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National CineMedia, Inc.

NCMI· Nasdaq· Services-Advertising

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
1.2%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+21.9%
We record prices for the companies we cover; NCMI is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
94.2M
Revenue
$243.2M
Free cash flow
$2.8M
Owner earnings
-$6.5M

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
-5.7%
Net
-4.4%
Free cash flow
1.2%
Owner earnings
-2.7%
Stock pay
3.8%

Returns

ROIC, FY2025
–
ROIC, 5 yr avg
–
ROE, FY2025
-2.8%
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
-0.8%
Revenue, 5 yr
21.9%
Revenue, 9 yr
-6.6%
Diluted EPS, 3 yr
–
Diluted EPS, 5 yr
–
Diluted EPS, 9 yr
–
Free cash flow, 3 yr
–
Free cash flow, 5 yr
-43.2%
Free cash flow, 9 yr
-34.2%

Financial health · FY2025

Cash and investments
$34.6M
Total debt
$12.0M
Net cash
$22.6M
Debt/Equity
0.0x
Debt/FCF
4.3x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
–
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
64.6%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$243.2M

-6.6% a year over 9 years

FY2016: Revenue $447.6MFY2017: Revenue $426.1MFY2018: Revenue $441.4MFY2019: Revenue $444.8MFY2020: Revenue $90.4MFY2021: Revenue $114.6MFY2022: Revenue $249.2MFY2023: Revenue $165.2MFY2024: Revenue $240.8MFY2025: Revenue $243.2M
FY2016FY2025

Margins

Operating-5.7%Net-4.4%

FY2025

FY2016: Operating 38.7%, Net 7.4%FY2017: Operating 36.1%, Net 13.7%FY2018: Operating 35.0%, Net 6.8%FY2019: Operating 36.3%, Net 8.1%FY2020: Operating -67.5%, Net -72.3%FY2021: Operating -59.9%, Net -42.5%FY2022: Operating 2.8%, Net -11.5%FY2023: Operating -16.5%, Net 426.9%FY2024: Operating -8.1%, Net -9.3%FY2025: Operating -5.7%, Net -4.4%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$2.8MOwner earnings-$6.5M

Free cash flow -34.2% a year

FY2016: Free cash flow $120.6M, Owner earnings $102.3MFY2017: Free cash flow $127.3M, Owner earnings $116.1MFY2018: Free cash flow $136.1M, Owner earnings $128.3MFY2019: Free cash flow $129.6M, Owner earnings $124.1MFY2020: Free cash flow $47.3M, Owner earnings $45.1MFY2021: Free cash flow -$100.9M, Owner earnings -$109.0MFY2022: Free cash flow -$50.2M, Owner earnings -$57.3MFY2023: Free cash flow -$10.0M, Owner earnings -$14.5MFY2024: Free cash flow $54.5M, Owner earnings $42.3MFY2025: Free cash flow $2.8M, Owner earnings -$6.5M
FY2016FY2025

Diluted shares

94.2M

+1454.0% over 9 years, net dilution

FY2016: Diluted shares 6.1MFY2017: Diluted shares 15.1MFY2018: Diluted shares 15.7MFY2019: Diluted shares 7.8MFY2020: Diluted shares 7.8MFY2021: Diluted shares 8.0MFY2022: Diluted shares 8.2MFY2023: Diluted shares 48.6MFY2024: Diluted shares 95.9MFY2025: Diluted shares 94.2M
FY2016FY2025

Return on invested capital

–

FY2025

FY2016: ROIC 27.6%FY2017: ROIC 11.3%FY2018: ROIC 23.1%FY2019: ROIC 28.6%FY2020: ROIC –FY2021: ROIC –FY2022: ROIC –FY2023: ROIC -6.7%FY2024: ROIC –FY2025: ROIC –
FY2016FY2025

Net cash

$22.6M

$22.6M more cash than debt

FY2016: Net cash -$901.3MFY2017: Net cash -$893.1MFY2018: Net cash -$884.9MFY2019: Net cash -$873.4MFY2020: Net cash -$874.7MFY2021: Net cash -$999.5MFY2022: Net cash -$2.2BFY2023: Net cash $24.6MFY2024: Net cash $65.2MFY2025: Net cash $22.6M
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$447.6M$426.1M$441.4M$444.8M$90.4M$114.6M$249.2M$165.2M$240.8M$243.2M
Revenue growth0.2%-4.8%3.6%0.8%-79.7%26.8%117.5%-33.7%45.8%1.0%
Gross margin––––––––––
Operating margin38.7%36.1%35.0%36.3%-67.5%-59.9%2.8%-16.5%-8.1%-5.7%
Net income$32.9M$58.3M$29.8M$36.1M-$65.4M-$48.7M-$28.7M$705.2M-$22.3M-$10.6M
Net margin7.4%13.7%6.8%8.1%-72.3%-42.5%-11.5%426.9%-9.3%-4.4%
Diluted EPS$5.40s$4.80s$3.70s$4.60s$-8.40s$-6.10s$-3.50$14.34$-0.23$-0.11
Return on invested capital?27.6%11.3%23.1%28.6%–––-6.7%––
Cash
Operating cash flow$133.5M$138.9M$150.3M$143.6M$55.3M-$95.2M-$47.3M-$6.7M$60.3M$8.4M
Capital expenditure$12.9M$11.6M$14.2M$14.0M$8.0M$5.7M$2.9M$3.3M$5.8M$5.6M
Free cash flow$120.6M$127.3M$136.1M$129.6M$47.3M-$100.9M-$50.2M-$10.0M$54.5M$2.8M
Stock-based compensation$18.3M$11.2M$7.8M$5.5M$2.2M$8.1M$7.1M$4.5M$12.2M$9.3M
Owner earnings?$102.3M$116.1M$128.3M$124.1M$45.1M-$109.0M-$57.3M-$14.5M$42.3M-$6.5M
Free cash flow per share$19.90$8.43$8.65$16.66$6.07$-12.63$-6.12$-0.21$0.57$0.03
Capital allocation
Dividends paid$54.6M$58.7M$54.4M$53.6M$32.0M$16.9M$9.5M$500.0K$300.0K$11.4M
Share repurchases–––––––$0$13.1M$22.0M
Diluted shares6.1Ms15.1Ms15.7Ms7.8Ms7.8Ms8.0Ms8.2M48.6M95.9M94.2M
Share count change?2340.9%149.3%4.2%-50.6%0.2%2.5%2.6%492.6%97.4%-1.8%
Balance sheet
Cash and equivalents$23.0M$30.2M$41.4M$55.9M$180.3M$101.2M$61.7M$34.6M$75.1M$34.6M
Short-term investments––––––$700.0K$0$100.0K–
Total debt$924.3M$923.3M$926.3M$929.3M$1.1B$1.1B$2.2B$10.0M$10.0M$12.0M
Net debt$901.3M$893.1M$884.9M$873.4M$874.7M$999.5M$2.2B-$24.6M-$65.2M-$22.6M
Shareholders' equity-$358.2M-$362.5M-$368.0M-$379.5M-$473.1M-$526.7M-$515.3M$434.5M$411.2M$375.4M

Latest filings

All on EDGAR
2026-08-1110-QQuarterly report
2026-08-118-KEarnings release
2026-05-1210-QQuarterly report
2026-05-128-KEarnings release
2026-03-27DEF 14AProxy statement
2026-02-2610-KAnnual report
2026-02-268-KEarnings release
2025-10-3010-QQuarterly report
2025-10-308-KEarnings release
2025-08-0510-QQuarterly report

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