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Imax Corp

Imax Corp

IMAX
$39.25USD↑+0.72%+0.28 today

MARKET CAP

2.2B

P/E (TTM)

26.5x

FWD P/E

20.9x

DAY RANGE

$38 – $40

52W RANGE

$24
$46

AI Summary

Stalk
TrimMedium

IMAX remains in a Stage 3 distribution phase with a failed rally and Bearish Pivot Point pattern confirming structural repair to the downside. Price sits below the 9/21/50 EMAs and has only tested the 200 DMA support, lacking clear bearish follow-through. Medium-term bias is bearish, but short-term timing is unfavorable for selling into this bounce. We defer execution, planning to sell into resistance near the EMAs or 50 DMA.

  • ↑Projects $1.4B global box office in 2026 backed by major blockbusters
  • ↑Local films drove 68% of box office, generating $356M YTD
  • ↓EBITDA margin fell to 38% in Q1 2026 due to higher marketing costs
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The case for & against

Bull & Bear analysis

Bullish

IMAX Corporation (NYSE: IMAX) is a leading player in the entertainment technology sector, renowned for providing large-format film and immersive cinematic experiences. The company differentiates itself through its proprietary film and digital projection systems that enhance the theatrical experience. As it capitalizes on trends in consumer preference for premium cinema, IMAX is strategically positioned amidst the ongoing recovery of the entertainment industry, aligning with the growing demand for a diverse slate of high-production value films globally.

Bull says

  • ↑Projects $1.4B global box office in 2026 backed by major blockbusters
  • ↑Local films drove 68% of box office, generating $356M YTD
  • ↑Adjusted EBITDA margin at 45% and Q1 cash flow up 25% YoY to $30M
  • ↑Plans 160–175 new installations, boosting presence in Australia and Japan
  • ↑Moderate Buy consensus with $47.90 average price target suggests upside
  • ↑Strong growth and momentum factors plus 0.9% dividend yield appeal investors

Bear says

  • ↓EBITDA margin fell to 38% in Q1 2026 due to higher marketing costs
  • ↓Revenue from Greater China declined, weighing on overall growth momentum
  • ↓Competition from local PLF formats and emerging cinema options intensifies
  • ↓High short interest signals investor skepticism on future share performance
  • ↓Low earnings yield and negative earnings revisions indicate profit risks
  • ↓Weak profitability factors and elevated leverage risk if box office underperforms

Investment themes with IMAX

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Earnings Call · Q1 2026 · Mgmt. Guidance

Updated 05-01-2026neutral

Transcript signals

Bull points

  • we remain very confident in our 2026 guidance, including a record $1.4 billion in global box office this year.
  • This excellent performance, alongside Avatar Fire and Ash, lifted our global box office outside of China up 67% year-over-year in Q1, and partially offset our lower Greater China box office, where we faced a significant comp against last year's massive Nezha 2.
  • IMAX global box office in the current quarter to date is over $100 million, up over 10% year over year.

Bear points

  • IMAX delivered revenues of $81.4 million, a decline of $5 million year-over-year, driven by decreased revenues in Greater China.
  • Gross margin declined to $46 million from $53 million in the prior year.
  • Adjusted EBITDA declined in line with revenue, down $6 million year-over-year to $31 million.
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