Eastman Kodak Company (KODK) Stock Price & How to Invest

Eastman Kodak Company is no longer a camera company. It makes money in three reportable segments. Print (~$715 million of 2025 revenue) sells aluminum offset printing plates, the platesetters that image them, PROSPER continuous-inkjet presses and print heads, ink, and PRINERGY workflow software to commercial printers, publishers and packaging makers. Prepress plates alone were 52% of total 2025 revenue, a recurring stream because every print run needs a new plate. Advanced Materials and Chemicals (AM&C, ~$316 million) makes still and motion picture film, industrial film for printed circuit boards, specialty chemicals including starting materials for drugs and battery materials, and runs contract coating services. Brand (~$27 million) licenses the Kodak name to camera, eyewear, battery and apparel makers. More than half of sales come from outside the US, and the company employed about 3,500 people in 27 countries at the end of 2025.

The history is long and uneven. George Eastman founded the business in 1880 and incorporated it in New Jersey in 1901. After losing its film and camera franchise to digital imaging, it filed for Chapter 11 in 2012 and emerged in 2013 as a much smaller printing and materials company. In 2020 a proposed federal loan to make pharmaceutical ingredients sent the stock on a brief, volatile spike and was never completed. In August 2025 the company flagged substantial doubt about its ability to continue as a going concern, because its term loans could come due within a year. That was resolved in late 2025: Kodak terminated its overfunded US pension plan (KRIP), transferred ~$1.8 billion of obligations to an insurer in October, and in December recovered ~$767 million of surplus assets, $609 million of it in cash. About $312 million went to prepaying term loans, cutting the balance to $200 million.

Ownership is concentrated. Per the April 2026 proxy, B. Thomas Golisano's GO EK Ventures held ~15.5% of the common stock, a group including K.F. Investors and Moses Marx ~10.8%, and George and Renee Karfunkel ~5.2%. Funds affiliated with Kennedy Lewis bought all of the Series B convertible preferred stock in December 2025 and in March 2026 swapped it for a new 6.0% Series B preferred that converts at $10.00 per share and must be redeemed in June 2029 if not converted. Jim Continenza has led the company as Executive Chairman and CEO since 2019, and in February 2026 his contract was extended to the end of 2030. David Bullwinkle is CFO. Headquarters are in Rochester, New York, where Kodak also runs the Eastman Business Park.

The investment picture changed in 2026. Revenue grew 18% in the June 2026 quarter to $311 million, GAAP net income was $17 million, and Kodak reported its fourth straight quarter of year-over-year growth in revenue, gross profit and Operational EBITDA. The open questions are whether price increases on plates and film hold, how much aluminum and silver costs claw back, and whether newer businesses become large enough to offset a slowly shrinking core in offset printing.

Commodity costs are the most direct threat: aluminum is the main input for printing plates and silver for film, and in the June 2026 quarter higher aluminum costs took about $8 million out of Print and higher silver costs about $4 million out of AM&C, while inventory rose $37 million as Kodak bought metal at higher prices. US tariffs on aluminum and other imported inputs add pressure, and refunds Kodak is seeking for some tariffs are uncertain. Offset printing is in long-term decline, and recent Print growth leaned on price rather than volume, which may not repeat. AM&C depends heavily on Kodak Alaris (about a third of the segment's 2025 revenue) and on film demand that could cool. Profitability is still thin: Print's Operational EBITDA margin was only 4% in the latest quarter, and TTM GAAP results show a ~$94 million net loss, mostly from one-off pension termination charges and excise tax in the fourth quarter of 2025. The 6.0% Series B preferred could add roughly 10 million shares if converted at $10, about a tenth of the ~97.6 million common shares, and its fair-value changes now run through earnings. A $63 million intercompany loan from a Chinese subsidiary matures in November 2026, and Brazilian operations face ~$33 million of tax and labor claims. The stock has traded between ~$5.78 and ~$14.87 over the past year.

We give no verdict on Eastman Kodak Company. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Film demand and pricing. AM&C revenue rose 40% year over year in the June 2026 quarter to $105 million, and its Operational EBITDA nearly tripled to $22 million.

The case against. Commodity costs are the most direct threat: aluminum is the main input for printing plates and silver for film, and in the June 2026 quarter higher aluminum costs took about $8 million out of Print and higher silver costs about $4 million out of AM&C, while inventory rose $37 million as Kodak bought metal at higher prices.

Read the full bull and bear case on KODK, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Eastman Kodak Company's investor relations page or your broker.

• Revenue (TTM to June 2026): ~$1.14B
• Operational EBITDA (TTM, non-GAAP): ~$102M
• GAAP net income (TTM): ~-$94M (one-off pension charges in Q4 2025)
• Q2 2026 GAAP net income: $17M on $311M revenue
• Market cap: ~$0.9B (share price ~$9.21, ~97.6M shares)
• Cash vs long-term debt (June 30, 2026): $290M cash, ~$108M debt

The last four quarters add up to revenue of about $1.14 billion and Operational EBITDA of about $102 million, against an equity value near $0.9 billion and net cash after the pension-funded debt paydown. That is under 10 times trailing Operational EBITDA, a measure that excludes pension income, restructuring and other items. GAAP results are messier: 2025 ended with a $128 million net loss driven by the pension termination, and the first half of 2026 was roughly break-even. The quarterly trend is the clearest signal, with Operational EBITDA rising from $2 million in Q1 2025 to $36 million in Q2 2026.

Other names that sit close to KODK: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get KODK exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so KODK sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where KODK fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

KODK is a small, recovering industrial whose balance sheet is the healthiest it has been in years, but whose profits still depend on aluminum and silver costs, a shrinking offset-printing market and a handful of film customers.

Whether KODK is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is KODK a buy or a sell?, and where the stock could go from here in the KODK stock forecast.

For income investors, whether KODK pays a dividend and how the payout looks is covered in does KODK pay a dividend? And to weigh KODK against a peer, read the full side-by-side comparisons: KODK vs HP and KODK vs VRT.