National CineMedia, Inc.
- Open
- 3.78
- Day high
- 3.85
- Day low
- 3.73
- Prev close
- 3.80
- Volume
- 235K
- Mkt cap
- $354M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.0
- P/S
- 1.5
- Yield
- 3.18%
- Per share
- $0.12
- ▼Insiders net selling -$466K over the last 3 months (0 open-market buys, 6 sales)
- 🏛Institutions mixed (13F)
National CineMedia, Inc. (NCMI) is a Communication Services company listed on NASDAQ. The stock is down 21% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 6 sales (SEC Form 4).
National CineMedia, Inc. (NCMI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
NCMI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.26 | $-0.23 | +11.5% | $34M | +3.3% |
| Oct 30, 2025 | $-0.03 | $0.02 | +156.6% | $63M | -31.3% |
| Mar 6, 2025 | $0.20 | $0.26 | +30.0% | $86M | +1.8% |
| Mar 18, 2024 | $0.09 | $0.24 | +166.7% | $91M | +12.1% |
| Aug 1, 2023 | $-9.50 | $-0.70 | +92.6% | $15M | -77.2% |
| Mar 24, 2023 | $0.05 | $-0.87 | -1844.6% | $249M | +186.2% |
| Mar 3, 2022 | $-0.40 | $-0.50 | -25.0% | $64M | -1.8% |
| Mar 8, 2021 | $-1.90 | $-6.20 | -226.3% | $16M | — |
| May 5, 2020 | $-0.70 | $-0.50 | +28.6% | $65M | +25.0% |
| Feb 20, 2020 | $2.00 | $2.40 | +20.0% | $147M | +14.3% |
| Feb 21, 2019 | $2.00 | $2.30 | +15.0% | $137M | +10.5% |
| Nov 5, 2018 | $1.50 | $1.40 | -6.7% | $110M | +7.7% |
NCMI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | Lesinski Thomas F.director, officer: Chief Executive Officer | Sell | 46,100 | $3.55 |
| Jun 29, 2026 | Lesinski Thomas F.director, officer: Chief Executive Officer | Sell | 28,900 | $3.62 |
| Jun 26, 2026 | Ng Ronnie Y.officer: Chief Financial Officer | Sell | 19,000 | $3.42 |
| May 11, 2026 | HILL JULIANA Fdirector | Grant | 32,346 | — |
| May 11, 2026 | Glazek David Edwarddirector | Grant | 32,346 | — |
| May 11, 2026 | Bell Nicholasdirector | Grant | 32,346 | — |
| May 11, 2026 | Sadie Mark James van Lilldirector | Grant | 32,346 | — |
| May 11, 2026 | Campbell Kotzman Kellydirector | Grant | 32,346 | — |
| May 11, 2026 | MARCHESE JOEdirector | Grant | 32,346 | — |
| May 5, 2026 | Woods Maria VGofficer: Chief Legal Officer | Sell | 5,509 | $3.45 |
| May 5, 2026 | Lesinski Thomas F.director, officer: Chief Executive Officer | Option | 29,709 | — |
| May 5, 2026 | Lesinski Thomas F.director, officer: Chief Executive Officer | Sell | 20,181 | $3.45 |
| May 5, 2026 | Ng Ronnie Y.officer: Chief Financial Officer | Sell | 12,925 | $3.45 |
| May 5, 2026 | Ng Ronnie Y.officer: Chief Financial Officer | Option | 20,649 | — |
| May 5, 2026 | Woods Maria VGofficer: Chief Legal Officer | Option | 11,799 | — |
Source: NCMI SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full NCMI insider & 13F page →National CineMedia, Inc. company profile
Overview
National CineMedia, Inc. (NASDAQ:NCMI) is a cinema advertising company founded in 2006 and headquartered in Centennial, Colorado. The company went public in February 2007 and operates the largest cinema advertising network in North America. NCMI emerged from the consolidation of theater advertising operations and has weathered significant challenges including the COVID-19 pandemic's impact on movie theater attendance. The company completed a major financial restructuring in 2023, eliminating over $1 billion in debt, and currently operates with minimal debt while focusing on recovering from pandemic-related revenue declines.
Business
National CineMedia operates in the cinema advertising industry, which sits at the intersection of traditional advertising and entertainment media. The company's core business revolves around selling advertising space and time within movie theaters to reach captive audiences before and during their cinema experience. The company's primary product is Noovie, a pre-show entertainment and advertising program that plays on movie screens before films begin. Noovie combines entertainment content with advertising messages, creating an engaging experience for moviegoers while providing advertisers access to a concentrated, attentive audience. This pre-show typically runs for 15-20 minutes before the main feature and includes movie trailers, trivia, games, and branded content. Beyond the main screen advertising, NCMI operates the Lobby Entertainment Network, which consists of strategically placed digital screens in theater lobbies that display advertising content to patrons as they purchase tickets, concessions, or wait for their movies to begin. The company has also expanded into digital advertising through its Noovie Audience Accelerator product and various digital properties including Noovie Shuffle, Noovie Trivia, and Noovie Arcade, which extend the brand's reach beyond physical theaters to mobile and online platforms. The business operates through multiple revenue streams: 1. National advertising represents approximately 70-80% of total revenue, targeting large brands seeking nationwide reach. 2. Local and regional advertising accounts for roughly 15-20% of revenue, serving smaller businesses and regional campaigns. 3. Digital and programmatic advertising represents a growing but still small portion (around 3-5%) of total revenue, leveraging data and technology for targeted campaigns.
