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Side-by-side financial comparison of Lionsgate Studios Corp. (LION) and National CineMedia, Inc. (NCMI), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Lionsgate Studios Corp. is the larger business by last-quarter revenue ($724.3M vs $63.4M, roughly 11.4× National CineMedia, Inc.). National CineMedia, Inc. runs the higher net margin — -6.4% vs 2.5%, a 8.9% gap on every dollar of revenue. On growth, Lionsgate Studios Corp. posted the faster year-over-year revenue change (52.5% vs 1.6%). National CineMedia, Inc. produced more free cash flow last quarter ($-2.0M vs $-111.9M).
Lionsgate Canada is a Canadian entertainment company and a subsidiary of Lionsgate Studios. Based in the Entertainment District in the city of Toronto, the company is primarily involved in the acquisition and production of films and television series.
National CineMedia, Inc. (NCM) is an American cinema advertising company. NCM displays ads to U.S. consumers in movie theaters, online and through mobile technology. NCM presents cinema advertising across a digital in-theater network, consisting of theaters owned by AMC Theatres, Cinemark Theatres, Regal Cinemas and other regional theater circuits.
LION vs NCMI — Head-to-Head
Income Statement — Q3 2026 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $724.3M | $63.4M |
| Net Profit | $-46.2M | $1.6M |
| Gross Margin | — | 95.0% |
| Operating Margin | 5.0% | -2.8% |
| Net Margin | -6.4% | 2.5% |
| Revenue YoY | 52.5% | 1.6% |
| Net Profit YoY | 59.3% | 144.4% |
| EPS (diluted) | $-0.16 | $0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $724.3M | — | ||
| Q3 25 | $475.1M | $63.4M | ||
| Q2 25 | $525.9M | $51.8M | ||
| Q1 25 | — | $34.9M | ||
| Q4 24 | — | $86.3M | ||
| Q3 24 | — | $62.4M |
| Q4 25 | $-46.2M | — | ||
| Q3 25 | $-113.5M | $1.6M | ||
| Q2 25 | $-108.9M | $-10.7M | ||
| Q1 25 | — | $-30.7M | ||
| Q4 24 | — | $24.7M | ||
| Q3 24 | — | $-3.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | 95.0% | ||
| Q2 25 | — | 93.8% | ||
| Q1 25 | — | 91.1% | ||
| Q4 24 | — | 96.4% | ||
| Q3 24 | — | 94.7% |
| Q4 25 | 5.0% | — | ||
| Q3 25 | -9.7% | -2.8% | ||
| Q2 25 | -2.0% | -23.2% | ||
| Q1 25 | — | -68.5% | ||
| Q4 24 | — | 23.2% | ||
| Q3 24 | — | -12.0% |
| Q4 25 | -6.4% | — | ||
| Q3 25 | -23.9% | 2.5% | ||
| Q2 25 | -20.7% | -20.7% | ||
| Q1 25 | — | -88.0% | ||
| Q4 24 | — | 28.6% | ||
| Q3 24 | — | -5.8% |
| Q4 25 | $-0.16 | — | ||
| Q3 25 | $-0.39 | $0.02 | ||
| Q2 25 | $-0.40 | $-0.11 | ||
| Q1 25 | — | $-0.32 | ||
| Q4 24 | — | $0.26 | ||
| Q3 24 | — | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $182.4M | $29.9M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $-1.3B | $350.5M |
| Total Assets | $5.2B | $451.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $182.4M | — | ||
| Q3 25 | $202.4M | $29.9M | ||
| Q2 25 | $186.1M | $37.2M | ||
| Q1 25 | — | $59.8M | ||
| Q4 24 | — | $75.2M | ||
| Q3 24 | — | $49.5M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — |
| Q4 25 | $-1.3B | — | ||
| Q3 25 | $-1.3B | $350.5M | ||
| Q2 25 | $-1.1B | $350.0M | ||
| Q1 25 | — | $370.8M | ||
| Q4 24 | — | $411.2M | ||
| Q3 24 | — | $385.5M |
| Q4 25 | $5.2B | — | ||
| Q3 25 | $5.2B | $451.9M | ||
| Q2 25 | $5.2B | $462.0M | ||
| Q1 25 | — | $503.8M | ||
| Q4 24 | — | $568.6M | ||
| Q3 24 | — | $526.1M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-108.9M | $-1.0M |
| Free Cash FlowOCF − Capex | $-111.9M | $-2.0M |
| FCF MarginFCF / Revenue | -15.4% | -3.2% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 0.4% | 1.6% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | -0.63× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-5.3M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $-108.9M | — | ||
| Q3 25 | — | $-1.0M | ||
| Q2 25 | $-31.0M | $-4.9M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | — | $30.5M | ||
| Q3 24 | — | $-2.0M |
| Q4 25 | $-111.9M | — | ||
| Q3 25 | — | $-2.0M | ||
| Q2 25 | $-34.5M | $-6.6M | ||
| Q1 25 | — | $5.3M | ||
| Q4 24 | — | $28.1M | ||
| Q3 24 | — | $-2.6M |
| Q4 25 | -15.4% | — | ||
| Q3 25 | — | -3.2% | ||
| Q2 25 | -6.6% | -12.7% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | — | 32.6% | ||
| Q3 24 | — | -4.2% |
| Q4 25 | 0.4% | — | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | 0.7% | 3.3% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.63× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.23× | ||
| Q3 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
LION
| Television Production | $303.1M | 42% |
| Digital Media | $155.1M | 21% |
| Third Party Purchasers Individual Agreements | $91.2M | 13% |
| Theatrical | $70.7M | 10% |
| Domestic Television | $43.1M | 6% |
| Starz Business | $24.1M | 3% |
| Other Media | $17.6M | 2% |
| Packaged Media | $14.1M | 2% |
NCMI
| National Advertising Revenue | $49.9M | 79% |
| Local Advertising Revenue | $9.6M | 15% |
| Founding Member Advertising Revenue From Beverage Concessionaire Agreements | $3.9M | 6% |
