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NCMI

National CineMedia, Inc.

NCMI

National CineMedia, Inc. • NASDAQ
$4.31 ▲ 0.00% (+0.00)
Market Cap $403.98 M
52w High $7.60
52w Low $3.81
Dividend Yield 0.12%
P/E -26.94
Volume 138.40K
Outstanding Shares 93.73M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $63.4M ▲ $29.7M ▲ $1.6M ▲ 2.524% ▲ $0.02 ▲ $10.7M ▲
Q2-2025 $51.8M ▲ $20.4M ▼ $-10.7M ▲ -20.656% ▲ $-0.11 ▲ $-1.3M ▲
Q1-2025 $34.9M ▼ $34M ▲ $-30.7M ▼ -87.966% ▼ $-0.32 ▼ $-20.1M ▼
Q4-2024 $86.3M ▲ $33.5M ▼ $24.7M ▲ 28.621% ▲ $0.26 ▲ $35.9M ▲
Q3-2024 $62.4M $33.7M $-3.6M -5.769% $-0.038 $7.5M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $29.9M ▼ $451.9M ▼ $101.4M ▼ $350.5M ▲
Q2-2025 $40.3M ▼ $462M ▼ $112M ▼ $350M ▼
Q1-2025 $59.8M ▼ $503.8M ▼ $133M ▼ $370.8M ▼
Q4-2024 $75.2M ▲ $568.6M ▲ $157.4M ▲ $411.2M ▲
Q3-2024 $49.5M $526.1M $140.6M $385.5M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.6M ▲ $500K ▲ $-3.4M ▼ $-4.5M ▲ $-7.4M ▲ $-500K ▲
Q2-2025 $-10.7M ▲ $-4.9M ▼ $-1.7M ▼ $-16.1M ▲ $-22.7M ▼ $-6.6M ▼
Q1-2025 $-30.7M ▼ $6M ▼ $-700K ▲ $-20.4M ▼ $-15.1M ▼ $5.3M ▼
Q4-2024 $24.7M ▲ $30.5M ▲ $-2.8M ▼ $-2M ▼ $25.7M ▲ $28.1M ▲
Q3-2024 $-3.6M $-2M $-500K $-1.9M $-4.4M $-2.6M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Founding Member Advertising Revenue From Beverage Concessionaire Agreements
Founding Member Advertising Revenue From Beverage Concessionaire Agreements
 $0 ▲$0 ▲$0 ▲$0 ▲
Local Advertising Revenue
Local Advertising Revenue
 $20.00M ▲$0 ▼$10.00M ▲$10.00M ▲
National Advertising Revenue
National Advertising Revenue
 $70.00M ▲$30.00M ▼$40.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a company that has rebuilt revenue from the pandemic lows but is still working to turn that into consistent, underlying profit. Sales have recovered and are now above where they were a few years ago, but operating results have hovered around break-even, with small losses in most years. The very large profit reported in the recent past is largely the result of one‑time restructuring and accounting gains, not a sign of a highly profitable core business. In the most recent year, despite higher revenue, the company slipped back into a modest loss, suggesting that the business model is still sensitive to shifts in theater attendance, ad demand, and cost control. Overall, the income statement tells a story of recovery and restructuring rather than a mature, steady earner.

Balance Sheet

Balance Sheet The balance sheet has transformed from heavily leveraged and negative equity to a much cleaner and less risky structure. A few years ago, the company carried a large debt load and had negative shareholders’ equity, a clear sign of financial strain. Following restructuring, most of that debt has been removed, and equity is now solidly positive, indicating a recapitalized company with far less financial pressure. Cash levels, while not large, have improved versus the immediate post‑restructuring period. The trade‑off is that the business is now smaller in scale than it was before, but its capital structure is much healthier and better aligned with its current level of operations. Financial flexibility is improved, though not abundant.

Cash Flow

Cash Flow Cash flow has been choppy but shows encouraging recent improvement. In the years around the pandemic and its aftermath, the company struggled to generate cash from operations, with several years of outflows as theater attendance and ad spending were under pressure. More recently, operating cash flow has turned positive again, and free cash flow is positive as well, helped by very low capital spending needs. This indicates that, at today’s revenue levels, the business can cover its basic reinvestment and still generate some surplus cash. However, the history of swings in cash flow underlines that this is not yet a deeply resilient cash generator and remains tied to the health of the cinema and advertising cycles.

Competitive Edge

Competitive Edge National CineMedia’s main strength is its unique access to moviegoers through exclusive long‑term deals with the three largest theater chains in the U.S. This gives it the broadest cinema ad footprint in the country and creates significant barriers for would‑be competitors. The movie theater environment also offers something digital channels struggle to match: a captive, highly attentive audience, which is valuable for brand advertisers. On the other hand, its fortunes are highly linked to box office trends and theater traffic, which can be volatile and influenced by film slates, streaming habits, and macro conditions. The company also competes for ad budgets against fast‑growing digital and connected‑TV platforms, so it must continually prove that cinema’s impact justifies its share of marketing spend. Overall, the competitive position is distinctive but concentrated in a single medium.

Innovation and R&D

Innovation and R&D Innovation at NCMI is focused on turning a traditional cinema ad network into a modern, data‑driven media platform. The company is rolling out programmatic and self‑serve buying tools so that agencies and brands can purchase cinema ads with the same flexibility they use for digital campaigns. Its NCMx platform and the new Bullseye product use data and AI to target audiences more precisely and tailor messages to local markets, while partnerships with creative tech firms help small and mid‑sized advertisers easily produce theater‑ready ads. Collaborations with ad‑tech providers aim to streamline forecasting, inventory management, and reporting. The Noovie pre‑show and in‑house studio further differentiate the offering with custom content and sponsorship formats. The opportunity is to make cinema feel like a measurable, flexible, and digitally integrated channel; the risk is execution and adoption—these tools must gain real traction with advertisers to materially change the company’s growth profile.

Summary

Overall, NCMI looks like a restructured, niche media company emerging from a difficult period with a cleaner balance sheet and a more modern strategy, but still working to demonstrate durable profitability. The income statement reflects recovery and one‑time gains rather than a long track record of strong underlying earnings, and cash flows, while recently healthier, have a history of volatility. Financial risk from debt has been sharply reduced, which lowers the downside from leverage but also reflects a smaller, reset business. Competitively, the company’s exclusive cinema network and captive audiences are genuine advantages, but they are tied to the health of movie theaters and must compete with powerful digital and streaming alternatives for ad dollars. Its push into programmatic buying, data, and AI‑driven creative aims to reposition cinema as a more modern, full‑funnel channel. The key questions going forward are whether these innovations can translate into steadier revenue growth, more consistent profits, and more reliable cash generation, given the structural changes in both the film and advertising industries.

NEWS

November 17, 2025 · 8:00 AM UTC

National CineMedia, Inc. Announces Strategic Acquisition of Spotlight Cinema Networks to Enhance Advertising Network and Expand Reach Among Luxury Audiences

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October 30, 2025 · 4:05 PM UTC

National CineMedia, Inc. Reports Results for Fiscal Third Quarter 2025

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October 16, 2025 · 4:05 PM UTC

National CineMedia, Inc. to Release Third Quarter 2025 Results on October 30, 2025

Read more