IMAX Corporation Unveils Plans for Convertible Senior Notes Offering
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 03 2025
0mins
Should l Buy IMAX?
Source: Newsfilter
Capital Raise Announcement: IMAX Corporation plans to offer $220 million in convertible senior notes due 2030 to refinance existing notes, fund working capital, and support share repurchases, with an option for an additional $30 million.
Capped Call Transactions: The company intends to enter capped call transactions to mitigate share dilution, which will offset potential cash payments upon conversion of the notes, targeting a 75% premium to the last reported share price.
Repurchase of 2026 Notes: IMAX will engage in privately negotiated transactions to repurchase a portion of its 2026 notes, with the terms influenced by market conditions and the trading price of IMAX shares.
Market Impact Considerations: The activities related to the notes and repurchases may significantly affect the market price of IMAX's shares and the notes, with potential volatility due to hedging activities by noteholders and option counterparties.
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Analyst Views on IMAX
Wall Street analysts forecast IMAX stock price to rise
12 Analyst Rating
11 Buy
1 Hold
0 Sell
Strong Buy
Current: 35.330
Low
34.00
Averages
44.00
High
47.00
Current: 35.330
Low
34.00
Averages
44.00
High
47.00
About IMAX
Imax Corporation is a premier global technology platform for entertainment and events. Through its proprietary software, auditorium, architecture, patented intellectual property, and specialized equipment, the Company offers an end-to-end solution to create content experiences. The Company operates through two segments: Content Solutions and Technology Products and Services. The Content Solutions segment principally includes content enhancement and distribution services. This segment is also engaged in the distribution of large-format documentary films and exclusive experiences ranging from live performances to interactive events with artists and creators, as well as film post-production services. The Technology Products and Services principally include the sale, lease, and maintenance of IMAX Systems. This segment is also involved in ancillary theater business activities, including after-market sales of IMAX System parts and three-dimensional (3D) glasses.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
IMAX Schedules Conference Call for 2025 Financial Results
- Conference Call Announcement: IMAX Corporation has announced a conference call scheduled for February 25, 2025, at 4:30 p.m. Eastern Time to discuss its fourth quarter and full year financial results, which is expected to attract significant attention from investors and analysts.
- Webcast Availability: The call will be webcast, allowing investors to access it through IMAX's investor relations website, ensuring transparency and enhancing engagement between the company and its stakeholders.
- Pre-registration Requirement: Participants are required to pre-register to obtain a dial-in number and unique PIN, with IMAX encouraging attendees to join ten minutes early to avoid delays, demonstrating the company's commitment to a smooth meeting process.
- Global Business Overview: As of September 30, 2025, IMAX operates 1,829 systems across 89 countries and territories, positioning itself as a global leader in entertainment technology dedicated to delivering immersive cinematic experiences through proprietary software and projection systems, thereby reinforcing its market position.
See More
U.S. Box Office Starts Strong in 2026, Disney's 'Avatar' Tops for Fourth Weekend
- Strong Box Office Performance: According to Comscore, U.S. theaters generated $98.6 million over the January 9-11 weekend, bringing year-to-date ticket sales to $327.5 million, a 23% increase from last year, indicating a robust market recovery.
- 'Avatar' Continues to Lead: Disney's 'Avatar: Fire and Ash' has maintained the top spot for four consecutive weekends, earning $21.3 million domestically, pushing its North American total past $342.6 million and its global total over $1.23 billion, solidifying its dominance in the early 2026 marketplace.
- New Releases Shine: Paramount's 'Primate' debuted in second place with $11.3 million from nearly 3,000 theaters, while Lionsgate's 'Greenland 2: Migration' entered the top five with $8.5 million, showcasing the appeal of new films in the current box office landscape.
- Significant IMAX Contributions: IMAX screenings of 'Avatar: Fire and Ash' contributed over $12 million globally over the weekend, accounting for approximately 13% of the film's worldwide gross to date, further highlighting the importance of premium formats in box office performance.
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- Analyst Rating Reaffirmed: Mike Hickey from Benchmark Co. reiterated his Buy rating for IMAX Corporation, setting a price target of $42, indicating a 23% upside, reflecting optimism about the company's global box office share exceeding $1.25 billion.
- Operating Leverage Improvement: Hickey noted that IMAX's record performance in 2025 has pushed adjusted EBITDA margins into the mid-40% range, showcasing the company's differentiated advantage in its asset-light platform, enabling high utilization and strong free cash flow conversion rates.
