Eastman Kodak Company (KODK): BCG Matrix [Dec-2025 Updated]

You're looking for a clear map of Eastman Kodak Company's (KODK) business lines as of late 2025, so let's apply the BCG Matrix to their latest financials. Honestly, the picture shows a classic pivot: the legacy Print Systems Division is still milking out cash-about 66% of revenue-while the future hinges on high-growth, high-spend areas like cGMP Pharmaceutical Manufacturing and Enterprise Inkjet Systems, which are currently Question Marks burning through that $168$ million cash balance. Meanwhile, the high-margin Motion Picture Film segment is a clear Star with 15% growth, but you've got to watch the Dogs, like older hardware, which are shrinking fast. This matrix cuts straight to where KODK is making money now versus where it must win next.

Background of Eastman Kodak Company (KODK)

Eastman Kodak Company (KODK) is a United States-based global manufacturer concentrating on commercial print and advanced materials & chemicals. The company structures its business operations across several segments, primarily Print, Brand, and Advanced Materials and Chemicals (AM&C). This structure reflects a strategic pivot away from its historical consumer photography focus toward business-to-business solutions.

Looking at the most recent figures available, Eastman Kodak Company reported a robust third quarter in 2025. Consolidated revenues for the quarter ended September 30, 2025, reached $269 million, marking an 8 million increase, or 3 percent, compared to the $261 million revenue reported in the third quarter of 2024.

Profitability showed significant improvement in Q3 2025, with gross profit surging to $68 million from $45 million in the prior year's quarter, lifting the gross margin to 25% from 17%. Operational EBITDA for the third quarter of 2025 was $29 million, a substantial jump from only $1 million in the same period of 2024, underscoring broad-based operational efficiency gains.

Within the segments, Advanced Materials & Chemicals (AM&C) is emerging as a key growth driver, with revenues increasing 15 percent year-over-year in Q3 2025 to $82 million. Conversely, the Print segment, which still generates the majority of revenue, saw a slight contraction, with revenues falling 3 percent to $177 million in Q3 2025 from $182 million a year earlier.

A major corporate development influencing the company's financial outlook is the expected reversion of excess funds from the U.S. pension plan, which management now anticipates will yield $600 million, an increase of $100 million from earlier estimates. As of the Q3 2025 report, Eastman Kodak Company carried a market capitalization of approximately $600.18 million.

Eastman Kodak Company (KODK) - BCG Matrix: Stars

You're looking at the segment of Eastman Kodak Company (KODK) that is currently leading the charge in a high-growth area, demanding investment but showing strong returns. This is where the future Cash Cows are being forged.

The Advanced Materials & Chemicals (AM&C) division, which houses the Motion Picture Film business, fits the Star profile for Eastman Kodak Company as of the third quarter of 2025. This unit is characterized by high market share in a growing niche, evidenced by its financial performance metrics.

Here's a look at the key financial figures for the AM&C segment in the third quarter of 2025, compared to the prior year period:

The growth in AM&C revenues to $82 million in Q3 2025, a 15% year-over-year increase, was primarily fueled by price increases and higher volumes across Industrial Film and Chemicals and Motion Picture. This segment is clearly the growth engine for Eastman Kodak Company right now.

The profitability of this unit also saw a significant lift, with AM&C Operational EBITDA reaching $16 million for the quarter, representing an increase of $10 million compared to the third quarter of 2024. This strong operational performance suggests the business unit is successfully maintaining its leadership position while consuming cash for growth initiatives.

The strategy to secure market position appears active, with Eastman Kodak Company taking steps to stabilize and control the film supply chain, which supports the high-market-share assumption for Motion Picture Film and related products:

• Eastman Kodak Company invested heavily in film finishing lines, nearly doubling capacity.
• The company launched its own direct distribution brand for still film to stabilize supply and pricing.
• The AM&C group's cGMP pharmaceutical manufacturing facility is now certified to manufacture and sell regulated products.
• Growth in AM&C was supported by Motion Picture demand.

