IMAX
IMAX Corporation
IMAX's fundamentals are strong and it looks cheap: trading at 21x earnings, less than half its usual 53x. Analysts expect earnings growth, though they disagree widely on how much.
NBIS
Nebius Group N.V.
There isn't enough reported data to score NBIS yet.
IMAX Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
IMAX's revenue, profitability, cash flow and balance sheet are all currently strong.
NBIS Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| Unavailable | |
| Healthy |
NBIS's profitability and balance sheet are currently healthy. There isn't enough data to rate its revenue and cash flow.
IMAX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 21x | $47.89 | — |
| Forward | 24x | $47.89 | — |
| Cheap | 35x | $81.28 | +70% |
| Fair | 53x | $122 | +154% |
| Expensive | 62x | $144 | +202% |
Historical ranges are pointers, not guarantees.
IMAX has the edge over NBIS in the historical PE scenario, which offers more potential upside but is not a forecast.
NBIS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 68x | $22.45 | -83% |
| Fair | 114x | $37.67 | -71% |
| Current | 390x | $129 | — |
| Expensive | 666x | $220 | +71% |
Historical ranges are pointers, not guarantees.
NBIS's PE is 390x, but its earnings don't support one, so it isn't a reliable read right now.
IMAX Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Low |
Analysts expect IMAX's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
NBIS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect NBIS's revenue to grow and its profitability to improve, with its earnings holding steady. However, they disagree widely on these estimates.
IMAX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.01 | -13% |
| Q3 2026 | $2.32 | +231% |
| Q2 2026 | $0.73 | +24% |
| Q1 2026 | $0.66 | +43% |
| Q4 2025 | $0.63 | +31% |
| Q3 2025 | $0.70 | +59% |
| Q2 2025 | $0.59 | +47% |
| Q1 2025 | $0.46 | -4.2% |
| Q4 2024 | $0.48 | +4.3% |
IMAX has the edge over NBIS in the latest year-over-year earnings comparison.
NBIS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q4 2025 | $0.33 | +$2.61 |
| Q4 2024 | -$2.28 | -456% |
| Q4 2023 | $0.64 | -36% |
| Q4 2022 | $1.00 | +$1.49 |
| Q4 2021 | -$0.49 | -156% |
| Q4 2020 | $0.87 | +89% |
| Q4 2019 | $0.46 | -73% |
| Q4 2018 | $1.71 | +434% |
NBIS has returned to profit: it earned $0.33 per share over the past year, after losing money the year before.
IMAX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $174.6M | +64% |
| Q2 2026 | $102.8M | +12% |
| Q1 2026 | $81.4M | -6.1% |
| Q4 2025 | $125.2M | +35% |
| Q3 2025 | $106.7M | +17% |
| Q2 2025 | $91.7M | +3.1% |
| Q1 2025 | $86.7M | +9.5% |
| Q4 2024 | $92.7M | +7.7% |
IMAX has the edge over NBIS in the latest year-over-year revenue comparison.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 43% | +16 points |
| Q2 2026 | 20% | +4.5 points |
| Q1 2026 | 12% | -7.1 points |
| Q4 2025 | 19% | +9 points |
| Q3 2025 | 27% | +6 points |
| Q2 2025 | 16% | +12 points |
| Q1 2025 | 19% | +4.1 points |
| Q4 2024 | 10% | +7.1 points |
IMAX's operating margin was 43% last quarter, up 16 points from the same quarter a year ago, near the top of its range since 2019.
NBIS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2023 | $9.7B | +53% |
| Q4 2022 | $6.3B | +46% |
| Q4 2021 | $4.3B | +63% |
| Q4 2020 | $2.6B | +24% |
| Q4 2019 | $2.1B | +37% |
| Q4 2018 | $1.5B | +36% |
| Q4 2017 | $1.1B | +24% |
| Q4 2016 | $917M | +27% |
NBIS's revenue is growing: $530M last quarter, down 80% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | -115% | -112 points |
| Q4 2023 | 3.6% | -11 points |
| Q4 2022 | 2.5% | -14 points |
| Q4 2021 | -3.7% | -18 points |
| Q4 2020 | 7.4% | -9.5 points |
| Q4 2019 | 14% | -2 points |
| Q4 2018 | 16% | -14 points |
| Q4 2017 | 14% | -19 points |
NBIS's operating margin was −115% last quarter, down 123 points from the same quarter a year ago, near the bottom of its range since 2011.
