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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 Q2 2025 Earnings: Flat Revenue, Focus on Deleveraging and US Manufacturing

Kodak's Q2 2025 earnings report showed revenue of $263 million, roughly flat year-over-year, with growth in the Advanced Materials and Chemicals (AMC) business. The gross profit percentage of 19% was in line with expectations, despite higher aluminum and manufacturing costs. The company reported a net loss of $26 million, compared to net income of $26 million in the prior year quarter, with operational EBITDA of $9 million, compared to $12 million in the prior year quarter.

Publication Date: Aug -17

📋 Highlights
  • Revenue Stability:: Q2 revenue of $263 million, flat YoY, driven by growth in Advanced Materials and Chemicals (AMC).
  • Gross Profit Margin:: Maintained 19% gross profit despite elevated aluminum and manufacturing costs.
  • Net Loss:: Recorded a $26 million net loss, contrasting with $26 million net income in Q2 2024.
  • Pension Reversion:: Anticipates $500 million in assets from U.S. pension plan termination to reduce debt.
  • Cash Flow Challenges:: Used $30 million in operating cash flow H1 2025, with inventory and receivables driving working capital outflows.

Commitment to US Manufacturing and Tariffs

Kodak reiterated its commitment to US manufacturing, with most film, digital printers, ink, and chemicals made in the US. The company also supports tariffs that benefit US manufacturers, and tariffs did not have a material impact on the business.

Deleveraging and Strengthening the Balance Sheet

Kodak is focused on deleveraging the business and strengthening the balance sheet, with a focus on operational efficiencies and investing in growth initiatives. The company is exploring opportunities to reduce or eliminate restricted cash on its balance sheet and has entered into an ATM equity offering sales agreement to generate additional liquidity. As CEO Jim Continenza stated, "We remain committed to maintaining our financial foundation, which enables funding of ongoing operations, investment in growth initiatives, and conversion of historical investments into long-term returns."

Cash Flow and Balance Sheet

Cash used in operating activities was $30 million in the first half of 2025, driven by net earnings of $4 million and a use of cash from balance sheet changes of $26 million. The company has an unrestricted cash balance of $155 million, a decrease of $46 million from December 31, 2024. The US pension plan termination and reversion process is on track, and excess assets will be used to pay down debt and reduce interest costs.

Valuation

With a P/E Ratio of 45.89 and a P/B Ratio of 0.67, Kodak's stock appears to be trading at a premium. The company's ROE of 1.23% and ROIC of -0.96% suggest that the market is pricing in significant growth and deleveraging efforts. With a Net Debt / EBITDA ratio of 3.06, investors are likely expecting significant improvements in the company's financial health.

3. NewsRoom

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Kodak Completes Pension Reversion Process, Delivering Over $1 Billion to Strengthen Balance Sheet, Fully Fund New Benefit Plan, and Accelerate Growth

Dec -02

Source: businesswire.com

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Comparing Kopin (NASDAQ:KOPN) & Eastman Kodak (NYSE:KODK)

Nov -30

Source: defenseworld.net

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Kodak's Turnaround Signals Rising Investment Appeal in 2025

Nov -28

Source: zacks.com

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Kodak Stock Jumps Since Posting Y/Y Growth in Q3 Earnings & Revenues

Nov -11

Source: zacks.com

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Eastman Kodak Company (KODK) Q3 2025 Earnings Call Prepared Remarks Transcript

Nov -07

Source: seekingalpha.com

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Kodak Reports Third-Quarter 2025 Financial Results

Nov -06

Source: businesswire.com

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Eastman Kodak Company Third-Quarter 2025 Earnings Conference Call

Oct -30

Source: businesswire.com

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Kodak Announces Support for USA Bobsled Team

Oct -10

Source: businesswire.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: 5.3/10

Value: 9.0

Growth: 4.9

Quality: 6.1

Yield: 0.0

Momentum: 6.5

Volatility: 5.3

1-Year Total Return ->

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Stock-Card
Kodak

A-Score: 4.5/10

Value: 7.2

Growth: 4.7

Quality: 3.8

Yield: 0.0

Momentum: 9.0

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
DLH

A-Score: 3.8/10

Value: 8.0

Growth: 5.8

Quality: 3.9

Yield: 0.0

Momentum: 1.0

Volatility: 4.0

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
Spire Global

A-Score: 3.7/10

Value: 6.6

Growth: 4.6

Quality: 3.0

Yield: 0.0

Momentum: 7.0

Volatility: 1.3

1-Year Total Return ->

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Stock-Card
Performant Financial

A-Score: 3.4/10

Value: 4.6

Growth: 3.9

Quality: 4.5

Yield: 0.0

Momentum: 2.5

Volatility: 4.7

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

8.79$

Current Price

8.79$

Potential

-0.00%

Expected Cash-Flows