A Business at a Glance
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IMMERSION CORP
IMMR
$215M
Mkt Cap
$6.52
-1.21%
IMMERSION CORP (IMMR) has a current P/E ratio of 3.0, compared to its historical median P/E of 13.2. The stock is currently considered Fair based on its historical valuation range.
IMMERSION CORP (IMMR) has a 5-year average return on invested capital (ROIC) of 60.7%. This indicates strong capital allocation and a potential competitive advantage.
IMMERSION CORP (IMMR) has a market capitalization of $216M. It is classified as a small-cap stock.
Yes, IMMERSION CORP (IMMR) pays a dividend with a trailing twelve-month yield of 3.27%. The company also returns capital through share buybacks, with a buyback yield of 1.10%.
Based on historical P/E analysis, IMMERSION CORP (IMMR) appears fair. The current P/E of 3.0 is 77% below its historical median of 13.2. The estimated fair value CAGR (P/E method) is 52.3%.
IMMERSION CORP (IMMR) operates in the Computer Peripheral Equipment, Nec industry, within the Technology sector.
IMMERSION CORP (IMMR) reported annual revenue of $1.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
Immersion Corporation (the “Company”, “Immersion”, “we”, or “us”) was incorporated in 1993 in California and reincorporated in Delaware in 1999. In June 2024, Immersion acquired a controlling interest in Barnes & Noble Education, Inc., a Delaware corporation (“Barnes & Noble Education”). The financial results of Barnes & Noble Education have been included in our consolidated financial statements since the acquisition date of June 10, 2024. Following the closing of the Transactions (as defined below) with Barnes & Noble Education, we operate our business in two operating segments: Immersion and Barnes & Noble Education. Immersion is a premier licensing company focused on the acceleration, and scaling, through licensing, of innovative haptic technologies that allow people to use their sense of touch to engage with products and experience the digital world around them.
| Metric | TTM | FY2025 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 1.7B | 1.6B | 34M | 38M | 35M | 30M |
| Net Income | -6.3M | 63M | 34M | 31M | 12M | 5.4M |
| EPS | $-0.19 | $1.90 | $1.04 | $0.92 | $0.39 | $0.19 |
| Free Cash Flow | 10M | -69M | 21M | 40M | 17M | -25K |
| ROIC | -51.3% | 39.6% | 28.5% | 124.0% | 255.6% | 50.5% |
| Gross Margin | - | - | - | 97.2% | 92.7% | 89.4% |
| Debt/Equity | 2.04 | 0.32 | 0.00 | 0.00 | 0.01 | 0.05 |
| Dividends/Share | $0.21 | $0.39 | $0.23 | $0.03 | - | - |
| Operating Income | 35M | 118M | 18M | 24M | 18M | 2.2M |
| Operating Margin | 2.0% | 7.6% | 52.9% | 63.5% | 50.7% | 7.3% |
| ROE | -2.1% | 20.1% | 19.9% | 20.5% | 12.2% | 7.3% |
| Shares Outstanding | 33M | 33M | 33M | 33M | 32M | 28M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 47M | 53M | 63M | 57M | 35M | 111M | 36M | 30M | 35M | 38M | 34M | 1.6B | 1.7B |
| Gross Margin | 80.6% | 79.5% | 77.8% | 75.7% | 59.0% | 99.8% | 99.5% | 89.4% | 92.7% | 97.2% | N/A | N/A | N/A |
| R&D | 11M | 12M | 15M | 13M | 12M | 9.7M | 7.8M | 5.0M | 4.2M | 1.4M | 281K | N/A | N/A |
