Does National CineMedia have an economic moat?
Likely
National CineMedia earns 27.2% a year on the money invested in it and keeps 46% of every sale after production costs, the numbers of a business competitors struggle to copy.
The numbers behind it
Return on invested capital, average of recent years27.2%
Return on invested capital, latest year-4.2%
Gross margin45.9%Share of each sale left after production costs
Net margin-4.4%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about National CineMedia
Data as of Nov 13, 2026.