MCSMARCUS CORP

Services-Motion Picture Theaters

Revenue: $758M; 3.1% YoY
Operating margin: 2.2%; 2.3% YoY
EBITDA: $87M; 3.7% YoY
Market cap: $505M
Employees: 8,390; $90K revenue each
Net debt / EBITDA: 1.4×; $120M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$5M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
663% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
12% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$90K per employee
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 33rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$505M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$458M	$677M	$730M	$736M	$758M	3.1%
Operating income	−$41M	$8M	$34M	$16M	$17M	5.5%
Net income	−$43M	−$12M	$15M	−$8M	$13M	263%
Operating cash flow	$46M	$93M	$103M	$104M	$84M	19%
Capex	$17M	$37M	$39M	$79M	$83M	5.1%
Stock-based comp	$9M	$8M	$6M	$8M	$8M	8.6%
Dividends	$0	$3M	$7M	$9M	$9M	4.3%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 9, 2025	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D	5.1%	Passive
May 15, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.0%	Active
Jul 29, 2021	GAMCO INVESTORS, INC. ET AL	SC 13D	5.0%	Passive
Sep 17, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	4.2%	Passive
May 4, 2020	GAMCO INVESTORS, INC. ET AL	SC 13D/A	0.1%	Passive
Nov 25, 2019	GAMCO INVESTORS, INC. ET AL	SC 13D/A	0.0%	Passive
Mar 19, 2019	GAMCO INVESTORS, INC. ET AL	SC 13D/A	7.2%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 1
Open-market sells, 12 mo: $2M · 5
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$312K	122	174
FY2024	$7M	$11M	168	197
FY2023	$5M	$4M	111	105
FY2022	$4M	$3M	106	68
FY2021	$4M	$5M	133	107