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Side-by-side financial comparison of IMAX CORP (IMAX) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
Pangaea Logistics Solutions Ltd. is the larger business by last-quarter revenue ($183.9M vs $125.2M, roughly 1.5× IMAX CORP). Pangaea Logistics Solutions Ltd. runs the higher net margin — 6.5% vs 0.5%, a 6.0% gap on every dollar of revenue. On growth, IMAX CORP posted the faster year-over-year revenue change (35.1% vs 24.9%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs 25.8%).
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.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
IMAX vs PANL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $125.2M | $183.9M |
| Net Profit | $637.0K | $11.9M |
| Gross Margin | 57.6% | — |
| Operating Margin | 19.3% | 9.5% |
| Net Margin | 0.5% | 6.5% |
| Revenue YoY | 35.1% | 24.9% |
| Net Profit YoY | -88.0% | 40.9% |
| EPS (diluted) | $0.02 | $0.18 |
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 | $125.2M | $183.9M | ||
| Q3 25 | $106.7M | $168.7M | ||
| Q2 25 | $91.7M | $156.7M | ||
| Q1 25 | $86.7M | $122.8M | ||
| Q4 24 | $92.7M | $147.2M | ||
| Q3 24 | $91.5M | $153.1M | ||
| Q2 24 | $89.0M | $131.5M | ||
| Q1 24 | $79.1M | $104.7M |
| Q4 25 | $637.0K | $11.9M | ||
| Q3 25 | $20.7M | $12.2M | ||
| Q2 25 | $11.3M | $-2.7M | ||
| Q1 25 | $2.3M | $-2.0M | ||
| Q4 24 | $5.3M | $8.4M | ||
| Q3 24 | $13.9M | $5.1M | ||
| Q2 24 | $3.6M | $3.7M | ||
| Q1 24 | $3.3M | $11.7M |
| 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 | 19.3% | 9.5% | ||
| Q3 25 | 27.2% | 10.0% | ||
| Q2 25 | 15.6% | 2.3% | ||
| Q1 25 | 19.3% | 2.4% | ||
| Q4 24 | 10.3% | 10.1% | ||
| Q3 24 | 21.2% | 9.8% | ||
| Q2 24 | 3.2% | 5.8% | ||
| Q1 24 | 15.3% | 10.5% |
| Q4 25 | 0.5% | 6.5% | ||
| Q3 25 | 19.4% | 7.2% | ||
| Q2 25 | 12.3% | -1.8% | ||
| Q1 25 | 2.7% | -1.6% | ||
| Q4 24 | 5.7% | 5.7% | ||
| Q3 24 | 15.2% | 3.3% | ||
| Q2 24 | 4.0% | 2.8% | ||
| Q1 24 | 4.1% | 11.1% |
| Q4 25 | $0.02 | $0.18 | ||
| Q3 25 | $0.37 | $0.19 | ||
| Q2 25 | $0.20 | $-0.04 | ||
| Q1 25 | $0.04 | $-0.03 | ||
| Q4 24 | $0.09 | $0.19 | ||
| Q3 24 | $0.26 | $0.11 | ||
| Q2 24 | $0.07 | $0.08 | ||
| Q1 24 | $0.06 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $151.2M | $103.1M |
| Total DebtLower is stronger | — | $249.6M |
| Stockholders' EquityBook value | $337.9M | $429.3M |
| Total Assets | $894.0M | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.2M | $103.1M | ||
| Q3 25 | $143.1M | $94.0M | ||
| Q2 25 | $109.3M | $59.3M | ||
| Q1 25 | $97.1M | $63.9M | ||
| Q4 24 | $100.6M | $86.8M | ||
| Q3 24 | $104.5M | $93.1M | ||
| Q2 24 | $91.6M | $77.9M | ||
| Q1 24 | $81.0M | $95.9M |
| Q4 25 | — | $249.6M | ||
| Q3 25 | — | $256.2M | ||
| Q2 25 | — | $244.7M | ||
| Q1 25 | — | $251.0M | ||
| Q4 24 | — | $257.2M | ||
| Q3 24 | — | $133.6M | ||
| Q2 24 | — | $90.5M | ||
| Q1 24 | — | $95.9M |
| Q4 25 | $337.9M | $429.3M | ||
| Q3 25 | $349.5M | $420.3M | ||
| Q2 25 | $320.4M | $414.4M | ||
| Q1 25 | $299.5M | $420.8M | ||
| Q4 24 | $299.5M | $427.8M | ||
| Q3 24 | $289.4M | $332.6M | ||
| Q2 24 | $267.2M | $331.5M | ||
| Q1 24 | $258.8M | $332.0M |
| Q4 25 | $894.0M | $928.1M | ||
| Q3 25 | $889.6M | $932.1M | ||
| Q2 25 | $868.6M | $916.0M | ||
| Q1 25 | $848.3M | $918.0M | ||
| Q4 24 | $830.4M | $936.5M | ||
| Q3 24 | $847.6M | $749.2M | ||
| Q2 24 | $827.4M | $692.9M | ||
| Q1 24 | $824.1M | $703.3M |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.29× |
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 | $29.4M | $15.1M |
| Free Cash FlowOCF − Capex | $28.0M | — |
| FCF MarginFCF / Revenue | 22.3% | — |
| Capex IntensityCapex / Revenue | 1.1% | — |
| Cash ConversionOCF / Net Profit | 46.11× | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | $118.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.4M | $15.1M | ||
| Q3 25 | $67.5M | $28.6M | ||
| Q2 25 | $23.2M | $14.4M | ||
| Q1 25 | $7.0M | $-4.4M | ||
| Q4 24 | $11.5M | $19.3M | ||
| Q3 24 | $35.3M | $28.5M | ||
| Q2 24 | $35.0M | $9.0M | ||
| Q1 24 | $-11.0M | $9.0M |
| 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 | 46.11× | 1.27× | ||
| Q3 25 | 3.27× | 2.34× | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 2.99× | — | ||
| Q4 24 | 2.16× | 2.29× | ||
| Q3 24 | 2.54× | 5.57× | ||
| Q2 24 | 9.78× | 2.43× | ||
| Q1 24 | -3.35× | 0.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
