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Side-by-side financial comparison of National CineMedia, Inc. (NCMI) and Kartoon Studios, Inc. (TOON), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
National CineMedia, Inc. is the larger business by last-quarter revenue ($63.4M vs $9.7M, roughly 6.5× Kartoon Studios, Inc.). National CineMedia, Inc. runs the higher net margin — 2.5% vs -54.4%, a 56.9% gap on every dollar of revenue. On growth, Kartoon Studios, Inc. posted the faster year-over-year revenue change (2.9% vs 1.6%). Kartoon Studios, Inc. produced more free cash flow last quarter ($346.0K vs $-2.0M). Over the past eight quarters, Kartoon Studios, Inc.'s revenue compounded faster (26.3% CAGR vs 0.8%).
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.
Kartoon Studios, Inc. is an entertainment company headed by Andy Heyward. The company was formed in 2010 as Genius Brands International (GBI) from the merger of Genius Brands International and A Squared Entertainment.
NCMI vs TOON — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $63.4M | $9.7M |
| Net Profit | $1.6M | $-5.3M |
| Gross Margin | 95.0% | — |
| Operating Margin | -2.8% | -38.4% |
| Net Margin | 2.5% | -54.4% |
| Revenue YoY | 1.6% | 2.9% |
| Net Profit YoY | 144.4% | 8.5% |
| EPS (diluted) | $0.02 | $-0.08 |
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 | — | $9.7M | ||
| Q3 25 | $63.4M | $9.9M | ||
| Q2 25 | $51.8M | $10.3M | ||
| Q1 25 | $34.9M | $9.5M | ||
| Q4 24 | $86.3M | $9.4M | ||
| Q3 24 | $62.4M | $8.7M | ||
| Q2 24 | — | $8.4M | ||
| Q1 24 | — | $6.1M |
| Q4 25 | — | $-5.3M | ||
| Q3 25 | $1.6M | $-6.6M | ||
| Q2 25 | $-10.7M | $-6.2M | ||
| Q1 25 | $-30.7M | $-6.5M | ||
| Q4 24 | $24.7M | $-5.8M | ||
| Q3 24 | $-3.6M | $-2.1M | ||
| Q2 24 | — | $-5.9M | ||
| Q1 24 | — | $-7.0M |
| Q4 25 | — | — | ||
| Q3 25 | 95.0% | — | ||
| Q2 25 | 93.8% | — | ||
| Q1 25 | 91.1% | — | ||
| Q4 24 | 96.4% | — | ||
| Q3 24 | 94.7% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -38.4% | ||
| Q3 25 | -2.8% | -29.3% | ||
| Q2 25 | -23.2% | -31.3% | ||
| Q1 25 | -68.5% | -32.4% | ||
| Q4 24 | 23.2% | -37.1% | ||
| Q3 24 | -12.0% | -29.2% | ||
| Q2 24 | — | -55.6% | ||
| Q1 24 | — | -103.6% |
| Q4 25 | — | -54.4% | ||
| Q3 25 | 2.5% | -66.5% | ||
| Q2 25 | -20.7% | -60.0% | ||
| Q1 25 | -88.0% | -68.7% | ||
| Q4 24 | 28.6% | -61.2% | ||
| Q3 24 | -5.8% | -23.6% | ||
| Q2 24 | — | -70.1% | ||
| Q1 24 | — | -115.9% |
| Q4 25 | — | $-0.08 | ||
| Q3 25 | $0.02 | $-0.14 | ||
| Q2 25 | $-0.11 | $-0.13 | ||
| Q1 25 | $-0.32 | $-0.14 | ||
| Q4 24 | $0.26 | $-0.14 | ||
| Q3 24 | $-0.04 | $-0.05 | ||
| Q2 24 | — | $-0.15 | ||
| Q1 24 | — | $-0.20 |
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 | $29.9M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $350.5M | $26.2M |
| Total Assets | $451.9M | $70.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | — | ||
| Q3 25 | $29.9M | — | ||
| Q2 25 | $37.2M | — | ||
| Q1 25 | $59.8M | — | ||
| Q4 24 | $75.2M | $100.0K | ||
| Q3 24 | $49.5M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $26.2M | ||
| Q3 25 | $350.5M | $22.6M | ||
| Q2 25 | $350.0M | $28.4M | ||
| Q1 25 | $370.8M | $28.6M | ||
| Q4 24 | $411.2M | $35.0M | ||
| Q3 24 | $385.5M | $41.2M | ||
| Q2 24 | — | $42.7M | ||
| Q1 24 | — | $44.8M |
| Q4 25 | — | $70.9M | ||
| Q3 25 | $451.9M | $66.7M | ||
| Q2 25 | $462.0M | $70.0M | ||
| Q1 25 | $503.8M | $71.7M | ||
| Q4 24 | $568.6M | $85.5M | ||
| Q3 24 | $526.1M | $87.3M | ||
| Q2 24 | — | $89.0M | ||
| Q1 24 | — | $93.3M |
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 | $-1.0M | $381.0K |
| Free Cash FlowOCF − Capex | $-2.0M | $346.0K |
| FCF MarginFCF / Revenue | -3.2% | 3.6% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.6% | 0.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | -0.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-5.3M | $-11.6M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $381.0K | ||
| Q3 25 | $-1.0M | $-5.5M | ||
| Q2 25 | $-4.9M | $-4.5M | ||
| Q1 25 | $6.0M | $-1.8M | ||
| Q4 24 | $30.5M | $-2.4M | ||
| Q3 24 | $-2.0M | $1.5M | ||
| Q2 24 | — | $-6.5M | ||
| Q1 24 | — | $3.8M |
| Q4 25 | — | $346.0K | ||
| Q3 25 | $-2.0M | $-5.5M | ||
| Q2 25 | $-6.6M | $-4.5M | ||
| Q1 25 | $5.3M | $-1.8M | ||
| Q4 24 | $28.1M | $-2.4M | ||
| Q3 24 | $-2.6M | $1.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $3.8M |
| Q4 25 | — | 3.6% | ||
| Q3 25 | -3.2% | -56.0% | ||
| Q2 25 | -12.7% | -44.1% | ||
| Q1 25 | 15.2% | -19.4% | ||
| Q4 24 | 32.6% | -25.6% | ||
| Q3 24 | -4.2% | 17.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 62.7% |
| Q4 25 | — | 0.4% | ||
| Q3 25 | 1.6% | 0.4% | ||
| Q2 25 | 3.3% | 0.6% | ||
| Q1 25 | 2.0% | 0.2% | ||
| Q4 24 | 2.8% | 0.5% | ||
| Q3 24 | 1.0% | 0.4% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.6% |
| Q4 25 | — | — | ||
| Q3 25 | -0.63× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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
NCMI
| National Advertising Revenue | $49.9M | 79% |
| Local Advertising Revenue | $9.6M | 15% |
| Founding Member Advertising Revenue From Beverage Concessionaire Agreements | $3.9M | 6% |
TOON
| Other | $4.6M | 48% |
| CA | $2.8M | 29% |
| Content Distribution | $2.2M | 23% |
