# Cinemark Holdings (CNK.US)

Canonical: https://gigainvestors.com/s/CNK

Analysis as of: 2026-10-16T07:27:33.586Z. Financial observations: FY2002–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $38.52 per share; close as of 2026-10-15.

Estimated value: low $17.84 per share, central $19.78 per share, high $22.36 per share. Buy at or below the central value $19.78 per share. Valuation as of 2026-10-16T07:27:33.586Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 7.99×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.13×

- FY2018: 0.12×

- FY2019: 0.10×

- FY2020: -1.10×

- FY2021: -0.17×

- FY2022: -0.04×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 44.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.8%

- ROIC, second-lowest year: -8.6%

- Typical minus recent gross margin: 44.7 pp

- Typical gross margin (annual median): 63.2%

- Recent gross margin (lower of latest and 3-year median): 18.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.1%

- ROIC including acquisitions, ten-year median: 4.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.3%

- FY2017: 18.3%

- FY2018: 15.5%

- FY2019: 7.9%

- FY2020: -21.2%

- FY2021: -8.6%

- FY2022: -3.6%

- FY2023: 18.2%

- FY2024: 20.5%

- FY2025: 12.1%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $346M

- Net income, five-year total: -$58M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -2.0 pp

- Working capital / revenue, final three-year average: -1.9%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$253M

- FY2022: -$144M

- FY2023: $248M

- FY2024: $356M

- FY2025: $138M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 18.3% vs 18.2%

- Per-share earnings: 2.20 to 1.24 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: 2.8%

- Market cap gain: -$1.3B

- Cumulative retained earnings: -$518M

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 2.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -7.0%

- Per-share value change: -$0.97

- Per-share value, starting three-year median: $2.20

- Per-share value, ending three-year median: $1.24

- Buybacks concentrated in cheaper years (correlation): -0.48

- Average buyback yield: 1.1%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $40M

- Cumulative net income, 10 years: $250M

- ROIC, first three-year median: 18.3%

- ROIC, last three-year median: 18.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.20

- FY2017: $2.28

- FY2018: $1.84

- FY2019: $1.64

- FY2020: -$5.29

- FY2021: -$3.60

- FY2022: -$2.29

- FY2023: $1.24

- FY2024: $2.00

- FY2025: $1.03

### accounting: pass

- Sloan accruals: -5.8%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 9.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.82×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.6%

- FY2017: -5.9%

- FY2018: -7.7%

- FY2019: -6.4%

- FY2020: -5.2%

- FY2021: -11.3%

- FY2022: -8.5%

- FY2023: -5.3%

- FY2024: -3.1%

- FY2025: -5.8%

## Holders

## Price story

Price needs cash profits to grow 10.7% a year for ten years · "Cinemark Tops Quarterly Revenue Views, Lifts Dividend After Retiring Pandemic-Related Debt" (finance.yahoo.com, Nov 2025) · sales +2.1%

Story as of 2026-10-16T09:58:32.082Z; price observation 2026-10-15.

Price needs cash profits to grow 10.7% a year for ten years

- 2025-04-11: JP Morgan upgrades Cinemark on improving 2026-27 film slate visibility ([finance.yahoo.com](https://finance.yahoo.com/news/jp-morgan-upgrades-cinemark-improving-180728872.html))

- 2025-11-05: Cinemark Tops Quarterly Revenue Views, Lifts Dividend After Retiring Pandemic-Related Debt ([finance.yahoo.com](https://finance.yahoo.com/news/cinemark-tops-quarterly-revenue-views-163904086.html))

- 2026-02-19: Cinemark Revenue Rebound And Debt Cuts Reshape Shareholder Return Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/cinemark-revenue-rebound-debt-cuts-210917404.html))

- 2026-07-28: Cinemark Benefits From Consistent Release Slate, Theater Investments, Wedbush Says ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cinemark-benefits-consistent-release-slate-152643418.html))

### Sales · FY2024–2025

sales +2.1%; source https://www.sec.gov/Archives/edgar/data/1385280/000119312526056015/cnk-20251231.htm; observed 2026-02-18.

