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MCS

The Marcus Corporation

MCS

The Marcus Corporation • NYSE
$15.70 ▼ -0.44% (-0.07)
Market Cap $492.63 M
52w High $23.16
52w Low $12.85
Dividend Yield 0.30%
P/E 65.42
Volume 86.57K
Outstanding Shares 31.38M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $210.151M ▲ $170.481M ▲ $16.23M ▲ 7.723% ▲ $0.52 ▲ $43.791M ▲
Q2-2025 $206.043M ▲ $68.414M ▲ $7.321M ▲ 3.553% ▲ $0.23 ▲ $30.651M ▲
Q1-2025 $148.766M ▼ $67.665M ▼ $-16.816M ▼ -11.304% ▼ $-0.53 ▼ $-3.514M ▼
Q4-2024 $188.313M ▼ $73.532M ▲ $986K ▼ 0.524% ▼ $0.031 ▼ $15.59M ▼
Q3-2024 $232.668M $68.588M $23.314M 10.02% $0.73 $49.056M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.481M ▼ $1.004B ▼ $549.956M ▼ $454.342M ▲
Q2-2025 $14.901M ▲ $1.016B ▼ $567.889M ▼ $448.418M ▲
Q1-2025 $11.865M ▼ $1.018B ▼ $576.166M ▼ $441.791M ▼
Q4-2024 $48.983M ▲ $1.045B ▼ $579.662M ▼ $464.866M ▲
Q3-2024 $28.415M $1.047B $584.667M $462.292M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $16.23M ▼ $39.089M ▲ $-15.061M ▼ $-30.246M ▼ $-6.218M ▼ $18.195M ▲
Q2-2025 $16.816M ▲ $31.64M ▲ $-8.766M ▲ $-21.898M ▼ $976K ▲ $14.73M ▲
Q1-2025 $-16.816M ▼ $-35.329M ▼ $-22.779M ▲ $29.252M ▲ $-28.856M ▼ $-58.334M ▼
Q4-2024 $986K ▼ $52.566M ▲ $-23.501M ▼ $-17.531M ▼ $11.534M ▲ $27.126M ▲
Q3-2024 $23.314M $30.497M $-17.757M $-17.48M $-4.74M $12.01M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Admission
Admission
 $60.00M ▲$40.00M ▼$60.00M ▲$60.00M ▲
Concessions
Concessions
 $50.00M ▲$40.00M ▼$60.00M ▲$50.00M ▼
Food and Beverage
Food and Beverage
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲
Occupancy
Occupancy
 $20.00M ▲$20.00M ▲$30.00M ▲$40.00M ▲
Product and Service Other
Product and Service Other
 $30.00M ▲$20.00M ▼$20.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has steadily recovered from the pandemic shock and is now clearly above the trough years, reflecting a return of guests to both theaters and hotels. Profitability, however, is still thin. Operating income is only modestly positive, which means small shifts in demand or costs can swing results back into loss. Net income has hovered around breakeven in recent years, with a small profit one year followed by a slight loss the next, signaling an ongoing transition phase rather than a fully stabilized earnings profile. Overall, the top line shows healthy recovery, but the bottom line still reflects a business working its way back to durable, consistent profitability.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for an asset-heavy entertainment and hospitality company. Total assets have edged down slightly from the pandemic peak as the business normalizes, while debt levels have gradually come down, indicating some de‑leveraging and more financial breathing room. Equity has remained fairly stable, suggesting that the company has preserved its capital base despite prior losses. Cash on hand is not especially high, but recurring cash flows and owned real estate help support liquidity. Overall, leverage appears manageable, though not low enough to ignore the cyclical nature of theaters and hotels.

Cash Flow

Cash Flow Cash generation has improved meaningfully since the worst of the pandemic. Operating cash flow has been consistently positive for several years now and comfortably covers everyday needs. Free cash flow has also been positive in recent years, even after funding ongoing investments in properties and technology, although it did dip more recently as capital spending increased. That rise in investment suggests the company is putting money back into the business to sustain its guest experience and competitive position. Importantly, cash flow looks healthier and more stable than the accounting earnings alone might suggest.

Competitive Edge

Competitive Edge Marcus benefits from a mixed portfolio of movie theaters and hotels, which provides diversification across two related but distinct consumer spending areas. In theaters, its focus on premium large formats, recliner seating, elevated food and beverage, and loyalty programs creates a differentiated, experience‑driven offering that is harder for basic cinemas—or at‑home streaming—to match. In hotels, the company leans on distinctive, often historic, properties and a more curated guest experience rather than pure scale. Ownership of a meaningful portion of its real estate underpins its position and reduces dependence on landlords. The flipside is exposure to two cyclical, discretionary industries with high fixed costs, where demand can be pressured by economic downturns, streaming alternatives, and shifts in travel patterns.

Innovation and R&D

Innovation and R&D Innovation at Marcus is centered on guest experience rather than traditional laboratory R&D. On the theater side, the company has repeatedly upgraded with premium screens, immersive formats, recliner seating, app‑based ticketing and ordering, and bar and lounge concepts that turn a movie into a broader night out. On the hotel side, it is investing in major renovations, fresh branding, and updated food and beverage concepts to keep properties relevant and distinctive. These efforts are capital intensive but can deepen loyalty and pricing power if executed well. The ongoing spending on property upgrades and new concepts shows a clear commitment to staying ahead on experience, even if it compresses short‑term profits.

Summary

Marcus Corporation today looks like a company that has largely rebuilt its revenue base after the pandemic but is still fine‑tuning its profitability. The balance sheet and cash flow profile provide a reasonable foundation, helped by meaningful real estate ownership and improving cash generation, though the business is still exposed to economic cycles. Competitively, Marcus leans into differentiated, experience‑driven theaters and distinctive hotels, backed by guest loyalty programs and ongoing upgrades. The main opportunity lies in fully translating that experiential edge into steady, resilient earnings; the main risk is that maintaining this edge requires continuous investment in two inherently volatile industries. Overall, Marcus appears to be in a healthier, more stable place than a few years ago, but it remains in a recovery and reinvestment phase rather than a mature, low‑risk plateau.

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