There’s a lot to like about IMAX stock, this analyst says

Roth Capital Markets analyst Eric Handler maintained his “Buy” rating and $46.00 price target on IMAX Corporation (IMAX Stock Quote, Chart, News, Analysts, Financials NYSE:IMAX) in a Feb. 26 note, calling the company his top small-cap idea in Media & Entertainment.

Handler said IMAX finished 2025 strongly and sees “a lot to like” in 2026 and beyond, supported by a robust global film slate and increasing system scale.

“The company’s content cycle remains on an expected upswing through at least 2027, amplified by initiatives to drive market share and adding more local language and alternative content,” he said.

IMAX reported Q4 revenue of $125.0-million, up 35% year-over-year and ahead of consensus at $121.0-million. Adjusted EBITDA of $57.0-million rose 54% and topped both Handler’s and consensus estimates. Adjusted EBITDA margin expanded 550 basis points to 45.6%.

Gross box office (GBO) grew 60% to $327.0-million in Q4, driving strong incremental margins in the Content Solutions segment.

For 2026, Handler continues to forecast $1.4-billion in GBO, up 12%, with 160–175 system installations. He projects revenue of $442.5-million and Adjusted EBITDA of $206.2-million. While he lowered Q1 GBO expectations due to a weaker Chinese box office, he reallocated those estimates to later quarters.

“Our increased confidence in 2Q, 3Q, and 4Q are driven by rising buzz for Super Mario Galaxy Movie and Michael, along with improved visibility towards several high-profile China local language movies later this year,” he said.

Handler also highlighted major cultural-event releases, including Christopher Nolan’s The Odyssey and Narnia, as potential drivers of outsized IMAX performance.

He expects IMAX to generate $206.2-million in Adjusted EBITDA on revenue of $442.5-million in fiscal 2026, improving to $229.0-million in EBITDA on revenue of $472.1-million in fiscal 2027.

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