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National CineMedia (NCMI) Financials

National CineMedia logo
$2.73 -0.13 (-4.55%)
As of 08/17/2026 04:00 PM Eastern
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Annual Income Statements for National CineMedia

Annual Income Statements for National CineMedia

This table shows National CineMedia's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/29/2016 12/28/2017 12/27/2018 12/26/2019 12/31/2020 12/30/2021 12/29/2022 12/28/2023 12/26/2024 1/1/2026
Net Income / (Loss) Attributable to Common Shareholders		 11 33 58 30 36 -65 -49 -29 705 -22 -11
Consolidated Net Income / (Loss)		 160 95 540 523 165 -126 -118 -66 697 -22 -11
Net Income / (Loss) Continuing Operations		 60 95 115 80 87 -126 -118 -66 697 -22 -11
Total Pre-Tax Income 		179 109 295 104 99 36 -118 -66 697 -22 -11
Total Operating Income		 148 173 154 154 161 -61 -69 6.90 -27 -20 -14
Total Gross Profit		 374 418 819 846 430 80 89 214 155 227 230
Total Revenue		 447 448 853 889 468 90 115 249 165 241 243
Operating Revenue		 447 448 853 889 468 90 115 249 165 241 243
Total Cost of Revenue		 73 30 34 42 38 10 26 36 11 14 13
Operating Cost of Revenue		 73 30 34 42 38 10 26 36 11 14 13
Total Operating Expenses		 226 245 240 250 190 141 158 207 182 247 244
Selling, General & Admin Expense		 39 44 38 48 44 31 36 44 57 51 46
Marketing Expense		 72 73 72 67 65 38 35 43 30 42 42
Depreciation Expense		 32 36 11 13 14 13 11 6.50 3.10 4.60 4.60
Amortization Expense		 - - 27 27 53 49 25 25 22 38 33
Other Operating Expenses / (Income)		 49 92 92 95 14 8.60 51 82 70 112 119
Total Other Income / (Expense), net		 31 -64 141 -51 -62 97 -50 -73 724 -2.60 3.30
Interest Expense		 52 64 53 56 64 56 65 80 28 1.70 2.40
Interest & Investment Income		 1.60 1.50 1.20 1.50 2.10 0.60 0.00 0.00 0.10 2.40 1.40
Other Income / (Expense), net		 82 -1.20 193 4.00 -0.70 153 15 6.60 752 -3.30 4.30
Income Tax Expense		 20 14 180 24 12 162 0.00 0.00 0.00 0.20 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 48 62 56 50 51 -61 -70 -38 -8.50 0.00 0.00
Basic Earnings per Share		 $0.19 $0.55 $0.89 $0.39 $0.47 ($0.84) ($0.61) ($3.50) $14.73 ($0.23) ($0.11)
Weighted Average Basic Shares Outstanding		 58.98M 59.79M 65.23M 76.86M 77.35M 77.96M 79.87M 8.20M 47.88M 95.87M 94.18M
Diluted Earnings per Share		 $0.19 $0.54 $0.48 $0.37 $0.46 ($0.84) ($0.61) ($3.50) $14.34 ($0.23) ($0.11)
Weighted Average Diluted Shares Outstanding		 59.59M 60.61M 151.07M 157.40M 77.78M 77.96M 79.87M 8.20M 48.57M 95.87M 94.18M
Weighted Average Basic & Diluted Shares Outstanding		 59.20M -255M 65.50M 79.75M 79.75M 81.14M 81.14M 174.06M 97.02M 95.21M 93.14M
Cash Dividends to Common per Share		 $0.88 $0.88 $0.88 $0.68 $0.68 $0.40 $0.20 $0.11 - - $0.12

Quarterly Income Statements for National CineMedia

This table shows National CineMedia's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/28/2023 3/28/2024 6/27/2024 9/26/2024 12/26/2024 3/27/2025 6/26/2025 9/25/2025 1/1/2026 4/2/2026 7/2/2026
Net Income / (Loss) Attributable to Common Shareholders		 24 -35 -8.70 -3.60 25 -31 -11 1.60 29 -29 -9.90
Consolidated Net Income / (Loss)		 24 -35 -8.70 -3.60 25 -31 -11 1.60 29 -29 -9.90
Net Income / (Loss) Continuing Operations		 14 -35 -8.70 -3.60 25 -31 -11 1.60 29 -29 -9.90
Total Pre-Tax Income 		24 -35 -8.70 -3.60 25 -31 -11 1.60 29 -29 -9.90
Total Operating Income		 21 -23 -9.30 -7.50 20 -24 -12 -1.80 24 -27 -13
Total Gross Profit		 87 34 51 59 83 32 49 60 90 30 55
Total Revenue		 91 37 55 62 86 35 52 63 93 34 58
Operating Revenue		 91 37 55 62 86 35 52 63 93 34 58
Total Cost of Revenue		 3.60 3.60 3.70 3.30 3.10 3.10 3.20 3.20 3.50 4.00 3.70
Operating Cost of Revenue		 3.60 3.60 3.70 3.30 3.10 3.10 3.20 3.20 3.50 4.00 3.70
Total Operating Expenses		 67 57 60 67 63 56 61 62 66 57 68
Selling, General & Admin Expense		 17 14 13 13 11 13 11 11 12 13 11
Marketing Expense		 13 10 9.60 10 12 11 9.80 10 11 9.50 9.60
Depreciation Expense		 1.00 1.00 1.10 1.20 1.30 1.10 1.10 1.10 1.30 1.50 1.50
Amortization Expense		 9.60 9.50 9.50 9.50 9.30 9.30 8.20 7.90 7.90 8.00 8.00
Other Operating Expenses / (Income)		 27 23 27 33 30 22 31 32 34 25 38
Total Other Income / (Expense), net		 3.10 -12 0.60 3.90 4.90 -6.80 1.30 3.40 5.40 -1.70 2.90
Interest Expense		 0.50 0.40 0.40 0.40 0.50 2.00 0.10 0.10 0.20 0.20 0.20
Interest & Investment Income		 -558 0.30 0.70 0.70 1.00 0.60 0.40 0.30 0.10 0.20 0.30
Other Income / (Expense), net		 552 -12 0.30 3.60 4.40 -5.40 1.00 3.20 5.50 -1.70 2.80
Income Tax Expense		 - 0.00 0.00 0.00 0.20 0.00 0.00 0.00 - 0.00 0.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Basic Earnings per Share		 $0.49 ($0.36) ($0.09) ($0.04) $0.26 ($0.32) ($0.11) $0.02 $0.30 ($0.31) ($0.11)
Weighted Average Basic Shares Outstanding		 47.88M 96.92M 96.41M 95.22M 95.87M 95.39M 93.98M 93.70M 94.18M 93.21M 93.70M
Diluted Earnings per Share		 $0.49 ($0.36) ($0.09) ($0.04) $0.26 ($0.32) ($0.11) $0.02 $0.30 ($0.31) ($0.11)
Weighted Average Diluted Shares Outstanding		 48.57M 96.92M 96.41M 95.22M 95.87M 95.39M 93.98M 94.31M 94.18M 93.21M 93.70M
Weighted Average Basic & Diluted Shares Outstanding		 97.02M 96.57M 95.32M 94.92M 95.21M 94.30M 93.71M 93.83M 93.14M 93.78M 94.07M

