National CineMedia, Inc. (NCMI)

In January 2026, Benchmark lowered its price target for NCMI to $6.00 from $7.00, maintaining a "Buy" rating due to a more conservative view of box office recovery. In December 2025, National CineMedia partnered with TransUnion to integrate cinema into cross-channel attribution efforts. In November 2025, the company acquired Spotlight Cinema Networks, expected to increase its national market share by approximately 6% and significantly boost its presence in New York and Los Angeles by about 30%; also in November, Catherine Sullivan stepped down due to the elimination of her position. In October 2025, NCMI reported its third-quarter 2025 financial results, showing a modest increase in revenue despite a decline in audience numbers, with positive growth in national advertising revenue. In June 2025, NCMI expanded its programmatic inventory through a new partnership with Vistar Media. In May 2025, the company reported Q1 2025 total revenue of $34.9 million, in line with guidance, though Adjusted OIBDA was negative $9 million, and announced a five-year contract extension with AMC Theaters through 2042. The share price experienced a decline of 41.15% from $6.61 per share on January 2, 2025, to $3.89 per share as of December 31, 2025; as of January 13, 2026, the stock price was $3.81, with a 52-week range between $3.81 and $7.25.

Demand for National CineMedia's products and services is closely tied to movie theater attendance and the overall strength of the film slate. The company experiences seasonality, with Q1 revenues typically declining from Q4, consistent with seasonal trends and a weaker film slate. NCMI anticipates a recovery in attendance and advertising demand during the second half of 2025, driven by a robust lineup of blockbuster films and strong advertiser interest.

National CineMedia, Inc. (NCMI) operates in the Media and Information Services (B2B) sector and the Movies, Music, and Entertainment industry, connecting brands with moviegoers through its advertising network. Its major products and services include The Noovie Show, LEN (Lobby Entertainment Network), NCMx Suite (data-driven solutions), programmatic and self-serve automated inventory buying, a 4% stake in Fathom Events, and Fantasy Movie League.

National CineMedia operates a digital in-theatre network exclusively in North America, specifically across the United States. Its cinema advertising platform encompasses over 17,500 screens in more than 1,350 theaters, covering 184 Designated Market Areas (DMAs), including all of the top 50. NCMI partners with 42 leading national and regional theater circuits, such as AMC Entertainment Inc., Cinemark Holdings, Inc., and Regal Entertainment Group.

National CineMedia's brand reputation has been influenced by its strategic initiatives and market performance, with a news sentiment score of -0.29, lower than the average for Business Services companies. The acquisition of Spotlight Cinema Networks is set to expand NCM's market share and presence in key luxury markets. Partnerships with TransUnion and Vistar Media, along with a partnership with Operative, demonstrate NCM's commitment to modernizing its ad offerings and improving measurement capabilities. The five-year extension of the contract with AMC Theaters reinforces NCM's strong relationships with major cinema chains. The introduction of new products like Bullseye and Blueprint under the NCMx suite highlights the company's focus on data-driven solutions and advanced audience targeting. The company's emergence from Chapter 11 bankruptcy in August 2023 was a significant event that restructured its ownership and set the stage for its current strategic direction.

Institutional investors hold a dominant position in National CineMedia's ownership structure. As of June 26, 2025, institutional investors collectively held 88.55% of the company's shares, an increase from 86.07% in April 2025. The company has 246 institutional owners. Major institutional shareholders include Blantyre Capital Ltd, Hotchkis & Wiley Capital Management Llc, Orbis Allan Gray Ltd, BlackRock, Inc., Vanguard Group Inc, Sycale Advisors (NY) LLC, Wellington Management Group Llp, VTSMX - Vanguard Total Stock Market Index Fund Investor Shares, and Geode Capital Management, Llc. Insiders hold a small percentage, only 1.40% of the stock, and in the past three months, insiders have sold more shares than they have bought.