to film slates and audience demand. Earlier declines and losses show that current growth and profitability may not remain consistent across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Network Expansion
Continued system installations and geographically diverse signings expand IMAX’s installed base, supporting recurring service economics and increasing the network’s reach for future premium film releases.
Read all positive factors
IMAX (IMAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.96B
Dividend YieldN/A
Average Volume (3M)1.26M
Price to Earnings (P/E)70.4
Beta (1Y)0.36
Revenue Growth14.79%
EPS Growth22.14%
CountryUS
Employees679
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)0.75
Shares Outstanding54,842,113
10 Day Avg. Volume1,788,223
30 Day Avg. Volume1,263,727
Financial Highlights & Ratios
PEG Ratio1.74
Price to Book (P/B)5.87
Price to Sales (P/S)4.83
P/FCF Ratio16.67
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$51.11Price Target Upside17.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)1.77
Revenue Forecast (FY)$444.65M
IMAX Business Overview & Revenue Model
Company Description
IMAX Corporation operates as a global entertainment technology firm, specializing in delivering advanced cinematic experiences. It achieves this by leveraging its proprietary software, unique theater designs, intellectual property, and specialized...
How the Company Makes Money
IMAX makes money through a combination of theater-system economics and film-content economics. On the theater side (Technology Products and Services), the company generates revenue by selling or leasing IMAX theater systems to exhibitors and multi...
IMAX Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call conveyed strong financial and operational momentum driven by a breakout theatrical event (The Odyssey) and robust underlying business performance: double-digit revenue growth, 65% EPS growth, materially expanded EBITDA margin, accelerating system signings/installs, and early success in merchandising and product innovation. Key risks noted include earlier China softness (with recent improvement), limited scalability of high-end 70mm film deployments, release-date congestion risk, and near-term cash outlays to support network growth. On balance, positive catalysts and measurable upside materially outweigh the contained challenges.Positive Updates
Revenue Growth
Q2 revenue of $103 million, up 12% year-over-year (from $92 million prior-year quarter).
Negative Updates
China Box Office Weakness Earlier in 2026
China underperformed in the first half of 2026, though recent weeks showed improvement and Spider-Man presales in China are reportedly tracking well. Management characterized near-term China outlook as cautiously optimistic rather than fully recovered.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth
Q2 revenue of $103 million, up 12% year-over-year (from $92 million prior-year quarter).
Read all positive updates
Company Guidance
Management said they are keeping their full‑year guidance intact, reiterating a mid‑40s adjusted EBITDA margin target and remaining on track for a record ~$1.4 billion in global box office; Natasha also referenced a $160–$175 million range they are “aiming towards” (as stated on the call). They noted Q2 outperformance versus consensus — revenue $103M (+12% YoY), adjusted EBITDA $48M (46.6% margin, +400 bps YoY), adjusted EPS $0.43 (+65% YoY) — and strong cash metrics (H1 operating cash flow $36M, cash $160M, debt $292M, net leverage 0.7x) plus $13.7M of opportunistic share repurchases; management expects substantial box office growth in H2 anchored by Odyssey and Dune Part Three and will continue investing in network expansion and JV/leasing programs.IMAX Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
69
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 416.08M | 410.21M | 352.21M | 374.84M | 300.81M | 254.88M |
| Gross Profit | 246.08M | 237.57M | 190.20M | 214.34M | 156.35M | 134.41M |
| EBITDA | 130.11M | 133.10M | 111.28M | 112.96M | 52.77M | 74.16M |
| Net Income | 40.92M | 34.88M | 26.06M | 25.34M | -22.80M | -22.33M |
Balance Sheet | ||||||
| Total Assets | 917.90M | 894.03M | 830.40M | 814.67M | 821.15M | 883.25M |
| Cash, Cash Equivalents and Short-Term Investments | 159.92M | 151.17M | 100.59M | 76.20M | 97.40M | 189.71M |
| Total Debt | 282.64M | 297.41M | 278.12M | 252.06M | 263.02M | 226.11M |
| Total Liabilities | 467.46M | 466.30M | 452.18M | 469.08M | 491.39M | 452.88M |
| Stockholders Equity | 355.89M | 337.89M | 299.47M | 273.14M | 263.36M | 356.08M |
Cash Flow | ||||||
| Free Cash Flow | 126.39M | 118.90M | 29.62M | 25.78M | -15.30M | -11.71M |
| Operating Cash Flow | 132.65M | 127.07M | 70.84M | 58.62M | 17.32M | 6.07M |
| Investing Cash Flow | -32.60M | -41.92M | -41.22M | -31.79M | -53.29M | -7.00K |
| Financing Cash Flow | -48.91M | -34.08M | -6.04M | -48.53M | -58.51M | -132.72M |
IMAX Technical Analysis
Positive
43.38
Price Trends
45.36
Positive
41.36
Positive
39.18
Positive
Market Momentum
2.51
Positive
59.85
Neutral
68.90
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMAX, the sentiment is Positive. The current price of 43.38 is below the 20-day moving average (MA) of 51.47, below the 50-day MA of 45.36, and above the 200-day MA of 39.18, indicating a bullish trend. The MACD of 2.51 indicates Positive momentum. The RSI at 59.85 is Neutral, neither overbought nor oversold. The STOCH value of 68.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMAX.
IMAX Risk Analysis
IMAX disclosed 33 risk factors in its most recent earnings report. IMAX 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
IMAX Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $2.96B | 70.36 | 11.87% | ― | 14.79% | 22.14% | |
72 Outperform | $5.74B | -68.73 | -3.17% | ― | 17.17% | -187.98% | |
72 Outperform | $3.81B | 57.19 | 5.95% | ― | 12.52% | 82.30% | |
67 Neutral | $4.34B | 19.95 | 26.76% | 1.07% | 4.54% | -23.98% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
55 Neutral | $3.51B | -28.05 | 9.60% | ― | -8.00% | 41.10% | |
50 Neutral | $2.37B | -2.45 | 31.43% | ― | 6.41% | -19.34% |
* Communication Services Sector Average
IMAX
IMAX
51.94
23.22
80.85%
CNK
Cinemark Holdings
36.59
11.41
45.31%
AMC
AMC Entertainment
2.70
-0.13
-4.59%
SPHR
Sphere Entertainment
147.34
101.84
223.82%
LION
Lionsgate Studios
11.54
5.17
81.16%
MSGE
Madison Square Garden Entertainment Corp.
78.15
37.25
91.08%
IMAX Corporate Events
Business Operations and StrategyExecutive/Board Changes
IMAX Extends Chief Legal Officer’s Employment Agreement
Positive
Aug 21, 2026
On August 19, 2026, IMAX Corporation amended the employment agreement of Chief Legal Officer and Senior Executive Vice President Robert D. Lister, extending his term through December 31, 2029 while keeping his compensation and severance terms unch...
Executive/Board ChangesShareholder Meetings
IMAX Shareholders Approve Directors, Auditor and Executive Pay
Positive
Jun 11, 2026
At its 2026 Annual General Meeting of Shareholders held on June 10, 2026, IMAX Corporation shareholders elected ten directors, including CEO Richard L. Gelfond, to serve until the next annual meeting in 2027 or until their successors are chosen. T...
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.