Revenue model
National CineMedia generates revenue primarily through advertising sales to businesses wanting to reach moviegoing audiences. The company operates on a traditional media advertising model where clients pay for access to audiences based on factors like reach, demographics, and engagement levels. The paying customers fall into several categories: national brand advertisers (automotive, consumer packaged goods, telecommunications, entertainment studios), regional businesses, local advertisers, and increasingly, government agencies. The company sells advertising inventory through both upfront commitments (similar to television advertising, where advertisers commit to spending levels months in advance) and scatter market sales (shorter-term, more flexible purchases closer to campaign dates). Revenue generation is closely tied to several key factors. Movie theater attendance directly impacts revenue since advertisers pay based on audience size and engagement. The company's revenue per attendee has become a crucial metric, reaching $0.56 in recent quarters. Box office performance drives attendance, with blockbuster films generating higher theater traffic and premium advertising rates. The business model faces several margin pressures and opportunities. Positive factors include the company's young, affluent audience demographics (64-70% Gen Z and Millennials), which commands premium advertising rates. The captive nature of cinema audiences, who cannot skip or block ads, provides unique value to advertisers. Recent innovations in data analytics and programmatic advertising through the NCMx platform allow for better targeting and measurement, potentially increasing advertiser willingness to pay premium rates. Negative factors include the industry's dependence on theatrical releases and consumer willingness to visit theaters, which can be disrupted by streaming competition, economic downturns, or health concerns. The company also faces competition from digital advertising platforms that offer more precise targeting and measurement capabilities. Fixed costs related to theater partnerships and technology infrastructure create operating leverage that works against the company during low-attendance periods.
Competitive moat
National CineMedia's competitive moat is moderate but faces significant challenges. The company's primary defensive position stems from its exclusive, long-term contracts with major theater chains, most notably the recently extended agreement with AMC Theaters through 2042. These network affiliate agreements create barriers to entry by locking up the most valuable cinema advertising inventory and making it difficult for competitors to achieve similar scale. The company benefits from network effects and scale advantages in cinema advertising. As the largest cinema advertising network in North America, NCMI can offer advertisers nationwide reach that smaller competitors cannot match. This scale allows for more efficient sales operations and better bargaining power with both theaters and advertisers. However, the moat faces substantial threats. The most significant challenge comes from structural shifts in media consumption, as streaming services and digital platforms capture increasing advertising dollars and audience attention. The COVID-19 pandemic accelerated these trends, demonstrating the fragility of theater-dependent business models. While cinema attendance has recovered, it remains below pre-pandemic levels, and the long-term trajectory faces uncertainty from changing consumer habits. Digital advertising platforms present ongoing competitive pressure by offering more precise targeting, real-time optimization, and detailed performance measurement that traditional cinema advertising struggles to match. Although NCMI has invested in data analytics and programmatic capabilities through its NCMx platform, it remains at a disadvantage compared to digital-native advertising platforms. The company's moat is further weakened by its dependence on external factors beyond its control, including Hollywood's film release schedules, theater chain health, and broader economic conditions affecting advertising spending. Unlike businesses with stronger moats, NCMI cannot easily control its destiny or protect against industry-wide disruptions.
Risks & safety
The margin of safety appears moderate to concerning based on current financial metrics and operational challenges. **Liquidity and Solvency:** - Strong cash position: $59.7 million in cash and short-term investments - Minimal debt: Debt-to-equity ratio of only 0.032 - Positive current ratio: 2.29, indicating good short-term liquidity - However, negative EBITDA of -$20.1 million in Q1 2025 raises concerns about operational cash generation **Valuation Metrics:** - Trading at negative P/E ratio due to losses, though this was positive in profitable Q4 2024 - Price-to-book ratio of 1.56 suggests modest premium to book value - Enterprise value metrics distorted by negative EBITDA - Market cap of approximately $489 million appears reasonable given asset base **Operational Concerns:** - Revenue declining 7% year-over-year in Q1 2025 to $34.9 million - Negative operating cash flow in some quarters, though positive $6 million in Q1 2025 - Heavy dependence on external factors (box office performance, advertising spending) - Industry structural headwinds from streaming and digital advertising competition **Other Considerations:** - Company completed major debt restructuring in 2023, improving balance sheet significantly - Share repurchase program and dividend reinstatement suggest management confidence - Strong theater partnerships provide some stability, but limited control over attendance trends
Recent development
Over the past few years, National CineMedia has undergone significant strategic transformation focused on financial restructuring, technological innovation, and product diversification. The most significant development was the company's financial restructuring completed in 2023, which eliminated over $1.2 billion in debt and dramatically improved the balance sheet. This restructuring provided the company with financial flexibility to invest in growth initiatives and weather industry volatility. On the technology front, NCMI has heavily invested in data analytics and programmatic advertising capabilities. The launch of the NCMx data intelligence platform now supports nearly half of the company's sales revenue, enabling more sophisticated targeting and measurement for advertisers. The company introduced programmatic and self-serve advertising platforms, allowing smaller advertisers to access cinema advertising more easily and efficiently. Product innovation has been a key focus, with the introduction of new advertising formats and experiences. The company launched Platinum advertising units, which have seen strong growth with sales more than doubling year-over-year. New products like Boomerang (which increases post-theater engagement) and Boost (which expands audience reach) demonstrate efforts to enhance advertiser value proposition. Recent innovations include the launch of NCMx products like Bullseye (AI-powered localized messaging) and Blueprint (real-time renovation permit data targeting), which leverage data analytics to provide hyper-targeted advertising solutions. These products represent the company's attempt to compete more effectively with digital advertising platforms by offering similar precision and measurement capabilities. The company has also focused on expanding its theater network partnerships, most notably extending its AMC Theaters contract through 2042, which unlocks new inventory opportunities and provides long-term revenue stability. Additionally, NCMI has been rebuilding its sales organization and expanding into new advertising categories, welcoming dozens of new advertisers back to cinema advertising post-pandemic.
NCMI company profile · for informational purposes only — not investment advice.
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