IMAXIMAX Corporation
Is the business good?
A genuinely good business: earnings fully cash-backed (2.1×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 11% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is IMAX?
IMAX Corporation keeps 20% of every revenue dollar as operating profit, against 8.6% for the median Entertainment name.
Operating margin · Entertainment median 8.6% · 12 months to Q2 2026
- Cash conversion
- 2.10×
Cash conversion · 1.65× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +2.5%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 1.5%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −89% |
| FY2021 | 4.3% |
| FY2022 | −1.6% |
| FY2023 | 13% |
| FY2024 | 12% |
| FY2025 | 21% |
Details›
- Gross margin12 months to Q2 2026
- 60%
- Operating margin12 months to Q2 2026
- 20%
- Net margin12 months to Q2 2026
- 9.8%
- Free cash flow margin
- 30%
- R&D as % of revenue
- 1.5%
- Revenue, trailing twelve months
- $416M
- Free cash flow, trailing twelve months
- $127M
- Net income, trailing twelve months
- $41M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from IMAX and who it buys from, as the companies report it.
- Largest customer9.0%
Share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; IMAX’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.