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National CineMedia, Inc. (NCMI) 10-Year Financial Performance & Capital Metrics

NCMI • • Industrial / General
Communication ServicesAdvertising & MarketingOut-of-Home AdvertisingCinema & Entertainment Advertising
AboutNational CineMedia, Inc., through its subsidiary, National CineMedia, LLC, operates cinema advertising network in North America. It engages in the sale of advertising to national, regional, and local businesses in Noovie, a cinema advertising and entertainment pre-show seen on movie screens; and sells advertising on its Lobby Entertainment Network, a series of strategically-placed screens located in movie theater lobbies, as well as other forms of advertising and promotions in theatre lobbies. The company is also engaged in the sale of online and mobile advertising through its Noovie Audience Accelerator product, as well as a suite of Noovie digital properties, such as Noovie Shuffle, Noovie Trivia, Name That Movie, and Noovie Arcade to reach entertainment audiences beyond the theater. It offers its services to third-party theater circuits under long-term network affiliate agreements. The company was incorporated in 2006 and is headquartered in Centennial, Colorado.Show more
  • Revenue $241M +45.8%
  • EBITDA $23M +1372.2%
  • Net Income -$22M -103.2%
  • EPS (Diluted) -0.23 -101.6%
  • Gross Margin 30.23% -41.3%
  • EBITDA Margin 9.51% +972.8%
  • Operating Margin -8.1% +51.0%
  • Net Margin -9.26% -102.2%
  • ROE -5.27% -103.2%
  • ROIC -3.77% +5.3%
  • Debt/Equity 0.06 +59.8%
  • Interest Coverage -11.47 -1072.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Excellent 3Y average ROE of 78.5%
  • ✓FCF machine: 22.6% free cash flow margin
  • ✓Healthy 5Y average net margin of 58.3%
  • ✓Trading at only 0.9x book value

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Weak momentum: RS Rating 19 (bottom 19%)
  • ✗Sales declining 11.5% over 5 years
  • ✗Shares diluted 97.4% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-4.8%
5Y-11.55%
3Y28.08%
TTM-3.63%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM35.19%

EPS CAGR

10Y-
5Y-
3Y-
TTM35.48%

ROCE

10Y Avg0.64%
5Y Avg-14.09%
3Y Avg-18.39%
Latest-3.88%

Peer Comparison

Cinema & Entertainment Advertising
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Technical
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
NCMINational CineMedia, Inc.365M3.89-16.9145.76%-6.39%-4.31%14.93%0.06

