MARCUS CORP
MCSAbout the company
The Marcus Corporation, together with its subsidiaries, owns and operates movie theatres, and hotels and resorts in the United States. The company operates a family entertainment center and multiscreen motion picture theatres under the Marcus Theatres, Movie Tavern by Marcus, and BistroPlex brand names.
Investment snapshot
Positive
2
BUY / PASS
Neutral / negative
2 / 12
NEUTRAL / FAIL
Median fair value
$5.45
-79.8% vs price
Models with upside
0 / 17
Positive margin of safety
Strongest signal
6 of 10 pass — Dreman, Pabrai, Ackman +1 more object
Key risk
No clean pass — all 16 investors flag at least one profitability criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Graham Defensive Value | Buffett Quality Compounder | Lynch GARP | Greenblatt Magic Formula | Piotroski F-Score | Dreman Contrarian Value | Munger Quality Focus | Pabrai Dhandho Framework | Akre Three-Legged Stool | Marks Risk-Aware Value | Ackman Activist Value | Templeton Global Bargain Hunter | Sleep Scale Economies Shared | Asness Systematic Factors | Neff Low-P/E Total Return | Schloss Asset-Value Discipline | O'Shaughnessy Systematic Factor Composite |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Verdict | FAIL | FAIL | FAIL | Not ranked | PASS | FAIL | PASS | FAIL | FAIL | FAIL | FAIL | FAIL | FAIL | NEUTRAL | FAIL | FAIL | NEUTRAL |
| Score | |||||||||||||||||
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| Intrinsic Value (annual) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||
| Margin of Safety | N/A | -310.8% | N/A | -377.0% | N/A | N/A | -4546.6% | -413.3% | -70.6% | N/A | -5634.0% | N/A | N/A | N/A | N/A | N/A | N/A |
| Financial Basis | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-27 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-27 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-10-29 Score computed: 2026-11-14 | TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-10-29 Score computed: 2026-11-14 |
Where It Passes
- Cash Flow60% pass✓ 7✗ 5▾
6 of 10 pass — Dreman, Pabrai, Ackman +1 more object
Free Cash Flow Proxy$12.7M✓BuffettPositive and growingFCF Positive and Growing$76.9M✓LynchPositive and growingOperating Cash Flow$84.2M✓PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=8.30%, ROA=1.25%✓PiotroskiCFO/Assets > ROAPrice / (CFO / Shares)✗Dreman< 8xP/E or FCF YieldFCF Yield=0.1%✗PabraiP/E < 15 or FCF Yield > 10%FCF Positive13/21 years FCF positive✓MarksPositive FCF in majority of recent years(OCF - CapEx) / Market Cap✗Ackman>= 4%Price / FCF per Share✗Ackman<= 25Positive Operating Cash Flow frequency20/21 years positive✓SleepPositive OCF in >= 70% of available yearsOperating Cash Flow - Capital Expenditures$76.9M✓Neff> $0 (app proxy for a strong fundamental case)(Operating cash flow - capex) / market capitalization+9.18%; #846/4519 (top 18.7%)✗OshaughnessyTop 10% of eligible cross-section
Where It Falls Short
- Profitability0% pass✓ 6✗ 29▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)13/32 years positive✗GrahamPositive EPS every year for 10 yearsEPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthNet Income Positive (10+ years)27/32 years positive✗BuffettPositive every year for 10+ yearsROE (up to 5-year arithmetic mean)-1.6%✗Buffett> 15% arithmetic mean (app rule)Operating Margin (10-yr trend)2.2% (latest)✗BuffettStable or rising over 10 yearsFree Cash Flow Proxy$12.7M✓BuffettPositive and growingEarnings Variance (10-yr CoV)✗BuffettCoV < 0.3Retained Earnings Effectiveness✗Buffett$1 retained -> > $1 market value createdBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passROE5.2%✗Lynch> 15%EBIT / Enterprise Value4.3%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=4.3%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Net Income / Total Assets1.25%✓PiotroskiROA > 0ROA Change YoY-0.75% -> 1.25% (delta: +2.00%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=8.30%, ROA=1.25%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY✗PiotroskiImproved YoYPre-Tax Income / Revenue3.4%✗Dreman>= 8%Net Income / Shareholders' Equity5.2%✗Dreman> 12%Margin of Safety✗PabraiP/B < 1.5 or P/E < 15Return on Equity1.4% (3-yr avg)✗AkreROE > 20% (3-year avg)Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePositive Net Income Frequency27/31 years positive✓MarksPositive net income in >= 7 of last 10 yearsOperating Income / Revenue4.9%✗Ackman>= 15%Net Income / Shareholders Equity5.2%✗Ackman>= 15%5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Operating Margin Trend4.7% (2023) -> 2.2% (2025)✗TempletonNon-negative operating-margin trend over 3 yearsRevenue growth vs. gross and operating margin trendrevenue up, operating margin 4.7% -> 2.2%✗SleepRevenue rising; gross margin flat or falling; operating margin holdingNet income / market capitalization+3.01%; #2372/6340 (top 37.4%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionGross profit / total assets✗AsnessTop 30% of eligible cross-sectionNet income / positive book equity+5.25%; #2429/5226 (top 46.5%)✗AsnessTop 30% of eligible cross-sectionNegative 5-year standard deviation of ROA-0.0184; #1348/5884 (top 22.9%)✓AsnessTop 30% of eligible cross-section3-5 Year Diluted EPS CAGR✗Neff7%-20% annualizedPositive Diluted-EPS Years✗Schloss>= 70% positive over 5-10 observed years (app rule) - Valuation0% pass✗ 28▾
All 13 investors flag MCS's valuation
Price / 3-yr avg EPS✗Graham<= 15xPrice-to-Book Ratio✗Graham<= 1.5xP/E x P/B✗Graham<= 22.5Basic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)EBIT / Enterprise Value4.3%✗Greenblatt> 10%Earnings Yield + ROC AssessmentEY=4.3%, ROC=N/A (invested capital <= 0)✗GreenblattBoth EY > 10% and ROC > 25%Price / EPS✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)Price / (CFO / Shares)✗Dreman< 8xPrice / Book Value per Share✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)Valuation Reasonableness✗MungerP/E < 25 or Owner Earnings Yield > 5%P/E or FCF YieldFCF Yield=0.1%✗PabraiP/E < 15 or FCF Yield > 10%P/B or P/E vs. Historical Average✗MarksP/E < 15 or P/B < 2.0Discount to Intrinsic Value✗Marks>= 20% below intrinsic valuePrice / FCF per Share✗Ackman<= 25Price vs. Trailing Low187% of trailing low ($14.40)✗Templeton<= 120% of trailing low (certified split-adjusted live window)Net income / market capitalization+3.01%; #2372/6340 (top 37.4%)✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-sectionPositive book equity / market capitalization+0.5733; #2600/6449 (top 40.3%)✗AsnessTop 30% of eligible cross-sectionPrice / Diluted EPS✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)(EPS CAGR % + Dividend Yield %) / P/E✗Neff> 0.7 (Neff's published traditional edge)Price / Tangible Book Value per Share✗SchlossP/TBV <= 1.00x (app cutoff)Book Value per Share Change✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)Revenue / market capitalization+0.9755; #1790/5247 (top 34.1%)✗OshaughnessyTop 10% of eligible cross-section(Operating cash flow - capex) / market capitalization+9.18%; #846/4519 (top 18.7%)✗OshaughnessyTop 10% of eligible cross-sectionTrailing six-month price return through the evaluation date+41.62%; #783/6202 (top 12.6%)✗OshaughnessyTop 10% of eligible cross-section - Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio0.67✗Graham>= 2.0ROIC (3-5 yr avg)1.0%✗Buffett> 10%ROIC - WACC-9.0%✗BuffettPositive (WACC = 10%)EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)✗Greenblatt> 25%Current Ratio Change YoY0.52 -> 0.40✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.70x -> 0.75x✓PiotroskiImproved YoYCurrent Assets / Current Liabilities0.67✗Dreman> 1.5Return on Invested Capital5.0%✗Munger> 15%ROIC (high and growing)FY2023: ROIC=4.2%; FY2024: ROIC=2.0%; FY2025: ROIC=2.2%✗AkreLatest 3 consecutive FYs: ROIC > 15% in eachReinvestment Rate x ROIC3.0% (RR=60% x ROIC=5.0%)✗AkreReinvestment Rate * ROIC > 10%ROIC (5-year)0/5 years above 12% (latest 2.2%)✗SleepROIC > 12% in a majority of years - Valuation models0% pass✗ 6▾
MCS overvalued: all 6 models price fair value below $26.95 (median $5.45)
Buffett fair value$6.56✗Buffett-310.8% margin vs $26.95Greenblatt fair value$5.65✗Greenblatt-377.0% margin vs $26.95Munger fair value$0.58✗Munger-4546.6% margin vs $26.95Pabrai fair value$5.25✗Pabrai-413.3% margin vs $26.95Akre fair value$15.80✗Akre-70.6% margin vs $26.95Ackman fair value$0.47✗Ackman-5634.0% margin vs $26.95 - Growth13% pass✓ 3✗ 10▾
7 of 8 flag MCS's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)✗Graham>= 33% growthBasic earnings-growth PEG (dividends excluded)✗Lynch< 1.0 (ideally < 0.5)3-5 Year EPS CAGR✗Lynch15-30% (Fast Grower); > 0% to passInventory Growth vs Revenue GrowthInv: 0.8% vs Rev: 3.1%✓LynchInventory growth < Revenue growthEPS Growth Direction✗DremanPositive over recent yearsEPS CAGR✗Dreman> 5% annualizedPositive Net Income Frequency27/31 years positive✓MarksPositive net income in >= 7 of last 10 years3yr Median Revenue Growth3.1%✗Ackman>= 5%Positive EPS Growth Frequency✗AckmanPositive EPS growth in >= 3 of last 5 years5-Year EPS CAGR✗Templeton> 0% (5-year EPS CAGR)Revenue growth vs. gross and operating margin trendrevenue up, operating margin 4.7% -> 2.2%✗SleepRevenue rising; gross margin flat or falling; operating margin holding5-year Revenue CAGR26.1%✓SleepCAGR > 7%3-5 Year Diluted EPS CAGR✗Neff7%-20% annualized - Verdicts14% pass✓ 2✗ 12▾
Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL
Overall verdict✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 5)✗DremanFAIL (1/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)✗AckmanFAIL (2/9)✗TempletonFAIL (3/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked) - Debt & Leverage33% pass✓ 7✗ 8▾
8 of 12 flag MCS's debt & leverage — Graham, Buffett, Lynch +5 more
Debt Levels0.32✓MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3LT Debt vs Net Current AssetsLT Debt $149.2M vs NCA $-51.9M✗GrahamLT Debt <= Net Current AssetsDebt/Equity & Interest CoverageD/E: 0.32, IC: 3.7x✗BuffettD/E < 0.5 AND Interest Coverage > 5xTotal Debt / Equity0.32✓Lynch< 0.33Cash - Long-term Debt$-88.9M✗LynchPositive preferredLT Debt / Total Assets Change14.27% -> 15.67%✗PiotroskiDecreased YoYCurrent Assets / Current Liabilities0.67✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)Total Debt / Shareholders' Equity0.32✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00xInterest Coverage & Debt/EBITDAIC=3.7x, D/EBITDA=1.4x✓MarksInterest Coverage > 3x; Debt/EBITDA < 4xTotal Debt / Shareholders Equity0.32✓Ackman<= 1.0Negative debt-to-equity (higher means less debt)-0.3157; #2040/4210 (top 48.5%)✗AsnessTop 30% of eligible cross-section
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Share retirement not available for this company.