| SG&A | 23M | 24M | 29M | 44M | 53M | 42M | 43M | 18M | 9.8M | 11M | 14M | N/A | N/A |
| EBIT | 3.6M | 6.0M | 4.7M | -15M | -45M | 53M | -21M | 2.2M | 18M | 24M | 18M | 118M | 35M |
| Op. Margin | 7.6% | 11.3% | 7.4% | -26.7% | -129.7% | 47.8% | -59.7% | 7.3% | 50.7% | 63.5% | 52.9% | 7.6% | 2.0% |
| Net Income | 40M | 4.1M | 2.9M | -39M | -45M | 54M | -20M | 5.4M | 12M | 31M | 34M | 63M | -6.3M |
| Net Margin | 84.6% | 7.8% | 4.5% | -69.0% | -129.4% | 49.0% | -55.8% | 17.7% | 35.6% | 79.7% | 100.2% | 4.0% | -0.4% |
| Non-Recurring | -11K | -52K | -4K | -19K | 1.6M | -26K | 0 | 500K | 2.7M | 0 | 0 | 117K | 117K |
| Returns on Capital | |||||||||||||
| ROIC | 73.0% | 27.0% | 14.8% | -55.5% | -139.4% | 96.5% | -21.9% | 50.5% | N/M | 124.0% | 28.5% | 39.6% | -51.3% |
| ROE | 73.0% | 5.2% | 3.5% | -55.5% | -139.4% | 99.4% | -21.9% | 7.3% | 12.2% | 20.5% | 19.9% | 20.1% | -2.1% |
| ROA | 50.6% | 4.0% | 2.8% | -37.7% | -58.2% | 54.9% | -14.8% | 4.9% | 9.2% | 16.8% | 16.7% | 4.5% | -0.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 21M | 291K | 10M | 22M | -44M | 70M | -34M | 22K | 17M | 40M | 21M | -58M | 25M |
| Free Cash Flow | 21M | -488K | 5.6M | 22M | -44M | 70M | -34M | -25K | 17M | 40M | 21M | -69M | 10M |
| Owner Earnings | 16M | -5.6M | 3.5M | 15M | -51M | 60M | -42M | -6.7M | 14M | 37M | 17M | -107M | -30M |
| CapEx | 234K | 779K | 4.4M | 343K | 125K | 74K | 150K | 47K | 335K | 30K | 0 | 11M | 15M |
| Maint. CapEx | 663K | 567K | 1.0M | 916K | 968K | 855K | 2.2M | 1.9M | 762K | 140K | 67K | 35M | 42M |
| Growth CapEx | 0 | 212K | 3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | N/A | 0 | 0 |
| D&A | 663K | 567K | 1.0M | 916K | 968K | 855K | 2.2M | 1.9M | 762K | 140K | 67K | 35M | 42M |
| CapEx/OCF | 1.1% | 267.7% | 44.1% | 1.6% | N/A | 0.1% | N/A | 213.6% | 1.9% | N/A | N/A | N/A | 58.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.4M | 13M | 7.0M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.9% | N/A | 3.3% |
| Share Buybacks | 0 | 15M | 0 | 729K | 328K | 0 | 2.7M | 31M | 0 | 13M | 8.3M | 2.4M | 2.4M |
| Buyback Yield | N/A | 5.4% | N/A | 0.4% | 0.1% | N/A | 1.1% | 17.5% | N/A | 9.4% | 4.2% | 0.0% | 1.1% |
| Stock-Based Comp | 4.6M | 5.3M | 5.5M | 6.1M | 6.1M | 8.7M | 5.5M | 4.8M | 2.3M | 3.4M | 3.4M | 14M | 13M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 834M | 834M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | -86M | -56M | -136M | -122M | -119M | -58M | 426M |
| Cash & Equiv. | 14M | 14M | 25M | 57M | 25M | 111M | 86M | 60M | 51M | 49M | 56M | 73M | 178M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 103M | 604M |
| Debt/Equity | 0.37 | 0.27 | 0.22 | 0.88 | 4.38 | 0.46 | 0.05 | 0.05 | 0.01 | 0.00 | 0.00 | 0.32 | 2.04 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8.3 | 2.7 |
| Equity | 81M | 77M | 87M | 55M | 9.7M | 100M | 84M | 64M | 141M | 158M | 183M | 318M | 295M |
| Total Assets | 111M | 98M | 105M | 104M | 52M | 146M | 125M | 96M | 176M | 190M | 216M | 1.4B | 1.4B |
| Total Liabilities | 30M | 21M | 19M | 48M | 42M | 46M | 41M | 32M | 34M | 32M | 33M | 850M | 871M |
| Intangibles | 92K | 26K | 6K | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -87M | -83M | -80M | -119M | -172M | -99M | -119M | -113M | -101M | -70M | -36M | 54M | 30M |
