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1. Company Snapshot

1.a. Company Description

Eastman Kodak Company provides hardware, software, consumables, and services to customers in the commercial print, packaging, publishing, manufacturing, and entertainment markets worldwide.The company operates through Traditional Printing, Digital Printing, Advanced Materials and Chemicals, and Brand.The Traditional Printing segment offers digital offset plate and computer-to-plate imaging solutions to commercial industries, including commercial print, direct mail, book publishing, newspapers and magazines, and packaging.


The Digital Printing segment provides electrophotographic printing solutions, such as The ASCEND and NEXFINITY printers; prosper products, including the PROSPER 6000 Press, PROSPER Writing Systems, PROSPER press systems, and PROSPER components; versamark products; and PRINERGY workflow production software.The Advanced Materials and Chemicals segment engages in industrial film and chemicals, motion picture, and advanced materials and functional printing businesses.This segment also comprises the Kodak Research Laboratories, which conducts research, develops new product or new business opportunities, and files patent applications for its inventions and innovations, 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 engages 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.

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1.b. Last Insights on KODK

Eastman Kodak Company's recent performance has been positively driven by strategic initiatives to address financial challenges. The company terminated its overfunded pension plan, expecting over $500 million in proceeds by December 2025, to pay down term loans and reduce interest expenses. Additionally, a major preferred shareholder converted to common stock at a premium, eliminating a $123 million liability. These actions aim to stabilize the balance sheet and improve cash flow, positioning the company for future growth in advanced materials.

1.c. Company Highlights

2. Kodak’s 2025 Surge: Cash‑Rich, Debt‑Light, and Margin‑Boosted

Eastman Kodak closed 2025 with a $290 million fourth‑quarter revenue lift, a 9% YoY rise that nudged total annual sales to $1.069 billion, up 2%. Gross margin climbed 4 points to 23% Q4 and 22% for the year, while operational EBITDA surged 144% to $22 million in Q4 and 138% to $62 million annually. Earnings slipped to a modest $0.65 loss per share versus the consensus $0.62, reflecting a one‑quarter decline in cash‑generating activity. Despite the earnings miss, the company’s free‑cash‑flow yield of 34.76% and negative net debt/EBITDA of –1.61 indicate a robust liquidity position that supports aggressive debt reduction and future investment. <a href="https://staff.kodak.com" target="_blank">[Staff]</a>

Publication Date: Apr -19

📋 Highlights
  • Strong Revenue Growth:: Q4 revenue rose 9% to $290 million; full-year revenue hit $1.069 billion, up 2% year-over-year.
  • Improved Profit Margins:: Q4 gross profit margin increased to 23% (up 4 pts); full-year margin reached 22% (up 3 pts).
  • Debt Reduction & Cash Position:: Reduced term loans by $303 million, leaving $200M in debt, while unrestricted cash rose to $337 million.
  • Operational EBITDA Surge:: Q4 EBITDA jumped 144% to $22 million; full-year EBITDA grew 138% to $62 million.
  • AM&C Segment Expansion:: AM&C revenue soared 25% in Q4, driven by direct distribution of still films and new market initiatives.

Debt Reduction & Balance Sheet Strength

Kodak’s strategic pension reversion in November 2025 produced $1.023 billion, allowing a $303 million principal cut on term loans and a $40 million drop in interest expense. The year‑end balance sheet shows $337 million in unrestricted cash against $200 million in term debt, creating a net positive cash position relative to both debt and Series B preferred equity. This liquidity cushion positions Kodak to eliminate another $100 million of long‑term debt, leaving a balanced $200 million cash and $200 million debt profile.

Revenue Drivers & Segment Highlights

The AM&C segment led growth, posting a 25% revenue jump driven by a new direct‑distribution still‑film brand. Print and Brand Licensing also contributed, with the latter benefiting from strategic licensing deals in pharma and battery coating. The diversified industrial portfolio underscores Kodak’s shift from legacy imaging to high‑margin manufacturing, reinforcing its customer‑first strategy.

Operational EBITDA & Cash Flow

Operational EBITDA of $22 million in Q4, up 144% YoY, reflects cost discipline and margin expansion. Cash flow from operations surged to $337 million in unrestricted cash, an increase of $136 million year‑over‑year. The company’s free‑cash‑flow yield of 34.76% signals strong cash‑generating capability, providing a runway for reinvestment and shareholder returns.

Pension Reversion Impact

The November 2025 pension reversion was a pivotal catalyst, generating $1.023 billion in proceeds. These funds were strategically deployed: $303 million to reduce term loan principal, $40 million to lower interest expense, and the remainder to fund a new pension plan and bolster net cash. This move not only improved the debt profile but also enhanced the company’s long‑term financial stability.

Future Growth Outlook

With a strong balance sheet, rising margins, and a diversified product mix, Kodak is positioned to capitalize on emerging industrial opportunities. Leadership changes over the past years have injected fresh skill sets, aligning the organization with long‑term growth objectives. Analysts project flat revenue growth next year, suggesting the company’s valuation is largely anchored by its cash‑rich balance sheet and margin expansion potential rather than top‑line expansion.