- FY2016: $2.9B 

- FY2017: $3.0B 

- FY2018: $3.2B 

- FY2019: $3.3B 

- FY2020: $686M 

- FY2021: $1.5B 

- FY2022: $2.5B 

- FY2023: $3.1B 

- FY2024: $3.0B 

- FY2025: $3.1B 

### Gross margin · FY2025

gross margin 18.6%; source https://www.sec.gov/Archives/edgar/data/1385280/000119312526056015/cnk-20251231.htm; observed 2026-02-18.

- FY2016: 61.7% 

- FY2017: 62.1% 

- FY2018: 63.4% 

- FY2019: 63.1% 

- FY2020: 65.7% 

- FY2021: 66.0% 

- FY2022: 64.4% 

- FY2023: 18.6% 

- FY2024: 64.4% 

- FY2025: 18.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in entertainment; annual sales are USD 3.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1385280/000119312526056015/cnk-20251231.htm (filed 2026-02-18); FY2025: revenue 3115000000; grossProfit 577900000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 18.6% to 64.4% during 2023–25; it earns 13.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 18.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 64.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1385280/000119312526056015/cnk-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 18.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on capital observations [[2016,0.2033450273157152],[2017,0.18297373387380292],[2018,0.15520073544400165],[2019,0.07883506492748008],[2020,-0.21225449899824558],[2021,-0.08628169681786095],[2022,-0.036161688245488835],[2023,0.18247192893324002],[2024,0.20489279197080293],[2025,0.12096714993048942]]; median 0.13808394268724553. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 12.3% of cash earnings on expansion; paid dividends in 6 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2016: growth capex 36033892.91631585; upkeep 290874107.08368415; owner earnings 173287892.91631585. Growth capex / owner earnings = 0.20794235713696013.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2017: growth capex 40858468.08399588; upkeep 340003531.9160041; owner earnings 161689468.08399588. Growth capex / owner earnings = 0.25269715194294756.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2018: growth capex 84911000; upkeep 261162000; owner earnings 213827000. Growth capex / owner earnings = 0.3971013950530101.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2019: growth capex 39782013.144507945; upkeep 263844986.85549206; owner earnings 188696013.14450794. Growth capex / owner earnings = 0.21082593363560853.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: growth capex 0; upkeep 149500000; owner earnings 248200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 0; upkeep 150800000; owner earnings 356400000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1385280/000119312526056015/cnk-20251231.htm (filed 2026-02-18); FY2025: growth capex 17000000; upkeep 201900000; owner earnings 138200000. Growth capex / owner earnings = 0.12301013024602026.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,125490000],[2017,135079000],[2018,149492000],[2019,159281000],[2020,42311000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,38900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1385280/000119312526056015/cnk-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 275100000 USD.

### Are managers owners

Insiders own 11.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CNK.US SharesStats.PercentInsiders = 11.113000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.7% yearly over ten years; actual decline was 4.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Ten-year compound average after fade. Initial solved rate 0.14033334625184313. Price 38.52; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.693340256482188 → FY2025 1.0290394638868205. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $39.80 per share