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+446.5M447.6M426.1M441.4M444.8M90.4M114.6M249.2M165.2M240.8M
Revenue Growth %0.13%0%-0.05%0.04%0.01%-0.8%0.27%1.17%-0.34%0.46%
Cost of Goods Sold+30.8M30M32.4M37.4M134.5M43.5M76.9M117.9M80.1M168M
COGS % of Revenue0.07%0.07%0.08%0.08%0.3%0.48%0.67%0.47%0.48%0.7%
Gross Profit+415.7M417.6M393.7M404M310.3M46.9M37.7M131.3M85.1M72.8M
Gross Margin %0.93%0.93%0.92%0.92%0.7%0.52%0.33%0.53%0.52%0.3%
Gross Profit Growth %0.13%0%-0.06%0.03%-0.23%-0.85%-0.2%2.48%-0.35%-0.14%
Operating Expenses+233.4M244.6M239.8M249.7M149M107.9M106.3M124.4M112.4M92.3M
OpEx % of Revenue0.52%0.55%0.56%0.57%0.33%1.19%0.93%0.5%0.68%0.38%
Selling, General & Admin110.9M116.6M109.9M114.8M108.7M68.5M70.7M87.1M86.9M92.3M
SG&A % of Revenue0.25%0.26%0.26%0.26%0.24%0.76%0.62%0.35%0.53%0.38%
Research & Development1.5M3.4M3.6M1.7M000003.3M
R&D % of Revenue0%0.01%0.01%0%-----0.01%
Other Operating Expenses-200K128M300K200K40.3M39.4M35.6M37.3M25.5M-3.3M
Operating Income+148M173M153.9M154.3M161.3M-61M-68.6M6.9M-27.3M-19.5M
Operating Margin %0.33%0.39%0.36%0.35%0.36%-0.67%-0.6%0.03%-0.17%-0.08%
Operating Income Growth %-0.02%0.17%-0.11%0%0.05%-1.38%-0.12%1.1%-4.96%0.29%
EBITDA+180.2M208.8M191.5M194.2M201.6M-23.3M-33M38.4M-1.8M22.9M
EBITDA Margin %0.4%0.47%0.45%0.44%0.45%-0.26%-0.29%0.15%-0.01%0.1%
EBITDA Growth %-0.02%0.16%-0.08%0.01%0.04%-1.12%-0.42%2.16%-1.05%13.72%
D&A (Non-Cash Add-back)32.2M35.8M37.6M39.9M40.3M37.7M35.6M31.5M25.5M42.4M
EBIT150.7M162.9M347.6M159.1M157.1M91.7M-53.6M13.5M724.6M-20.4M
Net Interest Income+-70M-52.5M-51.6M-53.9M-55.9M-55.2M-64.8M-79.7M-27.9M700K
Interest Income1.6M1.5M1.2M1.5M2.1M600K0002.4M
Interest Expense71.6M54M52.8M55.4M58M55.8M64.8M79.7M27.9M1.7M
Other Income/Expense-66.5M-64.1M140.9M-50.6M-62.2M96.9M-49.8M-73.1M724M-2.6M
Pretax Income+81.5M96.2M185.3M103.7M99.1M35.9M-118.4M-66.2M696.7M-22.1M
Pretax Margin %0.18%0.21%0.43%0.23%0.22%0.4%-1.03%-0.27%4.22%-0.09%
Income Tax+17.8M9.2M127.5M23.5M12.4M162.2M000200K
Effective Tax Rate %0.19%0.26%0.01%0.29%0.36%-1.82%0.41%0.43%1.01%1.01%
Net Income+15.4M25.4M1.6M29.8M36.1M-65.4M-48.7M-28.7M705.2M-22.3M
Net Margin %0.03%0.06%0%0.07%0.08%-0.72%-0.42%-0.12%4.27%-0.09%
Net Income Growth %0.15%0.65%-0.94%17.63%0.21%-2.81%0.26%0.41%25.57%-1.03%
Net Income (Continuing)59.6M94.5M114.5M80.2M86.7M-126.3M-118.4M-66.2M696.7M-22.3M
Discontinued Operations0000000000
Minority Interest235.3M241.5M287.7M278.8M258.3M204.5M143.2M51.3M00
EPS (Diluted)+2.604.200.241.8911.15-16.20-14.21-3.4914.52-0.23
EPS Growth %0.13%0.62%-0.94%6.88%4.9%-2.45%0.12%0.75%5.16%-1.02%
EPS (Basic)2.604.200.233.8811.21-16.20-14.21-3.4914.73-0.23
Diluted Shares Outstanding5.96M6.06M6.57M8.09M7.78M7.8M7.99M8.2M48.57M95.87M
Basic Shares Outstanding5.95M6.09M7.06M8.09M7.85M7.79M7.98M8.2M47.88M95.87M
Dividend Payout Ratio8.77%4.81%36.69%1.83%3.48%---0%-

