Imax Corp

Consumer Discretionary
Industrial Machinery/Components
www.imax.com

Earnings Score
Moat Score

Market Cap $1.36B
PE 58
Debt $NaN
Cash $104.50M
EV $NaN
FCF $55.59M

Earnings

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Sales & Net Margins

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Earnings	$23.29M
EBIT	$37.09M
ROE	6%
ROA	4%
FCF	$55.59M
Equity	$367.11M
Growth Stability	-656%
PE	58.38
PEG	-14.25
PB	3.7
P/FCF	24.46
P/S	3.94
Price/Cash	0.08
Net Margins	8%
Gross Margins	54%
Op. Margins	11%
Earnings CAGR	-1%
Sales Growth YoY	-12%
Sales Growth QoQ	3%
Sales CAGR	-3%
FCF CAGR	-8%
Equity CAGR	-5%
Earnings Stability	0

Earnings Growth YoY	16%
Earnings Growth QoQ	288%
Earnings CAGR 5Y	-4%
Sales CAGR 5Y	12%
FCF CAGR 5Y	3%
Equity CAGR 5Y	-11%
Earnings CAGR 3Y	13%
Sales CAGR 3Y	13%
FCF CAGR 3Y	142%
Equity CAGR 3Y	-5%
Market Cap	$1.36B
Revenue	$345.55M
Assets	$847.56M
Cash	$104.50M
Shares Outstanding	52.61M
Earnings Score	6%
Moat Score	71%
Gross Profit	$185.52M
Shares Growth 3y	-4%
Equity Growth QoQ	7%
Equity Growth YoY	3%

Assets & ROA

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Stockholders Equity & ROE

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Imax is now primarily a technology hardware and brand-licensing company that does not operate the vast majority of Imax theaters. Instead, the firm generates revenue via selling and leasing the required proprietary equipment and via fees for digitally remastering standard films into the proprietary Imax format. The firm has expanded from 210 commercial theaters in 2008 to over 1,650 today and increased the annual number of Imax releases from 13 in 2007 to 60 in 2019.

SEC Filings

Direct access to Imax Corp (IMAX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Imax Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Imax Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -1%

Stability 0%

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Imax Corp Discounted Cash Flow

Fully customizable DCF calculator online for Imax Corp.

Years

Calculation mode

= $324M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$56M	$51M	$47M	$43M	$39M	$36M	$33M	$30M	$28M	$25M	$23M	$234M
DCF		$46M	$39M	$32M	$27M	$22M	$19M	$16M	$13M	$11M	$9M	$90M
Value	$324M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	14%	15%	8%	1%	6%	12%	-115%	-9%	-8%	7%	8%
ROA	-	10%	7%	4%	5%	9%	-12%	2%	-0%	6%	4%
ROE	-	8%	5%	0%	4%	7%	-34%	-5%	-7%	7%	6%

Net Margins (8%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	0.73	0.44	0.42	0.39	0.22	-12.89	1	-	-	-
Debt over Equity	-	0.04	0.04	0.04	0.06	0.03	0.66	0.01	-	-	-
Growth Stability	-	-	-	6%	79%	100%	-656%	-	-	-	-656%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Neutral Debt/Equity ratio (-)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-656%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	29%	1%	1%	-2%	6%	-65%	86%	18%	25%	12%
Earnings YoY growth	-	40%	-48%	-92%	875%	105%	-436%	-86%	2%	-211%	-4%
Equity YoY growth	-	76%	-8%	-3%	-2%	7%	-27%	-7%	-23%	5%	-11%
FCF YoY growth	-	-13%	55%	-2%	58%	-14%	-129%	-110%	259%	486%	3%