# The Marcus Corporation (MCS)

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

**Price:** USD 28.3 (-1.84% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 28.83 · day 28.24–29.47 · 52w 12.88–32.42 · market cap $873M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $790M, net income $22.7M (2.9% margin), free cash flow $66.7M (SEC filings).
- Valuation: P/E 38.5x (avg 39.3x at the last 2 fiscal year-ends), EV/EBITDA 9.7x, net debt $123M.
- Earnings quality: non-operating income -$8.5M vs operating income $32.3M over the last four quarters; P/E excluding non-operating income ≈28.4x (estimate: non-operating income taxed at the company's 4.8% effective rate).
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $1.5M; 2 not under a Rule 10b5-1 plan ($1.5M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 30.5 (range 25–34).
- Total return with dividends: 1Y +113.8% vs S&P 500 +14.9%; 5Y +62.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.53, revenue estimate $232M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $458M | $677M | $730M | $736M | $758M | $790M |
| Operating income | -$41.5M | $8.3M | $33.9M | $16.2M | $17.1M | $32.3M |
| Net income | -$43.3M | -$12.0M | $14.8M | -$7.8M | $12.7M | $22.7M |
| Free cash flow | $29.2M | $56.4M | $63.9M | $24.7M | $989K | $66.7M |
| Operating margin | -9.0% | 1.2% | 4.7% | 2.2% | 2.2% | 4.1% |
| Net margin | -9.4% | -1.8% | 2.0% | -1.1% | 1.7% | 2.9% |
| Revenue growth | +92.8% | +47.8% | +7.7% | +0.8% | +3.1% | — |
| Cash + short-term investments | $17.7M | $21.7M | $55.6M | $40.8M | $23.4M | — |
| Total debt | $215M | $180M | $170M | $159M | $159M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 38.5x · P/E ex non-operating (est.) ≈28.4x · P/S 1.1x · EV/EBITDA 9.7x · EV/Sales 1.3x · P/FCF 13.1x · P/B 1.9x · FCF yield 7.64% · Earnings yield 2.60% · Dividend yield (paid, TTM) 1.11% · Net debt $123M · EV $995M
P/E at fiscal year-ends: Dec 2025 38.2x, Dec 2023 40.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 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 |
|---|---|---|---|---|---|---|---|
| 2026-09-23 | Gershowitz Diane M | Director | 50,000 | $1.4M | 23.5% | No | Too little history (no open-market trades in 2023) |
| 2026-04-15 | Evans Michael Reade | Pres., Marcus Hotels & Resorts | 7,671 | $146K | 14.3% | No | Too little history (no open-market trades in 2023 or 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 2.00 on a 1–5 scale), 5 analysts; mean target USD 30.5 (low 25, high 34).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-31 | B. Riley Securities | Downgrade | Buy → Neutral | $27 → $29 |
| 2026-07-31 | Benchmark | Target raised | Buy | $22 → $33 |
| 2026-07-31 | Wedbush | Target raised | Outperform | $23 → $34 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +113.8% | +62.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +114.4% | +10.2% |
| Volatility (annualized) | 37.4% | 33.6% |
| Max drawdown | -14.8% (Aug 2026→Oct 2026) | -49.6% (Nov 2021→Jun 2024) |

## Peers (Entertainment)
IQ (iQIYI, Inc.) USD 0.91 -1.31% · ANGX (Angel Studios, Inc.) USD 3.48 -0.29% · RSVR (Reservoir Media, Inc..) USD 9.6 +0.84% · HUYA (HUYA Inc.) USD 2.23 -0.89% · STRZ (Starz Entertainment Corp.) USD 23.22 -5.22% · AMCX (AMC Global Media Inc.) USD 9.33 -3.22%

## More
Full page: https://nexqual.com/MCS · 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 MCS's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/62234/000006223426000011/mcs-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Airbnb (ABNB) | "We also face competition from alternative channels of distribution in the travel industry, such as peer-to-peer inventory sources that allow travelers to book stays on websites that facilitate short-term rental of homes …" |

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

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Theatres | $150.6M | 65.0% | +14.4% | $26.7M | 17.7% |
| Hotels/Resorts | $81.0M | 35.0% | +9.0% | $6.7M | 8.3% |
| Total revenue | $231.6M | 100% | — | $33.4M | 14.4% |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Admission | $72.6M | 31.3% | +16.4% |
| Concessions | $65.3M | 28.2% | +13.3% |
| Occupancy | $33.7M | 14.6% | +13.7% |
| Product & Service Other | $26.7M | 11.5% | +7.6% |
| Food & Beverage | $22.5M | 9.7% | +5.7% |
| Total revenue | $231.6M | 100% | — |
The lines above cover 95.3% of total revenue.

## Company outlook (8-K filed 2026-07-30)

- "In Marcus Theatres, the film slate for the third and fourth quarters of fiscal 2026 is impressive, starting with the recent epic opening of The Odyssey and this weekend's eagerly awaited release of Spider-Man: Brand New Day , followed by many great titles through the end of the year, including the highly anticipated Avengers: Doomsday and Dune: Part Three ."
- "With many more highly anticipated films expected through the end of the year, 2026 is shaping up to be a memorable year for moviegoing." During the second quarter of fiscal 2026, Marcus Theatres' top five highest-performing films were The Super Mario Galaxy Movie, Michael, Toy Story 5, Obsession and Backrooms."
- "These forward-looking statements may generally be identified as such because the context of such statements include words such as 4 we "believe," "anticipate," "expect" or words of similar import."
- "(8) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.53 | $0.00 | — | $232.4M | 1 |
| Next quarter (ends 2026-12-31) | $0.18 | $0.00 | — | $207.1M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.02 | $0.53 | +91.9% | $825.6M | 3 |
| Next fiscal year (ends 2027-12-31) | $0.84 | $0.00 | — | $838.4M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±21.8%; last 8 reports averaged ±10.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 55.4% | ±21.8% |
| 2027-02-19 | 119 | 31.5% | ±15.5% |
| 2027-05-21 | 210 | 30.7% | ±19.6% |