Eastman Kodak Co
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, not red — and yellow, not green. Against red stands the balance sheet: as of March 31, 2026 there is $299 million of cash against $160 million of financial debt, the Altman score in the balance-sheet variant sits at 4.69, well inside the safe zone, and the going-concern statement of August 11, 2025 has disappeared from both following reports after $306 million of loans were repaid. There is no documented solvency problem here. Against green stands earning power: before interest expense, pension income and special items Kodak earned exactly zero dollars in 2025, the reported cash flow rests on a one-time pension reversion, and 67 percent of revenue produces $3 million of segment profit. The Piotroski score of 3 out of 9 fits that. This is a judgment on the company, not on the share price. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Kodak repaired its balance sheet in 2025 and looks dirt cheap on a single metric — both are true, and both belong apart. The $446 million of free cash flow that produces the price-to-free-cash-flow ratio came from unwinding the overfunded U.S. pension plan: $618 million of reversion, $153 million of excise tax, leaving minus $19 million from the actual business. Before interest and pension income the group earned exactly zero in 2025. Against that stand net cash of $139 million and a going-concern question that has been settled. Not investment advice.
Earning power
Before interest expense, pension income and special items, Kodak earned exactly zero dollars in 2025 and minus $7 million in 2024. The bottom line for 2025 was a loss of $128 million after a $102 million profit the year before. The Piotroski score of 3 out of 9 reflects the same thing.
Cash generation
The reported free cash flow of $446 million (2025) came almost entirely from unwinding the pension plan: $618 million of reversion less $153 million of excise tax, both inside operating activities. Adjusted, minus $19 million remains; in the first quarter of 2026 it was minus $36 million.
Balance sheet
As of March 31, 2026 there is $299 million of cash against $160 million of financial debt — net cash of $139 million. During 2025, $306 million of loans were repaid. The Altman score in the balance-sheet variant stands at 4.69, clearly above the 2.6 threshold of the safe zone.
Going concern
The quarterly report for June 30, 2025 cited substantial doubt about the company ability to continue, triggered by two maturities in May 2026. Both are cleared: loans repaid, preferred stock restructured on March 11, 2026. Neither the annual report for 2025 nor the quarterly report for March 31, 2026 repeats the statement.
Business mix
Print delivers 67 percent of revenue ($715 million) and $3 million of segment profit; brand licensing delivers 2 percent of revenue ($23 million) and $20 million of profit. The growing chemicals division (up 17 percent) depends on a single buyer, Kodak Alaris, for roughly a third of its revenue.
Hook and data quality
42nd of 545 U.S. hits in the in-house P/FCF ranking at 2.05, measured identically on both editions on 27.07.2026 — therefore outside the 25 rows displayed and visible only through the screener or the company page. The market value carried in the data set, $0.945 billion, sits roughly 18 percent above our own calculation from share count and closing price ($803 million); the article uses our own figure.
Worth Noting
Hook and source: 42nd of 545 U.S. hits in the in-house P/FCF ranking at a ratio of 2.05, measured live on July 27, 2026 and identical on both editions. The German list covering all markets counted 836 hits the same day. Only the 25 strongest rows are displayed — Kodak is not among them and has to be found through the screener or the company page. The lists are recalculated daily.
Why we calculated the market value ourselves: the value carried in the data set, $0.945 billion, sits roughly 18 percent above the "share count times price" calculation. Our figure rests on the 97.6 million common shares from the quarterly report cover page (as of May 1, 2026) and the closing price of $8.23 on July 24, 2026. As a cross-check, the prospectus supplement of July 1, 2026 documents a closing price of $9.25 on June 30, 2026, which our price series confirms for the same day.
On the distance from the high: our data set shows 74.8 percent. Calculated ourselves we get 77.9 percent against the highest closing price in the series since relisting ($37.20 on January 9, 2014). The intraday spike to $60.00 on July 29, 2020 is mentioned in the article as market action but deliberately not used as a valuation anchor.
On the comparability of the cash flow series: the 2023 to 2025 figures all come from the consolidated statement of cash flows in the annual report for 2025 ($480 million, minus $7 million and $38 million from operations; $34 million, $56 million and $32 million of capital expenditures). The pension reversion appears there as its own line inside operating activities, and the excise tax on it is named in the management discussion.
Status of the mandatory checks on July 27, 2026: the most recent periodic report is the quarterly report for March 31, 2026 (filed May 7, 2026); no newer one existed at the editorial deadline. The filing record contains no tender offer, no merger and no going-private transaction. The Form 15-12G of 2013 and the two 25-NSE filings of 2018 relate to other classes of securities, not to the common stock listed on the NYSE. Filed after the quarterly report were, among others, a current report 8-K (May 22, 2026, Item 5.07), a shelf registration statement S-3 and a prospectus supplement 424B7 (both July 1, 2026) and a prospectus 424B3 (July 9, 2026); all have been reviewed.
Risk of confusion: Eastman Kodak Company (KODK, NYSE) is not the same as Kodak Alaris, the former consumer business carved out in 2013 — Kodak Alaris is an independent company today and at the same time a major customer of the chemicals segment.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at KODK since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.80 $ to 14.50 $ · Last price: 9.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Specialty Business Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Eastman Kodak Co KODK | 1.0 | – | 10.7 | 24.2 | – | 2.5 | 60.7 |
| Cintas Corporation CTAS | 79.2 | 42.9 | 26.6 | 50.7 | 23.2 | 7.8 | 0.0 |
| Copart Inc CPRT | 27.4 | 18.7 | 13.2 | 49.0 | 37.5 | 9.7 | -36.4 |
| Global Payments Inc GPN | 23.4 | 31.5 | 10.9 | 64.0 | 12.5 | -23.8 | 1.4 |
| RB Global Inc. RBA | 15.7 | 39.2 | 13.7 | 45.8 | 18.0 | 9.0 | -27.9 |
| Aramark Holdings ARMK | 14.9 | 43.9 | 15.4 | 15.3 | 4.6 | 6.4 | 53.5 |
| UL Solutions Inc. ULS | 13.0 | 26.3 | 15.9 | 50.4 | 18.4 | 6.4 | -3.1 |
| Dolby Laboratories DLB | 5.4 | 24.2 | 13.8 | 87.6 | 29.1 | 5.9 | -17.7 |
| Amentum Holdings Inc. AMTM | 5.0 | 34.0 | 8.2 | 10.5 | 4.1 | 71.6 | -9.2 |
| Median of companies shown | 14.9 | 32.7 | 13.7 | 49.0 | 18.2 | 6.4 | -3.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,643 | 113 | 15 | 0.35 | -13 | 83 | 1,776 |
| 2017 | 1,386 | -18 | 94 | 2.20 | -67 | 221 | 1,707 |
| 2018 | 1,320 | -101 | -16 | -0.37 | -62 | 170 | 1,511 |
| 2019 | 1,242 | -102 | 116 | 2.70 | 12 | 281 | 1,415 |
| 2020 | 1,029 | -74 | -541 | -9.43 | -35 | 268 | 1,248 |
| 2021 | 1,150 | -46 | 24 | 0.30 | -47 | 977 | 2,171 |
| 2022 | 1,205 | -26 | 26 | 0.32 | -116 | 1,244 | 2,285 |
| 2023 | 1,117 | 4 | 75 | 0.83 | 38 | 1,141 | 2,355 |
| 2024 | 1,043 | -7 | 102 | 1.11 | -7 | 859 | 2,001 |
| 2025 | 1,069 | -128 | -128 | -1.43 | 480 | 713 | 1,657 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.32 | 414.20 | 266 | -3.30 | 9.80 | 4 | -13 |
| 2025: Q1 | -0.09 | -124.80 | 247 | -0.80 | -2.80 | -38 | -50 |
| 2025: Q2 | -0.36 | -256.50 | 263 | -1.50 | -9.90 | 8 | -4 |
| 2025: Q3 | 0.14 | -25.70 | 269 | 3.10 | 4.80 | 21 | 17 |
| 2025: Q4 | -1.20 | -472.40 | 290 | 9.00 | -37.20 | 489 | 483 |
| 2026: Q1 | -0.18 | – | 265 | 7.30 | -6.00 | -30 | -36 |
| 2026: Q2 | 0.13 | 136.10 | 311 | 18.30 | 5.50 | 5 | 0 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
- CEO Buys
- Insider Buying (Net)
- Institutional + Insiders Building Positions
- Institutional Accumulation
- Institutions + CEO Buying
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $428.0M |
|---|---|
| Market cap | $989.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Kodak verkauft keine KI-Funktionen und weist keinen KI-Umsatz aus: In sechs geprüften Berichten (zwei Geschäftsberichte, vier Quartalsberichte) kommt künstliche Intelligenz ausschließlich in Risikohinweisen vor — als Angriffstechnik im Cyberrisiko, als Regulierungsrisiko und mit dem ausdrücklichen Eingeständnis, die eigene Entwicklung und Nutzung stehe „in the early phases“; kein Produkt, kein Segment und keine Umsatzangabe ist mit KI verknüpft.
