Does IMAX Corporation have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores IMAX Corporation (IMAX) 56.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 66, returns on capital 38, balance-sheet safety 51, capital discipline 74.

Is IMAX stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $26.33 per share versus a recent price of $39.25 — 49% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has IMAX's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 56.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

IMAX Corporation

IMAX · Healthcare · $2.1B mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power66

Median gross margin 53.9% over 10y, variable.

Returns on capital38

Median ROIC 9.8%, above the 9% hurdle in 50% of years.

Balance-sheet safety51

Net debt/EBITDA n/ax, interest coverage 11x.

Capital discipline74

Owner earnings +4.5%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

49% above value

Owner earnings (normalized): $78.9M
Est. intrinsic value / share: $26.33
Recent price: $39.25
Discount to value: 49% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

IMAX Corporation booked $410.2M of revenue in FY2025 in the Healthcare sector and kept 60.0% of it as gross profit — a high-margin business by that measure. After every other cost, 8.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $171.2M (FY2009) to $410.2M (FY2025) — about 5.6% a year compounded over 16 years.

It earned 32.4% on invested capital in FY2025, with a median of 15.7% across 17 filed years. The Returns on Capital filter above scores it 38/100.

The balance sheet carried $2.5M of total debt in FY2021. Balance-Sheet Safety scores it 51/100.

The share count rose 24.0% between FY2008 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 74/100.

Put together: Capital Discipline is the strongest of the four filters (74/100) and Returns on Capital the weakest (38/100), which is how IMAX lands at 56/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$410.2M FY2025

Gross marginRevenue kept after cost of goods60.0% FY2025

Return on invested capitalOperating profit on the capital employed32.4% FY2025

Owner earningsCash an owner could take out$89.2M FY2025

Gaps in a line mean that item isn’t in IMAX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale56.3 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — IMAX has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#90 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#88TMO THERMO FISHER SCIENTIFIC INC.56.7 out of 100, Shallow moatShallow moat
#89BVS BIOVENTUS INC.56.4 out of 100, Shallow moatShallow moat
#91ACAD ACADIA PHARMACEUTICALS INC56.2 out of 100, Shallow moatShallow moat
#92TDY TELEDYNE TECHNOLOGIES INC55.9 out of 100, Shallow moatShallow moat

Compare IMAX with its nearest peers →All Healthcare companies on the Index →

Common questions about IMAX

Does IMAX Corporation have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores IMAX Corporation (IMAX) 56.3 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 66, returns on capital 38, balance-sheet safety 51, capital discipline 74.
Is IMAX stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $26.33 per share versus a recent price of $39.25 — 49% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has IMAX's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 56.3 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell IMAX. See the disclaimer.