Latest Ratios: P/E Ratio 50.6x · EV/EBITDA 31.0x · ROE 4.9%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.3B | $1.4B | $1.4B | $1.1B | $1.1B | $2.8B | $1.3B | $459M | $592M | $1.8B | $1.0B |
| Enterprise Value | $2.1B | $1.2B | $1.7B | $1.4B | $1.3B | $2.7B | $1.3B | $583M | $669M | $1.8B | $995M |
| P/E Ratio → | 50.58 | 31.50 | 17.48 | 21.68 | 2.28 | 3.20 | 26.39 | — | 85.75 | 65.13 | 20.13 |
| P/S Ratio | 2.76 | 1.72 | 1.55 | 1.12 | 0.90 | 1.81 | 1.44 | 0.68 | 0.82 | 2.62 | 1.30 |
| P/B Ratio | 2.54 | 1.59 | 1.57 | 1.23 | 1.21 | 3.21 | 2.64 | 1.06 | 1.34 | 3.95 | 2.22 |
| P/FCF | 19.13 | 11.93 | 13.69 | 8.20 | 15.34 | 7.35 | 13.25 | — | — | — | 13.56 |
| P/OCF | 16.38 | 10.21 | 12.13 | 6.94 | 13.09 | 7.20 | 12.49 | 59.95 | 147.62 | 61.14 | 12.30 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.44 | 1.91 | 1.45 | 1.07 | 1.72 | 1.42 | 0.87 | 0.93 | 2.64 | 1.24 |
| EV / EBITDA | 30.96 | 18.01 | 19.15 | 23.31 | 4.60 | 4.71 | 15.47 | 95.78 | 28.22 | 72.12 | 13.62 |
| EV / EBIT | 46.78 | 27.21 | 25.42 | 31.64 | 4.60 | 4.89 | 21.27 | — | 71.57 | 56.14 | 16.19 |
| EV / FCF | — | 10.02 | 16.88 | 10.57 | 18.14 | 7.02 | 13.04 | — | — | — | 12.96 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.6% | 30.6% | 30.5% | 27.9% | 40.5% | 48.4% | 24.9% | 20.5% | 23.3% | 24.4% | 24.2% |
| Operating Margin | 5.3% | 5.3% | 7.5% | 4.6% | 21.4% | 35.2% | 6.5% | -2.7% | 0.5% | 1.2% | 7.4% |
| Net Profit Margin | 5.3% | 5.3% | 8.8% | 5.4% | 19.7% | 28.2% | 5.3% | -2.0% | 1.2% | 4.0% | 6.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.9% | 4.9% | 9.1% | 5.8% | 26.8% | 64.4% | 10.3% | -3.1% | 1.9% | 6.0% | 11.2% |
| ROA | 2.6% | 2.6% | 4.9% | 3.0% | 14.3% | 34.8% | 5.5% | -1.6% | 1.0% | 3.5% | 6.4% |
| ROIC | 3.5% | 3.5% | 4.3% | 2.9% | 21.0% | 67.5% | 8.5% | -2.6% | 0.5% | 1.4% | 9.7% |
| ROCE | 4.7% | 4.7% | 7.3% | 4.4% | 25.6% | 69.9% | 11.6% | -4.1% | 0.7% | 1.8% | 12.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.66 | 0.66 | 0.61 | 0.58 | 0.47 | 0.24 | 0.34 | 0.52 | 0.42 | 0.32 | 0.29 |
| Debt / EBITDA | 8.95 | 8.95 | 6.02 | 8.49 | 1.51 | 0.37 | 2.03 | 37.03 | 7.76 | 5.87 | 1.89 |
| Net Debt / Equity | — | -0.25 | 0.37 | 0.35 | 0.22 | -0.15 | -0.04 | 0.29 | 0.18 | 0.02 | -0.10 |
| Net Debt / EBITDA | -3.44 | -3.44 | 3.61 | 5.22 | 0.71 | -0.23 | -0.24 | 20.44 | 3.27 | 0.36 | -0.64 |
| Debt / FCF | — | -1.91 | 3.18 | 2.37 | 2.80 | -0.34 | -0.20 | — | — | — | -0.61 |
| Interest Coverage | 12.63 | 12.63 | 17.00 | 7.11 | 100.38 | 508.07 | 34.80 | -5.78 | 7.59 | 36.64 | 97.05 |
Net cash position: cash ($826M) exceeds total debt ($597M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.58 | 1.58 | 1.65 | 1.69 | 1.93 | 1.98 | 1.97 | 1.59 | 1.67 | 1.92 | 2.16 |
| Quick Ratio | 1.39 | 1.39 | 1.43 | 1.39 | 1.39 | 1.65 | 1.66 | 1.21 | 1.26 | 1.53 | 1.70 |
| Cash Ratio | 1.07 | 1.07 | 0.32 | 0.29 | 0.33 | 0.61 | 0.57 | 0.29 | 0.30 | 0.43 | 0.60 |
| Asset Turnover | — | 0.48 | 0.55 | 0.58 | 0.71 | 0.97 | 0.98 | 0.82 | 0.86 | 0.85 | 1.00 |
| Inventory Turnover | 3.78 | 3.78 | 3.97 | 3.14 | 1.93 | 4.02 | 6.13 | 3.71 | 3.41 | 3.83 | 4.06 |
| Days Sales Outstanding | — | 88.11 | 95.62 | 91.63 | 79.73 | 97.08 | 100.75 | 90.31 | 96.91 | 100.56 | 86.83 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 4.5% | 3.6% | 7.9% | 20.1% | 1.7% | 0.0% | — | 2.9% | 2.3% | 2.1% |
| Payout Ratio | 147.8% | 147.8% | 63.8% | 165.7% | 91.9% | 10.9% | 0.0% | — | 200.8% | 149.1% | 43.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 3.2% | 5.7% | 4.6% | 43.8% | 31.3% | 3.8% | — | 1.2% | 1.5% | 5.0% |
| FCF Yield | 5.2% | 8.4% | 7.3% | 12.2% | 6.5% | 13.6% | 7.5% | — | — | — | 7.4% |
| Buyback Yield | 0.2% | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.0% | 4.9% | 3.8% | 7.9% | 20.1% | 1.7% | 0.0% | 0.0% | 2.9% | 2.3% | 2.1% |
| Shares Outstanding | — | $175M | $175M | $175M | $175M | $175M | $173M | $173M | $173M | $172M | $172M |
Cyclical demand and competition
