IMAX Corporation (IMAX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-2.8%

$48.91

vs $50.33 price

Levered DCF

$115.06

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.37

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	56.86×	52.24×	31.96×	-36.65×	-46.95×	-7.42×	26.88×	52.25×
P/B	5.87×	4.5×	2.99×	3.15×	2.96×	2.77×	2.29×	2.32×
P/S	4.83×	3.83×	2.18×	2.76×	4.14×	7.79×	3.17×	3.17×
EV / EBITDA	15.99×	13.71×	8.78×	18.88×	14.71×	-15.21×	8.36×	10.78×
Gross margin	57.9%	54.0%	57.2%	52.0%	52.7%	15.7%	54.1%	55.5%
Operating margin	23.3%	12.5%	13.4%	-1.6%	4.3%	-88.9%	19.5%	12.1%
Net margin	8.5%	7.4%	6.8%	-7.6%	-8.8%	-104.9%	11.8%	6.1%
Current ratio	1.67×	2.27×	1.97×	1.81×	2.48×	1.16×	1.75×	1.65×
Debt / equity	0.88×	0.93×	0.92×	1×	0.64×	0.79×	0.07×	0.15×
Interest coverage	12.99×	5.43×	7.39×	-0.82×	1.55×	-17.38×	27.67×	15.49×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	8.7%	9.3%	-8.7%	-6.3%	-37.3%	8.6%	4.5%
Return on invested capital	9.4%	5.7%	5.9%	-0.8%	-1.4%	-15.4%	9.1%	5.5%
Return on assets	3.9%	3.1%	3.1%	-2.8%	-2.5%	-14.4%	5.3%	2.6%
Free cash flow yield	6.0%	2.2%	3.2%	-1.8%	-1.1%	-3.0%	3.2%	4.5%
Earnings yield	1.8%	1.9%	3.1%	-2.7%	-2.1%	-13.5%	3.7%	1.9%
Enterprise value	$2.1B	$1.5B	$991.6M	$996.5M	$1.1B	$1.1B	$1.2B	$1.1B
Net debt / EBITDA	1.1×	1.6×	1.56×	3.14×	0.49×	0.17×	-0.52×	-0.64×
Cash conversion cycle (days)	151	351	331	392	456	668	292	278