- Accelerated Market Demand: Wells Fargo's Omar Mejias also reaffirmed a Buy rating, raising the price target from $40 to $47 based on the company's diversified business model, which is well-positioned to benefit from the accelerated demand for premium, event-driven cinema.
- Expanded Market Opportunities: Mejias emphasized IMAX's preparedness to capitalize on industry trend shifts through enhanced visibility and an expanded total addressable market, further solidifying its leading position in the entertainment sector.
See More
IMAX Achieves Record $1.28 Billion Global Box Office in 2025
- Box Office Growth: IMAX achieved a record global box office of $1.28 billion in 2025, representing over a 40% increase from 2024, not only setting a new high but also surpassing its previous record from 2019, showcasing its strong performance in the theatrical industry.
- Market Share Increase: In 2025, over 16% of domestic ticket sales came from premium large format theaters, up from 15% in 2024, indicating a growing consumer preference for high-quality viewing experiences, which IMAX is well-positioned to capitalize on.
- Strong Profitability: IMAX reported a net income of $43 million in the first three quarters of 2025, a 67% increase from the same period in 2024, demonstrating the advantages of its asset-light model that allows it to remain profitable in a competitive market.
- Optimistic Future Outlook: IMAX forecasts a new record global box office of $1.4 billion in 2026, bolstered by upcoming blockbuster releases such as
See More
IMAX Reports Record $1.28B Global Box Office in 2025, Stock Surges 44%
- Significant Box Office Growth: IMAX achieved a record $1.28 billion in global box office revenue for 2025, representing over a 40% increase from 2024, indicating the company's strong performance amidst industry turmoil and reinforcing its market leadership.
- Market Share Increase: In 2025, over 16% of domestic ticket sales came from premium large format (PLF) theaters, up from 15% in 2024, reflecting consumer preference for high-quality viewing experiences, which benefits IMAX.
- Strong Profitability: IMAX reported a net income of $43 million in the first three quarters of 2025, a 67% increase year-over-year, while competitors AMC, Cinemark, and Marcus faced losses, highlighting IMAX's asset-light business model advantage.
- Optimistic Future Outlook: IMAX forecasts a new record of $1.4 billion in global box office for 2026, with CEO Rich Gelfond stating that the continued growth in market share will attract filmmakers and audiences, signaling long-term growth potential.
See More
IMAX Reports Record Box Office in 2025 with 17% Revenue Growth
- Box Office Performance: IMAX achieved record box office revenue in 2025, particularly with the release of 'Avatar: Fire and Ash,' which marked the company's fifth-best opening, showcasing its strong position in the large-format film market.
- Significant Revenue Growth: IMAX reported third-quarter revenues nearing $107 million, a 17% increase year-over-year, breaking historical records for the period and exceeding analyst expectations, indicating ongoing improvement in the company's fundamentals.
- Net Income Surge: The company's net income jumped by 39% to over $26 million, reflecting a substantial enhancement in profitability that boosts investor confidence and market perception.
- Market Competition Analysis: Despite IMAX's impressive performance, it still lags behind Disney in market capitalization and valuation metrics, with a P/E ratio of 22 compared to Disney's 17, highlighting the latter's stronger competitive position in the entertainment sector.
See More
IMAX Schedules Conference Call for 2025 Financial Results
- Conference Call Announcement: IMAX Corporation has announced a conference call scheduled for February 25, 2025, at 4:30 p.m. Eastern Time to discuss its fourth quarter and full year financial results, which is expected to attract significant attention from investors and analysts.
- Webcast Availability: The call will be webcast, allowing investors to access it through IMAX's investor relations website, ensuring transparency and enhancing engagement between the company and its stakeholders.
- Pre-registration Requirement: Participants are required to pre-register to obtain a dial-in number and unique PIN, with IMAX encouraging attendees to join ten minutes early to avoid delays, demonstrating the company's commitment to a smooth meeting process.
- Global Business Overview: As of September 30, 2025, IMAX operates 1,829 systems across 89 countries and territories, positioning itself as a global leader in entertainment technology dedicated to delivering immersive cinematic experiences through proprietary software and projection systems, thereby reinforcing its market position.
See More
U.S. Box Office Starts Strong in 2026, Disney's 'Avatar' Tops for Fourth Weekend
- Strong Box Office Performance: According to Comscore, U.S. theaters generated $98.6 million over the January 9-11 weekend, bringing year-to-date ticket sales to $327.5 million, a 23% increase from last year, indicating a robust market recovery.
