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National Cinemedia, Inc. (NCMI) stock

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NASDAQ: NCMI Nasdaq Advertising Next results ~November 10, 2026

B Fundamentals grade

National Cinemedia, Inc. is a US-listed company in the advertising industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($9.10) was left out of our combined valuation (it is 5.70x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($9.10) was left out of our combined valuation (it is 5.70x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

National Cinemedia, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 22 sales by directors and officers, last 12 monthsInsider trades
  • Funds50 adding, 45 cuttingOf 17 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter National Cinemedia files

Where National Cinemedia stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $249m, up 5.8% on a year earlier, faster than the 1.7% growth a quarter earlier. Free-cash-flow margin fell to 7.9% from 10.3% a year earlier. Operating margin widened to -7.1% from -10.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 6 financial-health checks.

Our model value for National Cinemedia is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 11, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 10, 2026 (estimated)

National Cinemedia, Inc.'s trailing-twelve-month revenue grew 5.8% year on year, with a free-cash-flow margin of 7.9%. Where it stands out: gross margin of 94.2% ranks 1 of 22 advertising companies we cover.

Our discounted-cash-flow model values the business at ~$9.1 per share in the base case (~$6.9–$12 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 18.6% while net income grew 62.6%: a 81pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.1 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 1.4% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Loss-making. Operating margin is -7.1%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 66% and a beta of 0.8 against the S&P 500.
  • Heavily shorted. 11.6% of the shares available to trade are sold short (4.9 days of average volume to cover).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 17.2% over 90 days.
  • Earnings expected to fall. The consensus expects earnings per share to fall 29% next year.

Latest results: FY2026 Q2

Filed August 11, 2026
Earnings per share
-$0.10 against an average estimate of -$0.09: missed by 17.6%
Revenue
$58m, up 12.7% on a year earlier
Share reaction
-43.8% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Next report
November 10, 2026; average EPS estimate $0.03

National Cinemedia's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day0.0%
  • 1 week-13.0%
  • 1 month-23.7%
  • This year-57.8%
  • 1 year-62.6%
  • 5 years-94.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$249M
Operating margin
-7.1%
Net margin
-3.1%
EPS (TTM, diluted)
$-0.08

Growth

Revenue growth
+5.8%
Change in growth rate
+4.1 pts
Share count change
−1.4%

Cash

Free cash flow (TTM)
$19.7M
FCF margin
7.9%
Stock pay % of revenue
3.1%

Earnings

Last results
August 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Results
  3. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

National Cinemedia, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($9.10) was left out of our combined valuation (it is 5.70x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of National Cinemedia, Inc.'s free cash flow after stock-based pay ( $37.4M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value National Cinemedia, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$9.1 ~$6.9–$12 Left out: out of range vs price (5.65x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$4.7 ~$3.2–$7.1 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$4.8 ~$4.1–$5.7 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare National Cinemedia, Inc. with Advertising in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$84.26$83.38$43.49$44.53$55.94$31.73$24.76$2.30$4.13$6.45$3.82$1.61
Market value$502m$505m$657m$701m$870m$495m$396m$38m$402m$618m$360m$151m
+ Net debt (− = net cash)$904m$901m$893m$885m$873m$875m$1000m$1.1bn−$25m−$65m−$23m−$31m
Enterprise value$1.4bn$1.4bn$1.6bn$1.6bn$1.7bn$1.4bn$1.4bn$1.1bn$377m$553m$337m$120m
Multiples
Price / sales 1.1x1.1x1.5x1.6x2.0x5.5x3.5x0.2x2.4x2.6x1.5x0.6x
Price / earnings 44.4x15.4x11.3x23.5x24.1x———0.6x———
Price / free cash flow 5.4x4.2x5.2x5.2x6.7x10.5x———11.3x128.4x7.6x
EV / EBITDA 7.8x6.7x9.4x9.5x10.0x——82.5x————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

23 /100

Weak moat

How hard National Cinemedia's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 1.5% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -6.5%; its worst year was -243.3%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 7 of 10 years, at a median 9.1% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 1099.3% over five years; stock-based pay has been a median 2.8% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (38 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 10, 2026, after the close. Analysts expect revenue of $71m and EPS of $0.03 (range $0.03 to $0.03) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.17 +289% $266m +9%
Next $0.12 −29% $272m +3%

Next year's EPS estimate has moved −17.2% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1800.0% on 90 days ago. In the last 30 days, 0 analysts raised National Cinemedia, Inc.'s forecast and 0 cut it.

