Latest Ratios: P/E Ratio -33.9x · EV/EBITDA 4.7x · ROE -0.8%. (1998–2025 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 | $224M | $221M | $289M | $230M | $236M | $181M | $322M | $234M | $281M | $206M | $306M |
| Enterprise Value | $405M | $402M | $533M | $174M | $187M | $131M | $263M | $149M | $170M | $181M | $249M |
| P/E Ratio → | -33.90 | — | 2.12 | 6.79 | 7.64 | 14.64 | 59.42 | — | 5.18 | — | — |
| P/S Ratio | 0.13 | 0.13 | 0.19 | 6.77 | 6.12 | 5.17 | 10.56 | 6.52 | 2.54 | 5.88 | 5.36 |
| P/B Ratio | 0.40 | 0.39 | 0.51 | 1.25 | 1.49 | 1.28 | 5.03 | 2.80 | 2.82 | 21.33 | 5.52 |
| P/FCF | 21.51 | 21.21 | — | 11.15 | 5.87 | 10.60 | — | — | 4.03 | — | 14.09 |
| P/OCF | 8.86 | 8.74 | — | 11.15 | 5.87 | 10.40 | 14613.88 | — | 4.02 | — | 13.87 |
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 | — | 0.23 | 0.34 | 5.12 | 4.87 | 3.73 | 8.65 | 4.14 | 1.54 | 5.18 | 4.36 |
| EV / EBITDA | 4.73 | 4.69 | 3.48 | 9.65 | 7.62 | 7.33 | 63.45 | — | 3.16 | — | — |
| EV / EBIT | 9.33 | 10.65 | 3.99 | 4.05 | 6.94 | 7.58 | 118.63 | — | 3.21 | — | — |
| EV / FCF | — | 38.56 | — | 8.43 | 4.67 | 7.66 | — | — | 2.44 | — | 11.47 |
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 | 82.7% | 82.7% | 95.2% | 100.0% | 100.0% | 99.7% | 99.4% | 99.5% | 99.8% | 99.4% | 99.7% |
| Operating Margin | 2.5% | 2.5% | 7.6% | 52.9% | 63.5% | 50.7% | 7.3% | -59.7% | 47.8% | -129.7% | -26.7% |
| Net Profit Margin | -0.3% | -0.3% | 4.1% | 100.2% | 79.7% | 35.6% | 17.7% | -55.8% | 49.0% | -129.4% | -69.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.8% | -0.8% | 17.2% | 19.9% | 20.5% | 12.2% | 7.3% | -21.9% | 99.4% | -139.4% | -55.5% |
| ROA | -0.3% | -0.3% | 8.1% | 16.7% | 16.8% | 9.2% | 4.9% | -14.8% | 54.9% | -58.2% | -37.7% |
| ROIC | 4.2% | 4.2% | 18.9% | 11.4% | 18.3% | 27.6% | 78.0% | — | — | — | -38.1% |
| ROCE | 5.1% | 5.1% | 22.9% | 9.7% | 14.8% | 14.4% | 2.2% | -17.6% | 64.9% | -78.6% | -17.6% |
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 | 0.55 | 0.55 | 0.57 | 0.00 | 0.00 | 0.01 | 0.02 | 0.01 | — | — | — |
| Debt / EBITDA | 3.62 | 3.62 | 2.10 | 0.00 | 0.02 | 0.06 | 0.33 | — | — | — | — |
| Net Debt / Equity | — | 0.32 | 0.43 | -0.31 | -0.31 | -0.36 | -0.91 | -1.02 | -1.11 | -2.55 | -1.03 |
| Net Debt / EBITDA | 2.11 | 2.11 | 1.59 | -3.11 | -1.97 | -2.82 | -14.01 | — | -2.06 | — | — |
| Debt / FCF | — | 17.34 | — | -2.72 | -1.20 | -2.94 | — | — | -1.59 | — | -2.62 |
| Interest Coverage | 2.92 | 2.92 | 13.89 | — | — | — | — | — | — | — | — |
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 | 1.83 | 1.83 | 1.72 | 8.93 | 8.94 | 9.22 | 8.47 | 9.05 | 8.85 | 2.52 | 4.47 |
| Quick Ratio | 1.16 | 1.16 | 1.04 | 8.93 | 8.94 | 8.42 | 8.47 | 9.05 | 8.85 | 2.52 | 4.47 |
| Cash Ratio | 0.32 | 0.32 | 0.29 | 8.30 | 8.35 | 8.29 | 6.78 | 7.57 | 8.14 | 2.44 | 4.27 |
| Asset Turnover | — | 1.22 | 1.14 | 0.16 | 0.20 | 0.20 | 0.32 | 0.29 | 0.76 | 0.67 | 0.55 |
| Inventory Turnover | 0.81 | 0.81 | 0.20 | — | — | 0.01 | — | — | — | — | — |
| Days Sales Outstanding | — | 87.74 | 85.64 | 107.40 | 84.52 | 149.98 | 165.88 | 34.37 | 3.46 | 8.40 | 8.84 |
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 | 2.0% | 2.0% | 4.5% | 3.2% | — | — | — | — | — | — | — |
| Payout Ratio | — | — | 20.0% | 21.8% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 47.1% | 14.7% | 13.1% | 6.8% | 1.7% | — | 19.3% | — | — |
| FCF Yield | 4.6% | 4.7% | — | 9.0% | 17.0% | 9.4% | — | — | 24.8% | — | 7.1% |
| Buyback Yield | 1.1% | 1.1% | 0.8% | 3.6% | 5.6% | 0.0% | 9.5% | 1.2% | 0.1% | 0.2% | 0.2% |
| Total Shareholder Yield | 3.1% | 3.1% | 5.3% | 6.8% | 5.6% | 0.0% | 9.5% | 1.2% | 0.1% | 0.2% | 0.2% |
| Shares Outstanding | — | $33M | $33M | $33M | $34M | $32M | $28M | $32M | $31M | $29M | $29M |
Patent litigation outcome uncertainty
