Detailed financial statements for IMAX Corporation (IMAX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
IMAX Corporation operates as a global entertainment technology firm, specializing in delivering advanced cinematic experiences. It achieves this by leveraging its proprietary software, unique theater designs, intellectual property, and specialized equipment. A core offering is IMAX Digital Re-Mastering (DMR), a patented process that dramatically improves the resolution, visual fidelity, and audio quality of motion picture films for their presentation on IMAX screens.
Analysis Summary
IMAX Corporation reported revenue of $410.2M in the most recent fiscal year, growing at a 5-year CAGR of 24.5%.
Trailing-twelve-month margins: gross margin 59.1%, operating margin 22.1%, net margin 9.8%.
At $50.61 (closing price, October 30, 2026), IMAX trades at a P/E of 69.69 and an ROE of 11.87%. Market capitalisation stands at $2.8B.
Balance sheet quality for IMAX: debt-to-equity ratio of 0.79, current ratio of 2.66 over the last 12 months, net debt of $146.2M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $118.9M represents 341% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $377.3M | $380.8M | $374.4M | $395.7M | $137.0M | $254.9M | $300.8M | $374.8M | $352.2M | $410.2M |
| Cost of Revenue | $174.7M | $195.5M | $166.5M | $181.5M | $115.5M | $120.5M | $144.4M | $160.5M | $162.0M | $172.6M |
| Gross Profit | $202.7M | $185.2M | $207.9M | $214.2M | $21.5M | $134.4M | $156.4M | $214.3M | $190.2M | $237.6M |
| Research & Development | $16.3M | $20.9M | $13.7M | $5.2M | $5.6M | $6.9M | $5.3M | $10.1M | $5.1M | $4.1M |
| Selling, General & Admin | $123.5M | $109.9M | $117.5M | $123.8M | $108.5M | $117.8M | $138.0M | $144.4M | $132.7M | $137.9M |
| Operating Expenses | $144.1M | $153.8M | $162.8M | $136.9M | $143.4M | $123.4M | $161.2M | $163.9M | $146.3M | $142.0M |
| Operating Income | $58.6M | $31.4M | $45.2M | $77.3M | -$121.8M | $11.0M | -$4.8M | $50.4M | $43.9M | $95.6M |
| EBITDA | $106.1M | $98.8M | $104.0M | $141.1M | -$69.4M | $74.2M | $52.8M | $113.0M | $111.3M | $133.1M |
| Interest Expense | $1.8M | $1.9M | $2.9M | $2.8M | $7.0M | $7.1M | $5.9M | $6.8M | $8.1M | $7.4M |
| Pre-tax Income | $57.9M | $30.0M | $43.6M | $75.3M | -$131.0M | $11.0M | -$9.8M | $46.1M | $37.7M | $63.3M |
| Income Tax | $16.2M | $16.8M | $9.5M | $16.8M | $26.5M | $20.6M | $10.1M | $13.1M | $5.0M | $17.8M |
| Net Income | $28.8M | $2.3M | $22.8M | $46.9M | -$143.8M | -$22.3M | -$22.8M | $25.3M | $26.1M | $34.9M |
| EPS | $0.43 | $0.04 | $0.36 | $0.76 | -$2.43 | -$0.38 | -$0.40 | $0.47 | $0.49 | $0.65 |
| EPS (Diluted) | $0.42 | $0.04 | $0.36 | $0.76 | -$2.43 | -$0.38 | -$0.40 | $0.46 | $0.48 | $0.63 |
| Shares Outstanding (Diluted) | 68.3 M | 65.5 M | 63.2 M | 61.5 M | 59.2 M | 59.1 M | 56.7 M | 55.1 M | 53.9 M | 55.5 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $106.7M | $125.2M | $81.4M | $102.8M |
| Gross Profit | $67.3M | $70.1M | $45.8M | $62.9M |
| Operating Income | $29.0M | $32.3M | $10.0M | $20.8M |
| EBITDA | $45.3M | $24.4M | $25.6M | $38.8M |
| Net Income | $20.7M | $637,000 | $4.2M | $15.4M |
