Buy Like Buffett
Watchlist

NATIONAL CINEMEDIA, INC.

NCMI · Technology · $352M mkt cap · FY2025 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat
Share / Embed this score
Embed this score

The five investor questions

60

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $115M to $243M, increasing; diluted EPS -0.51 to -0.11, increasing. Latest-filed diluted EPS remains usable for Business Trend, but an integer share-count change lacks enough evidence to confirm a comparable EPS basis; valuation growth therefore stays at 0%.

100

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

14

Median ROIC -1.4%, above the 12% hurdle in 40% of years.

55

Net cash position — no leverage risk.

20

Owner earnings changed -12.3%/yr over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
227% above value if growth stopped today
$9.7M
$1.15
$1.15
$3.77
227% above value if growth stopped today

What today’s price assumes: owner earnings growing ~27%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

18 years of fundamentals

The business, in plain English

NATIONAL CINEMEDIA, INC. booked $243M of revenue in FY2025 in the Technology sector and kept 94.7% of it as gross profit — a high-margin business by that measure. After every other cost, −4.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue shrank from $381M (FY2009) to $243M (FY2025) — about −2.8% a year compounded over 16 years.

It earned −3.1% on invested capital in the latest filed year, FY2025. Across the full 16-year measurable filed record, median ROIC was 23.0%. Over the v3 recent window (10 measurable filed years), median ROIC was −1.4%. The Returns on Capital filter above scores it 14/100.

The balance sheet carried $12M of total debt in FY2025 against $17.1M of owner earnings — roughly 0.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 55/100.

Put together: Pricing Power is the strongest of the five filters (100/100) and Returns on Capital the weakest (14/100), which is how NCMI lands at 50/100 — 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.

FY2008–FY2025 · 18 fiscal years, normalized from NCMI’s SEC filings

Sales, as filed$243M FY2025
$0$200M$400M2008201420202025
Revenue kept after cost of goods94.7% FY2025
0%50%100%2008201420202025
Standard ROIC or separately labeled Operating ROICROIC −3.1% FY2025
0%50%2008201420202025
Cash an owner could take out$17.1M FY2025
$0$500M2008201420202025

Gaps in a line mean that item isn’t in NCMI’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.

Flagship explainer

How NATIONAL CINEMEDIA, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$243M · 100%Cost of revenue$13M · 5%Gross profit$230M · 95%Operating income−$13.9M · −6%Income before tax−$10.6M · −4%Income tax$0 · 0%Net income−$10.6M · −4%As of 2026-01-01 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$243M100%
Cost of revenue$13M5%
$230M95%
−$13.9M−6%
Income before tax−$10.6M−4%
Income tax$00%
−$10.6M−4%
Source: · event Jan 1, 2026 · retrieved Jul 26, 2026 · annual-row source set
Embed this chart

Flagship explainer

What NATIONAL CINEMEDIA, INC. owns — and owes

NATIONAL CINEMEDIA, INC.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$491M100%
Cash and equivalents$34.6M7%
$12M2%
Stockholders’ equity$375M77%
Source: · event Jan 1, 2026 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives NATIONAL CINEMEDIA, INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−3%Tax burden100%net income ÷ pretax incomeInterest burden76%pretax ÷ operating incomeOperating margin−6%operating income ÷ revenueAsset turnover0.46×revenue ÷ average assetsEquity multiplier1.35×average assets ÷ average equityAs of 2026-01-01 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$10.6MFY2025
Income before tax−$10.6MFY2025
Operating income−$13.9MFY2025
$243MFY2025
Ending assets$491MFY2025
Beginning assets$569MFY2024
$375MFY2025
$411MFY2024
Source:
  • SEC filingFiling detailsAccession 0001193125-26-076788
· event Jan 1, 2026 · retrieved Jul 26, 2026 · annual-row source set
Embed this chart

Flagship explainer

Where NATIONAL CINEMEDIA, INC.'s cash went

NATIONAL CINEMEDIA, INC.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$8.4M100%
Depreciation and amortization$33.3M396%
Source: · event Jan 1, 2026 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding NATIONAL CINEMEDIA, INC.

Delayed public 13F reports for 2026-Q1—not live positions, trades, or recommendations.

1 holding0 exited18 not holding19/19 resolved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
First Eagle435,618 shares$1.3M · 0% of eligible reported 13FTrimmed · -819,704 shares (−65%)
Abrams CapitalNo position reportedNo position reported
Akre CapitalNo position reportedNo position reported
Baupost GroupNo position reportedNo position reported
Berkshire HathawayNo position reportedNo position reported
Brave Warrior AdvisorsNo position reportedNo position reported
Dodge & CoxNo position reportedNo position reported
FundsmithNo position reportedNo position reported
Gardner Russo & QuinnNo position reportedNo position reported
Gates Foundation TrustNo position reportedNo position reported
Mairs & PowerNo position reportedNo position reported
Markel / Markel-GaynerNo position reportedNo position reported
Oakmark / Harris AssociatesNo position reportedNo position reported
Pershing SquareNo position reportedNo position reported
Polen CapitalNo position reportedNo position reported
Sequoia / Ruane CunniffNo position reportedNo position reported
Southeastern Asset ManagementNo position reportedNo position reported
Tweedy, BrowneNo position reportedNo position reported
Yacktman Asset ManagementNo position reportedNo position reported

