Immersion Corporation (IMMR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+20482.3%

$1,459.28

vs $7.09 price

Levered DCF

$2,660.67

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.28

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	48×	2×	6.72×	7.64×	14.27×	59.42×	-11.61×	5.03×
P/B	0.75×	0.85×	1.24×	1.48×	1.27×	4.96×	2.8×	2.74×
P/S	0.13×	0.17×	6.71×	6.08×	5.12×	10.42×	6.52×	2.46×
EV / EBITDA	4.98×	3.05×	3.99×	6.85×	7.43×	62.47×	-7.74×	3×
Gross margin	18.8%	95.2%	100.0%	100.0%	99.7%	99.4%	99.5%	99.8%
Operating margin	1.6%	7.6%	52.9%	63.5%	50.7%	7.3%	-59.7%	47.8%
Net margin	0.3%	4.1%	100.2%	79.7%	35.6%	17.7%	-55.8%	49.0%
Current ratio	1.83×	1.72×	8.93×	8.94×	9.22×	8.47×	9.05×	8.85×
Debt / equity	1.05×	1.01×	0×	0×	0.01×	0.02×	0.01×	0×
Interest coverage	2.17×	12.26×	0×	0×	0×	0×	0×	0×
Dividend yield	2.5%	4.8%	3.3%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	122.1%	20.0%	21.8%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.5%	20.1%	18.6%	19.4%	8.8%	8.4%	-23.9%	54.5%
Return on invested capital	1.1%	10.2%	7.2%	14.1%	8.0%	2.5%	-18.8%	40.4%
Return on assets	0.3%	4.7%	15.7%	16.1%	7.1%	5.6%	-16.1%	37.2%
Free cash flow yield	-16.5%	-25.5%	9.1%	17.1%	9.5%	-0.0%	-14.6%	25.6%
Earnings yield	2.0%	23.8%	14.9%	13.1%	6.9%	1.7%	-8.6%	19.9%
Enterprise value	$402.3M	$514.8M	$171.4M	$185.6M	$129.2M	$259.3M	$148.9M	$161.9M
Net debt / EBITDA	2.24×	1.45×	-1.3×	-1.78×	-2.9×	-14.01×	4.43×	-2.06×
Cash conversion cycle (days)	102	397	107	-7,763	55,082	-158	-1,703	-6,044