National CineMedia, Inc. NCMI
National CineMedia is the largest cinema advertising platform in the U.S. With unparalleled reach and scale, NCM connects brands to sought-after young, diverse audiences through the power of movies and pop culture. A premium video, full-funnel marketing solution for advertisers, NCM enhances advertisers' ability to measure and drive results. NCM's Noovie® Show is presented exclusively in 41 leading national and regional theater circuits including all three national chains, AMC, Cinemark and Regal. NCM's cinema advertising platform consists of more than 17,000 screens in over 1,300 theaters in 184 Designated Market Areas® ("DMA®"), including all of the top 50. In November of 2025, NCM extended its reach by acquiring Spotlight and the Spotlight Cinema Network, a U.S. cinema advertising company dedicated to serving art house, luxury and dine-in exhibitors. Spotlight and the Spotlight Cinema Network presents the CineLife® Show exclusively in 108 leading national and regional theater circuits consisting of more than 1,200 screens in over 200 theaters.
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 | $243.2M | $240.8M | $165.2M | $249.2M | $114.6M | $90.4M | $444.8M | $441.4M | $426.1M | $447.6M |
| Cost of revenue | $13.0M | $13.7M | $10.6M | — | — | — | — | — | — | — |
| Gross profit | $230.2M | $227.1M | $154.6M | — | — | — | — | — | — | — |
| R&D | $3.1M | $3.3M | $3.0M | $4.6M | $1.7M | $1.9M | $3.6M | $1.7M | $3.6M | $3.4M |
| SG&A | $46.1M | $50.7M | $57.3M | $44.3M | $36.0M | $30.9M | $43.8M | $48.3M | $37.9M | $43.8M |
| Total operating expenses | $257.1M | $260.3M | $192.5M | $242.3M | $183.2M | $151.4M | $283.5M | $287.1M | $272.2M | $274.6M |
| Operating income | -$13.9M | -$19.5M | -$27.3M | $6.9M | -$68.6M | -$61.0M | $161.3M | $154.3M | $153.9M | $173.0M |
| Pre-tax income | -$10.6M | -$22.1M | $696.7M | -$66.2M | -$118.4M | $35.9M | $99.1M | $103.7M | $294.8M | $108.9M |
| Income tax | $0 | $200.0K | $0 | $0 | $0 | $162.2M | $12.4M | $23.5M | $180.3M | $14.4M |
| Net income | -$10.6M | -$22.3M | $705.2M | -$28.7M | -$48.7M | -$65.4M | $36.1M | $29.8M | $58.3M | $32.9M |
| EPS, basic | -0.11 | -0.23 | 14.73 | -3.50 | -0.61 | -0.84 | 0.47 | 0.39 | 0.89 | 0.55 |
| EPS, diluted | -0.11 | -0.23 | 14.34 | -3.50 | -0.61 | -0.84 | 0.46 | 0.37 | 0.48 | 0.54 |
| Shares, diluted (wtd. avg.) | 94.2M | 95.9M | 48.6M | 8.2M | 79.9M | 78.0M | 77.8M | 157.4M | 151.1M | 60.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $34.6M | $75.1M | $37.6M | $63.8M | $101.2M | $180.3M | $55.9M | $41.4M | $30.2M | $23.0M |
| Short-term investments | — | $100.0K | $0 | $700.0K | — | — | — | — | — | — |
| Receivables | $96.5M | $85.3M | $96.6M | $92.0M | $53.0M | $16.2M | $170.8M | $149.9M | $160.6M | $160.5M |
| Total current assets | $138.1M | $177.9M | $143.8M | $164.4M | $158.4M | $199.9M | $254.3M | $230.9M | $212.6M | $221.1M |
| Property, plant and equipment | $19.4M | $16.4M | $15.8M | $13.0M | $21.3M | $27.5M | $33.2M | $33.6M | $30.7M | $29.6M |
| Goodwill | $500.0K | $0 | — | — | — | — | — | — | — | — |
| Other intangibles | $308.8M | $350.8M | $394.3M | $350.8M | $606.3M | $627.8M | $643.7M | $684.5M | $717.2M | $560.5M |
| Total assets | $490.6M | $568.6M | $567.7M | $792.4M | $817.4M | $886.2M | $1.13B | $1.14B | $1.17B | $1.14B |
| Accounts payable | $26.1M | $23.0M | $21.7M | $25.0M | $16.3M | $13.7M | $20.7M | $18.0M | $19.3M | $17.4M |
| Short-term debt | — | — | $0 | $1.12B | $3.2M | $2.7M | $2.7M | $2.7M | $0 | — |
| Total current liabilities | $62.1M | $73.5M | $58.4M | $1.20B | $69.8M | $50.0M | $119.5M | $110.5M | $109.7M | $120.6M |
| Long-term debt | $12.0M | $10.0M | $10.0M | $0 | $1.09B | $1.05B | $923.9M | $920.9M | $923.3M | $924.3M |
| Total liabilities | $115.2M | $157.4M | $133.2M | $1.26B | $1.20B | $1.15B | $1.25B | $1.23B | $1.25B | $1.26B |
| Retained earnings | $236.4M | $280.9M | $316.6M | -$370.4M | -$332.0M | -$266.4M | -$171.1M | -$153.6M | -$130.2M | -$248.3M |
| Total equity | $375.4M | $411.2M | $434.5M | -$464.0M | -$383.5M | -$268.6M | -$121.2M | -$89.2M | -$74.8M | -$232.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.4M | $60.3M | -$6.7M | -$47.3M | -$95.2M | $55.3M | $143.6M | $150.3M | $138.9M | $133.5M |
| Depreciation and amortisation | — | — | — | — | — | — | — | $12.6M | $10.9M | $8.6M |
| Stock-based compensation | $9.3M | $12.2M | $4.5M | $7.1M | $8.1M | $2.2M | $5.5M | $7.8M | $11.2M | $18.3M |
| Capital expenditure | $5.6M | $5.8M | $3.3M | $2.9M | $5.7M | $8.0M | $14.0M | $14.2M | $11.6M | $12.9M |
| Investing cash flow | -$15.4M | -$5.7M | $32.6M | -$400.0K | -$5.4M | $15.6M | $1.6M | -$16.1M | $8.5M | -$4.3M |
| Financing cash flow | -$33.5M | -$14.1M | -$52.1M | $10.3M | $21.5M | $53.5M | -$130.7M | -$123.0M | -$140.2M | -$137.9M |
| Dividends paid | $11.4M | $300.0K | $500.0K | $9.5M | $16.9M | $32.0M | $53.6M | $54.4M | $58.7M | $54.6M |
| Buybacks | $22.0M | $13.1M | $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 0001193125-26-076788.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $447.6M | $426.1M | $441.4M | $444.8M | $90.4M | $114.6M | $249.2M | $165.2M | $240.8M | $243.2M |
| Gross profit | — | — | — | — | — | — | — | $154.6M | $227.1M | $230.2M |
| Net income | $32.9M | $58.3M | $29.8M | $36.1M | -$65.4M | -$48.7M | -$28.7M | $705.2M | -$22.3M | -$10.6M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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