National CineMedia, Inc.
NCMI Communication Services Advertising Agencies
National CineMedia, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $243.2 million, up 1.00% from fiscal 2024. In the quarter to June 2026, revenue grew 12.7%, EPS was flat and free cash flow grew 60.6%, each against the same quarter a year earlier.
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National CineMedia, Inc. (NCMI) Altman Z-score
National CineMedia, Inc.'s Altman Z-score for fiscal 2025 is 3.17, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 3.17 | (0.48) |
| FY2024 | 3.65 | 1.66 |
| FY2023 | 1.99 | 3.86 |
| FY2022 | −1.88 | (1.41) |
| FY2021 | −0.46 | (0.27) |
| FY2020 | −0.19 | (1.26) |
| FY2019 | 1.07 | 0.05 |
| FY2018 | 1.01 | 0.05 |
| FY2017 | 0.96 | (0.15) |
| FY2016 | 1.11 | (0.05) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.19 | |
| Retained earnings / total assets | 0.48 | — | 0.67 | |
| EBIT / total assets | (0.03) | — | −0.09 | |
| Market value of equity / total liabilities | 3.18 | — | 1.91 | |
| Sales / total assets | 0.50 | — | 0.50 | |
| Altman Z-score | Safe zone | 3.17 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.82 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NCMI National CineMedia, Inc. | 3.2× |
| NEXN Nexxen International Ltd. Sponsored ADR compare | 1.9× |
| TSQ Townsquare Media, Inc. compare | 0.2× |
| ADV Advantage Solutions Inc. compare | 0.0× |
| TJGC TJGC Group Limited compare | −1.4× |
| EVC Entravision Communications Corporation compare | −1.6× |
| SDM Smart Digital Group Limited compare | −3.2× |
| FLNT FLUENT, INC. compare | −4.7× |
| QUOT Quotient Technology Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets