IMAX Corporation
- Open
- 40.17
- Day high
- 41.13
- Day low
- 39.70
- Prev close
- 39.86
- Volume
- 390K
- Mkt cap
- $2.3B
- P/E (TTM)
- 60.5
- EPS (TTM)
- $0.68
- P/B
- 6.7
- P/S
- 5.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$13.7M over the last 3 months (0 open-market buys, 9 sales)
- 🏛Institutions accumulating (13F)
IMAX Corporation (IMAX) is a Communication Services company listed on NYSE. The stock is up 46% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 9 sales (SEC Form 4).
IMAX Corporation (IMAX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IMAX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.15 | $0.17 | +13.3% | $81M | +1.9% |
| Feb 25, 2026 | $0.41 | $0.84 | +105.6% | $125M | +52.0% |
| Oct 23, 2025 | $0.35 | $0.47 | +34.1% | $106M | +3.2% |
| Jul 24, 2025 | $0.19 | $0.26 | +36.8% | $92M | -7.5% |
| Apr 23, 2025 | $0.11 | $0.13 | +18.2% | $87M | -6.8% |
| Feb 19, 2025 | $0.29 | $0.27 | -6.9% | $93M | -11.0% |
| Oct 30, 2024 | $0.22 | $0.35 | +59.1% | $91M | -16.5% |
| Jul 25, 2024 | $0.06 | $0.18 | +200.0% | $89M | -5.9% |
| Apr 25, 2024 | $0.10 | $0.15 | +50.0% | $79M | +1.2% |
| Feb 27, 2024 | $0.10 | $0.17 | +70.0% | $86M | +0.2% |
| Oct 25, 2023 | $0.21 | $0.35 | +66.7% | $104M | +2.7% |
| Jul 26, 2023 | $0.17 | $0.26 | +52.9% | $98M | +10.5% |
IMAX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | DOUGLAS KEVINdirector, 10 percent owner, other: 13(d)(3) group | Grant | 3,390 | — |
| Jun 15, 2026 | Demirian Eric Adirector | Grant | 3,390 | — |
| Jun 15, 2026 | Demirian Eric Adirector | Tax | 1,842 | $42.12 |
| Jun 15, 2026 | Pamon Stevedirector | Option | 3,390 | — |
| Jun 15, 2026 | LEEBRON DAVID Wdirector | Option | 3,390 | — |
| Jun 15, 2026 | Wong Jennifer L.director | Option | 3,390 | — |
| Jun 15, 2026 | MacMillan Michaeldirector | Grant | 3,390 | — |
| Jun 15, 2026 | Berman Gaildirector | Grant | 3,390 | — |
| Jun 15, 2026 | LEEBRON DAVID Wdirector | Grant | 3,390 | — |
| Jun 15, 2026 | Throop Darren Ddirector | Grant | 4,611 | — |
| Jun 15, 2026 | SETTLE DANA Rdirector | Option | 3,390 | — |
| Jun 15, 2026 | SETTLE DANA Rdirector | Grant | 3,390 | — |
| Jun 15, 2026 | Berman Gaildirector | Option | 3,390 | — |
| Jun 15, 2026 | Demirian Eric Adirector | Option | 3,390 | — |
| Jun 15, 2026 | Wong Jennifer L.director | Grant | 3,390 | — |
Source: IMAX SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full IMAX insider & 13F page →IMAX Corporation company profile
Overview
IMAX Corporation (NYSE:IMAX) is a Canadian entertainment technology company founded in 1967 and headquartered in Mississauga, Canada. The company went public in 1994 and has established itself as a global leader in premium cinema experiences. IMAX operates the world's most immersive movie experience through its proprietary large-format film and digital projection systems, serving a network of over 1,680 theater systems across 90 countries and territories as of 2024.