| EPS | $0.38 | $0.01 | $0.08 | $0.28 |
| EPS (Diluted) | $0.37 | $0.01 | $0.07 | $0.27 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $204.8M | $158.7M | $141.6M | $109.5M | $317.4M | $189.7M | $97.4M | $76.2M | $100.6M | $151.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $221.2M | $262.7M | $256.7M | $267.6M | $228.6M | $295.3M | $309.6M | $327.8M | $310.1M | $138.7M |
| Inventory | $42.1M | $30.8M | $44.6M | $43.0M | $39.6M | $26.9M | $31.5M | $31.6M | $32.8M | $32.5M |
| Total Current Assets | $489.4M | $459.8M | $453.2M | $430.3M | $596.0M | $523.8M | $450.8M | $447.9M | $456.7M | $337.3M |
| Property, Plant & Equipment | $245.4M | $276.8M | $280.7M | $306.8M | $277.4M | $260.4M | $252.9M | $243.3M | $240.1M | $242.9M |
| Goodwill | $39.0M | $39.0M | $39.0M | $39.0M | $39.0M | $39.0M | $52.8M | $52.8M | $52.8M | $45.8M |
| Intangible Assets | $46.9M | $36.2M | $50.5M | $48.3M | $32.0M | $27.3M | $38.0M | $41.8M | $43.8M | $32.4M |
| Total Assets | $857.3M | $866.6M | $873.6M | $889.1M | $997.8M | $883.2M | $821.2M | $814.7M | $830.4M | $894.0M |
| Accounts Payable | $20.0M | $24.2M | $32.1M | $20.4M | $20.8M | $15.9M | $25.2M | $26.4M | $19.8M | $19.5M |
| Short-term Debt | $27.3M | $25.4M | $37.8M | $18.2M | $305.7M | $2.5M | $36.1M | $22.9M | $39.2M | $37.9M |
| Total Current Liabilities | $203.5M | $263.0M | $274.2M | $246.0M | $513.8M | $211.6M | $249.6M | $227.4M | $200.8M | $202.0M |
| Long-term Debt | $27.3M | $25.4M | $37.8M | $18.2M | 0 | $223.6M | $226.9M | $229.1M | $229.9M | $251.8M |
| Total Liabilities | $230.8M | $263.0M | $274.2M | $246.0M | $533.0M | $452.9M | $491.4M | $469.1M | $452.2M | $466.3M |
| Retained Earnings | -$47.4M | -$87.6M | -$85.4M | -$40.3M | -$202.8M | -$235.0M | -$293.1M | -$292.8M | -$274.7M | -$240.0M |
| Total Equity | $562.0M | $527.7M | $512.2M | $547.7M | $385.5M | $356.1M | $263.4M | $273.1M | $299.5M | $337.9M |
| Total Debt | $54.6M | $50.7M | $75.5M | $36.5M | $305.7M | $226.1M | $263.0M | $252.1M | $278.1M | $297.4M |
| Net Debt | -$150.1M | -$108.0M | -$66.1M | -$73.0M | -$11.7M | $36.4M | $165.6M | $175.9M | $177.5M | $146.2M |
| Working Capital | $286.0M | $196.8M | $178.9M | $184.3M | $82.2M | $312.2M | $201.3M | $220.5M | $255.9M | $135.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $143.1M | $151.2M | $146.0M | $159.9M |
| Total Assets | $889.6M | $894.0M | $893.2M | $917.9M |
| Total Liabilities | $452.9M | $466.3M | $464.8M | $467.5M |
| Total Equity | $349.5M | $337.9M | $335.5M | $355.9M |
| Total Debt | $257.2M | $297.4M | $290.8M | $282.6M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $39.3M | $12.5M | $33.6M | $58.6M | -$157.5M | -$9.6M | -$19.9M | $33.1M | $32.7M | $45.5M |
| Depreciation & Amortization | $46.5M | $66.8M | $57.4M | $63.0M | $52.7M | $56.1M | $56.7M | $60.0M | $65.5M | $62.4M |
| Stock-based Compensation | $31.6M | $24.1M | $23.7M | $23.6M | $22.0M | $26.1M | $27.6M | $24.2M | $23.2M | $26.8M |
| Change in Working Capital | -$30.9M | -$9.1M | -$10.8M | -$69.4M | -$3.7M | -$64.8M | -$64.9M | -$62.5M | -$47.0M | -$36.4M |
| Operating Cash Flow | $77.9M | $85.4M | $110.0M | $90.4M | -$23.0M | $6.1M | $17.3M | $58.6M | $70.8M | $127.1M |
