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Imax Corp IMAX Stock Quote

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Morningstar‘s Stock Analysis IMAX

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Imax Q3 Results Slightly Weaker Than Expected; Strong Slate Should Boost Q4 Grosses

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Imax posted a slightly weak third quarter, with revenue meeting and EBITDA missing the FactSet consensus. Quarterly box office grosses continued to rebound, up 25% year over year, but remained well behind the third quarter of 2019 due primarily to ongoing weakness in China. The Chinese Imax box office fell versus 2021 for the third quarter in a row, as the government remains parsimonious in Hollywood film approvals and theaters across the country stayed shut down due to COVID-19-related restrictions. While we still project that larger blockbusters remaining in 2022 should help Imax to return closer to 2019 box office grosses in the U.S., we now expect the China box office to take until 2024 to return to 2019 levels. We lower our fair value estimate to $19 from $22 to account for the slower rebound and margin expansion.

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Key Statistics IMAX

Company Profile IMAX

Business Description

Imax is now primarily a technology hardware and brand-licensing company that does not operate the vast majority of Imax theaters. Instead, the firm generates revenue via selling and leasing the required proprietary equipment and via fees for digitally remastering standard films into the proprietary Imax format. The firm has expanded from 210 commercial theaters in 2008 to over 1,650 today and increased the annual number of Imax releases from 13 in 2007 to 60 in 2019.

2525 Speakman Drive
Mississauga, ON, L5K 1B1, Canada
T +1 905 403-6500
Industry Entertainment
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 665