RDI
READING INTERNATIONAL INC
Next earnings Aug 12, 2026 · consensus $0.06 EPS, $64.1M rev
Last earnings +1.0% on 2026-05-15
$1.27
▼ -4.89%$1.27▲ +2.85%
over 1Y
L $1.00H $1.59
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-4.9%
1W-3.4%
1M+3.7%
3M+16.1%
YTD+16.1%
1Y+2.8%
Avoid
Conviction
Horizon
Long (>12mo)
Street · 5 analysts
Buy
Insolvent, cash-burning cinema operator kept alive by selling its real estate — equity is an option on liquidation math, not a business.
Stockholders' equity -$18.2M · FY2025
RDI is a dual cinema/real-estate company whose operating business does not stand on its own. FY2025 revenue of $203M fell 3.6% and is now below the FY2023 post-COVID peak of $223M, so the recovery has stalled and reversed. The company has lost money for four straight years (net income -$36.2M, -$30.7M, -$35.3M, -$14.1M in FY2022-2025) and generated negative operating cash flow of -$1.58M in FY2025. The improvement in the FY2025 loss to -$14.1M is real but is being driven by cinema closures (two more in 2025), lease renegotiations, admin cuts ($15.5M→$14.4M) and deferred capex ($1.33M, down 76%) — cost-cutting and shrinkage, not growth. Management itself concedes the deferred refurbishment 'likely adversely impacted revenues' versus renovated competitors, so the efficiency story cannibalizes the top line.
The balance sheet is the decisive fact: stockholders' equity is -$18.2M (liabilities $453M exceed assets $435M), so the company is book-insolvent. Worse, current assets of $21.8M sit against current liabilities of $129M — a ~$107M working-capital deficit — with only $10.5M of cash, $36M of current debt and $185M of long-term debt whose average borrowing cost has climbed from 4.0% (2019) to 7.8% (2025). The company only 'remain[s] confident' about 2026-2027 liquidity because it keeps selling real estate: nine assets for $197.5M net over 2021-2025, of which $99.9M went to debt paydown. That is a business funding survival by liquidating the asset base, not compounding it.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $139M | $203M | $223M | $211M | $203M |
| Gross profit | — | — | — | — | — |
| Operating income | -$41.8M | -$28.5M | -$12.0M | -$14.0M | -$5.31M |
| Net income | $31.9M | -$36.2M | -$30.7M | -$35.3M | -$14.1M |
| Diluted EPS | $1.42 | -$1.64 | -$1.38 | -$1.58 | -$0.62 |
| Net margin | 23.0% | -17.8% | -13.8% | -16.8% | -7.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$255M
EV / EBITDA32.3
EV / Sales1.3
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-32.0%
FCF yield-6.6%
Quality & risk
ROIC (est.)—
Free cash flow-$2.91M
Total debt$221M
Net cash-$211M
Altman Z-Score-0.22 distress
Piotroski F-Score4/8
Capital returns
Buyback yield1.5%
Dividend yield (est.)—
Shareholder yield1.5%
Shares Δ YoY+1.1%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Earnings results2026-05-15
Q1 FY26 10-Q; negative equity and heavy debt persist, liquidity depends on asset sales
- 10-Q Quarterly report2026-05-15
Q1 FY26 10-Q; negative equity and heavy debt persist, liquidity depends on asset sales
- 10-K/A Restated periodic report2026-04-30
Second FY25 10-K amendment; supplemental disclosures, no restated financials
- 10-K/A Restated periodic report2026-04-20
FY25 10-K amendment (likely Part III proxy info); no change to reported results
- 8-K Earnings results2026-03-31
FY25: loss narrowed to -$14M on asset sales but equity turned negative -$18M
- 10-K Annual report2026-03-31
FY25: loss narrowed to -$14M on asset sales but equity turned negative -$18M
- 8-K Shareholder vote2025-12-10
Annual meeting vote results and Reg FD disclosure; routine governance, no financial change
- 8-K Earnings results2025-11-14
Q3 FY25 10-Q; revenue soft, high 7.8% borrowing cost strains liquidity
- 10-Q Quarterly report2025-11-14
Q3 FY25 10-Q; revenue soft, high 7.8% borrowing cost strains liquidity
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-05-152026-05-15open ↗10-QPeriod ending 2026-03-312026-05-15open ↗10-K/APeriod ending 2025-12-312026-04-30open ↗4Period ending 2026-04-272026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗4Period ending 2026-04-272026-04-29open ↗4Period ending 2026-04-182026-04-21open ↗4Period ending 2026-04-182026-04-21open ↗4Period ending 2026-04-182026-04-21open ↗
Frequently asked
- Is READING INTERNATIONAL INC (RDI) a buy?
- RDI currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. Insolvent, cash-burning cinema operator kept alive by selling its real estate — equity is an option on liquidation math, not a business.
- What is READING INTERNATIONAL INC's quality score?
- RDI scores 46.883018988148336/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000716634, latest 10-Q filed 2026-05-15) · EODHD · Proprietary analysis · as of 7/4/2026, 3:45:10 AM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.