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source:
38 SEC filings
  1. 13F-HR · Q4 2025Filing detailsAccession 0000813917-26-000022 · filed Feb 17, 2026
  2. 13F-HR · Q1 2026Filing detailsAccession 0000813917-26-000038 · filed May 15, 2026
  3. 13F-HR · Q4 2025Filing detailsAccession 0000860643-26-000001 · filed Feb 12, 2026
  4. 13F-HR · Q1 2026Filing detailsAccession 0000860643-26-000003 · filed May 13, 2026
  5. 13F-HR · Q4 2025Filing detailsAccession 0000905567-26-000001 · filed Feb 3, 2026
  6. 13F-HR · Q1 2026Filing detailsAccession 0000905567-26-000002 · filed May 1, 2026
  7. 13F-HR · Q4 2025Filing detailsAccession 0000919574-26-000775 · filed Feb 13, 2026
  8. 13F-HR · Q1 2026Filing detailsAccession 0000919574-26-003132 · filed May 15, 2026
  9. 13F-HR · Q4 2025Filing detailsAccession 0001061768-26-000005 · filed Feb 13, 2026
  10. 13F-HR · Q1 2026Filing detailsAccession 0001061768-26-000007 · filed May 14, 2026
  11. 13F-HR · Q4 2025Filing detailsAccession 0001096343-26-000011 · filed Feb 6, 2026
  12. 13F-HR · Q1 2026Filing detailsAccession 0001096343-26-000044 · filed May 1, 2026
  13. 13F-HR · Q4 2025Filing detailsAccession 0001104659-26-016458 · filed Feb 17, 2026
  14. 13F-HR · Q1 2026Filing detailsAccession 0001104659-26-062592 · filed May 15, 2026
  15. 13F-HR · Q4 2025Filing detailsAccession 0001112520-26-000008 · filed Feb 13, 2026
  16. 13F-HR · Q1 2026Filing detailsAccession 0001112520-26-000009 · filed May 14, 2026
  17. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-000654 · filed Feb 12, 2026
  18. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-000791 · filed Feb 13, 2026
  19. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001057 · filed Feb 17, 2026
  20. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001068 · filed Feb 17, 2026
  21. 13F-HR · Q4 2025Filing detailsAccession 0001172661-26-001091 · filed Feb 17, 2026
  22. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001819 · filed May 14, 2026
  23. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001911 · filed May 14, 2026
  24. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-001966 · filed May 14, 2026
  25. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002294 · filed May 15, 2026
  26. 13F-HR · Q1 2026Filing detailsAccession 0001172661-26-002336 · filed May 15, 2026
  27. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-033986 · filed Feb 3, 2026
  28. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-050636 · filed Feb 13, 2026
  29. 13F-HR · Q4 2025Filing detailsAccession 0001193125-26-054580 · filed Feb 17, 2026
  30. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-208439 · filed May 6, 2026
  31. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-223352 · filed May 14, 2026
  32. 13F-HR · Q1 2026Filing detailsAccession 0001193125-26-226661 · filed May 15, 2026
  33. 13F-HR · Q4 2025Filing detailsAccession 0001325447-26-000004 · filed Feb 4, 2026
  34. 13F-HR/A · Q1 2026 · Amendment RESTATEMENTFiling detailsAccession 0001325447-26-000018 · filed May 14, 2026
  35. 13F-HR · Q4 2025Filing detailsAccession 0001398344-26-003084 · filed Feb 13, 2026
  36. 13F-HR · Q1 2026Filing detailsAccession 0001398344-26-009296 · filed May 15, 2026
  37. 13F-HR · Q4 2025Filing detailsAccession 0001569205-26-000002 · filed Feb 17, 2026
  38. 13F-HR · Q1 2026Filing detailsAccession 0001569205-26-000005 · filed May 15, 2026
· event Mar 31, 2026 · retrieved Jul 26, 2026

Flagship explainer

What NATIONAL CINEMEDIA, INC. insiders reported

Insider activity is unavailable from the source; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

15 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale49.8 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

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

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for NCMI.

Track record

How NATIONAL CINEMEDIA, INC.’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

How to read this: each dot is what the engine would have scored NCMI on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score5102050100200Indexed price · log scale (2012 = 100)201120142017202020232026

Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.

What followed, in the years it rated Wide

In the reconstructed history shown, NCMI did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.

Technology context

#295 of 744 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #293LAWIL LIGHT & WONDER, INC.50.0Shallow moat
  2. #294DFIN Donnelley Financial Solutions, Inc.49.9Shallow moat
  3. #296KOAN Resonate Blends, Inc.49.7Shallow moat
  4. #297DOCN DigitalOcean Holdings, Inc.49.7Shallow 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) 49.8 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 60, pricing power 100, returns on capital 14, balance-sheet safety 55, capital allocation 20.
Is NCMI trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $1.15 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $3.77, that is 227% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has NCMI's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 49.8 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

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