The Marcus Corporation (MCS) 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

+124.0%

$60.00

vs $26.78 price

Levered DCF

$17.01

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.16

Grey zone

Rating

B-

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	37.83×	-90.42×	31.26×	-37.5×	-13.01×	-3.35×	23.8×	20.48×
P/B	1.04×	1.49×	0.99×	0.98×	1.24×	0.84×	1.61×	2.23×
P/S	0.63×	0.94×	0.64×	0.66×	1.23×	1.76×	1.22×	1.54×
EV / EBITDA	8.71×	14.61×	7.76×	10.38×	33.31×	-9.33×	10.57×	9.49×
Gross margin	38.7%	39.1%	39.3%	38.0%	40.1%	28.8%	44.7%	48.4%
Operating margin	2.9%	2.2%	4.7%	1.2%	-9.0%	-75.1%	8.3%	11.8%
Net margin	1.7%	-1.1%	2.0%	-1.8%	-9.4%	-52.5%	5.1%	7.6%
Current ratio	0.45×	0.57×	0.67×	0.41×	0.47×	0.31×	0.45×	0.46×
Debt / equity	0.73×	0.76×	0.8×	0.89×	1.14×	1.13×	0.78×	0.54×
Interest coverage	1.89×	1.47×	2.67×	0.54×	-2.22×	-10.96×	5.78×	6.36×
Dividend yield	1.9%	1.3%	1.6%	0.7%	0.0%	1.2%	1.9%	1.5%
Payout ratio	72.2%	-112.8%	50.4%	-25.7%	0.0%	-4.1%	46.0%	30.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.8%	-1.7%	3.1%	-2.6%	-9.5%	-25.0%	6.8%	10.9%
Return on invested capital	2.5%	1.4%	2.5%	0.9%	-2.9%	-9.8%	4.4%	7.8%
Return on assets	1.3%	-0.7%	1.4%	-1.1%	-3.6%	-10.0%	3.1%	5.4%
Free cash flow yield	0.2%	3.6%	13.7%	12.6%	5.2%	-21.5%	7.7%	7.2%
Earnings yield	2.7%	-1.1%	3.2%	-2.7%	-7.7%	-29.8%	4.2%	4.9%
Enterprise value	$787.3M	$1B	$788.5M	$834.8M	$1.1B	$975.2M	$1.5B	$1.3B
Net debt / EBITDA	3.45×	4.54×	3.18×	4.8×	15.63×	-5.33×	3.35×	1.77×
Cash conversion cycle (days)	-20	-25	-16	-11	3	-20	-22	-20