According to recent market data, Himax trades at a trailing P/E of 55.35, which appears disconnected from its decelerating growth profile and suggests investors are pricing in a recovery that remains speculative compared to peers like Silicon Motion trading at significantly lower multiples.
The forward P/E of 35.98 implies that the market expects a substantial rebound in earnings, yet this valuation appears aggressive given the company's historical volatility and reliance on cyclical display markets. Investors should monitor whether the current premium is justified by potential AI sensing breakthroughs or if it represents a mispricing of a mature, commodity-exposed semiconductor firm.
Based on reported financial statements, Himax's ROIC has struggled to maintain positive momentum, fluctuating between -0.1% and 2.5% over the last ten quarters, indicating that the company is currently failing to generate returns that exceed its cost of capital in a meaningful way.
The persistent decay in ROIC suggests that the company's heavy R&D investments have yet to translate into scalable, high-margin revenue streams. This trend warrants further investigation into whether the current capital allocation strategy is effectively prioritizing high-growth segments or if it is merely sustaining legacy operations that offer diminishing returns.
As reported in quarterly filings, Himax's cash conversion cycle has remained elevated, peaking at 174 days in 2023Q4 and settling at 100 days in 2026Q1, which highlights significant friction in managing inventory and receivables relative to its industry peers.
The inability to consistently compress the cash conversion cycle suggests that the company lacks the bargaining power to optimize payment terms with its suppliers or customers. This inefficiency appears to be a structural drag on liquidity, forcing the company to maintain higher cash balances than would otherwise be necessary for a fabless semiconductor firm.
Based on the latest financial disclosures, Himax maintains a debt-to-equity ratio of 0.64, which, while technically reflecting some leverage, is supported by a fortress-like cash position that effectively mitigates any immediate refinancing or interest coverage risks in the current volatile semiconductor environment.
The company's minimal reliance on external debt appears to be a strategic choice to navigate the cyclicality of the display industry without the pressure of mandatory interest payments. While this conservative posture provides stability, it may also indicate a lack of aggressive growth initiatives that would typically be funded through a more optimized capital structure.
The P/E ratio is frequently misapplied to Himax, as it obscures the company's massive cash-to-market-cap ratio and fails to account for the cyclical nature of its earnings, which are often distorted by inventory write-downs and non-recurring engineering fees in the non-driver segment.
Investors should instead utilize EV/EBITDA or P/FCF to better assess the company's true operational value, as these metrics strip away the distorting effect of the company's large cash pile. Relying on P/E alone may lead to an inaccurate assessment of the company's valuation, particularly during periods where earnings are suppressed by temporary supply chain imbalances.
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying HIMX stock.
Himax Technologies, Inc.'s current P/E ratio is 50.6x. The historical average is 24.6x. This places it at the 84th percentile of its historical range.
Himax Technologies, Inc.'s current EV/EBITDA is 31.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.8x.
Himax Technologies, Inc.'s return on equity (ROE) is 4.9%. The historical average is 15.3%.
Based on historical data, Himax Technologies, Inc. is trading at a P/E of 50.6x. This is at the 84th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Himax Technologies, Inc.'s current dividend yield is 2.83% with a payout ratio of 147.8%.
Himax Technologies, Inc. has 30.6% gross margin and 5.3% operating margin.
Himax Technologies, Inc.'s Debt/EBITDA ratio is 9.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.