Consensus EPS forecast National Cinemedia, Inc., last 90 days
−$0.05 $0.00 $0.05 $0.10 $0.15 $0.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.01 Current fiscal year, 60 days ago: −$0.01 Current fiscal year, 30 days ago: −$0.01 Current fiscal year, 7 days ago: −$0.01 Current fiscal year, Now: $0.17 $0.17 Next fiscal year, 90 days ago: $0.14 Next fiscal year, 60 days ago: $0.14 Next fiscal year, 30 days ago: $0.14 Next fiscal year, 7 days ago: $0.14 Next fiscal year, Now: $0.12 $0.12

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.01$0.14
60 days ago −$0.01$0.14
30 days ago −$0.01$0.14
7 days ago −$0.01$0.14
Now $0.17$0.12

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.09 −$0.10 −17.6%
Dec 2025 $0.27 $0.28 +3.7%
Sept 2025 −$0.01 $0.00 +100.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 11, 2026

No numeric guidance in National Cinemedia, Inc.'s latest earnings release (filed August 11, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows National Cinemedia, Inc.'s revenue by +7.5% next year and +6.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.1%, weight 45%) and the company's own record (+7.1%, weight 55%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy375%
Hold125%
Sell00%

Monthly trend

  1. Oct 20261214
  2. Sep 20261214
  3. Aug 20261214
  4. Jul 20261214

Counts of recommendations published by analysts covering National Cinemedia, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.6%
of tradable shares
Days to cover
4.9
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
1.4%
of shares
Employees
248
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −62.6%

$4.31 on October 31, 2025 to $1.61

ThenNowEffect
Revenue (last 12 months) $235m $249m +5.8%
P/S multiple 1.7x 0.6x −65.1%
Share count 95m 94m +1.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NCMI−20%−92%+88%+60%−40%−58%
Industry peers (median)+22%−54%+10%−16%−37%−10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NCMI50%17%50%50%17%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NCMI−57%−93%−69%−25%−45%−62%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 99% from November 23, 2016 to March 17, 2023. Getting back needed a 8543% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.61 – $4.33
From 52-week high
−62.9%
vs 50-day average
−27.5%
vs 200-day average
−48.8%
Volatility (1 year)
66%
Beta vs S&P 500
0.81

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±12.0%
After a week
4 up, 8 down
typical move ±9.6%
After a month
5 up, 7 down
typical move ±10.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 11, 2026 −43.8% −0.1% −36.2% −37.7%
May 12, 2026 −14.4% +0.4% −14.4% +3.9%
February 26, 2026 +4.7% −1.0% +2.9% −9.8%
October 30, 2025 +6.8% −0.8% 0.0% +2.0%
August 5, 2025 −1.3% +0.3% −2.1% −8.9%
May 6, 2025 −8.6% −0.4% −5.7% −9.6%
March 6, 2025 −18.3% −1.2% −10.6% −10.0%
November 5, 2024 −8.3% +3.7% −5.1% −0.1%
August 5, 2024 +11.1% −2.0% +4.6% +20.1%
May 6, 2024 +0.9% +1.1% −0.9% +11.4%
March 18, 2024 +19.3% +1.2% +26.2% +5.0%
November 7, 2023 +6.1% +0.4% +6.8% −2.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

