olivLaw · US equity research
National CineMedia, Inc. NCMI
Services-Advertising · SIC 7310 · Vertical: Services-Advertising (SIC 7310)
National CineMedia is the largest cinema advertising platform in the U.S., selling spots in its Noovie and CineLife shows and in theater lobbies. In the second fiscal quarter of 2026 revenue grew 12.7%, as the company extends its platform through the acquisition of Captivate, at an enterprise value of $275.0 million.
At the close of 04 Nov 2026, National CineMedia, Inc. (NCMI) stock was 1.57 USD (+3.97% on the day), with market capitalisation 147.7 m USD, dividend yield 7.64%, beta 0.73, 52-week range 1.51–4.33 USD. Latest reported quarter (Q2 2027): revenue of 58.4 m USD (+12.7% YoY), net income of -9.9 m USD, diluted EPS -0.11 USD.
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)
- 24.5
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.47 – 2.39
- in the lower half of the band · %B 0.11 · band width 47.7%
- SMA 50 / 200
- 2.19 / 3.17
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.20 / -0.17
- 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 | −26.6% | −1.1% | −25.5 pp | — |
| 3 months | −61.6% | −0.5% | −61.2 pp | — |
| 6 months | −56.1% | +4.4% | −60.5 pp | — |
| Year to date | −59.6% | +12.3% | −72.0 pp | — |
| 1 year | −63.5% | +13.5% | −77.0 pp | −46.8% |
| 3 years | −62.2% | +76.4% | −138.6 pp | −77.4% |
| 5 years | −95.8% | +63.7% | −159.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 02 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 62.4 m | 86.3 m | 34.9 m | 51.8 m | 63.4 m | 93.2 m | 34.0 m | 58.4 m |
| Cost of revenue | 3.3 m | 3.1 m | 3.1 m | 3.2 m | 3.2 m | 3.6 m | 4.0 m | 3.7 m |
| Operating income | -7.5 m | 19.9 m | -23.9 m | -12.0 m | -1.8 m | 23.8 m | -26.9 m | -12.8 m |
| Interest expense | 400.0 k | 400.0 k | 200.0 k | 100.0 k | 100.0 k | 200.0 k | 200.0 k | 200.0 k |
| Pre-tax income | -3.6 m | 24.9 m | -30.7 m | -10.7 m | 1.6 m | 29.3 m | -28.6 m | -9.9 m |
| Income tax | 0 | 200.0 k | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -3.6 m | 24.7 m | -30.7 m | -10.7 m | 1.6 m | 29.3 m | -28.6 m | -9.9 m |
| Diluted EPS | -0.04 | 0.26 ≈ | -0.32 | -0.11 | 0.02 | 0.31 ≈ | -0.31 | -0.11 |
| Operating cash flow | -2.0 m ≈ | 30.5 m | 6.0 m | -4.9 m ≈ | -1.0 m ≈ | 8.3 m | 18.1 m | -1.5 m ≈ |
| Capex | 600.0 k ≈ | 2.4 m | 700.0 k | 1.7 m ≈ | 1.0 m ≈ | 2.2 m | 300.0 k | 700.0 k ≈ |
| Dividends paid | 0 ≈ | 0 | 0 | 5.7 m ≈ | 2.8 m ≈ | 2.9 m | 2.8 m | 2.9 m ≈ |
| Share repurchases | 1.9 m ≈ | 2.0 m | 8.8 m | 9.9 m ≈ | 0 ≈ | 3.3 m | 1.0 m | 200.0 k ≈ |
≈ 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 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 441.4 m | 444.8 m | 90.4 m | 114.6 m | 249.2 m | 165.2 m | 240.8 m | 243.2 m |
| Revenue YoY | +3.6% | +0.8% | −79.7% | +26.8% | +117.5% | −33.7% | +45.8% | unavailable |
| Net income | 29.8 m | 36.1 m | -65.4 m | -48.7 m | -28.7 m | 705.2 m | -22.3 m | -10.6 m |
| Net income YoY | −48.9% | +21.1% | −281.2% | unavailable | unavailable | unavailable | −103.2% | unavailable |
| Diluted EPS | 0.37 | 0.46 | -0.84 | -0.61 | -3.50 | 14.34 | -0.23 | -0.11 |
| Diluted EPS YoY | −22.9% | +24.3% | −282.6% | unavailable | unavailable | unavailable | −101.6% | unavailable |
| net % | 6.8% | 8.1% | -72.3% | -42.5% | -11.5% | 426.9% | -9.3% | -4.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | -10.0 m | 54.5 m | 2.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 01 Jan 2026
- Cash
- 34.6 m USD
- Financial debt
- 12.0 m USD
- Net debt
- -22.6 m USD
- Equity
- 375.4 m USD
- Total assets
- 490.6 m USD
- Debt / equity
- 0.03x
- Current ratio
- 2.22x
- ROE
- unavailable
- ROA
- -2.2%
- FCF margin
- 1.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 90.4 m | 114.6 m | 249.2 m | 165.2 m | 240.8 m | 243.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | — | — | — | 10.6 m | 13.7 m | 13.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | — | — | — | 154.6 m ≈ | 227.1 m ≈ | 230.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Research & development | 1.9 m | 1.7 m | 4.6 m | 3.0 m | 3.3 m | 3.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -61.0 m | -68.6 m | 6.9 m | -27.3 m | -19.5 m | -13.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 13.1 m | 10.9 m | 6.5 m | — | — | — | SEC (XBRL)· 13 Apr 2023verified |
