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what it is
Kodak sells printing hardware, software, film, chemicals, and branded products built on an old imaging business that still does about $1.1 billion in sales.
how it gets paid
Last year Eastman Kodak made $1.1B in revenue. commercial print systems was the main engine at $0.35B, or 32% of sales.
why it's growing
Revenue grew about 2.5% last year. In Q3 2025, gross margin was about 25% because gross margin means money left after making the product.
what just happened
Through the first nine months of 2025, Kodak reported $779M in revenue and a GAAP loss of $0.55 per share (same period).
At a glance
C++ balance sheet — some cracks in the foundation
15/100 earnings predictability — expect surprises
9.4x trailing p/e — the market's not buying it — or you found a deal
9.9% return on capital — nothing to write home about
$0.90 fy2024 eps est
xvary composite: 38/100 — weak
What they do
Kodak sells printing hardware, software, film, chemicals, and branded products built on an old imaging business that still does about $1.1 billion in sales.
Kodak still matters because print shops and film users do not swap suppliers on a whim. The company has 3,900 employees and a global installed base, which means your workflow, consumables, and service contracts are tied to Kodak gear. That stickiness helps, but a 1.8% operating margin means the moat is real and still shallow.
How they make money
$1.1B
annual revenue · their business grew +2.5% last year
commercial print systems
$0.35B
+3.0%
consumables and ink
$0.26B
+2.0%
packaging and graphic communications
$0.21B
+1.0%
motion picture and commercial film
$0.17B
4.0%
brand licensing and services
$0.11B
+5.0%
The products that matter
commercial printing hardware and software
Print Systems
$177M · -3%
print revenue was $177M in Q3 2025, down 3% vs. prior year — still the core line, but the quarter showed mix pressure, not a clean growth print.
core segment
packaging and industrial materials
Advanced Materials & Chemicals
$82M · +15%
advanced materials & chemicals revenue reached $82M in Q3 2025, up 15% vs. prior year — that's where pricing, mix, and film demand showed up in the quarter.
margin driver
legacy and non-core operations
Other Operations
$779M · nine months YTD
revenue for the nine months ended Sep 30, 2025 was $779M — real scale, but GAAP EPS over that stretch was still a $0.55 loss per share, so the operating story and the accounting story diverge.
the drag
Key numbers
1.8%
operating margin
This is profit after running the business, before interest and taxes, so what: Kodak has almost no room for mistakes.
9.4x
trailing p/e
Price-to-earnings means what investors pay for each dollar of profit, so what: the stock looks cheap only if those profits stick.
$1.1B
annual revenue
This tells you Kodak is still a real operating company, but scale alone does not help if margins stay thin.
9.9%
return on capital
Return on capital means profit generated from the money tied up in the business, so what: Kodak is decent here, but not good enough to ignore the low margin.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 10 / 100
- long-term debt $40M (6% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for KODK right now.
source: institutional data · return history unavailable
What just happened
nine-month GAAP loss
Through the first nine months of 2025, Kodak reported $779M in revenue and GAAP EPS of -$0.55.
Q3 2025 gross margin was about 25%, but nine-month GAAP EPS was still negative. That is the Kodak pattern: improving operations can coexist with messy reported earnings.
$779M
revenue
-$0.55
eps (9M)
~25%
gross margin (Q3)
the number that mattered
The key number was ~25% gross margin in Q3 2025 because gross margin means money left after making the product, so what: Kodak needs that strength to stick before shareholders trust durable earnings.
source: company earnings report, 2026
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What could go wrong
the #1 risk is May 2026 debt refinancing.
med
May 2026 debt refinancing
Kodak has a near-term funding event hanging over a company with a C++ balance sheet grade and a negative S&P outlook.
If the refinancing slips or comes with punitive terms, the operating turnaround stops being the story and solvency becomes the story.
med
insider-trading lawsuit
The New York attorney general's office is preparing an insider-trading lawsuit against the company.
This risk does not just mean potential fines. It also means management distraction and one more reason for investors to demand a discount.
med
turnaround stalls at low margins
The 2025 improvement still sits on a 1.8% operating margin and a $128M GAAP loss. There is almost no room for execution misses.
A reversal in margin or EBITDA would expose how little buffer this business has despite $337M of cash.
A failed or punitive refinancing would hit a business that still lost $128M on a GAAP basis in 2025. That is why the debt clock matters more than the headline 9.4x p/e.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q1 2026 earnings report
Estimated for May 12, 2026. You want to see whether Q4's $22M operational EBITDA was a spike or the new baseline.
risk
May 2026 debt refinancing
This is the event that matters most. If Kodak refinances on workable terms, the turnaround gets time. If not, everything else gets repriced.
trend
gross margin after the 23% Q4 print
Margin expansion was the cleanest sign of improvement. If the ~25% Q3 gross margin level fades, the 2025 progress starts to look temporary.
metric
cash versus the $337M year-end level
Cash is the buffer while the company works through refinancing and litigation. You want to see stability here, not a leak.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not view these quarter-to-quarter numbers as steady enough to model cleanly.
price stability
10 / 100
This stock moves more like a situation than a franchise. Expect bigger swings than the business quality would normally earn.
risk rank
4
Safer than 20% of stocks means riskier than most. The balance sheet and refinancing explain why.
source: institutional data
Institutional activity
institutional ownership data for KODK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$8
current price
n/a
target midpoint · n/a from current
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