Annual Cash Flow Statements for National CineMedia

This table details how cash moves in and out of National CineMedia's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/29/2016 12/28/2017 12/27/2018 12/26/2019 12/31/2020 12/30/2021 12/29/2022 12/28/2023 12/26/2024 1/1/2026
Net Change in Cash & Equivalents		 18 -8.70 7.20 28 55 177 -79 -95 -26 41 -41
Net Cash From Operating Activities		 105 134 176 168 184 98 -62 -47 -6.70 60 8.40
Net Cash From Continuing Operating Activities		 105 134 139 150 144 55 -95 -47 -6.70 60 8.40
Net Income / (Loss) Continuing Operations		 60 95 115 80 87 -126 -118 -66 697 -22 -11
Consolidated Net Income / (Loss)		 60 95 115 80 87 -126 - -66 697 -22 -11
Depreciation Expense		 32 36 11 13 14 13 11 6.50 3.10 4.60 4.60
Amortization Expense		 4.20 2.60 29 30 56 52 54 34 26 39 34
Non-Cash Adjustments To Reconcile Net Income		 11 2.60 -199 -3.40 0.70 -136 8.30 12 -747 20 7.90
Changes in Operating Assets and Liabilities, net		 -2.10 -2.00 183 31 -2.80 295 -16 -33 14 19 -27
Net Cash From Investing Activities		 1.40 -4.30 8.50 -16 1.60 16 -5.40 -0.40 33 -5.70 -15
Net Cash From Continuing Investing Activities		 1.40 -4.30 8.50 -16 1.60 16 -5.40 -0.40 33 -5.70 -15
Purchase of Property, Plant & Equipment		 -13 -13 -12 -14 -14 -8.00 -5.70 -2.90 -3.30 -5.80 -5.60
Acquisitions		 -2.70 -2.30 -2.10 -0.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Purchase of Investments		 -71 -55 -34 -37 -25 -8.20 0.00 - 0.00 -1.00 -2.00
Sale and/or Maturity of Investments		 87 66 57 35 40 32 0.30 0.30 - 1.20 0.00
Other Investing Activities, net		 - 0.00 0.10 - 0.00 0.00 - 0.00 -14 -0.10 -7.80
Net Cash From Financing Activities		 -88 -138 -140 -123 -131 63 22 -47 -52 -14 -34
Net Cash From Continuing Financing Activities		 -88 -138 -140 -123 -131 54 22 10 -52 -14 -34
Repayment of Debt		 -171 -390 -83 -470 -573 -87 -9.60 9.60 -2.00 -0.70 -22
Repurchase of Common Equity		 - - - - - - - - 0.00 -13 -22
Payment of Dividends		 -135 -122 -146 -137 -126 -69 -17 -9.50 -0.50 -0.30 -11
Issuance of Debt		 215 376 80 463 569 210 50 -50 0.00 0.00 22
Other Financing Activities, net		 2.60 -2.00 8.80 20 -1.30 8.80 -2.00 2.60 -50 0.00 0.00
Cash Interest Paid		 50 53 50 54 54 55 59 67 13 0.90 0.20
Cash Income Taxes Paid		 -2.70 0.50 -1.70 0.30 0.10 0.50 -0.10 0.10 0.00 0.08 0.01

Quarterly Cash Flow Statements for National CineMedia

This table details how cash moves in and out of National CineMedia's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/28/2023 3/28/2024 6/27/2024 9/26/2024 12/26/2024 3/27/2025 6/26/2025 9/25/2025 1/1/2026 4/2/2026 7/2/2026
Net Change in Cash & Equivalents		 15 23 -3.90 -4.40 26 -15 -23 -7.40 4.70 14 -5.50
Net Cash From Operating Activities		 16 24 7.70 -2.00 31 6.00 -4.90 -1.00 8.30 18 -1.50
Net Cash From Continuing Operating Activities		 16 24 6.90 -2.00 31 6.00 -4.90 -1.00 8.30 18 -1.50
Net Income / (Loss) Continuing Operations		 24 -35 -8.70 -3.60 25 -31 -11 1.50 29 -29 -10
Consolidated Net Income / (Loss)		 24 -35 -8.70 -3.60 25 -31 -11 1.50 29 -29 -10
Depreciation Expense		 1.00 1.00 1.20 1.20 1.20 1.10 1.10 1.10 1.30 1.50 1.50
Amortization Expense		 9.80 9.70 9.60 9.70 9.60 9.30 8.40 8.00 7.90 8.00 8.00
Non-Cash Adjustments To Reconcile Net Income		 3.60 13 1.50 0.20 3.30 9.20 2.10 -2.70 -0.90 0.00 -0.20
Changes in Operating Assets and Liabilities, net		 -23 35 3.30 -9.50 -8.30 17 -5.80 -8.90 -29 37 -0.80
Net Cash From Investing Activities		 -1.00 -1.30 -1.10 -0.50 -2.80 -0.70 -1.70 -3.40 -9.60 -0.10 -1.00
Net Cash From Continuing Investing Activities		 -1.00 -1.30 -0.90 -0.50 -2.80 -0.70 -1.70 -3.40 -9.60 -0.10 -1.00
Purchase of Property, Plant & Equipment		 -1.60 -1.50 -1.30 -0.60 -2.40 -0.70 -1.70 -1.00 -2.20 -0.30 -0.70
Sale and/or Maturity of Investments		 - 0.20 - - - 0.00 - - - 0.20 0.10
Net Cash From Financing Activities		 - -0.30 -9.90 -1.90 -2.00 -20 -16 -3.00 6.00 -4.00 -3.00
Net Cash From Continuing Financing Activities		 - -0.30 -9.90 -1.90 -2.00 -20 -16 -3.00 6.00 -4.00 -3.00
Repurchase of Preferred Equity		 - 0.00 - - - -0.10 -0.50 - - -0.20 0.10
Repurchase of Common Equity		 - 0.00 - -1.90 -2.00 -8.80 -9.90 - -3.30 -1.00 -0.20
Payment of Dividends		 - -0.30 - - - 0.00 -5.70 -2.80 -2.90 -2.80 -2.90
Cash Interest Paid		 0.30 0.20 0.30 0.20 0.20 0.10 - 0.10 - 0.30 0.10

