Imax
IMAX on NYSE. Imax sells movie projection technology and films to theaters and moviegoers. Market value $2.9bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Capital spending looks too small to be complete, so we leave free cash flow out.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: not known. Our list needs 70 on quality and 60 on price.
$50.58 a share, 65% above its 1-year low
Over the past year the price has ranged from $30.74 to $57.73.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $255m | $301m | $375m | $352m | $410m |
| Operating margin | |||||
| Operating margin | 4.3% | -1.6% | 13.4% | 12.5% | 20.5% |
| Debt to equity | |||||
| Debt to equity | 0.01 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.05bn | 0.05bn | 0.05bn | 0.05bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 24.5% a year
- Buying back its own sharesYes, 2% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $103 million last quarter, up 12% on a year ago.
- Profit: $15 million, up 37% on a year ago.
- It keeps 20 cents of each $1 of sales as operating profit, up from 17 cents a year earlier.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $91m |
| December 2024 | $93m |
| March 2025 | $87m |
| June 2025 | $92m |
| September 2025 | $107m |
| December 2025 | $125m |
| March 2026 | $81m |
| June 2026 | $103m |
| Quarter to | Amount |
|---|---|
| September 2024 | $14m |
| December 2024 | $5m |
| March 2025 | $2m |
| June 2025 | $11m |
| September 2025 | $21m |
| December 2025 | $637,000 |
| March 2026 | $4m |
| June 2026 | $15m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 22 October 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 256 funds in all.
- Orbis Investment ManagementOrbis team (Allan Gray lineage)
- Value
- $205m
- Share of fund
- 0.7%
- GAMCO InvestorsMario Gabelli
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $205m | 0.7% | |
| Royce & AssociatesChuck Royce | $54m | 0.4% | Added |
| GAMCO InvestorsMario Gabelli | $2m | <0.1% |
Largest holders overall
- Orbis Investment Management$205m
- Nomura Asset Management International$117mCut
- BlackRock$116mAdded
- Westfield Capital Management CO LP$106mAdded
- Congress Asset Management$101mAdded
- Driehaus Capital Management$93mAdded
- FMR$93mCut
- Ameriprise Financial$71mAdded
- Goldman Sachs Group$66mAdded
- JPMorgan Chase$59mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- Kevin DouglasInsider or founderat least 15.5%−1.0 pts(filed with 10 related holders)Since 16 March 2026
- Orbis Investment Management LimitedPassive investorat least 9.3%−0.2 pts(filed with 1 related holder)Since 30 June 2026
- NOMURA ASSET MANAGEMENT INTERNATIONAL INC.Passive investorat least 5.4%−1.4 pts(filed with 1 related holder)Since 30 June 2026
- GIC Private LimitedPassive investor5.2%Since 4 May 2026
- BlackRock, Inc.Passive investor5.2%+0.4 ptsSince 30 June 2026
- FMR LLCPassive investorat least 4.2%−2.2 pts(filed with 1 related holder)Since 30 June 2026
- Nantahala Capital Management, LLCPassive investorat least 2.7%(filed with 2 related holders)Since 31 December 2024
- Westfield Capital Management Company, L.P.Passive investorSold down below 5%Since 31 May 2026
- Richard L. GelfondPassive investorSold down below 5%Since 31 March 2025
- Macquarie Group LimitedPassive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
Kevin Douglas Insider or founder | at least 15.5%−1.0 pts (filed with 10 related holders) | 16 March 2026 | |
Orbis Investment Management Limited Passive investor | at least 9.3%−0.2 pts (filed with 1 related holder) | 30 June 2026 | |
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. Passive investor | at least 5.4%−1.4 pts (filed with 1 related holder) | 30 June 2026 | |
GIC Private Limited Passive investor | 5.2% | 4 May 2026 | |
BlackRock, Inc. Passive investor | 5.2%+0.4 pts | 30 June 2026 | |
FMR LLC Passive investor | at least 4.2%−2.2 pts (filed with 1 related holder) | 30 June 2026 | |
Nantahala Capital Management, LLC Passive investor | at least 2.7% (filed with 2 related holders) | 31 December 2024 | |
Westfield Capital Management Company, L.P. Passive investor | Sold down below 5% | 31 May 2026 | |
Richard L. Gelfond Passive investor | Sold down below 5% | 31 March 2025 | |
Macquarie Group Limited Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 9 sold $75m, $40m of it under preset trading plans.
- LISTER ROBERT DChief Legal Officer Sr Exec VPSold
- Date
- 10 September 2026
- Shares
- 22,500
- Price
- $51.58
- Value
- $1m
- WELTON MARKPresident IMAX Global TheatresSold
- Date
- 25 August 2026
- Shares
- 30,000
- Price
- $54.47
- Value
- $2m
- Weissman Kenneth IanDeputy GC, Corp. Sec. & CCOSold
- Date
- 25 August 2026
- Shares
- 8,000
- Price
- $54.54
- Value
- $436,294
- Fernandes NatashaChief Financial Officer & EVPSold
- Date
- 24 August 2026
- Shares
- 20,000
- Price
- $54.63
- Value
- $1m
- PABLO CALAMERACTO & EVPSold
- Date
- 20 August 2026
- Shares
- 15,000
- Price
- $52.41
- Value
- $786,174
- GELFOND RICHARD LChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 20 August 2026
- Shares
- 100,000
- Price
- $53.23
- Value
- $5m
- GELFOND RICHARD LChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 19 August 2026
- Shares
- 205,504
- Price
- $53.27
- Value
- $11m
- GELFOND RICHARD LChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 151,253
- Price
- $51.00
- Value
- $8m
- Zlatar Jose AleksandrSVP, Controller & PAOSold
- Date
- 6 August 2026
- Shares
- 500
- Price
- $49.90
- Value
- $24,950
- GELFOND RICHARD LChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 27 April 2026
- Shares
- 8,943
- Price
- $37.33
- Value
- $333,842
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 September 2026 | LISTER ROBERT D Chief Legal Officer Sr Exec VP | Sold | 22,500 | $51.58 | $1m |
| 25 August 2026 | WELTON MARK President IMAX Global Theatres | Sold | 30,000 | $54.47 | $2m |
| 25 August 2026 | Weissman Kenneth Ian Deputy GC, Corp. Sec. & CCO | Sold | 8,000 | $54.54 | $436,294 |
| 24 August 2026 | Fernandes Natasha Chief Financial Officer & EVP | Sold | 20,000 | $54.63 | $1m |
| 20 August 2026 | PABLO CALAMERA CTO & EVP | Sold | 15,000 | $52.41 | $786,174 |
| 20 August 2026 | GELFOND RICHARD L Chief Executive Officer, Director | Sold under a preset trading plan | 100,000 | $53.23 | $5m |
| 19 August 2026 | GELFOND RICHARD L Chief Executive Officer, Director | Sold under a preset trading plan | 205,504 | $53.27 | $11m |
| 18 August 2026 | GELFOND RICHARD L Chief Executive Officer, Director | Sold under a preset trading plan | 151,253 | $51.00 | $8m |
| 6 August 2026 | Zlatar Jose Aleksandr SVP, Controller & PAO | Sold | 500 | $49.90 | $24,950 |
| 27 April 2026 | GELFOND RICHARD L Chief Executive Officer, Director | Sold under a preset trading plan | 8,943 | $37.33 | $333,842 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 23 Jul 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.