National Cinemedia, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) National Cinemedia, Inc.
$150M $200M $250M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $166.1M Revenue (TTM), FY23 Q4: $165.2M Revenue (TTM), FY24 Q1: $167.7M Revenue (TTM), FY24 Q2: $207.6M Revenue (TTM), FY24 Q3: $245.3M Revenue (TTM), FY24 Q4: $240.8M Revenue (TTM), FY25 Q1: $238.3M Revenue (TTM), FY25 Q2: $235.4M Revenue (TTM), FY25 Q3: $236.4M Revenue (TTM), FY25 Q4: $243.3M Revenue (TTM), FY26 Q1: $242.4M Revenue (TTM), FY26 Q2: $249M $249M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $166.1M
FY23 Q4 $165.2M
FY24 Q1 $167.7M
FY24 Q2 $207.6M
FY24 Q3 $245.3M
FY24 Q4 $240.8M
FY25 Q1 $238.3M
FY25 Q2 $235.4M
FY25 Q3 $236.4M
FY25 Q4 $243.3M
FY26 Q1 $242.4M
FY26 Q2 $249M
Revenue growth, TTM YoY National Cinemedia, Inc.
-50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -24.8% Revenue growth, TTM YoY, FY23 Q4: -33.7% Revenue growth, TTM YoY, FY24 Q1: -32.4% Revenue growth, TTM YoY, FY24 Q2: 6.0% Revenue growth, TTM YoY, FY24 Q3: 47.7% Revenue growth, TTM YoY, FY24 Q4: 45.8% Revenue growth, TTM YoY, FY25 Q1: 42.1% Revenue growth, TTM YoY, FY25 Q2: 13.4% Revenue growth, TTM YoY, FY25 Q3: -3.6% Revenue growth, TTM YoY, FY25 Q4: 1.0% Revenue growth, TTM YoY, FY26 Q1: 1.7% Revenue growth, TTM YoY, FY26 Q2: 5.8% 5.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -24.8%
FY23 Q4 -33.7%
FY24 Q1 -32.4%
FY24 Q2 6.0%
FY24 Q3 47.7%
FY24 Q4 45.8%
FY25 Q1 42.1%
FY25 Q2 13.4%
FY25 Q3 -3.6%
FY25 Q4 1.0%
FY26 Q1 1.7%
FY26 Q2 5.8%
Operating margin (TTM) National Cinemedia, Inc.
-20% -15% -10% -5% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -11.9% Operating margin (TTM), FY23 Q4: -16.6% Operating margin (TTM), FY24 Q1: -11.6% Operating margin (TTM), FY24 Q2: -11.5% Operating margin (TTM), FY24 Q3: -7.8% Operating margin (TTM), FY24 Q4: -8.1% Operating margin (TTM), FY25 Q1: -8.7% Operating margin (TTM), FY25 Q2: -10.0% Operating margin (TTM), FY25 Q3: -7.5% Operating margin (TTM), FY25 Q4: -5.7% Operating margin (TTM), FY26 Q1: -7.0% Operating margin (TTM), FY26 Q2: -7.1% -7.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -11.9%
FY23 Q4 -16.6%
FY24 Q1 -11.6%
FY24 Q2 -11.5%
FY24 Q3 -7.8%
FY24 Q4 -8.1%
FY25 Q1 -8.7%
FY25 Q2 -10.0%
FY25 Q3 -7.5%
FY25 Q4 -5.7%
FY26 Q1 -7.0%
FY26 Q2 -7.1%
FCF margin (TTM) National Cinemedia, Inc.
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -21.4% FCF margin (TTM), FY23 Q4: -6.1% FCF margin (TTM), FY24 Q1: 1.9% FCF margin (TTM), FY24 Q2: 7.5% FCF margin (TTM), FY24 Q3: 16.5% FCF margin (TTM), FY24 Q4: 22.6% FCF margin (TTM), FY25 Q1: 15.6% FCF margin (TTM), FY25 Q2: 10.3% FCF margin (TTM), FY25 Q3: 10.5% FCF margin (TTM), FY25 Q4: 1.2% FCF margin (TTM), FY26 Q1: 6.3% FCF margin (TTM), FY26 Q2: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -21.4%