Business
IMAX operates in the entertainment technology industry, providing cinematic solutions that transform regular movies into immersive, large-screen experiences. The company's core offering revolves around its proprietary IMAX theater systems, which feature massive curved screens (up to eight stories tall), crystal-clear images, and wraparound sound that places audiences directly in the action. The company's business is built around several key components. IMAX Digital Re-Mastering (DMR) is a proprietary technology that digitally enhances regular films by improving image resolution, visual clarity, and sound quality specifically for projection on IMAX screens. This process transforms standard Hollywood movies and local language films into "IMAX Enhanced" experiences. The company also manufactures and installs specialized projection equipment, including both digital systems and large-format film cameras that filmmakers use to shoot movies specifically for the IMAX format. IMAX operates through two primary business segments: 1. Content Solutions (approximately 35-40% of revenue): This segment generates revenue from box office performance through revenue-sharing arrangements with theater operators. When audiences buy tickets to see movies in IMAX theaters, IMAX receives a percentage of that box office revenue. This segment also includes film distribution and post-production services. 2. Technology Products and Services (approximately 60-65% of revenue): This segment involves selling, leasing, and maintaining IMAX theater systems to exhibitors worldwide. Revenue comes from equipment sales, lease payments, maintenance contracts, and joint revenue-sharing arrangements where IMAX partners with theater operators to split both installation costs and ongoing revenues. The company serves three main types of venues: commercial multiplexes (which represent about 95% of their network), institutional facilities like museums and science centers, and destination entertainment venues. IMAX has expanded beyond traditional Hollywood blockbusters to include local language films, documentaries, concert films, sports events, and even live streaming experiences.
Revenue model
IMAX generates revenue through multiple complementary business models that create recurring income streams from its global theater network. The primary revenue model is box office revenue sharing, where IMAX receives a percentage of ticket sales from films shown in IMAX theaters. This typically ranges from 12-20% of gross box office receipts, depending on the specific agreement with theater operators. This model benefits from IMAX's ability to command premium ticket prices - typically 15-40% higher than standard movie tickets - due to the enhanced viewing experience. The second major revenue stream comes from technology sales and leasing. IMAX sells complete theater systems (projection equipment, screens, sound systems, and theater design) to exhibitors, with prices typically ranging from $1-3 million per installation. The company also offers leasing arrangements and joint revenue-sharing partnerships where IMAX covers installation costs in exchange for a share of future box office revenues. Additionally, IMAX provides ongoing maintenance and technical support services, creating recurring service revenue. Several factors can significantly impact IMAX's margins and profitability. Positive margin drivers include strong box office performance from blockbuster films (especially those shot with IMAX cameras), successful local language films that increase market penetration, premium pricing power due to limited competition in large-format cinema, and operating leverage as the network expands without proportional increases in corporate overhead. Margin pressures can arise from weak film slates that reduce box office performance, economic downturns that impact consumer discretionary spending on entertainment, increased competition from premium theater formats like Dolby Cinema, high upfront capital requirements for new installations under revenue-sharing models, and currency fluctuations given the company's global operations. Additionally, IMAX's revenue is somewhat seasonal, with stronger performance during traditional blockbuster release periods (summer and holiday seasons) and weaker performance during typically slower movie periods. The company's customers are primarily large theater chain operators like AMC, Cinemark, and Wanda, as well as institutional clients like museums and science centers. IMAX's success depends heavily on maintaining strong relationships with major Hollywood studios and filmmakers to ensure a steady pipeline of content formatted for IMAX screens.
