olivLaw · US equity research
The Marcus Corporation MCS
Services-Motion Picture Theaters · SIC 7830 · Vertical: Motion pictures (SIC 78xx)
The Marcus Corporation operates movie theatres across 17 U.S. states and upscale hotels and resorts in the Midwest, with a portfolio of 78 theatres and 985 screens at the end of 2025. Results for the second quarter of fiscal 2026 show a clear recovery in both divisions, against a strong film slate for the rest of the year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, The Marcus Corporation (MCS) stock was 26.90 USD (−4.10% on the day), with market capitalisation 511.7 m USD, P/E 0.0 on diluted EPS of 771.01 USD over the last 12 months, dividend yield 1.30%, beta 0.85, 52-week range 14.75–31.12 USD. Latest reported quarter (Q3 2026): revenue of 237.8 m USD (+13.1% YoY), net income of 18.8 m USD (+15.6% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 26.57 – 29.22
- in the lower half of the band · %B 0.12 · band width 9.5%
- SMA 50 / 200
- 27.76 / 22.22
- mixed trend
- MACD (12, 26, 9)
- -0.15 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.7% | −5.9% | +7.7 pp | — |
| 3 months | −12.2% | −4.6% | −7.6 pp | — |
| 6 months | +47.1% | +0.2% | +46.8 pp | — |
| Year to date | +73.4% | +7.4% | +66.0 pp | — |
| 1 year | +74.6% | +8.2% | +66.4 pp | −36.7% |
| 3 years | +74.1% | +68.4% | +5.7 pp | −30.9% |
| 5 years | +27.9% | +56.5% | −28.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 188.3 m | 148.8 m | 206.0 m | 210.2 m | 193.5 m | 154.4 m | 231.7 m | 237.8 m |
| Operating income | -2.2 m | -20.4 m | 13.0 m | 22.7 m | 1.7 m | -19.3 m | 27.1 m | 30.3 m |
| Depreciation & amortisation | 18.0 m | 17.8 m | 17.6 m | 16.8 m | 17.9 m | 17.8 m | 17.4 m | 17.1 m |
| Interest expense | 2.8 m | 2.8 m | 3.0 m | 2.8 m | 2.9 m | 2.6 m | 2.7 m | 2.5 m |
| Pre-tax income | -5.2 m | -24.2 m | 10.1 m | 24.2 m | -1.4 m | -23.0 m | 24.0 m | 27.9 m |
| Income tax | -6.2 m | -7.4 m | 2.7 m | 8.0 m | -7.3 m | -7.6 m | 8.1 m | 9.1 m |
| Net income | 986.0 k | -16.8 m | 7.3 m | 16.2 m | 6.0 m | -15.4 m | 15.8 m | 18.8 m |
| Operating cash flow | 52.6 m | -35.3 m | 31.6 m ≈ | 39.1 m ≈ | 48.8 m | -15.2 m | 54.0 m ≈ | 38.4 m ≈ |
| Capex | 25.4 m | 23.0 m | 16.9 m ≈ | 20.9 m ≈ | 22.4 m | 6.6 m | 10.0 m ≈ | 10.0 m ≈ |
| Dividends paid | 2.2 m | 2.2 m | 2.1 m ≈ | 2.4 m ≈ | 2.4 m | 2.4 m | 2.4 m ≈ | 2.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 707.1 m | 820.9 m | 237.7 m | 458.2 m | 677.4 m | 729.6 m | 735.6 m | 758.5 m |
| Revenue YoY | +8.2% | +16.1% | −71.0% | +92.8% | +47.8% | +7.7% | +0.8% | +3.1% |
| Net income | 53.4 m | 42.0 m | -124.8 m | -43.3 m | -12.0 m | 14.8 m | -7.8 m | 12.7 m |
| Net income YoY | −17.9% | −21.3% | −397.1% | unavailable | unavailable | unavailable | −152.6% | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 7.6% | 5.1% | -52.5% | -9.4% | -1.8% | 2.0% | -1.1% | 1.7% |
| Free cash flow | 78.7 m | 77.4 m | -89.9 m | 29.2 m | 56.4 m | 63.9 m | 24.7 m | 989.0 k |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 23.4 m USD
- Financial debt
- 159.0 m USD
- Net debt
- 135.6 m USD
- Equity
- 457.4 m USD
- Total assets
- 1.0 bn USD
- Debt / equity
- 0.35x
- Current ratio
- 0.40x
- ROE
- 2.8%
- ROA
- 1.2%
- FCF margin
- 0.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 237.7 m | 458.2 m | 677.4 m | 729.6 m | 735.6 m | 758.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | -178.4 m | -41.5 m | 8.3 m | 33.9 m | 16.2 m | 17.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 75.1 m | 72.1 m | 67.1 m | 67.3 m | 68.0 m | 70.2 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | -103.4 m ≈ | 30.7 m ≈ | 75.4 m ≈ | 101.2 m ≈ | 84.1 m ≈ | 87.3 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 16.3 m | 18.7 m | 15.3 m | 12.7 m | 11.0 m | 11.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -195.8 m | -59.0 m | -2.0 m | 21.7 m | -10.2 m | 8.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -70.9 m | -15.7 m | 7.1 m | 6.9 m | -2.4 m | -4.