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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and IMAX CORP (IMAX). Click either name above to swap in a different company.
IMAX CORP is the larger business by last-quarter revenue ($125.2M vs $73.3M, roughly 1.7× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs 0.5%, a 39.4% gap on every dollar of revenue. On growth, IMAX CORP posted the faster year-over-year revenue change (35.1% vs 4.0%). Over the past eight quarters, IMAX CORP's revenue compounded faster (25.8% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
ARI vs IMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $125.2M |
| Net Profit | $29.2M | $637.0K |
| Gross Margin | — | 57.6% |
| Operating Margin | 39.7% | 19.3% |
| Net Margin | 39.9% | 0.5% |
| Revenue YoY | 4.0% | 35.1% |
| Net Profit YoY | -28.2% | -88.0% |
| EPS (diluted) | $0.19 | $0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $73.3M | $125.2M | ||
| Q3 25 | $61.6M | $106.7M | ||
| Q2 25 | $70.9M | $91.7M | ||
| Q1 25 | $65.8M | $86.7M | ||
| Q4 24 | $70.5M | $92.7M | ||
| Q3 24 | $71.6M | $91.5M | ||
| Q2 24 | $81.1M | $89.0M | ||
| Q1 24 | $80.5M | $79.1M |
| Q4 25 | $29.2M | $637.0K | ||
| Q3 25 | $50.8M | $20.7M | ||
| Q2 25 | $20.7M | $11.3M | ||
| Q1 25 | $26.0M | $2.3M | ||
| Q4 24 | $40.7M | $5.3M | ||
| Q3 24 | $-91.5M | $13.9M | ||
| Q2 24 | $35.8M | $3.6M | ||
| Q1 24 | $-104.5M | $3.3M |
| Q4 25 | — | 57.6% | ||
| Q3 25 | — | 63.1% | ||
| Q2 25 | — | 58.5% | ||
| Q1 25 | — | 61.4% | ||
| Q4 24 | — | 52.2% | ||
| Q3 24 | — | 55.8% | ||
| Q2 24 | — | 49.4% | ||
| Q1 24 | — | 59.3% |
| Q4 25 | 39.7% | 19.3% | ||
| Q3 25 | 82.8% | 27.2% | ||
| Q2 25 | 29.4% | 15.6% | ||
| Q1 25 | 39.7% | 19.3% | ||
| Q4 24 | 57.9% | 10.3% | ||
| Q3 24 | -127.8% | 21.2% | ||
| Q2 24 | 44.2% | 3.2% | ||
| Q1 24 | -129.6% | 15.3% |
| Q4 25 | 39.9% | 0.5% | ||
| Q3 25 | 82.4% | 19.4% | ||
| Q2 25 | 29.3% | 12.3% | ||
| Q1 25 | 39.5% | 2.7% | ||
| Q4 24 | 57.7% | 5.7% | ||
| Q3 24 | -127.9% | 15.2% | ||
| Q2 24 | 44.1% | 4.0% | ||
| Q1 24 | -129.8% | 4.1% |
| Q4 25 | $0.19 | $0.02 | ||
| Q3 25 | $0.34 | $0.37 | ||
| Q2 25 | $0.12 | $0.20 | ||
| Q1 25 | $0.16 | $0.04 | ||
| Q4 24 | $0.25 | $0.09 | ||
| Q3 24 | $-0.69 | $0.26 | ||
| Q2 24 | $0.23 | $0.07 | ||
| Q1 24 | $-0.76 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $139.8M | $151.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $337.9M |
| Total Assets | $9.9B | $894.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $151.2M | ||
| Q3 25 | $245.9M | $143.1M | ||
| Q2 25 | $177.6M | $109.3M | ||
| Q1 25 | $166.4M | $97.1M | ||
| Q4 24 | $317.4M | $100.6M | ||
| Q3 24 | $194.3M | $104.5M | ||
| Q2 24 | $174.7M | $91.6M | ||
| Q1 24 | $161.2M | $81.0M |
| Q4 25 | $1.9B | $337.9M | ||
| Q3 25 | $1.9B | $349.5M | ||
| Q2 25 | $1.8B | $320.4M | ||
| Q1 25 | $1.9B | $299.5M | ||
| Q4 24 | $1.9B | $299.5M | ||
| Q3 24 | $1.9B | $289.4M | ||
| Q2 24 | $2.0B | $267.2M | ||
| Q1 24 | $2.0B | $258.8M |
| Q4 25 | $9.9B | $894.0M | ||
| Q3 25 | $9.5B | $889.6M | ||
| Q2 25 | $9.8B | $868.6M | ||
| Q1 25 | $8.8B | $848.3M | ||
| Q4 24 | $8.4B | $830.4M | ||
| Q3 24 | $9.1B | $847.6M | ||
| Q2 24 | $9.3B | $827.4M | ||
| Q1 24 | $9.2B | $824.1M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $142.5M | $29.4M |
| Free Cash FlowOCF − Capex | — | $28.0M |
| FCF MarginFCF / Revenue | — | 22.3% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | 4.88× | 46.11× |
| TTM Free Cash FlowTrailing 4 quarters | — | $118.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $29.4M | ||
| Q3 25 | $31.7M | $67.5M | ||
| Q2 25 | $63.2M | $23.2M | ||
| Q1 25 | $39.3M | $7.0M | ||
| Q4 24 | $200.3M | $11.5M | ||
| Q3 24 | $47.2M | $35.3M | ||
| Q2 24 | $50.2M | $35.0M | ||
| Q1 24 | $52.8M | $-11.0M |
| Q4 25 | — | $28.0M | ||
| Q3 25 | — | $64.8M | ||
| Q2 25 | — | $20.9M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $6.9M | ||
| Q3 24 | — | $34.2M | ||
| Q2 24 | — | $33.5M | ||
| Q1 24 | — | $-12.1M |
| Q4 25 | — | 22.3% | ||
| Q3 25 | — | 60.7% | ||
| Q2 25 | — | 22.8% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 7.4% | ||
| Q3 24 | — | 37.3% | ||
| Q2 24 | — | 37.6% | ||
| Q1 24 | — | -15.3% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | 4.88× | 46.11× | ||
| Q3 25 | 0.62× | 3.27× | ||
| Q2 25 | 3.05× | 2.06× | ||
| Q1 25 | 1.51× | 2.99× | ||
| Q4 24 | 4.93× | 2.16× | ||
| Q3 24 | — | 2.54× | ||
| Q2 24 | 1.40× | 9.78× | ||
| Q1 24 | — | -3.35× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
