Reading International, Inc.
- Open
- 2.13
- Day high
- 2.13
- Day low
- 2.05
- Prev close
- 2.13
- Volume
- 6K
- Mkt cap
- $48M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -2.0
- P/S
- 0.2
- Yield
- —
- Per share
- —
Reading International, Inc. (RDI) is a Communication Services company listed on NASDAQ. The stock is up 39% over the past year. Drillr has 1 published research article covering RDI.
Reading International, Inc. (RDI) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
RDI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 18, 2026 | $0.06 | $0.10 | +58.8% | $67M | +5.4% |
| May 19, 2026 | $-0.26 | $-0.36 | -39.6% | $45M | -6.2% |
| Mar 31, 2026 | $-0.20 | $-0.11 | +45.2% | $50M | -6.5% |
| Nov 14, 2025 | $-0.09 | $-0.18 | -105.7% | $52M | -11.2% |
| Aug 14, 2025 | $-0.06 | $-0.12 | -111.6% | $60M | +4.1% |
| May 15, 2025 | $-0.41 | $-0.21 | +48.8% | $40M | -34.9% |
| Mar 31, 2025 | $-0.41 | $-0.10 | +75.6% | $60M | +13.4% |
| Aug 14, 2024 | $-0.18 | $-0.42 | -133.3% | $47M | -18.3% |
| May 15, 2024 | $-0.52 | $-0.59 | -13.5% | $45M | +2.4% |
| Mar 29, 2024 | $-0.39 | $-0.56 | -43.6% | $45M | +3.0% |
| Nov 14, 2023 | $-0.01 | $-0.20 | -2757.1% | $67M | +21.4% |
| Aug 14, 2023 | $-0.03 | $-0.12 | -361.5% | $65M | +4.4% |
RDI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 29, 2026 | Lucas Steven Johnofficer: VP, Controller & CAO | Grant | 31,927 | — |
| Apr 29, 2026 | Tompkins Sidney Craigofficer: EVP, General Counsel | Grant | 78,905 | — |
| Apr 29, 2026 | SMERLING ROBERT Fofficer: President - U.S. Cinemas | Grant | 42,530 | — |
| Apr 29, 2026 | Avanes Gilbertofficer: EVP, CFO & Treasurer | Grant | 111,344 | — |
| Apr 29, 2026 | COTTER MARGARETdirector, 10 percent owner, officer, other: Chairperson, EVP - RE Dev/NY | Grant | 76,638 | — |
| Apr 29, 2026 | COTTER ELLEN Mdirector, 10 percent owner, officer, other: Director, President and CEO | Grant | 269,043 | — |
| Apr 21, 2026 | Avanes Gilbertofficer: EVP, CFO & Treasurer | Option | 8,768 | — |
| Apr 21, 2026 | COTTER ELLEN Mdirector, 10 percent owner, officer, other: Director, President and CEO | Option | 11,990 | — |
| Apr 21, 2026 | Tompkins Sidney Craigofficer: EVP, General Counsel | Option | 8,768 | — |
| Apr 21, 2026 | Lucas Steven Johnofficer: VP, Controller & CAO | Option | 3,685 | — |
| Apr 21, 2026 | COTTER MARGARETdirector, 10 percent owner, officer, other: Chairperson, EVP - RE Dev/NY | Option | 8,768 | — |
| Apr 21, 2026 | COTTER ELLEN Mdirector, 10 percent owner, officer, other: Director, President and CEO | Option | 70,196 | — |
| Apr 21, 2026 | Tompkins Sidney Craigofficer: EVP, General Counsel | Tax | 4,160 | — |
| Apr 21, 2026 | COTTER MARGARETdirector, 10 percent owner, officer, other: Chairperson, EVP - RE Dev/NY | Option | 24,704 | — |
| Apr 21, 2026 | SMERLING ROBERT Fofficer: President - U.S. Cinemas | Option | 8,768 | — |
Source: RDI SEC Form 4 filings, latest Apr 29, 2026. For informational purposes only — not investment advice.