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -124.8 m | -43.3 m | -12.0 m | 14.8 m | -7.8 m | 12.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 31.0 m | 31.4 m | 31.5 m | 41.0 m | 31.9 m | 31.3 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.7 m | 17.7 m | 21.7 m | 55.6 m | 40.8 m | 23.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 405.0 k | 9.0 m | 6.7 m | 7.6 m | 6.9 m | 7.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 3.4 m | 4.9 m | 5.7 m | 5.9 m | 7.0 m | 7.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 67.8 m | 99.9 m | 63.9 m | 101.7 m | 92.2 m | 64.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 848.3 m | — | — | — | — | — | SEC (XBRL)· 05 Mar 2021verified |
| Goodwill | 75.2 m | 75.1 m | 75.0 m | 75.0 m | 75.0 m | 75.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 6.9 m | 6.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 1.3 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.0 bn | 1.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 13.2 m | 35.8 m | 32.2 m | 37.4 m | 50.7 m | 44.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 87.2 m | 47.3 m | 0 | 10.3 m | 10.1 m | 0 | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 193.0 m | 204.2 m | 170.0 m | 159.5 m | 149.0 m | 159.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 217.4 m | 213.2 m | 156.4 m | 164.4 m | 176.7 m | 163.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 498.7 m | 453.6 m | 456.9 m | 471.2 m | 464.9 m | 457.4 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -68.6 m | 46.3 m | 93.2 m | 102.6 m | 103.9 m | 84.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 21.4 m | 17.1 m | 36.8 m | 38.8 m | 79.2 m | 83.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -89.9 m ≈ | 29.2 m ≈ | 56.4 m ≈ | 63.9 m ≈ | 24.7 m ≈ | 989.0 k ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -12.1 m | 10.9 m | -346.0 k | -36.7 m | -81.9 m | -71.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 69.1 m | -47.2 m | -92.4 m | -30.5 m | -37.3 m | -30.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 5.1 m | 0 | 3.1 m | 7.4 m | 8.8 m | 9.2 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 511.7 m USD
Key indicators
Coverage and freshness
Score by group
- Quality63
- Growth32
- Balance sheet56
- Returns57
- Valuation75
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.60 – 145.40 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)61.21 – 102.09 (Mid 76.52)WACC 8.4% · starting FCFF 86.8 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA67.57 – 145.40 (Mid 95.45)3 companies used · median multiple 17.3x · quartiles 12.5x – 25.9xAMC, LION, NFLX
- Peers: P/E19.08 – 33.67 (Mid 25.10)3 companies used · median multiple 18.9x · quartiles 14.4x – 25.4xCNK, NFLX, TOON
- Dividend discount (DDM)4.60 – 6.19 (Mid 5.28)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.2% | 32 (on a fixed band) | 11% |
| Net margin · Quality | 3.1% | 79 (vs peers) | 7% |
| FCF conversion · Quality | 305.2% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 3.8% | 32 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.8x | 91 (on a fixed band) | 11% |
| Interest coverage · Balance sheet | 3.7x | 34 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.3x | 44 (on a fixed band) | 11% |
| EV/EBITDA · Valuation | 5.5x | 87 (on a fixed band) | 11% |
| FCF yield · Valuation | 15.0% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.9% | 28 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 12.9% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet56/100 · 3/3 factors with a value
- Growth· partial32/100 · 1/2 factors with a value
- Quality63/100 · 3/3 factors with a value
- Returns57/100 · 2/2 factors with a value
- Valuation75/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MARCUS CORP (MCS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 758.5 m USD in 2025; YoY growth 3.1%; net margin 3.1%; ROE 5.4%; net debt/EBITDA 0.8x.