Annual Balance Sheets for National CineMedia

This table presents National CineMedia's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/29/2016 12/28/2017 12/27/2018 12/26/2019 12/31/2020 12/30/2021 12/29/2022 12/28/2023 12/26/2024 1/1/2026
Total Assets		 1,074 1,143 1,173 1,142 1,130 886 817 792 568 569 491
Total Current Assets		 204 221 213 231 254 200 158 164 144 178 138
Cash & Equivalents		 32 23 30 41 56 180 101 62 35 75 35
Restricted Cash		 - - - - - - - 2.10 3.00 3.00 3.00
Accounts Receivable		 149 161 161 156 177 16 53 92 97 85 97
Prepaid Expenses		 2.80 3.10 - - - - - - 4.20 3.90 4.00
Plant, Property, & Equipment, net		 25 30 31 34 33 28 21 13 16 16 19
Total Noncurrent Assets		 845 892 930 877 843 667 638 615 408 374 333
Goodwill		 - - - - - - - - - 0.00 0.50
Intangible Assets		 567 561 717 685 644 628 606 587 394 351 309
Noncurrent Deferred & Refundable Income Taxes		 217 294 186 174 162 0.80 0.00 0.90 - - 8.10
Other Noncurrent Operating Assets		 2.80 2.60 2.80 5.70 28 29 30 27 13 20 16
Total Liabilities & Shareholders' Equity		 1,074 1,143 1,173 1,142 1,130 886 817 792 568 569 491
Total Liabilities		 1,245 1,259 1,248 1,231 1,251 1,155 1,201 1,256 133 157 115
Total Current Liabilities		 125 121 110 111 120 50 70 1,203 58 74 62
Short-Term Debt		 - - 0.00 2.70 2.70 2.70 3.20 1,121 0.00 0.00 0.00
Accounts Payable		 50 60 52 48 58 16 28 25 22 23 26
Accrued Expenses		 20 20 20 22 22 19 13 18 1.60 1.60 1.90
Current Deferred Revenue		 10 10 7.10 7.30 7.60 5.10 15 0.00 9.80 24 11
Current Deferred & Payable Income Tax Liabilities		 26 18 20 16 14 0.90 0.00 0.30 0.00 4.10 2.90
Current Employee Benefit Liabilities		 18 12 11 15 14 4.80 7.90 8.30 18 16 12
Other Current Liabilities		 - - - 0.00 1.60 1.80 2.20 0.00 7.60 5.60 8.30
Total Noncurrent Liabilities		 1,121 1,139 1,138 1,121 1,132 1,105 1,131 35 75 84 53
Long-Term Debt		 925 924 923 921 924 1,050 1,094 0.00 10 10 12
Other Noncurrent Operating Liabilities		 140 212 215 200 208 55 37 35 65 74 41
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -172 -117 -75 -89 -121 -269 -384 -464 435 411 375
Total Preferred & Common Equity		 -407 -358 -363 -368 -380 -473 -527 -515 435 411 375
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -407 -358 -363 -368 -380 -473 -527 -515 435 411 375
Common Stock		 0.60 0.60 0.80 0.80 0.80 0.80 0.80 1.30 2.60 2.50 2.50
Retained Earnings		 -186 -248 -130 -154 -171 -266 -332 -370 317 281 236
Other Equity Adjustments		 -222 -111 -233 -215 -209 -208 -196 -146 115 128 137
Noncontrolling Interest		 235 242 288 279 258 205 143 51 0.00 0.00 0.00

Quarterly Balance Sheets for National CineMedia

This table presents National CineMedia's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/30/2023 6/29/2023 9/28/2023 3/28/2024 6/27/2024 9/26/2024 3/27/2025 6/26/2025 9/25/2025 4/2/2026 7/2/2026
Total Assets		 740 43 539 539 527 526 504 462 452 469 446
Total Current Assets		 122 24 103 117 116 126 124 101 96 126 112
Cash & Equivalents		 69 16 17 57 54 49 60 37 30 49 43
Restricted Cash		 2.10 0.00 5.80 3.00 3.00 3.00 3.30 3.10 3.00 3.00 3.00
Accounts Receivable		 39 0.20 69 49 51 63 47 57 59 70 62
Prepaid Expenses		 11 7.10 11 8.70 8.90 3.60 3.80 3.60 3.70 4.10 3.50
Plant, Property, & Equipment, net		 12 0.00 15 16 16 15 16 17 17 18 18
Total Noncurrent Assets		 606 7.70 422 406 395 385 364 344 339 325 317
Goodwill		 - - - - - - - - - 0.50 0.60
Intangible Assets		 581 0.00 409 385 375 364 341 322 314 300 293
Noncurrent Deferred & Refundable Income Taxes		 1.00 - 0.90 1.00 - - - - - - 9.50
Other Noncurrent Operating Assets		 24 0.00 11 20 19 20 19 18 18 15 14
Total Liabilities & Shareholders' Equity		 740 43 539 539 527 526 504 462 452 469 446
Total Liabilities		 1,272 63 130 136 139 141 133 112 101 124 112
Total Current Liabilities		 1,205 9.80 52 43 48 51 54 58 51 69 61
Short-Term Debt		 1,121 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Accounts Payable		 24 2.40 19 16 16 16 20 19 21 26 26
Accrued Expenses		 27 0.80 1.50 1.70 1.70 1.90 1.60 1.90 2.20 1.60 2.00
Current Deferred Revenue		 9.20 3.80 9.30 13 13 15 18 19 9.60 26 17
Current Deferred & Payable Income Tax Liabilities		 0.30 1.10 0.60 0.00 - - 4.10 4.40 4.10 2.90 2.30
Current Employee Benefit Liabilities		 6.00 1.70 14 5.40 10 12 5.40 7.30 8.40 6.50 6.50
Other Current Liabilities		 18 0.00 8.10 6.20 6.80 6.20 5.00 6.30 5.40 5.90 6.80
Total Noncurrent Liabilities		 67 53 78 94 92 90 79 54 51 55 51
Long-Term Debt		 0.00 0.00 10 10 10 10 0.00 0.00 0.00 12 12
Other Noncurrent Operating Liabilities		 67 53 68 84 82 80 79 54 51 43 39
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -532 -19 409 402 388 386 371 350 351 345 334
Total Preferred & Common Equity		 -532 -19 409 402 388 386 371 350 351 345 334
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -532 -19 409 402 388 386 371 350 351 345 334
Common Stock		 1.70 1.70 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50
Retained Earnings		 -416 111 293 282 264 258 238 215 214 204 191
Other Equity Adjustments		 -118 -132 114 118 122 125 130 133 135 138 141
Noncontrolling Interest		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Annual Metrics And Ratios for National CineMedia