IMAX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $84.2M | +30% |
| Q2 2026 | $32M | +53% |
| Q1 2026 | $1.9M | -64% |
| Q4 2025 | $28M | +307% |
| Q3 2025 | $64.8M | +90% |
| Q2 2025 | $20.9M | -38% |
| Q1 2025 | $5.3M | +$17.4M |
| Q4 2024 | $6.9M | +11958% |
IMAX generated $146M in free cash flow over the past year, up 49% from the year before.
NBIS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | -$3.7B | -$3.1B |
| Q4 2024 | -$562.1M | -$316.2M |
| Q4 2023 | -$245.9M | -$138.9M |
| Q4 2022 | -$107M | +$319.7M |
| Q4 2021 | -$426.7M | -539% |
| Q4 2020 | $97.3M | -66% |
| Q4 2019 | $287.9M | +$289.2M |
| Q4 2018 | -$1.3M | -101% |
NBIS has burned cash in six of the last eight quarters: −$4.6B over the past year, against −$43M the year before.
IMAX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.5% | +1.4M shares |
| 1 year | +4.4% | +2.4M shares |
| 3 years | +4.5% | +2.5M shares |
| 5 years | -2.3% | -1.4M shares |
| Available history | -5.7% | -3.5M shares |
IMAX has 58M diluted shares, up 4.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2025 | — |
| Q3 2024 | — |
| Q2 2024 | $246,000 |
| Q1 2024 | $17.9M |
| Q3 2023 | $252,000 |
| Q2 2023 | $355,000 |
| Q1 2023 | $3.7M |
| Q4 2021 | $9.3M |
NBIS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -12% | -33.3M shares |
| 1 year | -32% | -115M shares |
| 3 years | -26% | -86.9M shares |
NBIS has the edge over IMAX on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2024 | $10M |
| Q4 2021 | $84.1M |
| Q4 2020 | $122.8M |
| Q4 2019 | $17.2M |
| Q4 2018 | $121.8M |
| Q4 2014 | $101.7M |
| Q4 2013 | $102.9M |
IMAX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.0x | Net Cash |
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -0.8x | Net Cash |
| Q3 2025 | -0.9x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | -0.6x | Net Cash |
IMAX has more cash than debt.
NBIS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2023 | 0.7x | Very low |
| Q4 2022 | -0.7x | Net Cash |
NBIS's net debt is less than a year of its operating earnings (EBITDA).
IMAX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.5 | Neutral |
| Stochastic | 24.2 | Neutral |
IMAX's weekly RSI is 51 (neutral) and its Stochastic is 24 (neutral).
NBIS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.0 | Neutral |
| Stochastic | 8.3 | Oversold |
NBIS's weekly RSI is 38 (neutral) and its Stochastic is 8 (oversold).
IMAX PE vs Communication Services Sector
| Metric | IMAX | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 16x | 25% above |
| PE % | 5 | 26 | 21 pts below |
IMAX has the edge over NBIS on valuation relative to its sector.
NBIS PE vs Communication Services Sector
| Metric | NBIS | Sector median | Relative |
|---|---|---|---|
| PE | 390x | 16x | 2,264% above |
| PE % | 62 | 24 | 38 pts above |
NBIS is trading at 390x earnings, a 2264% premium to the Communication Services sector's median of 16x, though its earnings don't support one.
IMAX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $51.2 | 6.5% below |
| 20 week MA | $49.0 | 2.2% below |
| 50 week MA | $42.2 | 13% above |
| 100 week MA | $35.0 | 37% above |
| 200 week MA | $26.6 | 80% above |
IMAX has stronger trend alignment. IMAX is above 3 of 5 weekly averages versus NBIS above 1 of 4.
NBIS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $179.7 | 28% below |
| 20 week MA | $199.9 | 36% below |
| 50 week MA | $163.5 | 21% below |
| 100 week MA | $110.0 | 17% above |
NBIS has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 17% above its 100-week average.
IMAX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $20.8 | $17.0 | -18% |
| 2021 | $17.0 | $18.4 | +8.1% |
| 2022 | $18.4 | $14.0 | -24% |
| 2023 | $14.0 | $15.0 | +7.6% |
| 2024 | $15.0 | $25.1 | +67% |
| 2025 | $25.1 | $37.7 | +50% |
| 2026 YTD | $37.7 | $47.9 | +27% |
IMAX has finished higher in four of the last six years, two of them by more than 50%. It's up 27% so far in 2026.
NBIS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $19.6 | $27.3 | +40% |
| 2025 | $27.3 | $87.6 | +221% |
| 2026 YTD | $87.6 | $128.6 | +47% |
NBIS has the edge over IMAX on returns for 2026, with the stronger performance.