IM
Immersion Corp
IMMR—
Immersion Corp AI Insights
Informational only. Not investment advice.Snapshot
- FCF negative (-46.2M TTM) despite positive net income (15.5M) - cash burn from working capital buildup (387M tied up in receivables/inventory)[Free Cash Flow]
- Revenue 3Y CAGR of 224% vs industry median 3.7% - hypergrowth phase but gross margin (22.3%) trails industry median (33.4%)[Total Revenue 3yr Growth]
- Trading at 1.0x P/B with 466.6M EV on 474.8M revenue - near asset value despite 4.1% operating margin[P/B Ratio]
Watch Triggers
- Cash Flow from Continuing Operating Activities: Turn positive for 2 consecutive quarters — Validates business model can self-fund; negative -43.7M TTM is existential risk
- Accounts Receivable: Days sales outstanding drops below 200 days — Currently ~275 days - collection issues could signal customer distress or revenue quality
- Gross Margin: Expand above 30% — At 22.3% vs 33.4% median, pricing power/cost structure must improve for profitability
Bull Case
Explosive 224% 3Y revenue CAGR with positive operating income (19.3M) suggests scale approaching - margin expansion could accelerate as fixed costs leverage
Total Revenue 3yr GrowthOperating Income
Trading at 1.0x book value with tangible book of 216.5M - downside protected if receivables/inventory convert to cash
P/B RatioTangible Book Value
Bear Case
Severe liquidity risk: 78M cash vs 539M current liabilities (0.14x coverage) with negative operating cash flow forces dilution or debt
Cash and EquivalentsCurrent LiabilitiesCash Flow
Gross margin 22.3% vs industry 33.4% with 1.01x debt/equity - no margin of safety if growth slows or receivables sour
Gross MarginDebt to Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Cash conversion crisis: 75% of current assets locked in receivables/inventory threatens liquidity
3-12mhigh
- Receivables 357M = 75% of annual revenue
- Inventory 368M vs 78M cash
- Operating cash flow -43.7M TTM
Working capital 387M consuming cashDebt/equity 1.01x limits flexibilityOnly 78M cash vs 539M current liabilities
Valuation Context
Caveats
Public Strategies Rankings
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IMMR Fundamentals
Manufacturing → Machinery Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$214.53M | — | ||
$458.98M | — | ||
0.00 | — | ||
$0 | — | ||
$0.00 | — | ||
0% | — | ||
0% | — | ||
$0 | — | ||
0.00 | — | ||
Beta 5Y (Monthly) | unknown | — |
IMMR Dividend History
13 dividends
2026
$0.075001/16/26$0.0750
2025
$0.380010/20/25$0.0450
07/23/25$0.0450
04/14/25$0.0450
01/10/25$0.2450
2024
$0.180010/04/24$0.0450
07/08/24$0.0450
04/11/24$0.0450
01/11/24$0.0450
2023
$0.220010/13/23$0.0300
07/12/23$0.0300
04/12/23$0.0300
01/12/23$0.1300
IMMR Stock Splits
No stock splits
IMMR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
03/12/25 | 01/31/25 | 10-Q | |
12/16/24 | 10/31/24 | 10-Q | |
08/19/24 | 06/30/24 | 10-Q | |
05/08/24 | 03/31/24 | 10-Q | |
03/11/24 | 12/31/23 | 10-K | |
11/13/23 | 09/30/23 | 10-Q | |
08/11/23 | 06/30/23 | 10-Q | |
05/11/23 | 03/31/23 | 10-Q | |
02/22/23 | 12/31/22 | 10-K | |
11/14/22 | 09/30/22 | 10-Q | |
08/15/22 | 06/30/22 | 10-Q | |
05/13/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/16/21 | 06/30/21 | 10-Q | |
05/07/21 | 03/31/21 | 10-Q | |
03/05/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/07/20 | 06/30/20 | 10-Q | |
05/08/20 | 03/31/20 | 10-Q | |
03/06/20 | 12/31/19 | 10-K | |
11/07/19 | 09/30/19 | 10-Q | |
08/14/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
11/02/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/11/18 | 03/31/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
11/03/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/05/17 | 03/31/17 | 10-Q | |
03/03/17 | 12/31/16 | 10-K | |
11/04/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
07/31/15 | 06/30/15 | 10-Q | |
05/01/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
10/31/14 | 09/30/14 | 10-Q | |
08/01/14 | 06/30/14 | 10-Q | |
05/06/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
11/06/13 | 09/30/13 | 10-Q | |
08/05/13 | 06/30/13 | 10-Q | |
05/07/13 | 03/31/13 | 10-Q | |
03/06/13 | 12/31/12 | 10-K | |
11/07/12 | 09/30/12 | 10-Q | |
08/07/12 | 06/30/12 | 10-Q | |
05/08/12 | 03/31/12 | 10-Q | |
03/05/12 | 12/31/11 | 10-K | |
11/07/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
03/14/11 | 12/31/10 | 10-K | |
11/05/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
03/30/10 | 12/31/09 | 10-K | |
02/08/10 | 09/30/09 | 10-Q | |
02/08/10 | 06/30/09 | 10-Q | |
05/06/09 | 03/30/09 | 10-Q | |
03/09/09 | 12/31/08 | 10-K | |
11/07/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/30/08 | Unknown | -- |
03/17/08 | 12/31/07 | 10-K | |
11/08/07 | 09/30/07 | 10-Q | |
08/08/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/30/07 | Unknown | -- |
03/16/07 | 12/31/06 | 10-K | |
11/07/06 | 09/30/06 | 10-Q | |
08/08/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/30/06 | Unknown | -- |
03/10/06 | 12/31/05 | 10-K | |
11/08/05 | 09/30/05 | 10-Q | |
08/11/05 | 06/30/05 | 10-Q | |
05/12/05 | 03/30/05 | Unknown | -- |
03/11/05 | 12/31/04 | 10-K | |
11/12/04 | 09/30/04 | 10-Q | |
08/13/04 | 06/30/04 | 10-Q | |
05/14/04 | 03/30/04 | Unknown | -- |
03/29/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 10-Q | |
08/14/03 | 06/30/03 | 10-Q | |
05/14/03 | 03/30/03 | Unknown | -- |
03/28/03 | 12/31/02 | 10-K | |
11/13/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
03/28/02 | 12/31/01 | 10-K405 | |
11/14/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
04/02/01 | 12/31/00 | 10-K405 | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |