IMAX CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data IMAX CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	377	381	374	396	137	255	301	375	352	410
Cost of revenue	175	196	166	181	115	120	144	160	162	164
Gross profit	203	185	208	214	21.5	134	156	214	190	246
Research and development	16.3	20.9	13.7	5.2	5.62	6.94	5.3	10.1	5.1	5.82
Selling, general and administrative					108	117	138	144	133	138
Selling and marketing		2.6	2.1	26.9	5.89	11	21.8
Operating income	58.6	31.4	45.2	77.3	-122	11	-4.83	50.4	43.9	84.2
Interest expense	1.81	1.94	2.92	2.79	7.01	7.09	5.88	6.82	8.08	7.36
Interest income							1.43	2.49	2.18	2.8
Pre-tax income	57.9	30	43.6	75.3	-129	11	-9.77	46.1	37.7	63.3
Income tax	16.2	16.8	9.52	16.8	26.5	20.6	10.1	13.1	5	17.8
Net income	28.8	2.34	22.8	46.9	-144	-22.3	-22.8	25.3	26.1	34.9
EBITDA	105	98.3	103	141	-68.2	67.1	51.8	110	109	147
EPS, basic	0.43	0.04	0.36	0.76	-2.43	-0.38	-0.40	0.47	0.49	0.65
EPS, diluted	0.42	0.04	0.36	0.76	-2.43	-0.38	-0.40	0.46	0.48	0.63
Shares, basic (weighted)	0.07	65.4	63.1	61.3	59.2	59.1	56.7	54.3	52.7	53.6
Shares, diluted (weighted)	0.07	65.5	63.2	61.5	59.2	59.1	56.7	55.1	53.9	55.5