This table displays calculated financial ratios and metrics derived from National CineMedia's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/29/2016 12/28/2017 12/27/2018 12/26/2019 12/31/2020 12/30/2021 12/29/2022 12/28/2023 12/26/2024 1/1/2026
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.32% 0.25% 90.57% 4.19% -47.36% -80.68% 26.77% 117.45% -33.71% 45.76% 1.00%
EBITDA Growth		 55.22% -21.04% 83.92% -48.06% 14.64% -32.10% -93.09% 399.07% 1,297.77% -97.29% 40.69%
EBIT Growth		 81.95% -25.24% 101.63% -54.30% 1.45% -43.03% -158.58% 125.19% 5,266.67% -103.15% 57.89%
NOPAT Growth		 0.07% 13.82% -60.18% 99.64% 18.25% 52.08% -122.38% 110.06% -665.22% 50.00% 28.72%
Net Income Growth		 143.45% -40.83% 471.43% -3.24% -68.36% -176.41% 6.25% 44.09% 1,152.42% -103.20% 52.47%
EPS Growth		 -17.39% 184.21% -11.11% -22.92% 24.32% -282.61% 27.38% 44.09% 509.71% -101.60% 52.17%
Operating Cash Flow Growth		 -10.69% 26.78% 31.99% -4.94% 10.09% -46.69% -162.87% 23.46% 85.84% 1,000.00% -86.07%
Free Cash Flow Firm Growth		 -63.55% 50.34% -91.86% 2,166.81% 16.36% 93.87% -116.90% 69.25% 1,241.96% -73.26% -122.78%
Invested Capital Growth		 13.37% 10.47% 7.26% -3.78% -4.27% -16.81% 1.46% 3.65% -35.83% -16.49% 0.71%
Revenue Q/Q Growth		 3.07% 1.38% 99.35% 1.96% -46.98% -63.09% 71.56% 12.76% -0.54% -1.83% 2.88%
EBITDA Q/Q Growth		 61.43% -25.78% 87.67% -50.01% 20.15% 56.61% -91.15% -19.07% 254.54% 85.45% 11.67%
EBIT Q/Q Growth		 82.53% -30.16% 108.80% -56.05% 8.51% 177.27% -193.87% 743.75% 292.68% 29.19% 32.39%
NOPAT Q/Q Growth		 8.77% 0.52% -56.32% 104.34% 9.16% 843.32% 29.57% 152.67% -37.88% -2.63% 21.47%
Net Income Q/Q Growth		 153.90% -43.88% 435.71% -2.19% -68.48% -345.72% 32.73% 8.44% 1.98% 4.70% 29.80%
EPS Q/Q Growth		 -34.48% 157.14% -26.15% 2.78% 6.98% -500.00% 46.96% 8.44% 30.84% 8.00% 31.25%
Operating Cash Flow Q/Q Growth		 13.35% -0.60% 20.19% -11.47% 12.37% -37.27% 22.85% -688.33% 79.64% 20.60% -72.55%
Free Cash Flow Firm Q/Q Growth		 -49.47% -11.14% -28.97% 54.28% -1.51% 200.32% -18.42% -2,168.83% 13.03% 29.18% -164.49%
Invested Capital Q/Q Growth		 8.80% 9.66% -1.24% -0.18% 1.84% -3.11% 1.61% 6.82% 2.50% -0.73% 10.05%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 83.76% 93.30% 96.04% 95.23% 91.81% 88.61% 77.49% 85.71% 93.58% 94.31% 94.65%
EBITDA Margin		 59.62% 46.96% 45.32% 22.59% 49.21% 172.90% 9.42% 21.63% 456.05% 8.47% 11.80%
Operating Margin		 33.15% 38.65% 18.04% 17.36% 34.48% -67.48% -59.86% 2.77% -16.53% -8.10% -5.72%
EBIT Margin		 51.47% 38.38% 40.61% 17.81% 34.33% 101.22% -46.77% 5.42% 438.56% -9.47% -3.95%
Profit (Net Income) Margin		 35.77% 21.11% 63.31% 58.79% 35.34% -139.71% -103.32% -26.57% 421.73% -9.26% -4.36%
Tax Burden Percent		 89.12% 86.78% 183.18% 503.86% 166.80% -351.81% 100.00% 100.00% 100.00% 100.91% 100.00%
Interest Burden Percent		 77.98% 63.39% 85.10% 65.51% 61.71% 39.24% 220.90% -490.37% 96.16% 96.93% 110.42%
Effective Tax Rate		 10.88% 13.22% 61.16% 22.66% 12.51% 451.81% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 21.14% 21.52% 7.88% 15.48% 19.08% 32.38% -7.92% 0.78% -5.25% -3.66% -2.86%
ROIC Less NNEP Spread (ROIC-NNEP)		 24.56% 14.91% 64.07% 62.77% 21.94% -7.37% -15.47% -6.02% 130.24% 13.59% -1.21%
Return on Net Nonoperating Assets (RNNOA)		 -105.11% -87.05% -571.85% -652.68% -176.21% 32.42% 44.23% 14.85% -4,718.14% -1.61% 0.16%
Return on Equity (ROE)		 -83.96% -65.53% -563.97% -637.20% -157.13% 64.80% 36.31% 15.62% -4,723.39% -5.27% -2.70%
Cash Return on Invested Capital (CROIC)		 8.61% 11.57% 0.87% 19.34% 23.45% 50.73% -9.37% -2.81% 38.39% 14.31% -3.56%
Operating Return on Assets (OROA)		 22.26% 15.50% 29.92% 13.68% 14.14% 9.08% -6.29% 1.68% 106.54% -4.01% -1.81%
Return on Assets (ROA)		 15.47% 8.53% 46.64% 45.14% 14.55% -12.53% -13.90% -8.22% 102.45% -3.93% -2.00%
Return on Common Equity (ROCE)		 -179.94% -173.88% -2,122.47% -2,838.24% -558.24% 141.74% 55.68% 19.21% -12,937.28% -5.27% -2.70%
Return on Equity Simple (ROE_SIMPLE)		 -39.24% -26.38% -148.97% -141.98% -43.56% 26.70% 22.48% 12.85% 160.35% -5.42% 0.00%
Net Operating Profit after Tax (NOPAT)		 132 150 60 119 141 215 -48 4.83 -27 -14 -9.73
NOPAT Margin		 29.54% 33.54% 7.01% 13.43% 30.17% 237.39% -41.90% 1.94% -16.53% -5.67% -4.00%
Net Nonoperating Expense Percent (NNEP)		 -3.42% 6.61% -56.19% -47.28% -2.86% 39.75% 7.55% 6.79% -135.49% -17.25% -1.65%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -6.14% -3.24% -2.51%
Cost of Revenue to Revenue		 16.24% 6.70% 3.96% 4.77% 8.19% 11.39% 22.51% 14.29% 6.42% 5.69% 5.35%
SG&A Expenses to Revenue		 8.65% 9.79% 4.44% 5.43% 9.36% 34.18% 31.41% 17.78% 34.69% 21.05% 18.96%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 50.62% 54.65% 28.11% 28.10% 40.53% 156.08% 137.43% 82.95% 110.11% 102.41% 100.37%
Earnings before Interest and Taxes (EBIT)		 230 172 346 158 161 92 -54 14 725 -23 -9.60
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 266 210 387 201 230 156 11 54 753 20 29
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.96 1.56 0.97
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10.40 10.59 5.52
Price to Revenue (P/Rev)		 1.21 1.22 0.42 0.41 0.99 2.92 1.82 0.08 2.53 2.66 1.50
Price to Earnings (P/E)		 47.93 16.53 6.12 12.33 12.83 0.00 0.00 0.00 0.59 0.00 0.00
Dividend Yield		 9.99% 10.10% 19.36% 14.61% 11.63% 12.06% 7.73% 67.28% 0.00% 0.00% 3.08%
Earnings Yield		 2.09% 6.05% 16.34% 8.11% 7.79% 0.00% 0.00% 0.00% 168.66% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 2.43 2.23 1.92 1.97 2.16 2.22 2.20 1.78 0.96 1.67 0.97
Enterprise Value to Revenue (EV/Rev)		 3.61 3.65 1.76 1.68 3.35 14.81 11.74 4.52 2.36 2.36 1.36
Enterprise Value to EBITDA (EV/EBITDA)		 6.05 7.78 3.89 7.43 6.80 8.57 124.62 20.91 0.52 27.83 11.54
Enterprise Value to EBIT (EV/EBIT)		 7.01 9.51 4.34 9.42 9.75 14.63 0.00 83.49 0.54 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 12.22 10.89 25.18 12.50 11.10 6.24 0.00 233.35 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 15.30 12.24 8.54 8.90 8.49 13.62 0.00 0.00 0.00 9.42 39.44
Enterprise Value to Free Cash Flow (EV/FCFF)		 30.01 20.25 228.89 10.01 9.03 3.98 0.00 0.00 1.95 10.64 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -5.39 -7.92 -12.34 -10.35 -7.65 -3.92 -2.86 -2.42 0.02 0.02 0.03
Long-Term Debt to Equity		 -5.39 -7.92 -12.34 -10.32 -7.62 -3.91 -2.85 0.00 0.02 0.02 0.03
Financial Leverage		 -4.28 -5.84 -8.93 -10.40 -8.03 -4.40 -2.86 -2.47 -36.23 -0.12 -0.13