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+209.8M221.1M212.6M230.9M254.3M199.9M158.4M164.4M143.8M177.9M
Cash & Short-Term Investments85.4M68.7M59.5M75.6M73.4M180.6M101.5M64.5M34.6M75.2M
Cash Only85.4M68.7M59.5M75.6M55.9M180.3M101.2M63.8M34.6M75.1M
Short-Term Investments000017.5M300K300K700K0100K
Accounts Receivable155.6M168.5M165M161.6M177.4M14.3M53M92M96.6M85.3M
Days Sales Outstanding127.2137.41141.34133.63145.5757.74168.8134.75213.43129.3
Inventory-31.5M-16.5M-12M-10.2M000000
Days Inventory Outstanding----------
Other Current Assets300K400K003.5M1.9M3.9M7.9M8.4M17.4M
Total Non-Current Assets+874.5M836.3M935.5M910.9M875.7M686.3M659M628M423.9M390.7M
Property, Plant & Equipment25.1M29.6M30.7M33.6M54.7M27.5M40.1M29.9M20.1M16.4M
Fixed Asset Turnover17.79x15.12x13.88x13.14x8.13x3.29x2.86x8.33x8.22x14.68x
Goodwill0000000000
Intangible Assets566.7M560.5M717.2M684.5M643.7M627.8M606.3M586.7M394.3M350.8M
Long-Term Investments45.9M26.2M19.7M13.2M8.5M2M1.8M1.2M700K3.8M
Other Non-Current Assets25.9M10.9M6.9M5.7M6.7M29M10.8M10.2M8.8M19.7M
Total Assets+1.08B1.06B1.43B1.14B1.13B886.2M817.4M792.4M567.7M568.6M
Asset Turnover0.41x0.42x0.30x0.39x0.39x0.10x0.14x0.31x0.29x0.42x
Asset Growth %0.09%-0.02%0.36%-0.2%-0.01%-0.22%-0.08%-0.03%-0.28%0%
Total Current Liabilities+125.2M120.6M109.7M110.5M119.5M50M69.8M1.2B58.4M73.5M
Accounts Payable14.9M17.4M19.3M18M20.7M13.7M16.3M25M21.7M23M
Days Payables Outstanding176.57211.7217.42175.6756.17114.9577.3777.498.8849.97
Short-Term Debt0002.7M4.3M2.7M5.3M1.12B00
Deferred Revenue (Current)1000K1000K1000K1000K1000K01000K1000K01000K
Other Current Liabilities81M80.7M72.2M67.2M73.1M13.6M27.7M36.3M16.4M8M
Current Ratio1.68x1.83x1.94x2.09x2.13x4.00x2.27x0.14x2.46x2.42x
Quick Ratio1.93x1.97x2.05x2.18x2.13x4.00x2.27x0.14x2.46x2.42x
Cash Conversion Cycle----------
Total Non-Current Liabilities+1.13B1.12B1.04B1.12B1.13B1.1B1.13B53.3M74.8M83.9M
Long-Term Debt925.4M924.3M923.3M920.9M923.9M1.05B1.09B010M10M
Capital Lease Obligations000024M22.6M20.4M18M5M12.5M
Deferred Tax Liabilities49.6M48.3M00000000
Other Non-Current Liabilities145.2M166M214.9M199.6M183.8M32.6M16.4M35.3M59.8M61.4M
Total Liabilities1.26B1.24B1.15B1.23B1.25B1.15B1.2B1.26B133.2M157.4M
Total Debt+936M924.3M923.3M923.6M952.2M1.08B1.12B1.14B16M24.2M
Net Debt850.6M855.6M863.8M848M896.3M896.4M1.02B1.08B-18.6M-50.9M
Debt / Equity14.72x15.33x3.19x4.87x----0.04x0.06x
Debt / EBITDA5.19x4.43x4.82x4.76x4.72x--29.72x-1.06x
Net Debt / EBITDA4.72x4.10x4.51x4.37x4.45x--28.06x--2.22x
Interest Coverage2.07x3.20x2.91x2.79x2.78x-1.09x-1.06x0.09x-0.98x-11.47x
Total Equity+63.6M60.3M289.7M189.6M-121.2M-268.6M-383.5M-464M434.5M411.2M
Equity Growth %7.91%-0.05%3.8%-0.35%-1.64%-1.22%-0.43%-0.21%1.94%-0.05%
Book Value per Share10.679.9544.0823.44-15.58-34.46-48.02-56.618.954.29
Total Shareholders' Equity-171.7M-181.2M2M-89.2M-379.5M-473.1M-526.7M-515.3M434.5M411.2M
Common Stock600K600K800K800K800K800K800K1.3M2.6M2.5M
Retained Earnings-186.1M-215.6M-303.5M-153.6M-171.1M-266.4M-332M-370.4M316.6M280.9M
Treasury Stock0000000000
Accumulated OCI-64.1M-64.1M-70.4M-62.5M0-207.5M0000
Minority Interest235.3M241.5M287.7M278.8M258.3M204.5M143.2M51.3M00