Sustaining this success until the high-growth market slows is the path for this unit to transition into a Cash Cow for Eastman Kodak Company. The current focus is on investment to keep market share, as shown by the 15% revenue growth.

Eastman Kodak Company (KODK) - BCG Matrix: Cash Cows

The Cash Cow quadrant in the Boston Consulting Group Matrix represents business units with a high market share in a mature, low-growth market. For Eastman Kodak Company, the Print Systems Division (PSD), particularly its traditional lithographic plates business, fits this profile, acting as the primary source of internal funding.

You're looking at the core engine that keeps the lights on and funds the riskier bets. The Print segment is Eastman Kodak Company's established market leader, generating substantial, reliable cash flow even as the underlying market matures. This stability is what makes it a classic Cash Cow.

The Print segment remains Eastman Kodak Company's largest revenue contributor. For the third quarter of 2025, Print revenues were $177 million, which accounted for approximately 66% of the consolidated revenue of $269 million for the same period. This high market share is anchored by products like the KODAK SONORA process-free plates, where Eastman Kodak Company is noted as the industry leader in process-free technology.

Despite Print revenues declining by 3% to $177 million in Q3 2025 compared to Q3 2024, the profitability of the segment improved significantly due to internal efficiencies. The Print Operational EBITDA saw a year-over-year improvement of $17 million. This improvement was driven by factors like price increases, lower aluminum costs, and reduced selling, general, and administrative costs.

Here's a quick look at the Q3 2025 segment performance, showing the Print segment's contribution:

The operational discipline within the Print segment is key. While the segment's Q3 2025 Operational EBITDA was $8 million, up from negative $9 million in Q3 2024, the $17 million swing is the critical metric here, demonstrating effective cost management and margin protection in a mature space.

This cash generation is vital for the overall corporation. The Print segment's cash flow is what Eastman Kodak Company uses to support its higher-risk, higher-potential businesses-the Question Marks. You need this reliable cash to fund the necessary investments in areas like Advanced Materials & Chemicals, which saw a 15% revenue increase to $82 million in the quarter.

The strategy for a Cash Cow like the Print Systems Division involves maximizing its cash yield while minimizing new investment, focusing only on maintenance and efficiency improvements. You want to milk the gains passively. The focus remains on maintaining the high market share, especially with premium offerings like the SONORA Ultra Process Free Plates, which set new performance benchmarks.

Key characteristics of this Cash Cow segment:

• Market Position: Industry leader in process-free plate technology.
• Revenue Contribution: Accounted for 66% of total Q3 2025 revenue.
• Profitability Driver: Operational EBITDA improved by $17 million year-over-year in Q3 2025.
• Cash Flow Role: Provides the necessary capital to fund other segments.
• Investment Focus: Investments are geared toward infrastructure that improves efficiency, such as cost controls that led to the $17 million EBITDA improvement.

Finance: draft the Q4 2025 capital allocation proposal prioritizing Print segment efficiency projects by Friday.

Eastman Kodak Company (KODK) - BCG Matrix: Dogs

Dogs, in the Boston Consulting Group Matrix framework, represent business units or products operating in a low growth market and possessing a low relative market share. These units typically break even or consume minimal cash, but they tie up valuable capital that could be deployed elsewhere. For Eastman Kodak Company (KODK), the Dog quadrant is populated by legacy hardware and low-yield licensing activities that management is actively working to streamline or divest.

The primary component falling into this category is the legacy hardware within the Print Segment, specifically Electrophotographic Printing Solutions (EPS) and older Prepress hardware. This area is characterized by mature technology in a slow-growth or declining market, facing pressure from newer digital solutions offered by competitors.

The financial performance in the third quarter of 2025 clearly illustrates this dynamic:

The competitive environment for these legacy digital printing systems remains fierce. You see rivals like HP and Canon continually introducing new, high-performance printing technologies, such as Canon's new Lucia Pro 2 ink sets offering extended light resistance and HP's Latex 2700 series incorporating white ink capabilities on non-traditional substrates. This ongoing innovation from larger players makes it difficult for Eastman Kodak Company (KODK) to justify significant investment in older platforms.