FY23 Q4 -6.1%
FY24 Q1 1.9%
FY24 Q2 7.5%
FY24 Q3 16.5%
FY24 Q4 22.6%
FY25 Q1 15.6%
FY25 Q2 10.3%
FY25 Q3 10.5%
FY25 Q4 1.2%
FY26 Q1 6.3%
FY26 Q2 7.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Jan 2015 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Jan 2026 LTM Jul 2026
Income
Revenue 381 428 435 449 463 394 447 448 426 441 445 90 115 249 165 241 243 249
Gross profit — — — — — — — — — — — — — — 155 227 230 235
EBITDA 184 208 213 212 229 184 180 209 165 167 175 −48 −58 13 — — — —
Operating income 168 191 194 192 202 152 148 173 154 154 161 −61 −69 7 −27 −20 −14 −18
Net income 26 29 32 13 41 13 11 33 58 30 36 −65 −49 −29 705 −22 −11 −8
Diluted EPS $6.20 $6.20 $0.58 $0.24 $0.73 $0.23 $0.19 $0.54 $4.80 $3.70 $0.23 −$0.42 −$0.30 −$1.75 $7.17 −$0.23 −$0.11 −$0.08
Growth (year on year)
Revenue — +12.3% +1.8% +3.1% +3.1% −14.9% +13.3% +0.2% −4.8% +3.6% +0.8% −79.7% +26.8% +117.5% −33.7% +45.8% +1.0% +5.8%
EBITDA — +13.4% +2.0% −0.1% +7.7% −19.5% −2.1% +15.9% −21.0% +1.2% +4.8% −127.4% — — — — — —
Operating income — +13.3% +1.6% −1.0% +5.3% −24.9% −2.4% +16.9% −11.0% +0.3% +4.5% −137.8% — — −495.7% — — —
Net income — +11.9% +7.9% −57.5% +207.5% −67.5% −15.7% +191.2% +77.2% −48.9% +21.1% −281.2% — — — −103.2% — —
Diluted EPS — 0.0% −90.6% −58.6% +204.2% −68.5% −17.4% +184.2% +788.9% −22.9% −93.8% −282.6% — — — −103.2% — —
Margins
Gross margin — — — — — — — — — — — — — — 93.6% 94.3% 94.7% 94.2%
EBITDA margin 48.3% 48.7% 48.8% 47.3% 49.4% 46.7% 40.4% 46.6% 38.7% 37.8% 39.3% −53.0% −50.3% 5.4% — — — —
Operating margin 44.2% 44.6% 44.5% 42.7% 43.6% 38.5% 33.1% 38.7% 36.1% 35.0% 36.3% −67.5% −59.9% 2.8% −16.5% −8.1% −5.7% −7.1%
Net margin 6.9% 6.8% 7.2% 3.0% 8.9% 3.4% 2.5% 7.4% 13.7% 6.8% 8.1% −72.3% −42.5% −11.5% 426.9% −9.3% −4.4% −3.1%
Free-cash-flow margin 34.1% 31.3% 34.1% 15.9% 30.9% 27.7% 20.8% 26.9% 29.9% 30.8% 29.1% 52.3% −88.0% −20.1% −6.1% 22.6% 1.2% 7.9%
Cash flow
Cash from operations 138 144 162 82 153 118 105 134 139 150 144 55 −95 −47 −7 60 8 24
Capital spending 8 10 14 10 10 9 13 13 12 14 14 8 6 3 3 6 6 4
Free cash flow 130 134 148 71 143 109 93 121 127 136 130 47 −101 −50 −10 55 3 20
Stock-based pay 6 14 12 9 6 8 15 18 11 8 6 2 8 7 5 12 9 8
Free cash flow after stock pay 124 120 137 62 137 102 78 102 116 128 124 45 −109 −57 −15 42 −7 12
Balance sheet
Cash 91 74 66 72 55 13 32 23 30 41 56 180 101 62 35 75 35 43
Total debt 0 776 794 — — — 936 924 923 926 929 1,055 1,101 1,129 10 10 12 12
Net debt (negative = net cash) −91 702 728 −72 −55 −13 904 901 893 885 873 875 1,000 1,067 −25 −65 −23 −31
Diluted shares 4m 5m 5m 6m 6m 6m 6m 6m 15m 16m 16m 16m 16m 16m 97m 96m 94m 94m
Returned to shareholders
Dividends 28 35 45 49 49 81 52 55 59 54 54 32 17 10 1 0 11 11
Buybacks — — — — — — — — — — — — — — 0 13 22 5
Total returned 28 35 45 49 49 81 52 55 59 54 54 32 17 10 1 13 33 16