Leverage Ratio		 -5.43 -7.68 -12.09 -14.12 -10.80 -5.17 -2.61 -1.90 -46.11 1.34 1.35
Compound Leverage Factor		 -4.23 -4.87 -10.29 -9.25 -6.66 -2.03 -5.77 9.31 -44.34 1.30 1.49
Debt to Total Capital		 122.78% 114.45% 108.82% 110.69% 115.05% 134.27% 153.71% 170.61% 2.25% 2.37% 3.10%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.32% 0.34% 0.34% 0.45% 170.61% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 122.78% 114.45% 108.82% 110.37% 114.71% 133.93% 153.26% 0.00% 2.25% 2.37% 3.10%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 31.22% 29.90% 33.91% 33.41% 32.07% 26.09% 20.06% 7.81% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -54.00% -44.35% -42.72% -44.10% -47.12% -60.37% -73.77% -78.42% 97.75% 97.63% 96.90%
Debt to EBITDA		 3.48 4.40 2.39 4.60 4.03 6.73 101.62 20.80 0.01 0.49 0.42
Net Debt to EBITDA		 3.14 4.04 2.23 4.21 3.67 5.57 92.06 19.60 -0.04 -3.53 -1.17
Long-Term Debt to EBITDA		 3.48 4.40 2.39 4.59 4.01 6.72 101.32 0.00 0.01 0.49 0.42
Debt to NOPAT		 7.02 6.16 15.45 7.74 6.57 4.90 -22.86 232.11 -0.37 -0.73 -1.23
Net Debt to NOPAT		 6.33 5.66 14.39 7.08 5.99 4.06 -20.70 218.70 1.04 5.27 3.46
Long-Term Debt to NOPAT		 7.02 6.16 15.45 7.72 6.55 4.89 -22.79 0.00 -0.37 -0.73 -1.23
Altman Z-Score		 1.23 0.95 1.82 1.35 1.04 0.36 -0.41 -1.85 7.35 3.64 3.19
Noncontrolling Interest Sharing Ratio		 -114.30% -165.33% -276.34% -345.43% -255.28% -118.73% -53.32% -22.95% -173.90% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.63 1.83 1.94 2.09 2.13 4.00 2.27 0.14 2.46 2.42 2.22
Quick Ratio		 1.59 1.78 1.90 2.05 2.10 3.94 2.21 0.13 2.25 2.18 2.11
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 54 81 6.57 149 173 336 -57 -17 200 53 -12
Operating Cash Flow to CapEx		 835.71% 1,034.88% 1,518.97% 1,179.58% 1,317.14% 1,228.75% -1,084.21% -6,757.14% -223.33% 1,039.66% 150.00%
Free Cash Flow to Firm to Interest Expense		 1.03 1.25 0.12 2.66 2.73 5.98 -0.88 -0.22 7.15 31.38 -5.05
Operating Cash Flow to Interest Expense		 2.02 2.07 3.34 2.99 2.90 1.75 -0.95 -0.59 -0.24 35.47 3.50
Operating Cash Flow Less CapEx to Interest Expense		 1.78 1.87 3.12 2.73 2.68 1.61 -1.04 -0.60 -0.35 32.06 1.17
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.43 0.40 0.74 0.77 0.41 0.09 0.13 0.31 0.24 0.42 0.46
Accounts Receivable Turnover		 3.36 2.89 5.31 5.62 2.81 0.93 3.31 3.44 1.75 2.65 2.68
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 18.80 16.37 28.29 27.64 14.01 2.98 4.70 14.53 11.47 14.96 13.59
Accounts Payable Turnover		 1.47 0.54 0.60 0.85 0.73 0.28 1.18 1.34 0.45 0.61 0.53
Days Sales Outstanding (DSO)		 108.48 126.15 68.70 64.95 129.95 390.84 110.20 106.19 208.35 137.86 136.42
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 248.20 672.21 605.27 430.42 502.71 1,296.99 309.83 272.21 804.03 595.46 689.29
Cash Conversion Cycle (CCC)		 -139.72 -546.06 -536.57 -365.47 -372.76 -906.15 -199.62 -166.02 -595.68 -457.60 -552.86
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 663 732 786 756 724 602 611 633 406 339 342
Invested Capital Turnover		 0.72 0.64 1.12 1.15 0.63 0.14 0.19 0.40 0.32 0.65 0.71
Increase / (Decrease) in Invested Capital		 78 69 53 -30 -32 -122 8.80 22 -227 -67 2.40
Enterprise Value (EV)		 1,611 1,634 1,505 1,491 1,566 1,339 1,346 1,127 390 568 331
Market Capitalization		 542 544 357 367 463 264 208 19 418 640 365
Book Value per Share		 ($6.62) ($5.74) ($4.62) ($4.66) ($4.79) ($5.94) ($6.54) ($62.87) $4.49 $4.33 $4.00
Tangible Book Value per Share		 ($15.83) ($14.72) ($13.75) ($13.33) ($12.91) ($13.83) ($14.07) ($134.44) $0.42 $0.64 $0.70
Total Capital		 754 808 849 834 805 784 714 657 445 421 387
Total Debt		 925 924 923 924 927 1,052 1,098 1,121 10 10 12
Total Long-Term Debt		 925 924 923 921 924 1,050 1,094 0.00 10 10 12
Net Debt		 835 849 860 845 845 871 994 1,056 -28 -72 -34
Capital Expenditures (CapEx)		 13 13 12 14 14 8.00 5.70 0.70 3.00 5.80 5.60
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 34 51 60 58 64 -28 -9.70 18 48 26 38
Debt-free Net Working Capital (DFNWC)		 79 101 103 123 138 153 92 82 85 104 76
Net Working Capital (NWC)		 79 101 103 120 135 150 89 -1,039 85 104 76
Net Nonoperating Expense (NNE)		 -28 56 -480 -403 -24 341 70 71 -724 8.65 0.87
Net Nonoperating Obligations (NNO)		 835 849 860 845 845 871 994 1,097 -28 -72 -34
Total Depreciation and Amortization (D&A)		 36 38 40 43 70 65 64 40 29 43 38
Debt-free, Cash-free Net Working Capital to Revenue		 7.61% 11.48% 6.99% 6.49% 13.70% -30.97% -8.46% 7.18% 28.93% 10.88% 15.79%
Debt-free Net Working Capital to Revenue		 17.67% 22.45% 12.06% 13.85% 29.39% 168.81% 80.10% 33.07% 51.69% 43.36% 31.25%
Net Working Capital to Revenue		 17.67% 22.45% 12.06% 13.55% 28.82% 165.82% 77.31% -416.81% 51.69% 43.36% 31.25%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.60 $4.20 $0.40 $3.90 $4.70 ($8.40) ($6.10) ($3.50) $14.73 ($0.23) ($0.11)
Adjusted Weighted Average Basic Shares Outstanding		 5.90M 5.98M 6.52M 7.69M 7.73M 7.80M 7.99M 8.20M 47.88M 95.87M 94.18M
Adjusted Diluted Earnings per Share		 $2.60 $4.20 $0.20 $3.70 $4.60 ($8.40) ($6.10) ($3.50) $14.34 ($0.23) ($0.11)
Adjusted Weighted Average Diluted Shares Outstanding		 5.96M 6.06M 15.11M 15.74M 7.78M 7.80M 7.99M 8.20M 48.57M 95.87M 94.18M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $4.20 $0.00 $3.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 6.27M 6.30M 7.91M 7.86M 7.98M 7.97M 8.11M 17.41M 97.02M 95.21M 93.14M
Normalized Net Operating Profit after Tax (NOPAT)		 162 150 108 119 141 -42 -48 8.89 -19 -14 -9.73
Normalized NOPAT Margin		 36.39% 33.54% 12.63% 13.43% 30.17% -45.92% -41.90% 3.57% -11.57% -5.67% -4.00%
Pre Tax Income Margin		 40.13% 24.33% 34.56% 11.67% 21.18% 39.71% -103.32% -26.57% 421.73% -9.18% -4.36%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.40 2.67 6.56 2.82 2.53 1.63 -0.83 0.17 25.97 -13.41 -4.00
NOPAT to Interest Expense		 2.53 2.33 1.13 2.13 2.22 3.82 -0.74 0.06 -0.98 -8.03 -4.05
EBIT Less CapEx to Interest Expense		 4.16 2.47 6.34 2.57 2.31 1.49 -0.92 0.16 25.86 -16.82 -6.33
NOPAT Less CapEx to Interest Expense		 2.29 2.13 0.91 1.87 2.00 3.68 -0.83 0.05 -1.09 -11.44 -6.39
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 84.53% 129.31% 27.04% 26.12% 75.92% -54.47% -14.27% -14.35% 0.07% -1.35% -107.55%
Augmented Payout Ratio		 84.53% 129.31% 27.04% 26.12% 75.92% -54.47% -14.27% -14.35% 0.07% -60.09% -315.09%