3. NewsRoom

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Kodak's 96% Rally Has A Catch Investors Can't Ignore

Apr -15

Source: forbes.com

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Kodak Expands Motion Picture Portfolio with KODAK VERITA 200D Color Negative Film

Apr -13

Source: businesswire.com

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How Kodak is trying to turn around its business after teetering on bankruptcy

Apr -11

Source: cnbc.com

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Kodak, Ateios Advance PFAS-Free Battery Technology Platform

Mar -26

Source: zacks.com

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Ateios Systems and Kodak Expand RaiCore™ Platform to Major Battery Chemistries and Earn PFAS-Free Verification

Mar -23

Source: businesswire.com

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Kodak Q4 Earnings Decline Y/Y on One-Time Charges, Revenues Rise

Mar -18

Source:

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Eastman Kodak (NYSE:KODK) Shares Gap Up – Should You Buy?

Mar -15

Source: defenseworld.net

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Kodak Stock Rises After Q4 Earnings, Cash Surge

Mar -13

Source: benzinga.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.48%)

6. Segments

Print

Expected Growth: 4.5%

The growth of The Print from Eastman Kodak Company is driven by the increasing demand for high-quality, long-lasting images, and the nostalgia for physical photographs. The company's film and printing technology ensures a unique and premium product, attracting professionals and enthusiasts alike.

Advanced Materials and Chemicals

Expected Growth: 4.5%

Growing demand for sustainable materials, increasing adoption of advanced materials in industries such as aerospace, automotive, and electronics, and rising need for specialty chemicals in pharmaceuticals and personal care drive the growth of Advanced Materials and Chemicals segment.

Brand

Expected Growth: 4.5%

Growing demand for digital cameras, increasing adoption of 3D printing, and rising popularity of instant print cameras drive the growth of Kodak's imaging products. Additionally, the company's focus on innovation and expansion into new markets, such as virtual reality, contribute to its growth prospects.

All Other

Expected Growth: 3.5%

The All Other segment of Eastman Kodak Company is expected to grow driven by increasing demand for intellectual property and brand licensing, as well as expansion into new revenue streams.

7. Detailed Products

Prints

Kodak offers a range of printing services, including photo printing, document printing, and large format printing.

Digital Cameras

Kodak offers a range of digital cameras, including point-and-shoot cameras, mirrorless cameras, and action cameras.

Instant Print Cameras

Kodak's instant print cameras combine the nostalgia of instant film with the convenience of digital technology.

Software and Services

Kodak offers a range of software and services, including photo editing software, online storage, and printing services.

Film

Kodak offers a range of film products, including 35mm film, 120 film, and large format film.

Scanners

Kodak offers a range of scanners, including photo scanners, document scanners, and film scanners.

8. Eastman Kodak Company's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Eastman Kodak Company is medium due to the presence of alternative products and services in the market, such as digital cameras and smartphones, which can replace traditional film cameras.

Bargaining Power Of Customers

The bargaining power of customers for Eastman Kodak Company is low due to the lack of concentration of buyers in the market, and the company's strong brand reputation.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Eastman Kodak Company is medium due to the presence of multiple suppliers in the market, but the company's large scale of operations gives it some bargaining power.

Threat Of New Entrants

The threat of new entrants for Eastman Kodak Company is high due to the low barriers to entry in the digital camera market, and the presence of new entrants with innovative products and services.

Intensity Of Rivalry

The intensity of rivalry for Eastman Kodak Company is high due to the presence of many competitors in the market, and the company's need to constantly innovate and differentiate its products to stay competitive.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 29.22%
Debt Cost 12.89%
Equity Weight 70.78%
Equity Cost 21.82%
WACC 19.21%
Leverage 41.28%

11. Quality Control: Eastman Kodak Company passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Viad

A-Score: 4.5/10

Value: 8.9

Growth: 4.9

Quality: 5.8

Yield: 0.0

Momentum: 5.5

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Performant Financial

A-Score: 3.9/10

Value: 4.6

Growth: 3.8

Quality: 4.5

Yield: 0.0

Momentum: 9.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Odyssey Marine Exploration

A-Score: 3.8/10

Value: 6.0

Growth: 5.2

Quality: 6.1

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

1-Year Total Return ->

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Stock-Card
DLH

A-Score: 3.8/10

Value: 7.3

Growth: 4.8

Quality: 3.4

Yield: 0.0

Momentum: 2.5

Volatility: 4.7

1-Year Total Return ->

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Stock-Card
Kodak

A-Score: 3.7/10

Value: 6.4

Growth: 3.8

Quality: 4.3

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
Spire Global

A-Score: 3.3/10

Value: 4.3

Growth: 4.4

Quality: 7.9

Yield: 0.0

Momentum: 2.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

13.02$

Current Price

13.02$

Potential

-0.00%

Expected Cash-Flows