National CineMedia

NCMI

Advertising Agencies · Communication Services

Price

$2.54

-0.01 (-0.39%)

Market Cap

$238.2M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jul 2, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Mixed

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Share count rising — dilution

+1079.2% over 5y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.0M (2021) → 94.2M (2026)

Winston Score History

The full picture

National CineMedia runs a large advertising network inside movie theaters across the United States. Before films start, audiences watch a segment called "FirstLook" — a mix of ads, entertainment content, and previews. The company sells ad slots in that segment to brands wanting to reach moviegoers. It operates through long-term agreements with major theater chains, including AMC, Regal, and Cinemark, giving it access to a significant share of U.S. movie screens.

The company makes money by charging advertisers for on-screen ad time, similar to how a TV network sells commercial spots. It operates almost entirely in the United States and generates revenue that rises and falls with movie theater attendance. Its main competitive advantage is its exclusive contracts with large theater chains, but that also creates a key risk: if people keep choosing streaming over going to the movies, attendance stays weak, and advertisers may shift their budgets elsewhere. The company currently operates at a loss, reflecting ongoing pressure on the cinema industry.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

YoY Growth Rate

EPS data limited

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (12%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

30.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$79M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

93.7%

Premium pricing power — 93.7% gross margin

Profit after running costs

Operating Margin

-21.9%

Losing money on operations — -21.9%

Return on the money invested

ROCE

-5.1%

Weak — -5.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+5.8%

Slow sales growth (+5.8% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

2.0%

Thin free cash flow (2.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.04

Conservative — low debt load (0.04)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

2.87%

Moderate income — 2.87% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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