Quarterly Metrics And Ratios for National CineMedia

This table displays calculated financial ratios and metrics derived from National CineMedia's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/28/2023 3/28/2024 6/27/2024 9/26/2024 12/26/2024 3/27/2025 6/26/2025 9/25/2025 1/1/2026 4/2/2026 7/2/2026
DEI Shares Outstanding		 - - - - - 95,209,712.00 94,304,388.00 93,710,120.00 - 93,143,847.00 93,780,289.00
DEI Adjusted Shares Outstanding		 - - - - - 95,209,712.00 94,304,388.00 93,710,120.00 - 93,143,847.00 93,780,289.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - -0.32 -0.11 0.02 - -0.31 -0.11
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.98% 7.16% 269.59% 152.63% -4.96% -6.68% -5.30% 1.60% 7.88% -2.58% 12.74%
EBITDA Growth		 1,278.72% -19.19% 123.08% -96.46% -93.96% 20.92% -183.33% 50.00% 8.45% -1.06% 68.75%
EBIT Growth		 1,666.67% -14.33% 3.23% -102.04% -95.74% 15.32% -22.22% 135.90% 18.62% 2.39% 9.09%
NOPAT Growth		 -26.79% 25.82% -32.86% 57.32% -3.22% -5.29% -29.03% 65.71% 19.96% -12.55% -6.67%
Net Income Growth		 133.66% 35.74% -101.60% -101.98% 4.66% 11.53% -22.99% 144.44% 18.22% 6.84% 7.48%
EPS Growth		 -33.78% 88.50% -100.29% -101.38% -46.94% 11.11% -22.22% 150.00% 15.38% 3.13% 0.00%
Operating Cash Flow Growth		 247.17% 131.73% 230.51% 92.54% 95.51% -75.10% -163.64% 50.00% -72.79% 201.67% 69.39%
Free Cash Flow Firm Growth		 4,238.60% 96.50% -896.06% -73.18% -64.89% -78.73% 106.54% -40.43% -75.33% -135.78% -114.30%
Invested Capital Growth		 -35.83% -31.88% 713.90% -13.78% -16.49% -13.74% -10.20% -9.13% 0.71% -2.47% -1.70%
Revenue Q/Q Growth		 267.61% -58.81% 46.26% 14.08% 38.30% -59.56% 48.42% 22.39% 46.85% -63.48% 71.76%
EBITDA Q/Q Growth		 194.84% -109.87% 107.63% 288.89% 402.86% -153.24% 92.02% 800.00% 266.67% -149.61% 97.38%
EBIT Q/Q Growth		 199.06% -115.02% 73.76% 56.67% 725.64% -218.62% 62.46% 112.73% 1,992.86% -197.61% 65.04%
NOPAT Q/Q Growth		 266.67% -177.51% 59.03% 19.35% 477.89% -184.33% 49.79% 78.57% 1,422.22% -179.12% 52.42%
Net Income Q/Q Growth		 -87.02% -115.24% 74.93% 58.62% 786.11% -224.29% 65.15% 114.95% 1,725.00% -197.95% 65.38%
EPS Q/Q Growth		 -83.05% -173.47% 75.00% 55.56% 750.00% -223.08% 65.63% 118.18% 1,400.00% -203.33% 64.52%
Operating Cash Flow Q/Q Growth		 158.21% 19.31% -68.05% -125.97% 1,625.00% -80.33% -181.67% 79.59% 930.00% 118.07% -108.29%
Free Cash Flow Firm Q/Q Growth		 34.40% -39.79% -369.97% 112.28% 75.97% -63.49% -16.96% 11.79% -27.21% -152.94% 66.81%
Invested Capital Q/Q Growth		 2.50% -13.29% -3.44% 0.47% -0.73% -10.46% 0.53% 1.67% 10.05% -13.29% 1.32%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 96.04% 90.37% 93.24% 94.71% 96.41% 91.12% 93.82% 94.95% 96.24% 88.24% 93.66%
EBITDA Margin		 642.29% -63.10% 3.29% 11.22% 40.79% -54.15% -2.90% 16.56% 41.35% -56.18% -0.86%
Operating Margin		 22.58% -60.70% -17.00% -12.02% 23.18% -68.48% -23.17% -2.84% 25.56% -79.12% -21.92%
EBIT Margin		 630.40% -91.71% -16.45% -6.25% 28.27% -83.95% -21.24% 2.21% 31.47% -84.12% -17.12%
Profit (Net Income) Margin		 25.99% -92.78% -15.90% -5.77% 28.62% -87.97% -20.66% 2.52% 31.36% -84.12% -16.95%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 99.20% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 4.12% 101.17% 96.67% 92.31% 102.05% 104.78% 97.27% 114.29% 99.66% 100.00% 99.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 7.18% -16.39% -17.36% -5.59% 14.85% -34.83% -11.83% -2.06% 18.26% -44.72% -12.61%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.76% -20.16% -12.14% -11.40% 5.16% -10.97% -6.85% -10.17% 8.03% -27.81% -10.22%
Return on Net Nonoperating Assets (RNNOA)		 -281.06% 155.48% 2.76% 0.81% -0.61% 1.66% 0.86% 1.16% -1.08% 4.49% 1.18%
Return on Equity (ROE)		 -273.88% 139.09% -14.59% -4.78% 14.24% -33.17% -10.97% -0.90% 17.18% -40.24% -11.44%
Cash Return on Invested Capital (CROIC)		 38.39% 33.46% -123.29% 11.19% 14.31% 10.34% 5.68% 5.77% -3.56% -1.44% -2.37%
Operating Return on Assets (OROA)		 153.14% -24.05% -11.97% -2.88% 11.98% -38.39% -10.11% 1.07% 14.45% -41.92% -9.38%
Return on Assets (ROA)		 6.31% -24.33% -11.57% -2.66% 12.13% -40.22% -9.83% 1.22% 14.40% -41.92% -9.29%
Return on Common Equity (ROCE)		 -750.15% 139.09% -14.59% -4.78% 14.24% -33.17% -10.97% -0.90% 17.18% -40.24% -11.44%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 177.98% 41.76% -6.07% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 21 -16 -6.51 -5.25 20 -17 -8.40 -1.80 24 -19 -8.96
NOPAT Margin		 22.58% -42.49% -11.90% -8.41% 22.99% -47.94% -16.22% -2.84% 25.56% -55.38% -15.34%
Net Nonoperating Expense Percent (NNEP)		 -0.58% 3.77% -5.22% 5.81% 9.69% -23.86% -4.98% 8.11% 10.23% -16.92% -2.39%
Return On Investment Capital (ROIC_SIMPLE)		 4.61% - - - 4.71% -4.51% -2.40% -0.51% 6.14% -5.28% -2.59%
Cost of Revenue to Revenue		 3.96% 9.63% 6.76% 5.29% 3.59% 8.88% 6.18% 5.05% 3.76% 11.76% 6.34%
SG&A Expenses to Revenue		 18.39% 36.10% 24.50% 20.67% 12.63% 36.96% 20.46% 16.72% 12.89% 39.12% 18.49%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 73.46% 151.07% 110.24% 106.73% 73.23% 159.60% 116.99% 97.79% 70.68% 167.35% 115.58%
Earnings before Interest and Taxes (EBIT)		 572 -34 -9.00 -3.90 24 -29 -11 1.40 29 -29 -10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 583 -24 1.80 7.00 35 -19 -1.50 11 39 -19 -0.50
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.96 1.24 1.06 1.73 1.56 1.51 1.32 1.24 0.97 0.81 1.11
Price to Tangible Book Value (P/TBV)		 10.40 28.23 31.82 31.67 10.59 18.84 16.47 12.07 5.52 6.35 9.10
Price to Revenue (P/Rev)		 2.53 2.98 1.98 2.72 2.66 2.35 1.96 1.84 1.50 1.15 1.50
Price to Earnings (P/E)		 0.59 0.70 2.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.51% 1.23% 1.94% 3.08% 5.00% 3.02%
Earnings Yield		 168.66% 143.29% 39.47% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.96 1.27 1.07 1.83 1.67 1.62 1.36 1.27 0.97 0.78 1.13
Enterprise Value to Revenue (EV/Rev)		 2.36 2.67 1.75 2.55 2.36 2.07 1.77 1.67 1.36 0.95 1.36
Enterprise Value to EBITDA (EV/EBITDA)		 0.52 2.33 1.80 56.76 27.83 19.39 18.76 15.40 11.54 8.10 11.43
Enterprise Value to EBIT (EV/EBIT)		 0.54 2.76 2.22 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 38.67 14.39 12.49 9.42 11.67 14.07 12.93 39.44 11.27 14.15
Enterprise Value to Free Cash Flow (EV/FCFF)		 1.95 3.09 0.00 15.12 10.64 14.53 22.74 21.04 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.02 0.02 0.03 0.03 0.02 0.00 0.00 0.00 0.03 0.03 0.04
Long-Term Debt to Equity		 0.02 0.02 0.03 0.03 0.02 0.00 0.00 0.00 0.03 0.03 0.04
Financial Leverage		 -36.23 -7.71 -0.23 -0.07 -0.12 -0.15 -0.13 -0.11 -0.13 -0.16 -0.12
Leverage Ratio		 -46.11 -9.87 1.55 1.34 1.34 1.35 1.34 1.33 1.35 1.36 1.33
Compound Leverage Factor		 -1.90 -9.99 1.50 1.24 1.37 1.41 1.30 1.52 1.34 1.36 1.31
Debt to Total Capital		 2.25% 2.43% 2.51% 2.53% 2.37% 0.00% 0.00% 0.00% 3.10% 3.36% 3.47%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 2.25% 2.43% 2.51% 2.53% 2.37% 0.00% 0.00% 0.00% 3.10% 3.36% 3.47%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 97.75% 97.57% 97.49% 97.47% 97.63% 100.00% 100.00% 100.00% 96.90% 96.64% 96.53%
Debt to EBITDA		 0.01 0.05 0.05 0.91 0.49 0.00 0.00 0.00 0.42 0.42 0.41
Net Debt to EBITDA		 -0.04 -0.27 -0.24 -3.98 -3.53 0.00 0.00 0.00 -1.17 -1.70 -1.15
Long-Term Debt to EBITDA		 0.01 0.05 0.05 0.91 0.49 0.00 0.00 0.00 0.42 0.42 0.41
Debt to NOPAT		 -0.37 -0.52 -0.42 -0.75 -0.73 0.00 0.00 0.00 -1.23 -1.01 -0.97
Net Debt to NOPAT		 1.04 2.63 2.01 3.29 5.27 0.00 0.00 0.00 3.46 4.10 2.75
Long-Term Debt to NOPAT		 -0.37 -0.52 -0.42 -0.75 -0.73 0.00 0.00 0.00 -1.23 -1.01 -0.97
Altman Z-Score		 6.46 3.20 2.96 4.15 3.92 3.63 3.66 3.89 3.45 2.42 3.22
Noncontrolling Interest Sharing Ratio		 -173.90% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.46 2.76 2.45 2.46 2.42 2.29 1.74 1.90 2.22 1.82 1.84
Quick Ratio		 2.25 2.49 2.20 2.20 2.18 1.96 1.63 1.76 2.11 1.71 1.73
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 247 149 -402 49 87 32 26 29 21 -11 -3.76
Operating Cash Flow to CapEx		 975.00% 1,606.67% 592.31% -333.33% 1,270.83% 857.14% -288.24% -100.00% 377.27% 6,033.33% -214.29%
Free Cash Flow to Firm to Interest Expense		 494.60 372.28 -1,005.03 123.38 173.68 15.84 263.00 294.00 107.00 -56.65 -18.80
Operating Cash Flow to Interest Expense		 31.20 60.25 19.25 -5.00 61.00 3.00 -49.00 -10.00 41.50 90.50 -7.50
Operating Cash Flow Less CapEx to Interest Expense		 28.00 56.50 16.00 -6.50 56.20 2.65 -66.00 -20.00 30.50 89.00 -11.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.24 0.26 0.73 0.46 0.42 0.46 0.48 0.48 0.46 0.50 0.55
Accounts Receivable Turnover		 1.75 3.82 8.16 3.71 2.65 5.00 4.37 3.88 2.68 4.15 4.18
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 11.47 11.94 0.00 16.41 14.96 14.89 14.49 14.59 13.59 14.09 14.56
Accounts Payable Turnover		 0.45 1.51 3.59 1.96 0.61 0.73 0.71 0.68 0.53 0.61 0.64
Days Sales Outstanding (DSO)		 208.35 95.55 44.75 98.28 137.86 72.98 83.57 94.11 136.42 87.97 87.33
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 804.03 241.33 101.57 186.22 595.46 497.73 513.01 535.91 689.29 602.64 572.85
Cash Conversion Cycle (CCC)		 -595.68 -145.78 -56.82 -87.94 -457.60 -424.74 -429.44 -441.81 -552.86 -514.67 -485.52
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 406 352 340 342 339 304 305 311 342 296 300
Invested Capital Turnover		 0.32 0.39 1.46 0.66 0.65 0.73 0.73 0.72 0.71 0.81 0.82
Increase / (Decrease) in Invested Capital		 -227 -165 396 -55 -67 -48 -35 -31 2.40 -7.50 -5.20
Enterprise Value (EV)		 390 449 363 624 568 493 417 396 331 231 338
Market Capitalization		 418 500 410 668 640 560 461 436 365 279 372
Book Value per Share		 $4.49 $4.15 $4.02 $4.04 $4.33 $3.89 $3.71 $3.74 $4.00 $3.70 $3.56
Tangible Book Value per Share		 $0.42 $0.18 $0.13 $0.22 $0.64 $0.31 $0.30 $0.39 $0.70 $0.47 $0.44
Total Capital		 445 412 398 396 421 371 350 351 387 357 346
Total Debt		 10 10 10 10 10 0.00 0.00 0.00 12 12 12
Total Long-Term Debt		 10 10 10 10 10 0.00 0.00 0.00 12 12 12
Net Debt		 -28 -51 -48 -44 -72 -67 -45 -40 -34 -49 -34
Capital Expenditures (CapEx)		 1.60 1.50 1.30 0.60 2.40 0.70 1.70 1.00 2.20 0.30 0.70
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 48 15 12 22 26 6.80 2.80 12 38 4.90 4.80
Debt-free Net Working Capital (DFNWC)		 85 75 69 75 104 70 43 45 76 57 51
Net Working Capital (NWC)		 85 75 69 75 104 70 43 45 76 57 51
Net Nonoperating Expense (NNE)		 -3.10 19 2.19 -1.65 -4.86 14 2.30 -3.40 -5.40 9.77 0.94
Net Nonoperating Obligations (NNO)		 -28 -50 -48 -44 -72 -67 -45 -40 -34 -49 -34
Total Depreciation and Amortization (D&A)		 11 11 11 11 11 10 9.50 9.10 9.20 9.50 9.50
Debt-free, Cash-free Net Working Capital to Revenue		 28.93% 8.83% 5.83% 8.97% 10.88% 2.85% 1.19% 5.20% 15.79% 2.02% 1.93%
Debt-free Net Working Capital to Revenue		 51.69% 44.66% 33.19% 30.37% 43.36% 29.33% 18.31% 19.12% 31.25% 23.32% 20.45%
Net Working Capital to Revenue		 51.69% 44.66% 33.19% 30.37% 43.36% 29.33% 18.31% 19.12% 31.25% 23.32% 20.45%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.49 ($0.36) ($0.09) ($0.04) $0.26 ($0.32) ($0.11) $0.02 $0.30 ($0.31) ($0.11)
Adjusted Weighted Average Basic Shares Outstanding		 47.88M 96.92M 96.41M 95.22M 95.87M 95.39M 93.98M 93.70M 94.18M 93.21M 93.70M
Adjusted Diluted Earnings per Share		 $0.49 ($0.36) ($0.09) ($0.04) $0.26 ($0.32) ($0.11) $0.02 $0.30 ($0.31) ($0.11)
Adjusted Weighted Average Diluted Shares Outstanding		 48.57M 96.92M 96.41M 95.22M 95.87M 95.39M 93.98M 94.31M 94.18M 93.21M 93.70M
Adjusted Basic & Diluted Earnings per Share		 $0.49 $0.00 $0.00 $0.00 $0.26 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 97.02M 96.57M 95.32M 94.92M 95.21M 94.30M 93.71M 93.83M 93.14M 93.78M 94.07M
Normalized Net Operating Profit after Tax (NOPAT)		 14 -16 -6.51 -5.25 20 -17 -8.40 -1.26 17 -19 -8.96
Normalized NOPAT Margin		 15.80% -42.49% -11.90% -8.41% 22.99% -47.94% -16.22% -1.99% 17.89% -55.38% -15.34%
Pre Tax Income Margin		 25.99% -92.78% -15.90% -5.77% 28.85% -87.97% -20.66% 2.52% 31.36% -84.12% -16.95%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1,144.80 -85.75 -22.50 -9.75 48.80 -14.65 -110.00 14.00 146.50 -143.00 -50.00
NOPAT to Interest Expense		 41.00 -39.73 -16.28 -13.13 39.68 -8.37 -84.00 -18.00 119.00 -94.15 -44.80
EBIT Less CapEx to Interest Expense		 1,141.60 -89.50 -25.75 -11.25 44.00 -15.00 -127.00 4.00 135.50 -144.50 -53.50
NOPAT Less CapEx to Interest Expense		 37.80 -43.48 -19.53 -14.63 34.88 -8.72 -101.00 -28.00 108.00 -95.65 -48.30
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.07% 0.06% 0.25% -1.28% -1.35% 0.00% -28.08% -56.29% -107.55% -167.06% -148.05%
Augmented Payout Ratio		 0.07% 0.06% 0.25% -1.28% -60.09% -119.67% -139.41% -193.38% -315.09% -334.12% -206.49%

