National CineMedia, Inc. (NCMI) intrinsic value & 10-year financials
National CineMedia, Inc. (NCMI) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 6.5% a year to $243.2M, with an average return on invested capital of 4.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $2.06
- Market cap
- $194.0M
- Revenue (FY2026)
- $243.2M
- Revenue growth (10-yr CAGR)
- -6.5%
- ROIC (10-yr avg)
- 4.4%
- Free cash flow (FY2026)
- $2.8M
NCMI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $243.2M | -$10.6M | -$0.11 | $2.8M | -5.7% | -3.9% |
| FY2024 | $240.8M | -$22.3M | -$0.23 | $54.5M | -8.1% | -5.0% |
| FY2023 | $165.2M | $705.2M | $7.17 | -$10.0M | -16.5% | -5.6% |
| FY2022 | $249.2M | -$28.7M | -$0.17 | -$50.2M | 2.8% | 1.3% |
| FY2021 | $114.6M | -$48.7M | -$0.30 | -$100.9M | -59.9% | -15.8% |
| FY2020 | $90.4M | -$65.4M | -$0.42 | $47.3M | -67.5% | -6.9% |
| FY2019 | $444.8M | $36.1M | $0.23 | $129.6M | 36.3% | 23.9% |
| FY2018 | $441.4M | $29.8M | $0.18 | $136.1M | 35.0% | 15.4% |
| FY2017 | $426.1M | $2.5M | $0.01 | $127.3M | 36.1% | 14.2% |
| FY2016 | $447.6M | $25.4M | $0.21 | $120.6M | 38.7% | 26.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
National CineMedia, Inc. is facing top-line stagnation, with revenue contracting over the decade.
National CineMedia, Inc. has historically struggled to out-earn its cost of capital, averaging just 4.4% ROIC.
Over the decade, National CineMedia, Inc. shows that management has aggressively returned capital to shareholders by retiring 22.3% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, National CineMedia, Inc. is modeled at -6.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-28.46 per share.