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	205	159	142	109	317	190	97.4	76.2	101	151
Receivables	96.3	131	93.3	99.5	56.3	110	136	136	108	108
Inventory	42.1	30.8	44.6	43	39.6	26.9	31.5	31.6	32.8	32.5
Property, plant and equipment	245	277	281	307	277	260	253	243	240	243
Lease right-of-use assets					13.9	12.1	12.3	10.6	10	9.3
Goodwill	39	39	39	39	39	39	52.8	52.8	52.8	45.8
Intangible assets	30.4	31.2	34.1	30.3	26.2	23.1	32.7	35	35.1	32.4
Total assets	857	867	874	889	998	883	821	815	830	894
Total liabilities	231	263	274	246	533	453	491	469	452	466
Total debt	27.3	25.4	37.8	18.2	306	2.47
Paid-in capital	177	175	180	172	189	175	186	185	185	165
Retained earnings	-47.4	-87.6	-85.4	-40.3	-203	-235	-293	-293	-275	-240
Treasury stock	-1.94	-5.13	-0.92	-4.04	-0.01
Other comprehensive income	-5.2	-0.63	-3.59	-3.19	0.99	2.53	-9.85	-12.1	-16.6	-10.3
Shareholders' equity	562	528	512	548	394	356	263	273	299	338
Minority interests	59.6	74.5	0.8	89.5	70	73.5	65.7	71.8	78.1	89.2
Total equity	622	602	593	637	464	430	329	345	378	427
Total liabilities and equity	857	867	874	889	998	883	821	815	830	894
Shares outstanding	66.2	64.7	61.4	61.2	58.9	58.7	54.1	53.3	52.9	53.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	39.3	12.5	33.6	58.6	-157	-9.58	-19.9	33.1	32.7	45.5
Depreciation and amortization	46.5	66.8	57.4	63.5	53.6	56.1	56.7	60	65.5	62.4
Stock-based compensation	30.5	23	22.6	22.8	21.5	25.6	27	23.6	22.8	26.6
Deferred income tax	4.94	-4.02	-6.92	6.76	23.6	3	-2.07	-1.45	-5.63	0.77
Change in receivables	-1.41	-37.8	33.9	-8.62	33.6	-52.5	-29	-1.91	29.1	-1.32
Change in inventory	-3.83	10.8	-14	1.94
Change in payables	-3.36	4.2	7.75	-11.8	0.41	-4.75	8.5	-0.54	-6.38	-0.48
Cash from operations	77.9	85.4	110	90.4	-23	6.07	17.3	58.6	70.8	127
Capital expenditures	-15.3	-24.1	-13.4	-7.42	-0.7	-3.59	-8.42	-6.49	-8.43	-8.17
Acquisitions							-15.9	0	0
Purchases of investments		-1.61		-15.2
Sales and maturities of investments						17.8	0	1.05	0	0
Cash from investing	-64.9	-73.6	-56.9	-66	-9.26	-0.01	-53.3	-31.8	-41.2	-41.9
Stock issued	13.1	16.7	1.02	2.4		0.88	0	0	5.29	4.01
Share buybacks	0	-46.1	-71.5	-2.66	-36.6	-13.9
Cash from financing	-126	-57.5	-70.9	-57.1	241	-133	-58.5	-48.5	-6.04	-34.1
Exchange rate effect	0.11	-0.27	0.63	0.63	-0.41	-1.01
Net change in cash	-113	-46	-17.1	-32.1	208	-128	-92.3	-21.2	24.4	50.6
Free cash flow	62.6	61.2	96.6	83	-23.7	2.48	8.9	52.1	62.4	119
Interest paid	0.72	0.83	0.5	1.23	5.77	3.25	0.72	3.93	5.72	4.88
Income taxes paid	24.6	22.8	12.7	17.3	4.76	18.5	14	17.8	14.6	15.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $56.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.6%	Gross profit / revenue.
Operating margin	20.2%	Operating income / revenue.
EBITDA margin	35.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.0%	Pre-tax income / revenue.
Net margin	9.8%	Net income / revenue.
FCF margin	30.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	31.9%	Cash from operations / revenue.
Effective tax rate	24.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.5%	Net income / average total assets.
Return on invested capital (ROIC)	32.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.5%	Research and development expense / revenue.
SG&A / revenue	32.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	6.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	15.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	24.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	29.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	62.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	92.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	34.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	41.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	33.8%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	31.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	79.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	94.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	90.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	137.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	12.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-2.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	50.9%	Total liabilities / total assets.
Interest coverage	11.2x	Operating income / interest expense.
Goodwill and intangibles / assets	8.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$280.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	1.74x	Revenue / average property, plant and equipment.
Inventory turnover	4.28x	Cost of revenue / average inventory.
Days inventory	85 days	365 x average inventory / cost of revenue.
Receivables turnover	3.63x	Revenue / average receivables.
Days sales outstanding	100 days	365 x average receivables / revenue.
FCF conversion	309.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.72	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.36	Revenue / diluted weighted shares.
FCF per share	$2.24	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.35	Cash from operations / diluted weighted shares.
Book value per share	$6.49	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.11	Tangible book value / shares outstanding.
Cash per share	$2.92	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.07B	Share price x shares outstanding.
Enterprise value	$2.91B	Market cap + total debt - cash - short-term investments.
P/E	75.1x	Market cap / net income. Only when net income is positive.
P/S	7.39x	Market cap / revenue.
P/B	8.64x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	11.0x	Market cap / tangible book value, when positive.
P/FCF	24.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	23.1x	Market cap / cash from operations, when positive.
EV/Sales	7.00x	Enterprise value / revenue.
EV/EBIT	34.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.1%	Free cash flow / market cap.
Earnings yield	1.3%	Net income / market cap (the inverse of P/E).

What was IMAX CORP's revenue in fiscal 2025?

IMAX CORP reported revenue of $410.2M for fiscal 2025, 16.5% higher than the year before.

Was IMAX CORP profitable in fiscal 2025?

Yes. Net income was $34.9M, a net margin of 8.5%.

How much free cash flow did IMAX CORP generate in fiscal 2025?

Cash from operations of $127.1M minus capital expenditures of $8.2M left free cash flow of $118.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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