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.
Others in SIC 7310
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| CCO | Clear Channel Outdoor Holdings, Inc. | $1.21B | 59.5x | 13.1% |
| MNTN | MNTN, Inc. | $957.3M | — | 28.6% |
| IBTA | Ibotta, Inc. | $893.7M | 319.9x | -6.8% |
| ANGI | Angi Inc. | $198.2M | 5.2x | -13.0% |
| FLNT | Fluent, Inc. | $99.6M | — | -18.0% |
| THRY | Thryv Holdings, Inc. | $92.4M | 208.0x | -4.7% |
| TZOO | TRAVELZOO | $63.8M | 15.2x | 9.3% |
| IZEA | IZEA Worldwide, Inc. | $52.1M | — | -12.9% |