Based on reported figures, Immersion's P/S ratio of 0.13 suggests the market heavily discounts the sustainability of recent revenue spikes, viewing the current $1.74 billion TTM revenue as a non-recurring anomaly rather than a permanent shift in the company's long-term earning power or growth trajectory.
The negative P/E of -35.10 highlights the disconnect between the company's massive reported top-line and its inability to generate consistent bottom-line profitability. Investors appear to be pricing the stock as a distressed asset, ignoring potential upside from automotive haptics in favor of immediate concerns regarding the quality and durability of the current revenue base.
As reported in financial statements, Immersion's gross margin has plummeted from 100% in 2023 to 17.9% in 2025Q4, indicating that the cost of revenue is rapidly eroding the company's traditional high-margin intellectual property licensing model and forcing a re-evaluation of its core profitability profile.
The narrow operating margin of 1.0% suggests that the company is struggling to scale its operations effectively, with administrative and legal expenses consuming nearly all gross profit. This trend warrants further investigation into whether the firm is shifting toward a more capital-intensive business model that lacks the inherent scalability of its historical patent-only strategy.
According to recent SEC filings, Immersion's ROIC has fluctuated wildly, dropping to 0.5% in 2025Q4 from a peak of 10.5% in 2024Q1, which suggests that the company is failing to compound capital effectively as it navigates a period of significant balance sheet expansion and operational uncertainty.
The erratic nature of these returns indicates that management's recent capital allocation decisions have not yet yielded a stable or accretive return on invested capital. Investors should monitor whether the recent increase in property and equipment is a strategic necessity or a sign of inefficient capital deployment that dilutes shareholder value.
Based on Immersion's reported figures, the cash conversion cycle has expanded to 75 days in 2025Q4, reflecting a deterioration in working capital efficiency compared to the more streamlined cycles observed in previous periods, which may indicate increasing difficulty in collecting royalty payments from major OEM partners.
The rise in DSO to 65 days suggests that the company is granting more lenient payment terms or facing delays in settlement, which directly impacts liquidity. This trend is particularly concerning given the company's reliance on lumpy, event-driven cash inflows to fund its ongoing legal and administrative overhead.
As indicated by the provided data, the P/S ratio is a fundamentally flawed metric for Immersion, as it fails to account for the massive, non-recurring nature of litigation settlements that artificially inflate revenue and obscure the true, underlying run-rate of the company's recurring royalty-based business model.
Analysts should instead focus on normalized free cash flow and adjusted operating margins, which strip out the noise of one-time legal events. Relying on revenue-based valuation for a firm with such volatile, settlement-driven income streams may lead to a significant mispricing of the company's actual economic value.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying IMMR stock.
Immersion Corporation's current P/E ratio is -33.9x. The historical average is 29.1x.
Immersion Corporation's current EV/EBITDA is 4.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.1x.
Immersion Corporation's return on equity (ROE) is -0.8%. The historical average is -17.3%.
Based on historical data, Immersion Corporation is trading at a P/E of -33.9x. Compare with industry peers and growth rates for a complete picture.
Immersion Corporation's current dividend yield is 2.03%.
Immersion Corporation has 82.7% gross margin and 2.5% operating margin.
Immersion Corporation's Debt/EBITDA ratio is 3.6x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.