The estimated value range is 40.15–67.88 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 50.81 USD, the price of 26.90 USD leaves a potential of 88.9% (value / price − 1) and a margin of safety of 47.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 3.1%
- FCF conversion: 305.2%
- Net debt / EBITDA: 0.8x
- EV/EBITDA: 5.5x
- FCF yield: 15.0%
- Payout ratio (FCF): 12.9%
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.7x
- Shareholder yield (distributions): 1.9%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y.
Versus the vertical median
Motion pictures (SIC 78xx) · same major group (2-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| NFLXNetflix, Inc. | 269.2 bn | 18.9 | 53.5% | 29.7% | +15.9% | −39% / +38% |
| CNKCinemark Holdings, Inc. | 4.8 bn | 31.9 | — | 5.3% | +2.1% | +46% / +181% |
| LIONLionsgate Studios Corp. | 3.7 bn | — | — | -4.1% | +1.8% | +68% / +19% |
| AMCAmc Entertainment Holdings, Inc. | 2.7 bn | — | — | -2.6% | +4.6% | +26% / −54% |
| FUBOFuboTV Inc. | 2.6 bn | — | -5.8% | -0.7% | +18.6% | −79% / −80% |
| ANGXAngel Studios, Inc. | 617.3 m | — | — | -37.5% | +233.2% | −32% / unavailable |
| MCSMarcus Corp | 511.7 m | 20.3 | 5.4% | 3.1% | +3.1% | +75% / +74% |
| STRZStarz Entertainment Corp. | 419.7 m | — | -87.9% | -32.5% | −1.6% | +122% / unavailable |
| IQiQIYI, Inc. | 308.7 m | — | -1.6% | -0.8% | −2.5% | −59% / −80% |
| CURICuriositystream Inc. | 149.5 m | 484.2 | 0.1% | 0.0% | +40.1% | −48% / +265% |
| MPUMega Matrix Inc | 46.3 m | — | -213.2% | -131.4% | −27.9% | −95% / −95% |
| CNVSCineverse Corp. | 35.9 m | — | -28.1% | -12.7% | −15.9% | −40% / +27% |
| TOONKartoon Studios, Inc. | 30.3 m | 9.9 | 21.7% | 26.9% | +20.7% | −34% / −70% |
| RDIReading International, Inc | — | — | — | -5.9% | −3.6% | +28% / −10% |
| GAIAGaia, Inc | — | — | -9.3% | -1,090.3% | +55.2% | −67% / −52% |
1- and 3-year price returns: for MCS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.79 Total return -41% · Per year -41% | 27.93 Total return 4% · Per year 4% | 42.09 Total return 56% · Per year 56% |
| 3 years | 15.13 Total return -44% · Per year -17% | 30.12 Total return 12% · Per year 4% | 49.86 Total return 85% · Per year 23% |
| 5 years | 14.49 Total return -46% · Per year -12% | 32.48 Total return 21% · Per year 4% | 59.06 Total return 120% · Per year 17% |
- Exit P/E± 7.53
- Net margin± 5.27
- Annual revenue growth± 4.35
- Annual dilution± 0.44
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
The Marcus Corporation operates movie theatres across 17 U.S. states and upscale hotels and resorts in the Midwest, with a portfolio of 78 theatres and 985 screens at the end of 2025. Results for the second quarter of fiscal 2026 show a clear recovery in both divisions, against a strong film slate for the rest of the year.
SWOT
Strengths
- A diversified portfolio of two complementary divisions and significant investment in premium formats and recliner seating.
- A loyalty program with a large member base and a high share of transactions made by members.
- Strong second-quarter 2026 results, with both theatres and hotels outperforming their industries.
Weaknesses
- Reliance on a small number of blockbuster films can make revenue uneven from quarter to quarter.
- Capital-intensive operations and high depreciation can limit financial flexibility in weak periods.
- Labour costs and shortages can affect margins and service quality.
Opportunities
- Expanding premium formats and in-theatre dining could raise average spend per moviegoer.
- Subscription and dynamic pricing programmes could increase visit frequency and loyalty.
- Alternative content such as opera, sports and concerts could diversify auditorium revenue.
Threats
- Shorter distribution windows and day-and-date streaming releases can reduce the supply of films for theatres.
- Piracy and competing entertainment can draw audiences away from cinemas.
- Oversupply of hotel rooms in a major market could pressure rates and occupancy.
Risks
- Dependence on the film calendarhigh
Results depend on the quantity and appeal of films released, which the company does not control. A strike or production delay could reduce supply.