Financials Breakdown Chart

Key Financial Trends

National CineMedia (NASDAQ: NCMI) has shown a sharp turnaround in profitability and cash generation over the last year, but the latest quarter also highlights how dependent results still are on large swings in working capital and a capital-light but volatile business model.

In Q1 2026, NCMI reported revenue of $34.0 million, down from $93.1 million in Q4 2025 and $37.4 million in Q1 2025. The company posted a net loss of $28.6 million, compared with a profit of $29.3 million in the prior quarter and a loss of $30.7 million a year ago. The quarter also produced operating cash flow of $18.1 million, helped by a large positive swing in operating assets and liabilities. That means cash generation remains better than accounting earnings, but the underlying business is still uneven quarter to quarter.

Looking back over the past four years, NCMI’s financial story has been highly cyclical. The company went from large losses in 2022 and early 2023, to a major recovery in 2024 and late 2025, and then back to a loss in Q1 2026. Revenue has generally improved versus the 2023 low point, but profitability remains sensitive to advertising demand, marketing spending, and sizable amortization and other operating costs.

  • Operating cash flow turned positive in Q1 2026, with $18.1 million generated from operations despite a net loss.
  • Cash and equivalents increased to $48.6 million at the end of Q1 2026, up from $29.9 million in Q3 2025.
  • Total equity remained strong at $344.8 million, giving the company a sizable book-value cushion.
  • Debt stayed relatively low in Q1 2026, with long-term debt at just $12.0 million versus $468.7 million in total assets.
  • Q4 2025 showed the company can be meaningfully profitable, with net income of $29.2 million and operating income of $23.8 million.
  • Revenue remains highly seasonal and volatile, moving from $34.0 million in Q1 2026 to $93.1 million in Q4 2025.
  • Accounts receivable are large at $70.1 million in Q1 2026, which is typical for a media/advertising business but still worth monitoring.
  • Intangible assets are very large at $300.3 million, so the balance sheet depends heavily on non-physical assets.
  • Q1 2026 net income was a loss of $28.6 million, a sharp reversal from the prior quarter’s profit.
  • Operating income in Q1 2026 was negative $26.9 million, showing that core operations were not covering expenses.
  • Q1 2026 revenue fell sharply sequentially from $93.1 million in Q4 2025 to $34.0 million.
  • Long-term debt and other liabilities have been reduced, but obligations are still meaningful, with total liabilities of $123.9 million in Q1 2026.

Across the full period, one of the biggest positives is that NCMI has moved away from the extreme stress seen in 2022 and early 2023, when it carried much heavier leverage and posted large losses. Since then, the balance sheet has improved materially: debt has come down, cash has been rebuilt, and common equity has expanded. That is a much healthier setup than the company had two to three years ago.

The main concern is sustainability. The business can produce strong quarters, but margins are still inconsistent and the company still relies on swings in deferred revenue, receivables, and other working-capital items to boost cash flow. For retail investors, that means NCMI looks more stable than it did in 2023, but it is still a high-variance turnaround story rather than a consistently steady compounder.

08/17/26 11:39 PM ETAI Generated. May Contain Errors.

National CineMedia Financials - Frequently Asked Questions

According to the most recent income statement we have on file, National CineMedia's fiscal year ends in January. Their fiscal year 2026 ended on January 1, 2026.

National CineMedia's net income appears to be on a downward trend, with a most recent value of -$10.60 million in 2025, falling from $159.70 million in 2015. The previous period was -$22.30 million in 2024. See where experts think National CineMedia is headed by visiting National CineMedia's forecast page.

National CineMedia's total operating income in 2025 was -$13.90 million, based on the following breakdown:
  • Total Gross Profit: $230.20 million
  • Total Operating Expenses: $244.10 million

Over the last 10 years, National CineMedia's total revenue changed from $446.50 million in 2015 to $243.20 million in 2025, a change of -45.5%.

National CineMedia's total liabilities were at $115.20 million at the end of 2025, a 26.8% decrease from 2024, and a 90.7% decrease since 2015.

In the past 10 years, National CineMedia's cash and equivalents has ranged from $23 million in 2016 to $180.30 million in 2020, and is currently $34.60 million as of their latest financial filing in 2025.

Over the last 10 years, National CineMedia's book value per share changed from -6.62 in 2015 to 4.00 in 2025, a change of -160.5%.


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Financial statements for NASDAQ:NCMI last updated on 8/11/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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