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 6 checks passed · July 2, 2026
What it owns · $446m
Short-term assets $112mLonger-term assets $335m
What it owes, and who funded it · $446m
Short-term liabilities $61mLonger-term liabilities $51mShareholders' equity $334m
  • Short-term assets cover short-term liabilities $112m of assets due within a year against $61m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $112m short-term assets against $51m of longer-dated liabilities.
  • More cash than debt $43m of cash against $12m of debt.
  • Debt below 40% of shareholders' equity Debt is 4% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $24m of operating cash flow against $12m of debt.
  • Operating profit covers interest at least five times over Operating income of −$18m against $700,000 of interest.

From National Cinemedia, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$4.5M
Dividends (TTM)
$11.4M
Returned to shareholders
81%
of free cash flow
Buybacks, last 3 fiscal years
$35.1M
Diluted share count
−1.4%
year over year
Total shareholder yield
10.5%
dividends 7.5% + buybacks 3.0% of market value
Days sales outstanding
91 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in advertising
Last 12 months unless stated NCMI FLNT NEXN DSP HHS PERI Median
Revenue, last 12 months $249m $202m $365m $388m $155m $440m $202m
Revenue growth, last 12 months 5.8% −12.0% −0.2% 22.0% −11.6% −11.7% −1.2%
Revenue growth, 3-year average 8.3% −15.3% — 24.3% −8.8% 10.6% 7.7%
Revenue growth, latest quarter 12.7% 8.4% — 33.9% −1.7% — 2.4%
Gross margin 94.2% 33.3% 84.9% 44.5% — 90.2% 40.3%
Operating margin −7.1% −7.4% 8.9% 2.3% −3.1% −3.4% −3.3%
Operating margin, 3-year average −9.5% −12.2% — 0.2% −0.6% −7.1% −2.8%
Net margin −3.1% −11.5% 6.9% 2.2% −3.7% −1.8% −2.3%
Cash from operations / revenue 9.6% −2.1% 30.2% 17.3% 0.8% 9.5% 3.5%
Free-cash-flow margin 7.9% −2.1% 26.9% 17.0% −0.9% 8.7% 3.9%
Free-cash-flow margin, 3-year average 8.6% 0.1% — 16.6% −1.9% 12.0% 8.1%
Stock pay / revenue 3.1% 2.0% 4.9% 7.6% 0.4% 7.1% 2.7%
Change in share count −1.4% 50.2% −12.9% 16.1% 0.9% −15.0% 4.2%

Median of all 27 companies we cover in advertising. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

27 advertising companies
Measure Company Peer median Rank
Revenue growth Growth 5.8% -1.2% 11 of 27
Change in growth rate Growth +4.1pp -0.5pp 8 of 27
Gross margin Profitability 94.2% 44.5% 1 of 22
Operating margin Profitability -7.1% -3.2% 15 of 26
Net margin Profitability -3.1% -2.3% 15 of 27
Free-cash-flow margin Cash generation 7.9% 4.7% 11 of 26
Stock pay as % of revenue Cash generation 3.1% 2.7% 14 of 23
Long-term debt as % of assets Balance sheet 2.7% 18.9% 4 of 15
Change in share count Balance sheet -1.4% 4.2% 5 of 24
Days sales outstanding Balance sheet 91 days 91 days 14 of 25

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 1, 2026
Products and services
Line of business Revenue Share YoY
National Advertising Revenue $195M 78.9% ▲ 3.5%
Local Advertising Revenue $34.6M 14.0% ▼ 11.5%
Founding Member Advertising Revenue From Beverage Concessionaire Agreements $14.1M 5.7% ▲ 2.9%
Barter Transaction Revenue $3.4M 1.4% ▲ 580.0%
Management Fee Reimbursement $0 0.0% —

From National Cinemedia, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$320M
Institutions reporting
107
Shares held vs prior quarter
▲ 2.0%
Positions opened / closed
13 / 12

