Does NATIONAL CINEMEDIA, INC. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores NATIONAL CINEMEDIA, INC. (NCMI) 54.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 14, balance-sheet safety 55, capital discipline 44.

How has NCMI's Moat Score changed over time?

The record logs 2 readings since Jul 17, 2026; the latest reads 54.0 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

NATIONAL CINEMEDIA, INC.

NCMI · Technology · $352.9M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 94.3% over 3y, very stable.

Returns on capital14

Median ROIC -1.4%, above the 9% hurdle in 40% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline44

Owner earnings trend unclear, share count n/a.

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $3.78
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Fundamentals

There's no normalized fundamentals series for NCMI yet — it appears once ingest has processed its filings.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale54.0 / 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 — NCMI 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.

Technology context

#181 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#179ON ON Semiconductor Corporation54.1 out of 100, Shallow moatShallow moat
#180HQY HEALTHEQUITY, INC.54.1 out of 100, Shallow moatShallow moat
#182NEON Neonode Inc.53.5 out of 100, Shallow moatShallow moat
#183ESE ESCO TECHNOLOGIES INC.52.9 out of 100, Shallow moatShallow moat

Compare NCMI with its nearest peers →All Technology companies on the Index →

Common questions about NCMI

Does NATIONAL CINEMEDIA, INC. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores NATIONAL CINEMEDIA, INC. (NCMI) 54.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 14, balance-sheet safety 55, capital discipline 44.
How has NCMI's Moat Score changed over time?: The record logs 2 readings since Jul 17, 2026; the latest reads 54.0 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 NCMI. See the disclaimer.