- 2016-11: $39.84 per share

- 2016-12: $38.36 per share

- 2017-01: $42.50 per share

- 2017-02: $41.87 per share

- 2017-03: $44.34 per share

- 2017-04: $43.20 per share

- 2017-05: $39.57 per share

- 2017-06: $38.85 per share

- 2017-07: $38.90 per share

- 2017-08: $33.29 per share

- 2017-09: $36.21 per share

- 2017-10: $36.34 per share

- 2017-11: $36.11 per share

- 2017-12: $34.82 per share

- 2018-01: $36.80 per share

- 2018-02: $42.56 per share

- 2018-03: $37.67 per share

- 2018-04: $39.17 per share

- 2018-05: $33.77 per share

- 2018-06: $35.08 per share

- 2018-07: $35.92 per share

- 2018-08: $37.32 per share

- 2018-09: $40.20 per share

- 2018-10: $41.57 per share

- 2018-11: $38.37 per share

- 2018-12: $35.80 per share

- 2019-01: $40.92 per share

- 2019-02: $37.63 per share

- 2019-03: $39.99 per share

- 2019-04: $42.05 per share

- 2019-05: $37.99 per share

- 2019-06: $36.10 per share

- 2019-07: $39.92 per share

- 2019-08: $38.16 per share

- 2019-09: $38.64 per share

- 2019-10: $36.60 per share

- 2019-11: $33.87 per share

- 2019-12: $33.85 per share

- 2020-01: $31.51 per share

- 2020-02: $25.96 per share

- 2020-03: $10.19 per share

- 2020-04: $14.28 per share

- 2020-05: $15.03 per share

- 2020-06: $11.55 per share

- 2020-07: $11.83 per share

- 2020-08: $14.65 per share

- 2020-09: $10.00 per share

- 2020-10: $8.19 per share

- 2020-11: $15.45 per share

- 2020-12: $17.41 per share

- 2021-01: $20.24 per share

- 2021-02: $22.45 per share

- 2021-03: $20.41 per share

- 2021-04: $21.20 per share

- 2021-05: $22.66 per share

- 2021-06: $21.95 per share

- 2021-07: $15.53 per share

- 2021-08: $17.83 per share

- 2021-09: $19.21 per share

- 2021-10: $18.80 per share

- 2021-11: $15.52 per share

- 2021-12: $16.12 per share

- 2022-01: $15.10 per share

- 2022-02: $17.54 per share

- 2022-03: $17.28 per share

- 2022-04: $15.86 per share

- 2022-05: $16.98 per share

- 2022-06: $15.02 per share

- 2022-07: $18.33 per share

- 2022-08: $14.08 per share

- 2022-09: $12.11 per share

- 2022-10: $10.61 per share

- 2022-11: $13.61 per share

- 2022-12: $8.66 per share

- 2023-01: $11.94 per share

- 2023-02: $13.61 per share

- 2023-03: $14.79 per share

- 2023-04: $16.88 per share

- 2023-05: $16.01 per share

- 2023-06: $16.50 per share

- 2023-07: $16.69 per share

- 2023-08: $16.28 per share

- 2023-09: $18.35 per share

- 2023-10: $16.49 per share

- 2023-11: $14.25 per share

- 2023-12: $14.09 per share

- 2024-01: $13.83 per share

- 2024-02: $17.41 per share

- 2024-03: $17.97 per share

- 2024-04: $17.14 per share

- 2024-05: $17.27 per share

- 2024-06: $21.62 per share

- 2024-07: $23.58 per share

- 2024-08: $27.38 per share

- 2024-09: $27.84 per share

- 2024-10: $29.75 per share

- 2024-11: $34.52 per share

- 2024-12: $30.98 per share

- 2025-01: $28.63 per share

- 2025-02: $25.61 per share

- 2025-03: $24.89 per share

- 2025-04: $29.91 per share

- 2025-05: $33.77 per share

- 2025-06: $30.18 per share

- 2025-07: $26.87 per share

- 2025-08: $25.80 per share

- 2025-09: $28.02 per share

- 2025-10: $27.01 per share

- 2025-11: $27.38 per share

- 2025-12: $23.24 per share

- 2026-01: $23.68 per share

- 2026-02: $28.24 per share

- 2026-03: $28.52 per share

- 2026-04: $29.52 per share

- 2026-05: $28.00 per share

- 2026-06: $31.73 per share

- 2026-07: $36.59 per share

- 2026-08: $35.61 per share

- 2026-09: $37.30 per share

- 2026-10: $38.52 per share

## Annual estimated value (USD per share)

- FY2016: low $23.71 per share, central $30.62 per share, high $35.14 per share

- FY2017: low $21.37 per share, central $26.15 per share, high $29.88 per share

- FY2018: low $23.37 per share, central $29.26 per share, high $33.68 per share

- FY2019: low $23.23 per share, central $27.66 per share, high $31.65 per share

- FY2020: low $9.19 per share, central $9.70 per share, high $10.38 per share

- FY2021: low $13.38 per share, central $14.43 per share, high $15.82 per share

- FY2025: low $13.35 per share, central $14.90 per share, high $16.96 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1385280/000119312526056015/cnk-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.