Top buyers and sellers, Q2 2026: 50 institutions bought and 45 sold ; the biggest buyer was Hotchkis & Wiley Capital Management LLC (+1.6M shares) and the biggest seller Sycale Advisors (NY) LLC (−1.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blantyre Capital Ltd $103M 27.1M 32.3% 0.0%
Hotchkis & Wiley Capital Management LLC $35.9M 9.5M 11.2% ▲ 19.7%
Orbis Allan Gray Ltd $35.4M 9.3M 11.1% ▲ 1.9%
Blackrock, Inc. $21.9M 5.8M 6.9% ▲ 7.9%
Vanguard Capital Management LLC $12.2M 3.2M 3.8% ▼ 0.2%
Wellington Management Group LLP $12.2M 3.2M 3.8% ▲ 16.0%
Geode Capital Management, LLC $8.1M 2.1M 2.5% ▲ 4.7%
Barclays PLC $7.6M 2.0M 2.4% ▼ 7.1%
Luxor Capital Group, LP $7.5M 2.0M 2.3% ▲ 7.7%
Dimensional Fund Advisors LP $7.1M 1.9M 2.2% ▼ 5.9%
Jpmorgan Chase & Co $6.9M 1.8M 2.2% 0.0%
Glendon Capital Management LP $6.4M 1.7M 2.0% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not National Cinemedia, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.2M 22 trades by 3 insiders · 20% under pre-set plans
Net ▼ $2.2M net selling
Insider Date Trade Shares Price Value
Lesinski Thomas F. Chief Executive Officer October 1, 2026 Sell 70,933 $2.09 $148,534
Ng Ronnie Y. Chief Financial Officer October 1, 2026 Sell 35,467 $2.09 $74,268
Woods Maria Vg Chief Legal Officer October 1, 2026 Sell 12,189 $2.09 $25,524
Lesinski Thomas F. Chief Executive Officer August 3, 2026 Sell 50,623 $4.18 $211,604
Ng Ronnie Y. Chief Financial Officer August 3, 2026 Sell pre-set plan 1,000 $4.05 $4,050
Lesinski Thomas F. Chief Executive Officer July 2, 2026 Sell 70,168 $3.77 $264,533
Ng Ronnie Y. Chief Financial Officer July 2, 2026 Sell 32,328 $3.77 $121,877
Woods Maria Vg Chief Legal Officer July 2, 2026 Sell 12,058 $3.77 $45,459
Lesinski Thomas F. Chief Executive Officer June 26, 2026 Sell pre-set plan 28,900 $3.62 $104,618
Lesinski Thomas F. Chief Executive Officer June 25, 2026 Sell pre-set plan 46,100 $3.55 $163,655
Ng Ronnie Y. Chief Financial Officer June 22, 2026 Sell pre-set plan 19,000 $3.42 $64,980
Lesinski Thomas F. Chief Executive Officer May 4, 2026 Sell 20,181 $3.45 $69,624

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 29, 2026 estimated from the company's past filing pattern, not announced

  • August 11, 2026
  • May 12, 2026
  • February 26, 2026
  • October 30, 2025
  • August 5, 2025
  • May 6, 2025

Recent SEC filings

Data status

When each part of this page on National Cinemedia, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

National Cinemedia, Inc. in brief

What does National Cinemedia, Inc. do?
National Cinemedia, Inc. is a US-listed company in the advertising industry. Its financial year ends in December.
What is National Cinemedia, Inc.'s stock ticker?
National Cinemedia, Inc. trades under the ticker NCMI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is National Cinemedia, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, National Cinemedia, Inc. reported revenue of $249M, 5.8% higher than a year earlier, according to its SEC filings.
What is National Cinemedia, Inc.'s free cash flow?
National Cinemedia, Inc.'s free-cash-flow margin is 7.9% of revenue over the trailing twelve months, ranking 11 of the 26 advertising companies we cover.
Who are National Cinemedia, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blantyre Capital Ltd, Hotchkis & Wiley Capital Management LLC and Orbis Allan Gray Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is National Cinemedia, Inc. buying back stock, and does it pay a dividend?
National Cinemedia, Inc. spent $4.5M on share repurchases over the trailing twelve months, and its diluted share count fell 1.4% over the year.
What is National Cinemedia, Inc.'s market cap?
On November 2, 2026, National Cinemedia, Inc.'s market capitalisation was about $151M and net debt of -$31.1M. Market figures come from third-party market data and may be delayed.
Does National Cinemedia, Inc. pay a dividend?
Yes: National Cinemedia, Inc. paid $11.4M in dividends over the trailing twelve months, a dividend yield of 7.53%.
How much debt does National Cinemedia, Inc. have?
National Cinemedia, Inc.'s debt-to-equity ratio is 3.6%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are National Cinemedia, Inc.'s competitors?
In our Advertising peer group, the companies closest to National Cinemedia, Inc. are Fluent, Inc., Nexxen International Ltd., Viant Technology Inc., Harte Hanks Inc and Perion Network Ltd. The side-by-side comparison below sets their revenue, margins and growth against National Cinemedia, Inc.'s.
Are insiders buying or selling National Cinemedia, Inc. stock?
Over the last 12 months, National Cinemedia, Inc.'s directors and officers reported 0 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is National Cinemedia, Inc.'s next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — National Cinemedia, Inc. announces its own schedule.