National CineMedia, Inc. (NCMI) 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

+813.3%

$14.70

vs $1.61 price

Levered DCF

-$15.46

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.05

Grey zone

Rating

C+

Overall 2 / 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	-35.36×	-29.3×	0.29×	-0.68×	-4.51×	-4.43×	15.7×	16.24×
P/B	0.89×	1.57×	0.48×	-0.04×	-0.42×	-0.61×	-1.48×	-1.38×
P/S	1.51×	2.68×	1.25×	0.08×	1.92×	3.2×	1.26×	1.15×
EV / EBITDA	11.25×	27.06×	0.25×	24.38×	-68.8×	9.17×	7.39×	6.99×
Gross margin	30.3%	30.2%	51.5%	52.7%	32.9%	51.9%	69.8%	70.0%
Operating margin	-5.7%	-8.1%	-16.5%	2.8%	-59.9%	-67.5%	36.3%	35.0%
Net margin	-4.4%	-9.3%	426.9%	-11.5%	-42.5%	-72.3%	8.1%	6.8%
Current ratio	2.42×	2.42×	2.46×	0.14×	2.27×	4×	2.13×	2.09×
Debt / equity	0.05×	0.06×	0.04×	-2.21×	-2.13×	-2.28×	-2.51×	-2.51×
Interest coverage	-23.17×	-11.47×	-0.98×	0.09×	-1.06×	-1.09×	2.78×	2.79×
Dividend yield	3.1%	0.0%	0.2%	48.7%	7.7%	23.8%	22.3%	10.7%
Payout ratio	-107.5%	-1.3%	0.1%	-33.1%	-34.7%	-105.2%	347.6%	182.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.6%	-5.4%	162.3%	5.6%	9.2%	13.8%	-9.5%	-8.1%
Return on invested capital	-2.8%	-3.9%	-5.3%	1.0%	-9.1%	25.5%	13.9%	11.5%
Return on assets	-1.9%	-3.9%	124.2%	-3.6%	-6.0%	-7.4%	3.2%	2.6%
Free cash flow yield	0.8%	8.4%	-4.8%	-257.3%	-46.0%	16.3%	23.1%	26.7%
Earnings yield	-2.9%	-3.5%	340.9%	-147.1%	-22.2%	-22.6%	6.4%	5.8%
Enterprise value	$313.8M	$595.2M	$188.3M	$1.1B	$1.2B	$1.2B	$1.5B	$1.4B
Net debt / EBITDA	-1.89×	-2.31×	-0.02×	23.94×	-56.6×	6.93×	4.54×	4.43×
Cash conversion cycle (days)	78	79	115	57	91	-57	89	56