| Capital Expenditure | -$63.0M | -$72.0M | -$56.9M | -$50.8M | -$9.3M | -$17.8M | -$32.6M | -$32.8M | -$41.2M | -$8.2M |
| Acquisitions | -$1.9M | -$1.6M | 0 | -$40.5M | 0 | 0 | -$15.9M | 0 | 0 | 0 |
| Stock Repurchased | -$118.5M | -$51.3M | -$78.5M | -$35.7M | -$41.2M | -$24.0M | -$83.2M | -$26.8M | -$18.0M | -$1.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $14.9M | $13.4M | $53.1M | $39.5M | -$32.3M | -$11.7M | -$15.3M | $25.8M | $29.6M | $118.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $68.5M | $28.1M | $4.0M | $32.0M |
| Capital Expenditure | -$2.8M | -$1.3M | -$2.1M | -$21,000 |
| Free Cash Flow | $65.7M | $26.8M | $1.9M | $32.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $6.3M | $7.8M | $5.8M | $7.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +0.9% | -1.7% | +5.7% | -65.4% | +86.0% | +18.0% | +24.6% | -6.0% | +16.5% | |
| Net Income Growth (YoY) | -91.9% | +874.6% | +105.2% | -406.8% | +84.5% | -2.1% | +211.1% | +2.9% | +33.8% | |
| EPS Growth (YoY) | -90.7% | +800.0% | +111.1% | -419.7% | +84.4% | -5.3% | +217.5% | +4.3% | +32.7% | |
| Shares Change (YoY) | -4.0% | -3.6% | -2.7% | -3.7% | -0.2% | -4.1% | -2.7% | -2.3% | +3.1% | |
| FCF Growth (YoY) | -10.2% | +297.0% | -25.5% | -181.6% | +63.7% | -30.6% | +268.5% | +14.9% | +301.4% | |
| Gross Margin | 53.7% | 48.7% | 55.5% | 54.1% | 15.7% | 52.7% | 52.0% | 57.2% | 54.0% | 57.9% |
| Operating Margin | 15.5% | 8.3% | 12.1% | 19.5% | -88.9% | 4.3% | -1.6% | 13.4% | 12.5% | 23.3% |
| EBITDA Margin | 28.1% | 25.9% | 27.8% | 35.7% | -50.7% | 29.1% | 17.5% | 30.1% | 31.6% | 32.4% |
| Net Margin | 7.6% | 0.6% | 6.1% | 11.8% | -104.9% | -8.8% | -7.6% | 6.8% | 7.4% | 8.5% |
| FCF Margin | 3.9% | 3.5% | 14.2% | 10.0% | -23.6% | -4.6% | -5.1% | 6.9% | 8.4% | 29.0% |
| Effective Tax Rate | 28.0% | 55.9% | 21.8% | 22.3% | -20.2% | 187.2% | -103.5% | 28.3% | 13.3% | 28.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.22 | $0.20 | $0.84 | $0.64 | -$0.54 | -$0.20 | -$0.27 | $0.47 | $0.55 | $2.14 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 67.6 M | 65.4 M | 63.1 M | 61.3 M | 59.2 M | 59.1 M | 56.7 M | 54.3 M | 52.6 M | 53.6 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 11.87% |
| Return on Invested Capital | 9.34% |
| Return on Assets | 4.46% |
| Gross Margin | 59.14% |
| Operating Margin | 22.13% |
| Net Margin | 9.84% |
Financial Health
| Debt / Equity | 0.79 |
| Current Ratio | 2.66 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.17 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 73.02 | 578.75 | 52.25 | 26.88 | -7.42 | -46.95 | -36.65 | 31.96 | 52.24 | 56.86 |
| P/B | 3.78 | 2.87 | 2.32 | 2.29 | 2.77 | 2.96 | 3.15 | 2.99 | 4.50 | 5.87 |
| P/S | 5.62 | 3.97 | 3.17 | 3.17 | 7.79 | 4.14 | 2.76 | 2.18 | 3.83 | 4.83 |
| Gross Margin | 53.7% | 48.7% | 55.5% | 54.1% | 15.7% | 52.7% | 52.0% | 57.2% | 54.0% | 57.9% |
| Operating Margin | 15.5% | 8.3% | 12.1% | 19.5% | -88.9% | 4.3% | -1.6% | 13.4% | 12.5% | 23.3% |
| Net Margin | 7.6% | 0.6% | 6.1% | 11.8% | -104.9% | -8.8% | -7.6% | 6.8% | 7.4% | 8.5% |
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