IMAX CORP IMAX
IMAX Corporation (the "Company" or "IMAX") is a Canadian corporation that was formed in March 1994 as a result of an amalgamation between WGIM Acquisition Corp. and the former IMAX Corporation ("Predecessor IMAX"). Predecessor IMAX was incorporated in 1967.
As of December 31, 2025, the Company indirectly owned 71.57% of IMAX China Holding, Inc. ("IMAX China"), whose shares trade on the Hong Kong Stock Exchange. IMAX China is a consolidated subsidiary of the Company.
IMAX is a premier global technology platform for entertainment and events. Through its proprietary software, auditorium architecture, patented intellectual property, and specialized equipment, IMAX offers a unique end-to-end solution to create superior, awe-inspiring immersive content experiences for which the IMAX® brand is globally renowned. Top filmmakers, movie studios, artists, and creators utilize the cutting-edge visual and sound technology of IMAX to connect with audiences in innovative ways. As a result, IMAX is among the most important and successful global distribution platforms for domestic and international tentpole films. The Company's global content portfolio includes blockbuster films, both from Hollywood and local language film industries worldwide; IMAX documentaries, both original and acquired ("IMAX Documentaries"); and IMAX events and experiences in emerging verticals, including music, gaming, and sports.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $410.2M | $352.2M | $374.8M | $300.8M | $254.9M | $137.0M | $395.7M | $374.4M | $380.8M | $377.3M |
| Cost of revenue | $164.0M | $162.0M | $160.5M | $144.4M | $120.5M | $115.5M | $181.5M | $166.5M | $195.5M | $174.7M |
| Gross profit | $246.2M | $190.2M | $214.3M | $156.4M | $134.4M | $21.5M | $214.2M | $207.9M | $185.2M | $202.7M |
| R&D | $5.8M | $5.1M | $10.1M | $5.3M | $6.9M | $5.6M | $5.2M | $13.7M | $20.9M | $16.3M |
| SG&A | $138.5M | $132.7M | $144.4M | $138.0M | $117.3M | $108.5M | — | — | — | — |
| Operating income | $84.2M | $43.9M | $50.4M | -$4.8M | $11.0M | -$121.8M | $77.3M | $45.2M | $31.4M | $58.6M |
| Interest expense | $7.4M | $8.1M | $6.8M | $5.9M | $7.1M | $7.0M | $2.8M | $2.9M | $1.9M | $1.8M |
| Pre-tax income | $63.3M | $37.7M | $46.1M | -$9.8M | $11.0M | -$129.1M | $75.3M | $43.6M | $30.0M | $57.9M |
| Income tax | $17.8M | $5.0M | $13.1M | $10.1M | $20.6M | $26.5M | $16.8M | $9.5M | $16.8M | $16.2M |
| Net income | $34.9M | $26.1M | $25.3M | -$22.8M | -$22.3M | -$143.8M | $46.9M | $22.8M | $2.3M | $28.8M |
| EPS, basic | 0.65 | 0.49 | 0.47 | -0.40 | -0.38 | -2.43 | — | 0.36 | 0.04 | 0.43 |
| EPS, diluted | 0.63 | 0.48 | 0.46 | -0.40 | -0.38 | -2.43 | 0.76 | 0.36 | 0.04 | 0.42 |
| Shares, diluted (wtd. avg.) | $55.5M | $53.9M | $55.1M | $56.7M | $59.1M | $59.2M | $61.5M | $63.2M | $65.5M | $68.3K |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $151.2M | $100.6M | $76.2M | $97.4M | $189.7M | $317.4M | $109.5M | $141.6M | $158.7M | $204.8M |
| Receivables | $108.1M | $107.7M | $136.3M | $136.1M | $110.0M | $56.3M | $99.5M | $93.3M | $130.5M | $96.3M |
| Inventory | $32.5M | $32.8M | $31.6M | $31.5M | $26.9M | $39.6M | $43.0M | $44.6M | $30.8M | $42.1M |
| Property, plant and equipment | $242.9M | $240.1M | $243.3M | $252.9M | $260.4M | $277.4M | $306.8M | $280.7M | $276.8M | $245.4M |
| Goodwill | $45.8M | $52.8M | $52.8M | $52.8M | $39.0M | $39.0M | $39.0M | $39.0M | $39.0M | $39.0M |
| Other intangibles | $32.4M | $35.1M | $35.0M | $32.7M | $23.1M | $26.2M | $30.3M | $34.1M | $31.2M | $30.4M |
| Total assets | $894.0M | $830.4M | $814.7M | $821.2M | $883.2M | $997.8M | $889.1M | $873.6M | $866.6M | $857.3M |
| Long-term debt | — | — | — | — | $2.5M | $305.7M | $18.2M | $37.8M | $25.4M | $27.3M |
| Total liabilities | $466.3M | $452.2M | $469.1M | $491.4M | $452.9M | $533.0M | $246.0M | $274.2M | $263.0M | $230.8M |
| Retained earnings | -$240.0M | -$274.7M | -$292.8M | -$293.1M | -$235.0M | -$202.8M | -$40.3M | -$85.4M | -$87.6M | -$47.4M |
| Total equity | $337.9M | $299.5M | $344.9M | $329.0M | $429.6M | $464.0M | $637.2M | $592.9M | $602.3M | $621.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $127.1M | $70.8M | $58.6M | $17.3M | $6.1M | -$23.0M | $90.4M | $110.0M | $85.4M | $77.9M |
| Depreciation and amortisation | $62.4M | $65.5M | $60.0M | $56.7M | $56.1M | $52.7M | $63.0M | $57.4M | $66.8M | $46.5M |
| Stock-based compensation | $26.6M | $22.8M | $23.6M | $27.0M | $25.6M | $21.5M | $22.8M | $22.6M | $23.0M | $30.5M |
| Capital expenditure | $8.2M | $8.4M | $6.5M | $8.4M | $3.6M | $697.0K | $7.4M | $13.4M | $24.1M | $15.3M |
| Investing cash flow | -$41.9M | -$41.2M | -$31.8M | -$53.3M | -$7.0K | -$9.3M | -$66.0M | -$56.9M | -$73.6M | -$64.9M |
| Financing cash flow | -$34.1M | -$6.0M | -$48.5M | -$58.5M | -$132.7M | $240.6M | -$57.1M | -$70.9M | -$57.5M | -$125.8M |
| Buybacks | — | — | — | — | $13.9M | $36.6M | $2.7M | $71.5M | $46.1M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-027220.
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