Reading International Inc (RDI)
NASDAQ:RDI
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Reading International
(NASDAQ:RDI)
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Rating:44Neutral
Price Target:
$1.00
▼(-9.09% Downside)
Action:Reiterated
Date:05/26/26
The score is held down primarily by weak profitability and a stressed capital structure (negative equity, high leverage) despite improved revenue and cash flow trends. Technical signals remain bearish with the stock below key moving averages. The earnings call adds some support from operational momentum and stated deleveraging actions, but very low liquidity and refinancing risk remain central concerns.
Positive Factors
Revenue & Cash-Flow Recovery
Sustained, large TTM revenue growth and a return to positive operating and free cash flow signal improving core business economics. If maintained, this enhances the company's ability to generate internal funds for working capital and modest deleveraging without relying solely on external financing.
Negative Factors
High Leverage & Negative Equity
Negative equity and a large debt stock materially constrain financial flexibility and amplify solvency risk. This structural capital‑structure weakness limits the company's ability to absorb shocks, increases lender scrutiny, and makes durable recovery contingent on sustained cash‑flow improvement or material asset sales.
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Positive Factors
Negative Factors
Revenue & Cash-Flow Recovery
Sustained, large TTM revenue growth and a return to positive operating and free cash flow signal improving core business economics. If maintained, this enhances the company's ability to generate internal funds for working capital and modest deleveraging without relying solely on external financing.
Read all positive factors
Reading International (RDI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$39.28M
Dividend YieldN/A
Average Volume (3M)323.30K
Price to Earnings (P/E)―
Beta (1Y)0.30
Revenue Growth1.12%
EPS Growth35.50%
CountryUS
Employees2,025
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)-0.77
Shares Outstanding21,036,670
10 Day Avg. Volume903,282
30 Day Avg. Volume323,299
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)-1.31
Price to Sales (P/S)0.12
P/FCF Ratio-15.12
Enterprise Value/Market Cap10.03
Enterprise Value/Revenue1.89
Enterprise Value/Gross Profit14.77
Enterprise Value/Ebitda19.93
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.19
Revenue Forecast (FY)$233.65M
Reading International Business Overview & Revenue Model
Company Description
Reading International, Inc. (RDI) is an enterprise primarily involved in the ownership, expansion, and management of both entertainment venues and property holdings across the United States, Australia, and New Zealand. The company operates through...
How the Company Makes Money
RDI generates revenue mainly from (1) cinema exhibition and (2) real estate. In cinema exhibition, it earns money from box office ticket sales (a portion of which is shared with film distributors), and from higher-margin ancillary sales such as co...
Reading International Earnings Call Summary
Earnings Call Date:May 15, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Neutral
The call conveyed meaningful operational momentum — stronger box office, record F&B and ticket metrics, membership growth, reduced cash burn and lower interest expense — but these positives are tempered by a materially larger GAAP net loss (driven partly by absence of prior-year sale gains), negative adjusted EBITDA, very low cash balances ($0.5M), and near-term refinancing/liquidity pressures that have led to asset monetizations. Improvements in cinema operations and loyalty/F&B execution are notable, yet balance sheet and cash concerns remain salient.Positive Updates
Consolidated Revenue Growth
Total Q1 2026 consolidated revenue increased by $5.0M to $45.12M year-over-year, reported as the second-highest first quarter since Q1 2020.
Negative Updates
Widening Net Loss and EPS Decline
Net loss attributable to Reading increased 71% YoY from $4.8M to $8.1M in Q1 2026. Basic loss per share widened by $0.15 to a loss of $0.36 (from $0.21). Prior-year results benefited from a $6.6M gain on sale not repeated this year.
Read all updates
Q1-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Total Q1 2026 consolidated revenue increased by $5.0M to $45.12M year-over-year, reported as the second-highest first quarter since Q1 2020.