| EBITDA | -47.9 m ≈ | -57.7 m ≈ | 13.4 m ≈ | — | — | — | SEC (XBRL)· 13 Apr 2023derived |
| Interest expense | 55.8 m | 64.8 m | 79.7 m | 27.9 m | 1.7 m | 600.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 35.9 m | -118.4 m | -66.2 m | 696.7 m | -22.1 m | -10.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 162.2 m | 0 | 0 | 0 | 200.0 k | 0 | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -65.4 m | -48.7 m | -28.7 m | 705.2 m | -22.3 m | -10.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -0.84 | -0.61 | -3.50 | 14.34 | -0.23 | -0.11 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 78.0 m | 79.9 m | 8.2 m | 48.6 m | 95.9 m | 94.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.40 | 0.20 | 0.11 | — | — | 0.12 | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 180.3 m | 101.2 m | 61.7 m | 34.6 m | 75.1 m | 34.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 16.2 m | 53.0 m | 92.0 m | 96.6 m | 85.3 m | 96.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 199.9 m | 158.4 m | 164.4 m | 143.8 m | 177.9 m | 138.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 27.5 m | 21.3 m | 13.0 m | 15.8 m | 16.4 m | 19.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | — | — | — | — | 0 | 500.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 627.8 m | 606.3 m | 350.8 m | 394.3 m | 350.8 m | 308.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 886.2 m | 817.4 m | 792.4 m | 567.7 m | 568.6 m | 490.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 13.7 m | 16.3 m | 25.0 m | 21.7 m | 23.0 m | 26.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 2.7 m | 3.2 m | 1.1 bn | 0 | — | — | SEC (XBRL)· 18 Mar 2024verified |
| Long-term debt | 1.0 bn | 1.1 bn | 0 | 10.0 m | 10.0 m | 12.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 50.0 m | 69.8 m | 1.2 bn | 58.4 m | 73.5 m | 62.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 1.2 bn | 1.2 bn | 1.3 bn | 133.2 m | 157.4 m | 115.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | -268.6 m | -383.5 m | -464.0 m | 434.5 m | 411.2 m | 375.4 m | SEC (XBRL)· 26 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | — | — | — | -6.7 m | 60.3 m | 8.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 8.0 m | 5.7 m | 2.9 m | 3.3 m | 5.8 m | 5.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | — | — | — | -10.0 m ≈ | 54.5 m ≈ | 2.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | — | — | — | 32.6 m | -5.7 m | -15.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | — | — | — | -52.1 m | -14.1 m | -33.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 32.0 m | 16.9 m | 9.5 m | 500.0 k | 300.0 k | 11.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | — | — | 0 | 13.1 m | 22.0 m | SEC (XBRL)· 26 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 weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 147.7 m USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
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: 1.58 – 5.95 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)3.93 – 5.95 (Mid 4.71)WACC 9.0% · starting FCFF 20.3 m USD · terminal value share of EV 75%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/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)1.58 – 2.12 (Mid 1.81)
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
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -4.8% | 80 (vs peers) | 19% |
| Net margin · Quality | -3.1% | 77 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 13.8% | 100 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -25.3x | 0 (on a fixed band) | 12% |
| Current ratio · Balance sheet | 1.8x | 87 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 13.3% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 10.8% | 100 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | 57.9% | 89 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet35/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns96/100 · 2/2 factors with a value
- Valuation· partial100/100 · 1/3 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
NATIONAL CINEMEDIA, INC. (NCMI). Latest full fiscal year: 2026; data up to 2026-07-02.