- Buybacks
- $18.8M
- Dividends
- $9.2M
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: revenue, net income, operating income, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex, dividends paid. | Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, dividends paid. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, dividends paid. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $837.9Mcurrent | -- | -- | -- | -- | -- | -- | -- | -- |
| Revenue | $817.4M↑9% | $237.8M↑13% | $231.7M↑12% | $154.4M↑4% | $758.5M↑3% | $735.6M↑1% | $729.6M↑8% | $677.4M↑48% | $458.2M |
| Operating Income | $39.8M↑203% | $30.3M↑33% | $27.1M↑108% | -$19.3M↑6% | $17.1M↑6% | $16.2M↓52% | $33.9M↑308% | $8.3M↑120% | -$41.5M |
| Net Income | $25.2M↑226% | $18.8M↑16% | $15.8M↑116% | -$15.4M↑9% | $12.7M↑263% | -$7.8M↓153% | $14.8M↑224% | -$12.0M↑72% | -$43.3M |
| EPS (Diluted) | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Gross Margin | — | — | — | — | — | — | — | — | — |
| Operating Margin | 4.9%↑179% | 12.7%↑18% | 11.7%↑85% | -12.5%↑9% | 2.2%↑2% | 2.2%↓53% | 4.7%↑279% | 1.2%↑114% | -9.0% |
| ROE | 5.2%↑209% | — | — | — | 2.8%↑266% | -1.7%↓153% | 3.1%↑220% | -2.6%↑72% | -9.5% |
| Total Debt | $151.7M↓6% | $151.7M↓6% | $151.6M↓16% | $176.7M↓11% | $159.0M | $159.1M↓6% | $169.9M↓6% | $180.4M↓16% | $215.1M |
| Shareholders' Equity | $480.4M↑6% | $480.4M↑6% | $456.9M↑2% | $441.2M | $457.4M↓2% | $464.9M↓1% | $471.2M↑3% | $456.1M↑1% | $453.6M |
| Current Ratio | 0.67↑90% | 0.67↑90% | 0.44↑12% | 0.35↓17% | 0.40↓24% | 0.52↓16% | 0.62↑51% | 0.41↓13% | 0.47 |
| Debt / Equity | 0.32↓11% | 0.32↓11% | 0.33↓17% | 0.40↓11% | 0.35↑2% | 0.34↓5% | 0.36↓9% | 0.40↓17% | 0.47 |
| Operating Cash Flow | $126.0M↑43% | $38.4M↓2% | $54.0M↑71% | -$15.2M↑57% | $84.2M↓19% | $103.9M↑1% | $102.6M↑10% | $93.2M↑102% | $46.3M |
| Free Cash Flow | $76.9M↑4381% | $28.4M↑56% | $44.0M↑198% | -$21.9M↑63% | $989.0K↓96% | $24.7M↓61% | $63.9M↑13% | $56.4M↑93% | $29.2M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Entertainment
MCS vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Walt Disney CoDIS | $205.4B | $118.97 | $94.4B | $12.4B | 11.3% | 0.38 | 18.6% | 0.71 | 1/9 | 2/9 | 4/7 | 1/3 | F-Score 7 | 4/11 |
| Madison Square Garden Sports Corp.MSGS | $9.3B | $314.46 | $1.0B | $22.4M | 8.0% | -1.03 | 1.4% | 0.45 | 1/9 | 3/9 | 1/7 | 0/3 | F-Score 5 | 1/11 |
| Churchill Downs IncCHDN | $6.8B | $99.72 | $2.9B | $383.0M | 37.9% | 5.08 | 23.4% | 0.60 | 1/9 | 3/9 | 2/7 | 1/3 | F-Score 6 | 3/11 |
| VAIL RESORTS INCMTN | $5.5B | $152.61 | $3.0B | $280.0M | 66.0% | 7.35 | 18.9% | 0.63 | 1/9 | 5/9 | 3/7 | 0/3 | F-Score 7 | 3/11 |
| Cinemark Holdings, Inc.CNK | $4.7B | $40.80 | $3.1B | $138.2M | — | — | — | — | 1/9 | 0/9 | 2/7 | 0/3 | F-Score 1 | 1/11 |
| Manchester United plcMANU | $3.9B | $22.43 | $914.4M | $45.3M | -17.0% | 3.29 | -2.8% | 0.38 | 1/9 | 0/9 | 0/7 | 0/3 | F-Score 5 | 1/11 |
| Atlanta Braves Holdings, Inc.BATRA | $3.7B | $56.66 | $732.5M | $23.4M | -4.4% | 1.40 | -1.8% | 0.42 | 1/9 | 1/9 | 1/7 | 0/3 | F-Score 5 | 1/11 |
| Brightstar Lottery PLCBRSL | $1.8B | $9.81 | $2.5B | $147.0M | 16.8% | 4.77 | — | 0.76 | 3/9 | 2/9 | 1/7 | 1/3 | F-Score 4 | 4/11 |