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Eastman Kodak Company

KODK
28
Industrial - Machinery · Industrials
Price
$7.67
-0.14 (-1.79%)
Market Cap
$750.9M
Winston Score
28
Winston is worried
Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+11.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 80.5M (2021) → 89.8M (2025)

Eastman Kodak is an American company best known for inventing consumer photography over a century ago. Today it focuses mostly on printing technology and chemicals, selling equipment, ink, and software to commercial printers, publishers, and packaging companies. It also has a small but notable advanced materials and chemicals division that supplies specialty products to industrial customers.

Kodak makes money by selling printing hardware and then earning recurring revenue from the inks, plates, and services those machines require. The company operates mainly in North America and Europe and generates roughly $1 billion in annual revenue. Its brand recognition is strong, but its competitive position in commercial printing is narrow — it faces pressure from larger rivals and a slowly shrinking print market. The key risk is that demand for traditional printing continues to decline faster than Kodak can grow its newer chemical and advanced materials businesses, which the company has been trying to expand as a long-term offset.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-50.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$33M/ year

Flat (+0% vs prior year)

3.1% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

31.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 years

$299M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$299M cash & investments at current burn rate

Growth context

Eastman Kodak Company is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
21.5%
Thin — 21.5% gross margin
Operating Margin
0.4%
Thin — 0.4% operating margin
ROCE
0.2%
Weak — 0.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+4.4%
Slow sales growth (4.4% YoY)
EPS YoY
-434.2%
Earnings shrinking (-434.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
42.9%
Converts sales into free cash efficiently (42.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
0.09
Conservative — low debt load (0.09)
Interest Cover
0.83x
Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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