View the full file — quotes, sources, reviewed filings
„Our development and use of AI technologies remain in the early phases, and appropriate use of AI without adequate controls, or inaccurate claims about our use of AI could create legal, ethical, competitive or reputational risks."
Unsere Entwicklung und Nutzung von KI-Technologien befindet sich weiterhin in einem frühen Stadium, und ein unangemessener Einsatz von KI ohne ausreichende Kontrollen oder unzutreffende Aussagen über unseren KI-Einsatz könnten rechtliche, ethische, wettbewerbliche oder Reputationsrisiken erzeugen.
10-K · 2026-03-12 · View SEC filing
„Threat actors continue to adopt more sophisticated techniques, including exploiting zero‑day vulnerabilities and emerging technologies such as artificial intelligence."
Angreifer setzen weiterhin zunehmend ausgefeilte Techniken ein, darunter das Ausnutzen von Zero-Day-Schwachstellen und aufkommender Technologien wie künstlicher Intelligenz.
10-K · 2026-03-12 · View SEC filing
Filings Reviewed: 10-Q 2026-05-07 · 10-K 2026-03-12 · 10-Q 2025-11-06 · 10-Q 2025-08-11 · 10-Q 2025-05-08 · 10-K 2025-03-17
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -3.9%
- More than 10% revenue growth is expected for the coming year no data
- Share count grows by less than 3% a year 3.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 44.2%
- Gross margin at 40% or higher and without meaningful erosion 21.7%
- Goodwill from acquisitions does not grow faster than revenue 0.7%
- Net debt below twice EBITDA 87 m net cash
- Operating cash flow covers the profits of the last three years 462 m
- Return on capital at 15% or higher, or up versus two years ago -9.2%
- Insiders hold at least 10% or are net buyers 35.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -4.7%
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 2
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -18.7%
- ROCE > 15% -9.2%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Eastman Kodak Company konzentriert sich weltweit auf die Geschäftsbereiche kommerzieller Druck sowie fortschrittliche Materialien und Chemikalien. Das Unternehmen ist in drei Segmenten tätig: Print, Advanced Materials and Chemicals und Brand.
- CEO Insider Trades (12 Mo.)
- buying own stock
- Employees
- 3,500
- Headquarters
- Rochester, NY
- Address
- 343 State Street, 14650 Rochester, United States
- Phone
- 800 356 3259
- Website
- kodak.com
- IPO Date
- 09/23/2013
- ISIN
- US2774614067
Management
| Name | Title | Birth Year |
|---|---|---|
| James V. Continenza | Executive Chairman & CEO | 1963 |
| David Edward Bullwinkle CPA, M.B.A. | CFO & Senior VP | 1975 |
| Richard T. Michaels | Corporate Controller & Chief Accounting Officer | 1974 |
| Roger W. Byrd J.D. | General Counsel, Secretary & Senior VP | 1966 |
| Jenine Rose-Johnson | VP of Operations & Alternate Channels and Head of APR Sale | – |
| James Moran | Chief Administration Officer & President of Eastman Business Park | – |
| Anthony Redding | Chief Compliance Officer | – |
| Denisse Goldbarg | Chief Marketing Officer & Head of EAMER Sales | – |
| Jeff Zellmer | Vice President of Global Sales & Strategy | – |
| Jim Barnes | Chief IT Implementation Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/04/2026 EASTMAN KODAK CO (KODK): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.