# IMAX Corporation (IMAX)

> Source: Nexqual · https://nexqual.com/IMAX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, IMAX Corporation (IMAX), nexqual.com/IMAX" · informational, not investment advice.

**Price:** USD 52.31 (-1.47% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 53.09 · day 52.16–53.47 · 52w 31.27–57.73 · market cap $2.87B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $416M, net income $40.9M (9.8% margin), free cash flow $127M (SEC filings).
- Valuation: P/E 70.1x (avg 48.2x at the last 3 fiscal year-ends).
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $42.8M; 6 not under a Rule 10b5-1 plan ($5.1M); 3 by opportunistic insiders (3 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.92 on a 1–5 scale) (12 analysts), mean target USD 60 (range 52–65).
- Total return with dividends: 1Y +61.3% vs S&P 500 +14.9%; 5Y +139.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.03, revenue estimate $168M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $255M | $301M | $375M | $352M | $410M | $416M |
| Gross profit | $134M | $156M | $214M | $190M | $246M | — |
| Operating income | $11.0M | -$4.8M | $50.4M | $43.9M | $84.2M | $83.9M |
| Net income | -$22.3M | -$22.8M | $25.3M | $26.1M | $34.9M | $40.9M |
| EPS (diluted) | -$0.38 | -$0.40 | $0.46 | $0.48 | $0.63 | — |
| Free cash flow | $2.5M | $8.9M | $52.1M | $62.4M | $119M | $127M |
| Gross margin | 52.7% | 52.0% | 57.2% | 54.0% | 60.0% | — |
| Operating margin | 4.3% | -1.6% | 13.4% | 12.5% | 20.5% | 20.2% |
| Net margin | -8.8% | -7.6% | 6.8% | 7.4% | 8.5% | 9.8% |
| Revenue growth | +86.0% | +18.0% | +24.6% | -6.0% | +16.5% | — |
| Cash + short-term investments | $190M | $97.4M | $76.2M | $101M | $151M | — |
| Total debt | $2.5M | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 70.1x · P/S 6.9x · P/FCF 22.7x · P/B 8.1x · FCF yield 4.41% · Earnings yield 1.43%
P/E at fiscal year-ends: Dec 2025 58.9x, Dec 2024 52.9x, Dec 2023 32.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Lister Robert D | Chief Legal Officer Sr Exec VP | 22,500 | $1.2M | 11% | No | Too little history (no open-market trades in 2023) |
| 2026-08-25 | Welton Mark | President IMAX Global Theatres | 30,000 | $1.6M | 17.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-25 | Weissman Kenneth Ian | Deputy GC, Corp. Sec. & CCO | 8,000 | $436K | 22.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-24 | Fernandes Natasha | Chief Financial Officer & EVP | 20,000 | $1.1M | 36% | No | Too little history (no open-market trades in 2023) |
| 2026-08-20 | Pablo Calamera | CTO & EVP | 15,000 | $786K | 25.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-18…2026-08-20 | Gelfond Richard L | Chief Executive Officer | 456,757 | $24.0M | 40.7% | Yes | Too little history (no open-market trades in 2024) |
| 2026-08-06 | Zlatar Jose Aleksandr | SVP, Controller & PAO | 500 | $25K | 46.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-27 | Gelfond Richard L | Chief Executive Officer | 8,943 | $334K | 1.2% | Yes | Too little history (no open-market trades in 2024) |
| 2026-04-16…2026-04-17 | Gelfond Richard L | Chief Executive Officer | 75,919 | $2.8M | 9% | Yes | Too little history (no open-market trades in 2024) |
| 2026-04-13…2026-04-15 | Gelfond Richard L | Chief Executive Officer | 120,132 | $4.5M | 13.6% | Yes | Too little history (no open-market trades in 2024) |
| 2026-04-10 | Gelfond Richard L | Chief Executive Officer | 135,046 | $5.1M | 15% | Yes | Too little history (no open-market trades in 2024) |
| 2026-04-02…2026-04-06 | Gelfond Richard L | Chief Executive Officer | 25,024 | $1.0M | 3.2% | Yes | Too little history (no open-market trades in 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.92 on a 1–5 scale), 12 analysts; mean target USD 60 (low 52, high 65).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Wells Fargo | Target raised | Equal-Weight | $45 → $55 |
| 2026-10-14 | Wedbush | Target raised | Outperform | $54 → $60 |
| 2026-10-14 | Rosenblatt | Maintained | Buy | $65 |
| 2026-10-08 | B. Riley Securities | Target raised | Buy | $61 → $64 |
| 2026-10-07 | StoneX | Target raised | Buy | $60 → $65 |
| 2026-09-24 | Morgan Stanley | Initiated | Overweight | $63 |
| 2026-09-09 | Rosenblatt | Target raised | Buy | $60 → $65 |
| 2026-09-04 | Goldman Sachs | Target raised | Neutral | $42 → $50 |
| 2026-09-03 | Roth Capital | Target raised | Buy | $50 → $60 |
| 2026-09-02 | Macquarie | Target raised | Outperform | $50 → $55 |
| 2026-08-24 | B. Riley Securities | Target raised | Buy | $52 → $61 |
| 2026-08-19 | Rosenblatt | Maintained | Buy | $60 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +61.3% | +139.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +61.5% | +19.0% |
| Volatility (annualized) | 42.5% | 39.2% |
| Max drawdown | -22.7% (Feb 2026→May 2026) | -39.5% (Oct 2021→Oct 2022) |

