IMAX Corporation IMAX

Name: IMAX Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 16, 2026

Price at analysis: $37.91

Crucible Score

57.6

Quality × Value Composite

KQI — Quality

65.5

B-

Fundamental Quality Index

KVI — Value

47.9

D+

Valuation Attractiveness Index

Crucible Verdict — IMAX

IMAX Corporation trades at a 21% discount to fair value despite solid operational fundamentals, with the stock showing reasonable quality metrics (65.5 KQI) but poor value perception (47.9 KVI). IMAX benefits from CEO Richard Gelfond's long tenure and strong earnings execution, though insider selling raises questions about near-term prospects. The valuation gap suggests potential upside if market sentiment improves.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

70.0

Growth Profile

68.6

Moat Durability

64.0

Management Effectiveness

66.2

Diversification & Resilience⚠

50.0

Market Position

62.0

Weakest dimension: Diversification & Resilience (50.0)

◆ KVI Value Dimensions

DCF Margin of Safety

66.5

FCF Yield & Cash Returns

54.2

Relative Valuation

27.0

Growth-Adjusted Value

50.8

Historical Valuation

14.9

Macro Context

29.9

◆ DCF Valuation Scenarios

Bear Case

$28.45

Base Case

$45.80

Bull Case

$68.50

Price at Analysis

$37.91

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$28.45	4.0%	15.0%	6.5%
🟢 Base	$45.80	7.0%	20.0%	6.0%
🟢 Bull	$68.50	10.0%	25.0%	5.7%

Key Assumptions: WACC is low (5.7-6.5%) driven by IMAX's unusually low beta of 0.34 combined with the 4.39% risk-free rate, yielding CAPM cost of equity around 6.1%. Revenue base anchored at ~$410M most recent year with recovery from COVID-era trough of $255M; bear assumes modest 4% CAGR reflecting box office cyclicality and streaming headwinds, base assumes 7% reflecting continued theater network expansion and premium format adoption, bull assumes 10% with China recovery and new technology formats. Operating margins range from 15% terminal (bear, near historical average) to 25% (bull, reflecting operating leverage on asset-light model), with D&A declining as a percentage of revenue over time.

◆ Financial Snapshot

Profitability

Gross Margin59.5%

Operating Margin22.6%

Net Margin8.5%

ROIC8.7%

ROE-50.0%

Balance Sheet

Balance SheetCR: 1.67

Cash ConversionFCF/EPS: 3.40x

Capital IntensityCapex/Rev: 2.0%

Altman Z-Score3.17 (Safe)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR12.6% CAGR

Earnings CAGR11.2% CAGR

Growth ConsistencyCV: 4.22

Segment Breadth2/2 growing (100%)

Quarterly TrendRev↑, Margin↑, WC↓, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEORichard L. Gelfond · 24 years

CEO Ownership< 1%

Compensation86% performance-based

Insider ActivitySelling

Capital AllocationROIC 8.7% vs WACC 2.0%

Earnings Beat Rate80% (16/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 16, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.