- Debt and covenantshigh
A prolonged closure of venues could affect compliance with credit agreement covenants and debt payments, with a risk of accelerated repayment demands.
- Distributor concentrationmedium
A few major distributors set licensing terms, and their consolidation could raise costs or reduce access to strong films.
- Labour costsmedium
Higher wages, benefits and health care costs could erode margins if prices cannot be adjusted.
- Pandemics and public-venue incidentslow
A new pandemic or security incident in public venues could again reduce attendance at theatres and hotels.
Investment thesis
What would need to be true (bull case)
- If film releases stay strong, the second-quarter growth could continue into the second half, benefiting theatres and in-theatre dining.
- The hotel division, with upscale properties and solid leisure and group demand, could sustain RevPAR and operating growth.
- Loyalty programmes and premium-format investments could support a recovery in margins and per-patron revenue.
What would break the thesis
- If major films are delayed or release windows shorten, theatre revenue could fall quickly given the reliance on a few titles.
- Debt and credit covenants could limit flexibility if results weaken for an extended period.
- Hotel oversupply in key markets or rising labour costs could compress margins even if revenue grows.
What to watch
- Third-quarter 2026 results and the trend in admission and food and beverage revenueQ3 2026
- Delivery against the 50 to 55 million dollar cash capex guidance for 20262026
- Development of RevPAR and hotel occupancy, including comparisons affected by renovationsQ3 2026
- Next annual report with details on debt, covenants and growth plansnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
The company has two segments: theatres, operating under the Marcus Theatres, Movie Tavern by Marcus and BistroPlex brands, and hotels and resorts, which owns seven properties and manages nine more for joint ventures and third parties 1. At the end of 2025 the company owned or managed about 4,700 rooms 1. The Magical Movie Rewards loyalty program had about 6.9 million members, and investment in the in-theatre experience over the last decade exceeded 340 million dollars 1.
Theatre revenue combines admissions with food and beverage sales, pre-show and lobby advertising, in-theatre dining and premium formats. The company offered PLF screens at 64 theatre locations with 126 PLF screens, and launched the Marcus Movie Club subscription in November 2024 12. Hotels earn from rooms, food and beverage, golf and events.
The fiscal year became a calendar year from 2025, which makes half-year comparisons harder because the first half of 2026 has five fewer operating days than the prior year 23.
Market context
The U.S. theatre industry is fragmented, with about half of screens owned by the three largest circuits and the rest by hundreds of smaller operators 1. Distribution is highly concentrated: six major distributors accounted for about 84% of U.S. box office revenue in 2025 1. In hotels, new room supply in major markets can pressure occupancy and rates 1.
The market has become more blockbuster-driven: the top 15 films accounted for 49% of admission revenue in 2025, compared with 42% and 48% before the pandemic 1. This makes quarterly results more volatile and sensitive to the release calendar 12.
Trends
- Return of moviegoerstailwind
Higher attendance and admission revenue in the second quarter suggest audiences are returning to theatres, especially for family films and major titles 3. If this pace holds, it could support results for the rest of the year.
- Shrinking release windowsheadwind
The gap between theatrical release and other channels has narrowed over the last decade, and some studios have released films to streaming on the same day, which could limit the films available for theatres 1.
- Hotel supply and subsidised developmentmixed
Government subsidies for new hotels can create oversupply in some markets, which could reduce occupancy and rates for the company's hotels 1. Leisure and group demand was nonetheless solid in 2026 3.
- Rising labour costsheadwind
Wages and benefits are among the company's largest costs, and labour shortages or rules on pay and scheduling can increase operating costs 1.
Competitive position
Theatres compete with larger national and regional circuits and with independent operators, and moviegoers often choose by location, film selection, amenities and showtimes 1. In hotels, competition comes from national, regional and local chains, some with considerably greater marketing resources 1.
The company differentiates itself with premium formats, recliner seating and in-theatre dining, but competition from other entertainment, streaming and video games for leisure time remains intense 1.
- AMC EntertainmentAMC
Theatre circuit named among the largest in the U.S. that competes for films and moviegoers.
- CinemarkCNK
Major U.S. theatre operator competing for film licences and audiences in the same markets.
- Regal Cinemas
National theatre chain competing with Marcus for films and moviegoers in many states.
- National and regional hotel chains
Large hotel and resort operators in the same markets compete for business and leisure travellers, some with greater resources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Departure or appointment of officers · Other events
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement07 Apr 2026
- Annual report27 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Marcus Corporation · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The Marcus Corporation · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / The Marcus Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.