IMAXIMAX CORP
Photographic Equipment & Supplies
- Revenue
- $410M
- 16% YoY
- Operating margin
- 20.5%
- 65% YoY
- EBITDA
- $84M
- 92% YoY
- Market cap
- $2.8B
- Employees
- 679
- $604K revenue each
- Net debt / EBITDA
- -1.9×
- −$159M net debt
- AI in 10-K
- 2.8
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo364% of net incomeCash flow under 80% of net income
- Dilutive SBCNo6% of revenueOver 10% of revenue
- Payouts exceed cash flowNo11% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo5% of assetsOver 40% of assets
- Shareholder dissentYes65% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$604K · 79th pctBottom quartile of its SIC industry
- Quiet on AINo2.8 per 10K words · 67th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 1.9× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$2.8B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$75M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $255M | $301M | $375M | $352M | $410M | 16% |
| Operating income | $11M | −$5M | $50M | $44M | $84M | 92% |
| Net income | −$22M | −$23M | $25M | $26M | $35M | 34% |
| Operating cash flow | $6M | $17M | $59M | $71M | $127M | 79% |
| Capex | $4M | $8M | $6M | $8M | $8M | 3.1% |
| Stock-based comp | $26M | $27M | $24M | $23M | $27M | 17% |
| Buybacks | $14M | — | — | — | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 17, 2026 | DOUGLAS KEVIN | SCHEDULE 13D/A | 15.5% | Passive |
| Jan 23, 2026 | DOUGLAS KEVIN | SCHEDULE 13D/A | 16.5% | Passive |
| Jun 17, 2024 | DOUGLAS KEVIN | SC 13D/A | 16.9% | Passive |
| Jan 25, 2024 | DOUGLAS KEVIN | SC 13D/A | 16.3% | Passive |
| Jan 31, 2023 | DOUGLAS KEVIN | SC 13D/A | 15.8% | Passive |
| Jan 27, 2022 | DOUGLAS KEVIN | SC 13D/A | 15.0% | Passive |
| Jan 25, 2021 | DOUGLAS KEVIN | SC 13D/A | 23.0% | Passive |
| Jan 27, 2020 | DOUGLAS KEVIN | SC 13D/A | 14.4% | Passive |
| Feb 5, 2019 | DOUGLAS KEVIN | SC 13D/A | 14.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $75M · 31
- Net
- −$75M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $9M | $21M | 205 | 66 |
| FY2024 | $8M | $20M | 142 | 75 |
| FY2023 | $9M | $9M | 83 | 71 |
| FY2022 | $8M | $6M | 81 | 108 |
| FY2021 | $9M | $10M | 99 | 132 |