Figures computed from the financial statements: revenue 243.2 m USD in 2026; net margin -3.1%; ROE -2.2%.
The estimated value range is 2.76–4.03 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 3.26 USD, the price of 1.57 USD leaves a potential of 107.5% (value / price − 1) and a margin of safety of 51.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: -4.8%
- Net margin: -3.1%
- Revenue CAGR 3Y: 13.8%
- Current ratio: 1.8x
- FCF yield: 13.3%
- Shareholder yield (distributions): 10.8%
- Payout ratio (FCF): 57.9%
- The price is below the estimated value range
What contradicts it
- Interest coverage: -25.3x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA.
Versus the vertical median
Services-Advertising (SIC 7310) · same industry (4-digit SIC) · compared with 13 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 | |
|---|---|---|---|---|---|---|
| CCOClear Channel Outdoor Holdings, Inc. | 1.2 bn | — | — | -6.3% | +6.6% | unavailable / unavailable |
| MNTNMNTN, Inc. | 170.5 m | 13.9 | 19.7% | 18.0% | +28.6% | −24% / unavailable |
| EDHLEverbright Digital Holding Ltd. | 161.3 m | — | -70.8% | -120.6% | −32.6% | −56% / unavailable |
| NCMINational Cinemedia, Inc. | 147.7 m | — | -2.2% | -3.1% | unavailable | −63% / −62% |
| FLNTFluent, Inc. | 107.1 m | — | -170.5% | -11.5% | −18.0% | +90% / +9% |
| THRYThryv Holdings, Inc. | 57.8 m | — | -7.6% | -2.3% | −4.7% | −77% / −93% |
| TZOOTravelzoo | 54.5 m | 191.4 | — | 0.5% | +9.3% | −25% / −47% |
| IZEAIZEA Worldwide, Inc. | 40.8 m | — | -5.1% | -9.4% | −12.9% | −53% / −3% |
| TNMGTNL Mediagene | 8.2 m | — | -155.9% | -175.3% | +35.3% | −93% / −100% |
| INUVInuvo, Inc. | 7.3 m | — | -43.9% | -8.6% | +2.9% | −85% / −85% |
| PSQHPSQ Holdings, Inc. | 6.5 m | — | -269.3% | -132.7% | +81.1% | −90% / −98% |
| STFSStar Fashion Culture Holdings Limited | 6.3 m | — | -39.9% | -13.7% | +83.7% | −8% / unavailable |
| IBTAIbotta, Inc. | 0 | — | -5.7% | -4.5% | −6.8% | +164% / unavailable |
| ANGIAngi Inc. | — | — | -27.3% | -23.8% | −13.0% | −40% / −70% |
1- and 3-year price returns: for NCMI 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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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.
In brief
National CineMedia is the largest cinema advertising platform in the U.S., selling spots in its Noovie and CineLife shows and in theater lobbies. In the second fiscal quarter of 2026 revenue grew 12.7% 3, as the company extends its platform through the acquisition of Captivate, at an enterprise value of $275.0 million 3.
SWOT
Strengths
- The company is the largest cinema advertising platform in the U.S., with national reach and long-term contracts with exhibitors.
- Exclusive advertising rights under the ESAs and affiliate agreements create a position that is hard to replicate.
- The Spotlight acquisition added luxury screens and extends presence in key markets such as New York and Los Angeles 1.
Weaknesses
Opportunities
- Captivate could create a premium video platform across theaters, office buildings and residential properties, if the transaction closes.
- Cost savings from the transformation program could improve margins if they are sustained over time.
- Growth of NCMx digital products and out-of-home advertising could diversify revenue sources.
Threats
- A decline in theater attendance could directly reduce advertising revenue.
- Courts could find non-competition clauses unenforceable, allowing exhibitors to compete directly with the company.
