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Morningstar's Imax Corp Stock Analysis

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Imax Posts Decent Q1 Results Despite China Shutdowns; Q2 and Second-Half Slate Appears Very Strong

Neil Macker, CFA Senior Equity Analyst

Analyst Note

| Neil Macker, CFA |

Imax posted a decent start to 2022, as the first-quarter box office grew 57% year over year but remained well behind the first quarter of 2019. The box office in China actually declined versus 2020 as Hollywood continues to get the cold shoulder and a majority of the theaters were closed by COVID-19-related shutdowns. Additionally, the war in Ukraine has shut down the firm’s Russian screens, which account for 3% of Imax box office grosses on average. We still believe that larger movie slates and more blockbusters should help Imax to return closer to 2019 box office grosses in 2022 excluding China. We expect to modestly lower our $22 fair value estimate to account for the impact of Russia and shutdowns in China.

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Imax Corp's Company Profile

Business Description

Imax is now primarily a technology hardware and brand-licensing company that does not operate the vast majority of Imax theaters. Instead, the firm generates revenue via selling and leasing the required proprietary equipment and via fees for digitally remastering standard films into the proprietary Imax format. The firm has expanded from 210 commercial theaters in 2008 to over 1,650 today and increased the annual number of Imax releases from 13 in 2007 to 60 in 2019.

2525 Speakman Drive
Mississauga, ON, L5K 1B1, Canada
T +1 905 403-6500
Sector Communication Services
Industry Entertainment
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 665