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what it is
Reading International runs movie theaters and rents out real estate tied to those venues.
how it gets paid
Last year Rdi made $211M in revenue. Cinema exhibition, U.S. was the main engine at $96M, or 46% of sales.
what just happened
In Q4 2024, revenue was $58.6M and the loss narrowed to $0.10 per share (basic), versus $0.56 per share in Q4 2023.
At a glance
C balance sheet — red flag territory — real financial stress
15/100 earnings predictability — expect surprises
FY2024 operating loss — return on capital under pressure
-$1.58 fy2024 eps est
n/a fy2026 rev est — verify vs ~$211M actual
xvary composite: 25/100 — weak
What they do
Reading International runs movie theaters and rents out real estate tied to those venues.
You get 58 cinemas and 469 screens across the U.S., Australia, and New Zealand. That is 469 places where your ticket still matters. The company also owns about 9.1 million square feet of real estate. A theater business and a landlord business in one ticker is a strange combo.
How they make money
$211M
annual revenue
Cinema exhibition, U.S.
$96M
Cinema exhibition, Australia/NZ
$52M
Real estate leasing
$38M
Live theater operations
$15M
Other venue and ancillary
$10M
The products that matter
operates movie theaters
Cinema Exhibition
$150M · 71% of shown segment revenue
this is $150M of the roughly $211M segment total shown here, which is why weak theater economics still dominate the story.
core
develops and manages property
Real Estate Division
$61M · 29% of shown segment revenue
this $61M segment is smaller, but in Q4 2024 real-estate operating income rose sharply vs. prior year while cinema still drove full-year losses.
profit driver
Key numbers
$211M
annual revenue
That is 9.2x the $23M market cap, so the stock trades like the business is on sale.
$317M
debt
Debt means borrowed money, and this stack is 1.5x revenue and 93% of capital.
-6.7%
operating margin (FY2024)
Operating margin is profit from sales before interest and taxes. FY2024 was an operating loss on revenue, not a thin positive margin.
n/a
return on capital
With a FY2024 operating loss, headline return on capital from screens is not a clean read — use filings and debt together.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 35 / 100
- long-term debt $317M (93% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for RDI right now.
source: institutional data · return history unavailable
What just happened
still losing money
Q4 2024 revenue was $58.6M (up ~29% vs. prior year); basic EPS was a $0.10 loss, improved from a $0.56 loss in Q4 2023.
Full-year 2024 revenue was about $211M, down ~5.5% from 2023 on a weaker early-2024 film slate — Q4 was the rebound quarter, not a triple-digit revenue spike.
$58.6M
Q4 revenue
-$0.10
Q4 EPS (basic)
~29%
vs. prior year revenue (Q4)
the number that mattered
The Q4 revenue step-up mattered because it showed theaters and real estate could inflect when the release slate cooperated — but FY2024 was still a net loss story.
source: Reading International Q4 & FY2024 earnings release (Mar 31, 2025)
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What could go wrong
the #1 risk is balance-sheet pressure from $317M of long-term debt.
high
leverage
long-term debt is $317M, or 93% of capital, against a market cap of roughly $23M.
when debt is that large relative to equity value, refinancing terms and lender patience matter more than small operating improvements.
med
cinema recovery that never fully arrives
cinema exhibition accounts for $150M of the segment revenue shown here, yet the business is still the drag on profitability.
if theaters stay weak, the real estate segment has to keep bailing out the broader story. that's a thin foundation for a turnaround.
med
thin operating margin
FY2024 operating margin was negative on ~$211M revenue — there was no meaningful operating cushion for the full year.
a business posting a full-year operating loss does not have much protection against soft attendance, higher costs, or delayed property monetization.
med
messy data picture
some data feeds show absurd FY2026 revenue estimates next to ~$211M actual revenue — treat those lines as garbage-in until reconciled to filings.
that gap does not automatically mean the business is mispriced. it means you should be careful about taking headline forecasts at face value.
$317M of debt against a $23M market cap is the kind of capital structure where asset value matters, but the downside gets first dibs.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
real estate vs. cinema profit split
the last standout number was the real estate segment's 56% operating income gain. if that slows while cinemas are still weak, the thesis thins out fast.
risk
debt and refinancing pressure
$317M of long-term debt is the big number on this page. any sign of tighter liquidity or asset-sale dependence matters more than a small earnings beat.
calendar
next earnings release
watch the next report for one simple question: did cinema losses narrow enough to stop making real estate do all the work.
trend
revenue direction
revenue declined 5.5% last year. if that keeps happening, leverage gets harder to carry and the turnaround case gets smaller.
Analyst rankings
earnings predictability
15 / 100
earnings can move around a lot. in human-speak, analysts do not trust this business to produce steady results.
risk rank
5
safer than 5% of stocks means riskier than roughly 95% of them. you are being paid in uncertainty here.
source: institutional data
Institutional activity
institutional ownership data for RDI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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