Quality Investor

Eastman Kodak Company

Rank #407Decline

KODK · NYSE · Industrials

Eastman Kodak Company (KODK) — Rank #407 by gross profitability (GP/assets 0.15) · ROE -20.5% · Piotroski F-Score 7 / 9.

As-of 2026-09-15 · CIK 0000031235 · all metrics point-in-time as of the filing date.

About

Eastman Kodak Company focuses on the commercial print and advanced materials and chemicals businesses worldwide.

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The company operates through three segments: Print, Advanced Materials and Chemicals, and Brand. The Print segment provides digital offset plate offerings and computer-to-plate imaging solutions; digital printing solutions; press systems and components under the PROSPER brand name, as well as print inks and primers under the KODAK OPTIMAX, KODACHROME, and KODAK EKTACOLOR brand names; and PRINERGY, a workflow production software that is used by customers to manage digital and conventional print content from file creation to output. This segment offers its products to commercial industries, including commercial print, direct mail, book publishing, newspapers and magazines, décor, and packaging/labels. The Advanced Materials and Chemicals segment engages in the industrial film and chemicals, motion picture, advanced materials and functional printing, and IP licensing and analytical activities. This segment also comprises the Kodak Research Laboratories, which conducts research, develops new product or new business opportunities, and files patent applications, as well as manages licensing of its intellectual property to third parties. The Brand segment engages in the licensing of Kodak brand to third parties. The company is also involved in the operation of Eastman Business Park, a technology center and industrial complex. It sells its products and services through direct sales, third party resellers, dealers, channel partners, and distributors.

Eastman Kodak Company was founded in 1880 and is headquartered in Rochester, New York.

Industry
Specialty Business Services
Sector
Industrials
State
NJ
Filer Category
Accelerated filer
Fiscal Year End
December 31
Website
kodak.com

Price History

KODK+28.9% · +5.2% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E, P/B, and dividend yield matter most — book value provides a floor.

Market Cap

$907.60M

P/E (annual)

P/S (annual)

0.8

P/B

1.5

P/OCF (annual)

1.9

Shareholder Yield

67.9%

Employees

3,500

Industry

Specialty Business Services

Exchange

NYSE

Signal Flags

1 green1 yellow1 red
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Revenue declining YoYRevenue contracted year over year

Quality Profile

Profitability

1/1 pass
GP / assets
0.15
Return on equity
-20.5%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.33
Current ratio
2.91×
Net cash
$207.00M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.5%

Growth

1/2 pass
Revenue growth
-79.2%
Piotroski F-Score
7 / 9
Share dilution
-67.7%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

-30.8%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -67.7% — per-share value needs a total required return of -98.5% once share-count change is priced in.

vs. own 6-year median revenue growth: -20.1%

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-32.6%

r = 10% (base)

-30.8%

r = 12%

-29.2%

Net debt / market cap: -25.7%

Base FCF: $446M3Y mean FCF: -$331M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / S

Price / revenue per share

0.7xExpensive
0.1xmed 0.1x0.7x

P / B

Price / book value per share

8.8xExpensive
0.8xmed 3.7x8.8x

P / GP

Price / gross profit per share

5.0xExpensive
0.4xmed 0.7x5.0x

Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.15

Primary signal (Novy-Marx).

3rd pctl of 37 SIC 38 peers

Return on equity

-20.5%

Gross margin

21.7%

0th pctl of 37 SIC 38 peers

Revenue growth (YoY)

-79.2%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2010201120122020
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

Revenue CAGR (5Y)

0.8%

Earnings CAGR (3Y)

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.33

26th pctl of 35 SIC 38 peers (best = lowest)

Current ratio

2.91×

63rd pctl of 36 SIC 38 peers

Quick ratio

1.77×

Net cash

$207.00M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$446.00M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

4.48

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.5%

Stock-based comp intensity.

Dividend safety

Composite score

1.5 / 5

Weak
Payout ratio
N/A0/5 Weak
FCF coverage
223.00×5/5 Strong
Dividend growth streak
0 yr0/5 Weak
Balance-sheet health
D/E 1.33 · IC 0.00×1/5 Weak

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20082020
Decline