- 'Avatar' Continues to Lead: Disney's 'Avatar: Fire and Ash' has maintained the top spot for four consecutive weekends, earning $21.3 million domestically, pushing its North American total past $342.6 million and its global total over $1.23 billion, solidifying its dominance in the early 2026 marketplace.
- New Releases Shine: Paramount's 'Primate' debuted in second place with $11.3 million from nearly 3,000 theaters, while Lionsgate's 'Greenland 2: Migration' entered the top five with $8.5 million, showcasing the appeal of new films in the current box office landscape.
- Significant IMAX Contributions: IMAX screenings of 'Avatar: Fire and Ash' contributed over $12 million globally over the weekend, accounting for approximately 13% of the film's worldwide gross to date, further highlighting the importance of premium formats in box office performance.
See More
IMAX Corporation Target Price Raised to $47, Upside Potential of 38%
- Analyst Rating Reaffirmed: Mike Hickey from Benchmark Co. reiterated his Buy rating for IMAX Corporation, setting a price target of $42, indicating a 23% upside, reflecting optimism about the company's global box office share exceeding $1.25 billion.
- Operating Leverage Improvement: Hickey noted that IMAX's record performance in 2025 has pushed adjusted EBITDA margins into the mid-40% range, showcasing the company's differentiated advantage in its asset-light platform, enabling high utilization and strong free cash flow conversion rates.
- Accelerated Market Demand: Wells Fargo's Omar Mejias also reaffirmed a Buy rating, raising the price target from $40 to $47 based on the company's diversified business model, which is well-positioned to benefit from the accelerated demand for premium, event-driven cinema.
- Expanded Market Opportunities: Mejias emphasized IMAX's preparedness to capitalize on industry trend shifts through enhanced visibility and an expanded total addressable market, further solidifying its leading position in the entertainment sector.
See More
IMAX Achieves Record $1.28 Billion Global Box Office in 2025
- Box Office Growth: IMAX achieved a record global box office of $1.28 billion in 2025, representing over a 40% increase from 2024, not only setting a new high but also surpassing its previous record from 2019, showcasing its strong performance in the theatrical industry.
- Market Share Increase: In 2025, over 16% of domestic ticket sales came from premium large format theaters, up from 15% in 2024, indicating a growing consumer preference for high-quality viewing experiences, which IMAX is well-positioned to capitalize on.
- Strong Profitability: IMAX reported a net income of $43 million in the first three quarters of 2025, a 67% increase from the same period in 2024, demonstrating the advantages of its asset-light model that allows it to remain profitable in a competitive market.
- Optimistic Future Outlook: IMAX forecasts a new record global box office of $1.4 billion in 2026, bolstered by upcoming blockbuster releases such as
See More
IMAX Reports Record $1.28B Global Box Office in 2025, Stock Surges 44%
- Significant Box Office Growth: IMAX achieved a record $1.28 billion in global box office revenue for 2025, representing over a 40% increase from 2024, indicating the company's strong performance amidst industry turmoil and reinforcing its market leadership.
- Market Share Increase: In 2025, over 16% of domestic ticket sales came from premium large format (PLF) theaters, up from 15% in 2024, reflecting consumer preference for high-quality viewing experiences, which benefits IMAX.
- Strong Profitability: IMAX reported a net income of $43 million in the first three quarters of 2025, a 67% increase year-over-year, while competitors AMC, Cinemark, and Marcus faced losses, highlighting IMAX's asset-light business model advantage.
- Optimistic Future Outlook: IMAX forecasts a new record of $1.4 billion in global box office for 2026, with CEO Rich Gelfond stating that the continued growth in market share will attract filmmakers and audiences, signaling long-term growth potential.
See More
IMAX Reports Record Box Office in 2025 with 17% Revenue Growth
- Box Office Performance: IMAX achieved record box office revenue in 2025, particularly with the release of 'Avatar: Fire and Ash,' which marked the company's fifth-best opening, showcasing its strong position in the large-format film market.
- Significant Revenue Growth: IMAX reported third-quarter revenues nearing $107 million, a 17% increase year-over-year, breaking historical records for the period and exceeding analyst expectations, indicating ongoing improvement in the company's fundamentals.
- Net Income Surge: The company's net income jumped by 39% to over $26 million, reflecting a substantial enhancement in profitability that boosts investor confidence and market perception.
- Market Competition Analysis: Despite IMAX's impressive performance, it still lags behind Disney in market capitalization and valuation metrics, with a P/E ratio of 22 compared to Disney's 17, highlighting the latter's stronger competitive position in the entertainment sector.
See More