| Working Capital | 64M | 58M | 54M | 73M | 29M | 120M | 95M | 66M | 137M | 142M | 153M | 375M | 459M |
| Current Assets | 80M | 71M | 69M | 94M | 48M | 136M | 107M | 74M | 153M | 160M | 172M | 919M | 1.0B |
| Current Liabilities | 16M | 13M | 15M | 21M | 19M | 15M | 12M | 8.8M | 17M | 18M | 19M | 543M | 554M |
| Per Share Data | |||||||||||||
| EPS | 1.37 | 0.14 | 0.10 | -1.37 | -1.55 | 1.73 | -0.64 | 0.19 | 0.39 | 0.92 | 1.04 | 1.90 | -0.19 |
| Owner EPS | 0.54 | -0.19 | 0.12 | 0.52 | -1.74 | 1.92 | -1.33 | -0.23 | 0.45 | 1.10 | 0.52 | -3.23 | -0.92 |
| Book Value | 2.75 | 2.60 | 3.03 | 1.93 | 0.33 | 3.17 | 2.67 | 2.25 | 4.41 | 4.73 | 5.60 | 9.64 | 8.94 |
| Cash Flow/Share | 0.72 | 0.01 | 0.35 | 0.77 | -1.50 | 2.23 | -1.09 | 0.00 | 0.55 | 1.20 | 0.63 | -1.75 | 1.09 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.03 | 0.23 | 0.39 | 0.21 |
| Shares Out. | 29.3M | 29.4M | 28.6M | 28.7M | 29.2M | 31.4M | 31.3M | 28.4M | 32.0M | 33.3M | 32.7M | 33.0M | 33.1M |
| Valuation | |||||||||||||
| P/E Ratio | 6.8 | 66.8 | 92.5 | N/A | N/A | 5.7 | N/A | 32.4 | 20.5 | 4.6 | 5.8 | N/A | -33.7 |
| P/FCF | 13.0 | N/A | 47.1 | 8.8 | N/A | 4.4 | N/A | N/A | 15.0 | 3.5 | 9.5 | N/A | 20.7 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 18.6 |
| Price/Book | 3.4 | 3.6 | 3.1 | 3.5 | 23.7 | 3.1 | 3.1 | 2.7 | 1.8 | 0.9 | 1.1 | N/A | 0.7 |
| Price/Sales | 3.6 | 6.2 | 4.0 | 4.9 | 6.3 | 2.2 | 8.5 | 6.2 | 7.0 | 5.2 | 5.6 | N/A | 0.1 |
| FCF Yield | 7.7% | -0.2% | 2.1% | 11.3% | -19.2% | 22.5% | -13.3% | -0.0% | 6.7% | 28.5% | 10.5% | N/A | 4.8% |
| Market Cap | 272M | 276M | 264M | 191M | 229M | 310M | 257M | 175M | 256M | 141M | 197M | 0 | 216M |
| Avg. Price | 5.87 | 11.20 | 8.78 | 9.73 | 7.59 | 7.76 | 9.78 | 6.69 | 7.72 | 5.96 | 5.78 | 0.00 | 6.52 |
| Year-End Price | 9.30 | 9.36 | 9.25 | 6.66 | 7.85 | 9.88 | 8.21 | 6.16 | 8.01 | 4.22 | 6.02 | 0.00 | 6.52 |
IMMERSION CORP passes 8 of 9 quality checks, indicating strong fundamentals.
IMMERSION CORP trades at 3.0x trailing earnings, compared to its 15-year median P/E of 13.2x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 60.7% with a gross margin of 93.1%. Total shareholder yield (dividends + buybacks) is 4.4%. At current prices, the estimated annualized return to fair value is -13.7%.
IMMERSION CORP (IMMR) has a net profit margin of 4.0%. This is a modest margin.
IMMERSION CORP (IMMR) generated $-69 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
IMMERSION CORP (IMMR) has a debt-to-equity ratio of 0.32. This indicates a conservatively financed balance sheet.
IMMERSION CORP (IMMR) reported earnings per share (EPS) of $1.90 in its most recent fiscal year.
IMMERSION CORP (IMMR) has a return on equity (ROE) of 20.1%. This indicates the company generates strong returns for shareholders.
IMMERSION CORP (IMMR) has a 5-year average gross margin of 93.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for IMMERSION CORP (IMMR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
IMMERSION CORP (IMMR) has a book value per share of $9.64, based on its most recent annual SEC filing.