## Peers (Entertainment)
AMC (AMC Entertainment Holdings, Inc) USD 2.93 -3.62% · BATRA (Atlanta Braves Holdings, Inc. -) USD 54.69 -0.78% · MANU (Manchester) USD 20.78 -0.38% · LION (Lionsgate Studios Corp) USD 12.7 +0.16% · SPHR (Sphere Entertainment Co.) USD 111.61 -2.16% · VSNT (Versant Media Group, Inc.) USD 32.29 +3.00%

## More
Full page: https://nexqual.com/IMAX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IMAX's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/921582/000162828026011770/imax-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Sony (SONY) | "As of December 31, 2025, IMAX Enhanced certified devices in-market are with partners including Sony Electronics, Hisense, TCL, LG, and Philips." |
| Partner | Netflix (NFLX) | "Discovery ("WBD") announced it was considering a sale of its assets and in December 2025, WBD announced it had signed a merger agreement with Netflix, although WBD continues to evaluate offers from Paramount Skydance." |
| Partner | Amazon (AMZN) | "The Company actively partners with more than 60 content owners worldwide, including increasingly streaming platforms such as Netflix, Amazon and Apple." |
| Partner | Apple (AAPL) | "The Company actively partners with more than 60 content owners worldwide, including increasingly streaming platforms such as Netflix, Amazon and Apple." |

Other companies that name IMAX in their own reports (relationship from IMAX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Dolphin Entertainment, Inc. (DLPN) | 10-K 2026-03-27 | "an agreement with IMAX to co-produce and co-finance a documentary motion picture on the flight demonstration squadron of the United States" |
| supplier | AMC ENTERTAINMENT HOLDINGS, INC. (AMC) | 10-K 2026-02-23 | "Whether through enhanced food and beverage options (Food and Beverage Kiosks, Marketplaces, Coca-Cola Freestyle, MacGuffins or Dine-in-Theatres), more comfort and convenience (recliner seating, open-s…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sub-total for reportable segments | $99.5M | 96.7% | +11.0% |
| — Technology Products and Services (part of Sub-total for reportable segments) | $64.8M | 63.0% | +16.5% |
| — Content Solutions (part of Sub-total for reportable segments) | $34.7M | 33.7% | +2.1% |
| All Other | $3.3M | 3.3% | +60.9% |
| Total revenue | $102.8M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Image enhancement and maintenance services | $53.2M | 51.7% | +4.5% |
| Image Enhancement and Maintenance Services | $34.6M | 33.6% | +3.1% |
| Technology sales | $26.7M | 25.9% | +41.5% |
| Technology rentals | $20.0M | 19.4% | +4.6% |
| Finance income | $3.0M | 2.9% | +5.4% |
| Total revenue | $102.8M | 100% | — |
The lines above cover 133.6% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $39.4M | 38.3% | -7.0% |
| Asia Excluding Greater China | $22.9M | 22.3% | +145.9% |
| Western Europe | $16.9M | 16.4% | +19.6% |
| Greater China | $13.9M | 13.5% | -21.5% |
| Rest of the World | $4.3M | 4.2% | +21.6% |
| Latin America | $2.9M | 2.8% | +35.9% |
| Canada | $2.5M | 2.5% | +1.7% |
| Total revenue | $102.8M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 13% of revenue from unnamed direct customers (10-Q, filed 2026-07-23).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.03 | $0.52 | +97.4% | $168.5M | 9 |
| Next quarter (ends 2026-12-31) | $0.60 | $0.72 | -15.7% | $133.3M | 9 |
| Current fiscal year (ends 2026-12-31) | $2.23 | $1.82 | +22.4% | $484.5M | 9 |
| Next fiscal year (ends 2027-12-31) | $2.27 | $2.05 | +10.7% | $494.4M | 9 |