Imax Corp. (IMAX) intrinsic value & 10-year financials
Imax Corp. (IMAX) has a Graham intrinsic value of $13.32 per share. At $50.82 on Oct 17, 2026, the stock trades 282% above that value. Over the last 10 fiscal years revenue grew 0.9% a year to $410.2M, with an average return on invested capital of 4.9%.
- Graham intrinsic value
- $13.32
- Share price (Oct 17, 2026)
- $50.82
- Price vs Graham value
- 282% above
- Market cap
- $2.8B
- Revenue (FY2025)
- $410.2M
- Revenue growth (10-yr CAGR)
- 0.9%
- ROIC (10-yr avg)
- 4.9%
- Free cash flow (FY2025)
- $118.9M
IMAX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $410.2M | $34.9M | $0.63 | $118.9M | 20.5% | 17.5% |
| FY2024 | $352.2M | $26.1M | $0.48 | $62.4M | 12.5% | 12.9% |
| FY2023 | $374.8M | $25.3M | $0.46 | $52.1M | 13.4% | 12.4% |
| FY2022 | $300.8M | -$22.8M | -$0.40 | $8.9M | -1.6% | -2.9% |
| FY2021 | $254.9M | -$22.3M | -$0.38 | $2.5M | 4.3% | 4.0% |
| FY2020 | $137.0M | -$143.8M | -$2.43 | -$23.7M | -88.9% | -29.3% |
| FY2019 | $395.7M | $46.9M | — | $83.0M | 19.5% | 13.2% |
| FY2018 | $374.4M | $22.8M | $0.00 | $96.6M | 12.1% | 7.9% |
| FY2017 | $380.8M | $2.3M | $0.00 | $61.2M | 8.1% | 4.0% |
| FY2016 | $377.3M | $28.8M | $0.00 | $62.6M | 15.4% | 9.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
IMAX CORP has demonstrated mature, steady growth, with revenue compounding at 0.9% annually over the past decade.
IMAX CORP has historically struggled to out-earn its cost of capital, averaging just 0.9% ROIC.
Over the decade, IMAX CORP shows that management has aggressively returned capital to shareholders by retiring 16.4% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, IMAX CORP is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $13.32 per share.