Competitive moat
IMAX possesses a moderately strong competitive moat built primarily around its brand recognition and network effects. The IMAX brand has become synonymous with premium cinema experiences in consumers' minds, allowing the company to command significant pricing premiums over standard movie tickets. This brand strength is reinforced by decades of marketing and consistent delivery of high-quality experiences. The company's technological differentiation provides another layer of protection. IMAX's proprietary DMR technology, specialized projection systems, and relationships with camera manufacturers create technical barriers for competitors. The company's cameras and filming techniques have become industry standards for large-format cinematography, with major filmmakers specifically choosing to shoot with IMAX cameras for the enhanced visual experience. Network effects strengthen IMAX's position as its theater network grows. A larger network makes IMAX more attractive to studios and filmmakers because it provides broader distribution reach, while simultaneously making the platform more valuable to exhibitors who want access to IMAX-enhanced content. The company's relationships with major studios and exhibitors create switching costs, as replacing IMAX systems requires significant capital investment and retraining. However, IMAX's moat faces several challenges. Competition from premium formats like Dolby Cinema, RPX, and other large-screen experiences has intensified, offering alternative premium movie experiences. The company is also vulnerable to changes in movie industry dynamics, including the rise of streaming services and potential shifts in theatrical release patterns. Additionally, IMAX's dependence on blockbuster films and major studio relationships creates concentration risk. The moat is further limited by the fact that IMAX's core technology, while sophisticated, is not impossible to replicate. Several competitors have developed large-format projection systems, though none have achieved IMAX's scale or brand recognition. The company's success ultimately depends on maintaining its technological edge, brand strength, and exclusive content relationships in an evolving entertainment landscape.
Risks & safety
IMAX demonstrates a moderate margin of safety with some financial strengths but notable leverage concerns. **Financial Position:** - Cash position: $101 million with available liquidity over $410 million - Total debt: $269 million (debt-to-equity ratio of 0.89) - Current ratio: 2.18, indicating adequate short-term liquidity - Positive free cash flow generation: $30 million in 2024 **Valuation Metrics:** - EV/EBITDA: 13.6x (2024), which appears reasonable for a technology-enabled entertainment company - P/E ratio: 51.7x (2024), elevated but justified by growth prospects and asset-light model - Price-to-book: 4.5x, reflecting premium valuation for brand and network assets **Key Risks:** - Moderate debt burden relative to cash flows, though manageable given strong liquidity - Revenue concentration in entertainment industry makes company cyclical - Dependence on major studio relationships and blockbuster film performance - Some quarterly volatility in cash flows due to timing of installations and box office performance **Other Considerations:** - Strong recurring revenue component from installed base provides stability - Global diversification reduces single-market risk - Proven ability to generate positive cash flows through various market cycles
Recent development
Over the past few years, IMAX has executed several strategic initiatives to diversify its business and strengthen its market position. The company has significantly expanded its local language film strategy, moving beyond Hollywood blockbusters to capture regional box office opportunities. This diversification has proven successful, with local language films generating record revenues and helping IMAX achieve higher market penetration in key regions like China, India, and Japan. The company has invested heavily in alternative content programming, including documentaries, concert films, sports events, and live streaming experiences. IMAX hired its first Chief Content Officer and is targeting 150 alternative content experiences annually to better utilize theater capacity during non-blockbuster periods. Notable successes include the Blue Angels documentary and live streaming of events like League of Legends tournaments. Technology and filmmaker relationships have been strengthened through increased collaboration with directors and studios. IMAX secured commitments from major filmmakers to shoot with IMAX cameras, resulting in 14 films being shot with IMAX cameras in 2025. The company also struck a landmark deal with Netflix for the Narnia franchise, demonstrating its ability to work with streaming platforms while maintaining theatrical exclusivity. Global network expansion has accelerated, with IMAX installing 146 systems in 2024 and signing agreements for over 130 new systems. The company has entered new markets including Saudi Arabia, Vietnam, Indonesia, and Thailand, while strengthening its presence in high-revenue markets like Japan and Western Europe. Strategic partnerships, including renewed agreements with Wanda Film and AMC's expansion of IMAX with laser technology, have solidified the company's market position. The company has also pursued operational optimization through streamlined global operations, tax structure improvements, and continued share repurchase programs. Additionally, IMAX acquired SSIMWAVE, a streaming technology company, to develop new revenue opportunities in the streaming optimization space.
IMAX company profile · for informational purposes only — not investment advice.
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