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+105.3M133.5M138.9M150.3M143.6M55.3M-95.2M-47.3M-6.7M60.3M
Operating CF Margin %0.24%0.3%0.33%0.34%0.32%0.61%-0.83%-0.19%-0.04%0.25%
Operating CF Growth %-0.11%0.27%0.04%0.08%-0.04%-0.61%-2.72%0.5%0.86%10%
Net Income63.7M87M58.7M80.2M86.7M-126.3M-118.4M-66.2M705.2M-22.3M
Depreciation & Amortization32.2M35.8M37.6M39.9M40.3M37.7M35.6M31.5M25.5M42.4M
Stock-Based Compensation14.8M18.3M11.2M7.8M5.5M2.2M8.1M7.1M4.5M12.2M
Deferred Taxes12.1M8.7M128.9M22.9M12.1M162.4M0000
Other Non-Cash Items-1.6M27.8M-79.4M600K16.5M-151.1M-1.7M12.3M-752.9M6.1M
Working Capital Changes-15.9M-44.1M-18.1M-1.1M-17.5M130.4M-18.8M-32M11M21.9M
Change in Receivables-35.5M-13.5M-100K10.7M-20.9M158M-36.8M-40M36.3M10.6M
Change in Inventory0000000000
Change in Payables7.8M-4.1M1.7M4.8M3.6M-18.5M2.3M14.2M-2.7M-100K
Cash from Investing+1.4M-4.3M8.5M-16.1M1.6M15.6M-5.4M-400K32.6M-5.7M
Capital Expenditures-15.3M-15.2M-13.7M-14.3M-14M-8M-5.7M-2.9M-3.3M-5.8M
CapEx % of Revenue0.03%0.03%0.03%0.03%0.03%0.09%0.05%0.01%0.02%0.02%
Acquisitions----------
Investments----------
Other Investing6.9M5.1M5.6M2.7M5.6M002.2M34.6M1.2M
Cash from Financing+-88.4M-137.9M-140.2M-123M-130.7M53.5M21.5M10.3M-52.1M-14.1M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-135M-122.2M-146M-136.5M-125.5M-68.8M-16.9M-9.5M-500K-300K
Share Repurchases----------
Other Financing4M-1.9M-73.8M-66.3M-4.6M-1.3M-7.3M-7M-50.8M-700K
Net Change in Cash----------
Free Cash Flow+90M118.3M125.2M136M129.6M47.3M-100.9M-50.2M-10M54.5M
FCF Margin %0.2%0.26%0.29%0.31%0.29%0.52%-0.88%-0.2%-0.06%0.23%
FCF Growth %-0.15%0.31%0.06%0.09%-0.05%-0.64%-3.13%0.5%0.8%6.45%
FCF per Share15.1019.5219.0516.8216.666.07-12.63-6.12-0.210.57
FCF Conversion (FCF/Net Income)6.84x5.26x86.81x5.04x3.98x-0.85x1.95x1.65x-0.01x-2.70x
Interest Paid052.5M054.1M54.3M54.6M58.6M66.5M0900K
Taxes Paid0500K0300K100K500K0100K0100K

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)56.62%41%0.91%12.43%105.56%---162.3%-5.27%
Return on Invested Capital (ROIC)12.93%14.18%11.16%10.56%13.35%-6.52%-8.15%0.83%-3.98%-3.77%
Gross Margin93.1%93.3%92.4%91.53%69.76%51.88%32.9%52.69%51.51%30.23%
Net Margin3.45%5.67%0.38%6.75%8.12%-72.35%-42.5%-11.52%426.88%-9.26%
Debt / Equity14.72x15.33x3.19x4.87x----0.04x0.06x
Interest Coverage2.07x3.20x2.91x2.79x2.78x-1.09x-1.06x0.09x-0.98x-11.47x
FCF Conversion6.84x5.26x86.81x5.04x3.98x-0.85x1.95x1.65x-0.01x-2.70x
Revenue Growth13.32%0.25%-4.8%3.59%0.77%-79.68%26.77%117.45%-33.71%45.76%

Revenue by Segment

2013201420152018201920202021202220232024
National Advertising Revenue---312M324.2M66.7M85.7M187.1M114.8M188M
National Advertising Revenue Growth----3.91%-79.43%28.49%118.32%-38.64%63.76%
Local Advertising Revenue----66.9M17.5M17.8M43.5M30.4M39.1M
Local Advertising Revenue Growth------73.84%1.71%144.38%-30.11%28.62%
Founding Member Advertising Revenue From Beverage Concessionaire Agreements---31.4M29M6.2M11.1M18.6M9.9M13.7M
Founding Member Advertising Revenue From Beverage Concessionaire Agreements Growth-----7.64%-78.62%79.03%67.57%-46.77%38.38%
Regional Advertising Revenue----24.7M-----
Regional Advertising Revenue Growth----------
Barter Transaction Revenue---5.9M1.8M-----
Barter Transaction Revenue Growth-----69.49%-----
Local And Regional Advertising Revenue---98M------
Local And Regional Advertising Revenue Growth----------
Advertising426.3M394M446.5M-------
Advertising Growth--7.58%13.32%-------
Fathom Events And Other36.5M---------
Fathom Events And Other Growth----------

Frequently Asked Questions

Growth & Financials

National CineMedia, Inc. (NCMI) reported $236.4M in revenue for fiscal year 2024. This represents a 46% decrease from $435.4M in 2011.

National CineMedia, Inc. (NCMI) grew revenue by 45.8% over the past year. This is strong growth.

National CineMedia, Inc. (NCMI) reported a net loss of $15.1M for fiscal year 2024.

Dividend & Returns

National CineMedia, Inc. (NCMI) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

National CineMedia, Inc. (NCMI) has a return on equity (ROE) of -5.3%. Negative ROE indicates the company is unprofitable.

National CineMedia, Inc. (NCMI) generated $26.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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