See the full RDI insider & 13F page →Reading International, Inc. company profile
Overview
Reading International, Inc. (NASDAQ:RDI) is a diversified entertainment and real estate company founded in 1999 and headquartered in New York. The company operates cinema exhibition businesses and owns real estate assets across the United States, Australia, and New Zealand. Reading International emerged from decades of entertainment industry experience and has built a portfolio of multiplex cinemas and commercial real estate properties. The company went public in 1983 and has navigated various industry cycles, including the significant challenges posed by the COVID-19 pandemic and the 2023 Hollywood strikes that disrupted film production and distribution.
Business
Reading International operates in two primary business segments that together form an integrated entertainment and real estate enterprise. The Cinema Exhibition segment represents the company's core business, operating multiplex movie theaters under several brand names including Reading Cinemas, Angelika Film Center, Consolidated Theatres, State Cinema, Event Cinemas, and Rialto Cinemas. This segment generates approximately 85-90% of total revenue based on recent financial reports. The cinema business involves showing first-run movies to paying customers, with revenue coming from ticket sales (admissions) and concession sales (food and beverage). The company operates 63 cinemas with approximately 515 screens across three countries, providing mainstream entertainment to local communities. Cinema exhibition is a traditional brick-and-mortar retail business where customers visit physical locations to watch movies on large screens with premium sound systems. The Real Estate segment accounts for roughly 10-15% of total revenue and involves developing, renting, and licensing retail, commercial, and live theater properties. This includes fee interests in live theaters such as the Minetta Lane Theatre and Union Square Theatre in New York, office buildings, entertainment-themed centers, and approximately 8.9 million square feet of developed and undeveloped real estate. The company maintains a portfolio of third-party tenants in Australia and New Zealand with a 96% occupancy rate, generating steady rental income. Notable properties include the 44 Union Square building in Manhattan, which houses a Petco store as a major tenant, and various retail and commercial spaces that provide diversified income streams beyond the cinema business.
Revenue model
Reading International generates revenue through multiple streams within its two business segments. The cinema exhibition business makes money primarily through ticket sales (admissions revenue) and concession sales (food and beverage revenue). Customers pay for movie tickets to watch films, and the company retains a portion of ticket revenue after paying film distributors their share, which typically ranges from 40-60% of ticket sales depending on the film and negotiated terms. The concession business has higher profit margins, with customers purchasing popcorn, candy, soft drinks, and increasingly, alcoholic beverages at premium prices. The company has been expanding liquor licensing across its theater circuits, with 86% of Australian theaters, 38% of New Zealand theaters, and 100% of US theaters now serving alcohol. The real estate segment generates income through rental payments from third-party tenants, licensing fees, and property sales. The company leases space to retailers, restaurants, and other commercial tenants, collecting monthly rent payments. Major tenants include Petco at the 44 Union Square property in Manhattan, which provides significant stable income. Several factors influence the company's profitability margins. Positive margin drivers include strong movie releases that drive higher attendance, successful food and beverage programs with premium pricing, effective cost management through theater closures and lease renegotiations, and strategic asset sales that reduce debt service costs. The company benefits from blockbuster film releases like Marvel movies, major franchises, and popular animated films that generate higher box office revenue. Negative margin pressures come from weak film slates (as experienced during the 2023 Hollywood strikes), rising labor costs and inflationary pressures on operating expenses, high debt service costs from significant borrowings, competition from streaming services and alternative entertainment options, and the cyclical nature of real estate markets affecting property values and rental rates. The company also faces currency fluctuation risks given its international operations in Australia and New Zealand.