Another area exhibiting Dog characteristics is the Brand Licensing segment, which is inherently low-share relative to the company's core Print and Advanced Materials & Chemicals businesses, and generates minimal revenue:

• Brand Licensing segment revenue for Q3 2025 was reported at approximately $3 million.
• The overall Brand segment revenue for Q3 2025 was $6 million, showing a modest increase of $1 million from Q3 2024.
• Management views these low-share, low-revenue areas as candidates for active streamlining efforts.

The strategic imperative for Dogs is clear: avoid expensive turnaround plans. These units should be minimized, and divestiture is often the most logical path to free up capital. Eastman Kodak Company (KODK)'s focus on operational efficiencies and price increases within the Print Segment, while simultaneously growing the AM&C segment, suggests a tacit acknowledgment that these older product lines are candidates for eventual harvesting or sale rather than major reinvestment.

Eastman Kodak Company (KODK) - BCG Matrix: Question Marks

You're looking at the areas of Eastman Kodak Company (KODK) that are burning cash now but hold the promise of future dominance. These are the businesses operating in markets that are clearly expanding, but where Eastman Kodak Company hasn't yet secured a leading position. They consume capital to fuel that growth, which is why you see the cash balance being drawn down for these initiatives.

Advanced Materials & Chemicals cGMP Pharmaceutical Manufacturing

The Advanced Materials & Chemicals (AM&C) segment is a prime example of a potential Question Mark, especially with the new pharmaceutical venture. For the third quarter of 2025, AM&C revenues hit $82 million, a solid 15% increase compared to the $71 million generated in the third quarter of 2024. This segment's Operational EBITDA also improved significantly, reaching $16 million in Q3 2025, up $10 million from the $6 million reported in the prior-year quarter. This growth is happening in a high-prospect area, but the market share is still being established.

The investment here is tangible: the new cGMP pharmaceutical manufacturing facility is now registered with the FDA and certified to produce regulated products, starting with phosphate buffered saline (PBS). Building and certifying a facility for regulated products like diagnostic reagents inherently requires a high investment, which is a classic cash drain for a Question Mark before scale is achieved.

Enterprise Inkjet Systems (UltraStream/Prosper)

The Enterprise Inkjet Systems, which includes platforms like UltraStream and Prosper, sits within the broader Print segment, which is operating in the high-growth digital printing market. However, the segment's overall revenue in Q3 2025 was $177 million, representing a 3% decline from the $182 million seen in Q3 2024. This decline suggests that while the digital printing market is growing, Eastman Kodak Company's current share, or the performance of its legacy print offerings, is lagging.

The strategy here must be aggressive investment to gain share against established market leaders in high-speed packaging and commercial print. The need for significant capital expenditure to scale these systems is what characterizes them as Question Marks-they are in a growing market but need a major cash infusion to move into the Star quadrant.

Cash Consumption for Growth Initiatives

These growth initiatives are directly impacting the company's liquidity. Eastman Kodak Company ended the third quarter of 2025 with a cash balance of $168 million. While this was an increase of $13 million from the end of Q2 2025, it was a decrease of $33 million when compared to the balance of $201 million on December 31, 2024. The CFO explicitly noted that this decrease was 'primarily driven by capital expenditures to fund growth initiatives and changes in working capital.' This cash burn is the cost of trying to turn these Question Marks into Stars.

The decision for Eastman Kodak Company is clear for these units:

• Invest heavily in the AM&C cGMP facility and Inkjet technology to rapidly capture market share.
• If the market adoption or competitive response doesn't materialize quickly, these units risk becoming Dogs.

The company's ability to fund this aggressive investment hinges on the expected pension reversion proceeds, which management indicated would help strengthen the balance sheet further, with an expectation to end 2025 with a cash balance of more than $300 million.

Finance: draft 13-week cash view by Friday.