- If an exhibitor files for bankruptcy, its contract could be rejected or renegotiated.
Risks
- Lower theater attendancehigh
If attendance falls or viewer behavior changes, advertising revenue could decline and the company could owe additional advertising time to national clients.
- Dependence on ESA contractshigh
Termination, non-renewal or rejection of an ESA could have a significant negative impact on revenue and profitability.
- Debt after the Captivate acquisitionmedium
Financing the deal with new debt could limit financial flexibility if operating results do not improve.
- Integration riskmedium
Integrating Spotlight and Captivate could prove difficult, and cost synergies could be smaller than estimated.
- Enforceability of non-competition clauseslow
If courts consider the non-competition clauses unenforceable, direct competition could increase, especially in an exhibitor bankruptcy.
Investment thesis
What would need to be true (bull case)
- If box office stays solid and revenue keeps growing, the company could show that its expansion strategy is working.
- If the Captivate acquisition closes, the combined platform could become a premium provider for advertising in high-attention locations.
- If transformation savings are retained, operating margins could gradually improve.
What would break the thesis
- If attendance declines, advertising revenue could fall back and operating losses could persist.
- New debt for Captivate could reduce flexibility and could force the company to pause other spending.
- If integration of the acquisitions runs into problems, the expected synergies might not materialize.
What to watch
- Closing of the Captivate acquisition and its financing termssecond half of 2026
- Quarterly results and trends in advertising revenueQ3 2026
- Realization of cost savings from the transformation program2026
- Developments in ESA contracts and affiliate agreementsnext 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.
The business
National CineMedia, Inc. (NCMI) is a holding company that controls National CineMedia, LLC, the operator of the cinema advertising platform. Revenue comes mainly from selling advertising to national, regional and local businesses through The Noovie Show and CineLife Show, and from the Lobby Entertainment Network (LEN) 1. The company extends advertising beyond the theater through its NCMx products, with omnichannel retargeting, CTV and out-of-home locations 1.
Segments
On-screen theater advertising (Noovie and CineLife)
The core segment sells spots in the pre-feature and post-showtime programming. The NCM network, with more than 17,000 screens in over 1,300 theaters 1, was complemented in November 2025 by the Spotlight acquisition, which added luxury and art house screens 1.
Lobby network and digital advertising
The Lobby Entertainment Network and NCMx products add revenue from screens in theater lobbies and from digital advertising on third-party platforms and in locations such as convenience stores and college campuses 1.
Market context
Trends
- Box office recoverytailwind
Solid box office could support attendance and demand for on-screen spots, which helped second quarter 2026 revenue growth 3.
- Consolidation through acquisitionsmixed
The Spotlight and Captivate acquisitions extend the network and diversify the audience, but increase debt and integration complexity.
- Operational transformationmixed
The transformation program lowers costs and eliminated positions in part of the workforce, but brings restructuring costs in later quarters 2.
- Competition for advertising budgetsheadwind
The advertising environment is competitive, and the company has reported that it must navigate it while pursuing its priorities 3.
Competitive position
NCM competes with other advertising formats and digital platforms for marketing budgets. The company relies on exclusivity under its ESAs with major exhibitors, but a court could find the non-competition clauses unenforceable, and competitors could then enter the market 1.
- National theater chains (AMC, Cinemark, Regal)
They are partners in the NCM network and could become competitors if non-competition clauses no longer applied 1.
- Out-of-home digital advertising platforms
They compete for brand budgets seeking audiences in high-attention locations, a segment the company targets with Captivate 3.
- Smaller cinema advertising providers
They could offer local alternatives, especially if an exhibitor contracted with a third party after agreements expire 1.
- Video advertising and streaming platforms
They compete for the attention and advertising budgets of brands seeking younger audiences 1.
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
- Current report21 Sept 2026Material agreement · Termination of a material agreement · Acquisition or disposition of assets · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report11 Aug 2026Material agreement · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report12 May 2026
- Current report12 May 2026Results of operations · Shareholder vote · Financial statements and exhibits
- Current report27 Mar 2026Amendments to articles or bylaws · Financial statements and exhibits
- Proxy statement27 Mar 2026
- Current report (amendment)27 Feb 2026Results of operations
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-01-01 · SEC / National CineMedia, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-02 · SEC / National CineMedia, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / National CineMedia, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.