Competitive moat
Reading International operates in a business with limited sustainable competitive advantages, facing significant structural challenges that constrain its moat. The cinema exhibition industry has modest barriers to entry through location-based advantages and existing lease agreements, but these provide only temporary protection. The company's theaters benefit from established locations in urban markets and long-term lease relationships with landlords, which can create some local competitive advantages. Additionally, the company has built brand recognition through its various cinema brands and developed operational expertise across multiple international markets. However, the competitive moat is relatively weak due to several factors. The cinema industry faces ongoing disruption from streaming services, which offer consumers convenient at-home entertainment alternatives. Major streaming platforms like Netflix, Disney+, and others are increasingly producing high-quality content and shortening theatrical release windows, reducing the exclusivity that once protected movie theaters. The industry also depends heavily on content produced by a small number of major Hollywood studios, giving theaters limited negotiating power and making them vulnerable to production disruptions like the 2023 strikes. The real estate portfolio provides some diversification and stability through rental income, but most properties are not in prime locations that would command significant premiums. The company's financial constraints limit its ability to invest in premium theater experiences or acquire better locations that might strengthen its competitive position. Potential disruption continues to come from streaming services, home entertainment technology improvements, changing consumer preferences toward convenience, and alternative entertainment options. The company's high debt levels also limit its ability to invest in defensive measures like premium theater experiences, better locations, or technology upgrades that might help differentiate it from competitors.
Risks & safety
Reading International presents significant financial risk with a very limited margin of safety, exhibiting characteristics of a financially distressed company requiring careful monitoring. **Liquidity and Solvency Concerns:** - Current ratio of 0.23 indicates severe short-term liquidity problems, with current liabilities of $142 million far exceeding current assets of $33 million - Total liabilities of $450 million exceed total assets of $441 million, resulting in negative book value - Cash position of only $6 million provides minimal operating cushion - Negative free cash flow of -$7.7 million in Q1 2025 indicates ongoing cash consumption **Debt Burden:** - Total debt of approximately $187 million represents a significant burden relative to company size - Company is actively working with lenders to extend debt maturities and avoid defaults - Interest expenses consume substantial portions of operating cash flow - Asset sales are being pursued to reduce debt levels **Valuation Metrics:** - Negative book value makes traditional valuation metrics unreliable - EV/EBITDA of 32.5x appears elevated, though based on minimal EBITDA of $3 million - Stock trades at extremely low absolute price levels, suggesting market pessimism **Other Considerations:** - Ongoing asset monetization efforts provide potential liquidity sources - Company maintains operational businesses generating positive EBITDA - Recovery dependent on improved movie slate performance and successful debt restructuring
Recent development
Over the past few years, Reading International has undergone significant strategic transformation focused on debt reduction and operational optimization in response to pandemic challenges and industry headwinds. The company has pursued an aggressive asset monetization strategy, selling non-core real estate properties including the Culver City office building for $10 million and Wellington, New Zealand properties for NZD $38 million. Additional asset sales are planned, including the Cannon Park property in Australia contracted for AUD $32 million and exploration of the Newberry Yard asset sale. The cinema business has implemented several revenue enhancement initiatives to improve profitability per customer. The company has significantly expanded its food and beverage programs, achieving record-high spending per patron across all markets, with US F&B spend per patron reaching $8.12 (43% increase from 2019 levels). Alcohol licensing has been expanded across theater circuits, now available in 86% of Australian theaters, 38% of New Zealand theaters, and 100% of US theaters. New loyalty and membership programs have been launched, with over 300,000 members in the Reading Rewards program, and the company is developing paid subscription offerings. Operational restructuring has involved closing underperforming locations to reduce costs, with several theater closures completed in recent years, including two cinemas with 8 screens closed in Q1 2025. The company has also been renegotiating lease terms with landlords to reduce occupancy costs and improve operational efficiency. Strategic theater upgrades are being implemented selectively, with plans to convert 23 screens across 3 US theaters to luxury recliners over 24 months, targeting 70% of the US circuit with premium seating. Financial restructuring efforts have focused on extending debt maturities and managing liquidity challenges. The company has been working with major lenders including Santander to extend loan terms and negotiate partial paydowns. These efforts are designed to provide breathing room while the business recovers from pandemic impacts and benefits from an improved movie slate expected in 2025.
RDI company profile · for informational purposes only — not investment advice.
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