Read all positive updates
Company Guidance
The company guided that it expects near-term balance-sheet improvements driven by planned asset monetizations and refinancing actions — Cinema 1,2,3 is held for sale with multiple bidders and Napier is under contract (expected to close this quarter), and management expects a Santander refinancing to close “within the next few months” — with a stated plan to use sale proceeds to retire debt as the Board has directed; key Q1 metrics cited to support that outlook include consolidated revenue of $45.12M (up $5M), global cinema revenue $41.5M (+14%), U.S. cinema $19.5M (+6%), Australia cinema $19.7M (+26%), New Zealand $2.3M (‑6%), global operating loss $3.6M (47% improvement year‑over‑year), adjusted EBITDA loss $0.8M (vs. $2.9M EBITDA income prior year), net loss attributable $8.1M (vs. $4.8M prior), basic loss per share $0.36, cash and equivalents $0.5M, total assets $431.5M, total borrowings $184.6M, a $0.5M (11%) reduction in interest expense year‑over‑year, $100.4M reduction in gross debt since 12/31/2020, loyalty totals of ~510K free members (+19% QoQ) and 31.8K paid AU/NZ memberships (+44% QoQ) (U.S. rewards 24K/paid 1.5K; Angelika free ~185K), ATPs of $16.19 (Australia) and NZD14.87 (New Zealand), F&B spend per person $8.38 (U.S.) and A$8.09 (Australia), and continued lender negotiations (maturity extensions, covenant adjustments and temporary NAB liquidity relief) while pursuing cinema upgrades (Wellington relaunch targeted for late‑2027) and expecting 2026 to be the strongest post‑pandemic box‑office year.Reading International Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
18
Very Negative
Cash Flow
42
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 202.99M | 210.53M | 222.74M | 203.12M | 139.06M |
| Gross Profit | 27.20M | 21.91M | 26.56M | 15.40M | 6.05M |
| EBITDA | 18.44M | 2.90M | 8.94M | 1.11M | 100.34M |
| Net Income | -14.14M | -35.30M | -30.67M | -36.18M | 31.92M |
Balance Sheet | |||||
| Total Assets | 434.93M | 471.01M | 533.05M | 641.72M | 687.70M |
| Cash, Cash Equivalents and Short-Term Investments | 10.53M | 12.36M | 12.92M | 35.00M | 83.25M |
| Total Debt | 360.97M | 390.22M | 418.78M | 443.60M | 487.06M |
| Total Liabilities | 453.03M | 475.80M | 500.06M | 578.44M | 582.64M |
| Stockholders Equity | -18.24M | -4.36M | 33.09M | 62.86M | 104.07M |
Cash Flow | |||||
| Free Cash Flow | -1.58M | -9.37M | -15.08M | -35.74M | -26.97M |
| Operating Cash Flow | -1.58M | -3.83M | -10.60M | -26.35M | -11.41M |
| Investing Cash Flow | 37.11M | 3.96M | -2.70M | -9.49M | 129.61M |
| Financing Cash Flow | -37.89M | 337.00K | -5.80M | -16.56M | -52.37M |
Reading International Technical Analysis
Positive
1.10
Price Trends
1.11
Positive
1.10
Positive
1.22
Negative
Market Momentum
0.02
Negative
59.61
Neutral
65.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RDI, the sentiment is Positive. The current price of 1.1 is above the 20-day moving average (MA) of 1.10, below the 50-day MA of 1.11, and below the 200-day MA of 1.22, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 59.61 is Neutral, neither overbought nor oversold. The STOCH value of 65.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RDI.
Reading International Risk Analysis
Reading International disclosed 34 risk factors in its most recent earnings report. Reading International reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Reading International Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $430.49M | 8.15 | 5.30% | ― | -3.42% | ― | |
64 Neutral | $611.11M | 44.11 | 3.14% | 1.97% | 2.46% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
56 Neutral | $3.65B | 21.06 | 31.48% | 1.45% | 6.85% | -26.53% | |
52 Neutral | $54.51M | -5.33 | -24.20% | ― | -23.64% | 43.97% | |
52 Neutral | $1.10B | -1.76 | 29.90% | ― | 10.63% | -7.77% | |
44 Neutral | $39.28M | -1.53 | 110.41% | ― | 1.12% | 35.50% |
* Communication Services Sector Average
RDI
Reading International
1.18
-0.22
-15.71%
AMCX
AMC Networks
9.80
3.05
45.19%
CNVS
Cineverse
2.56
-1.11
-30.25%
CNK
Cinemark Holdings
31.23
0.21
0.68%
MCS
Marcus
20.35
3.22
18.81%
AMC
AMC Entertainment
1.79
-1.56
-46.57%
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.