Immersion Corp Financials
This page shows Immersion Corp (IMMR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Immersion’s data shows a shift from an asset-light cash model toward a larger, lower-margin, balance-sheet-heavier business.
FY2025’s jump to$1.6B of revenue did not preserve the old asset-light economics. Operating margin fell from52.9% in FY2023 to7.6% . At the same time, operating cash flow moved from$20.6M to-$57.6M . That pairing suggests the new revenue base demands much more day-to-day funding and yields far less cash per dollar of sales than the prior model did.
The balance-sheet posture changed as much as the income statement: total liabilities climbed from
Earlier years showed minimal capital intensity: FY2022 generated
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Immersion Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Immersion Corp has an operating margin of 7.6%, meaning the company retains $8 of operating profit per $100 of revenue. This strong profitability earns a score of 94/100, reflecting efficient cost management and pricing power. This is down from 52.8% the prior year.
Immersion Corp's revenue surged 4487.0% year-over-year to $1.6B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Immersion Corp has a moderate D/E ratio of 2.42. This balance of debt and equity financing earns a leverage score of 53/100.
Immersion Corp's current ratio of 2.23 indicates adequate short-term liquidity, earning a score of 41/100. The company can meet its near-term obligations, though with limited headroom.
While Immersion Corp generated -$57.6M in operating cash flow, capex of $11.2M consumed most of it, leaving -$68.8M in free cash flow. This results in a low score of 100/100, reflecting heavy capital investment rather than weak cash generation.
Immersion Corp's ROE of 21.7% shows moderate profitability relative to equity, earning a score of 56/100. This is up from 18.6% the prior year.
Immersion Corp scores 2.16, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Immersion Corp passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Immersion Corp generates $-0.90 in operating cash flow (-$57.6M OCF vs $64.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Immersion Corp earns $8.3 in operating income for every $1 of interest expense ($118.0M vs $14.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Immersion Corp generated $1.6B in revenue in fiscal year 2025. This represents an increase of 4487.0% from the prior year.
Immersion Corp's EBITDA was $153.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 752.5% from the prior year.
Immersion Corp reported $64.3M in net income in fiscal year 2025. This represents an increase of 89.2% from the prior year.
Immersion Corp earned $1.90 per diluted share (EPS) in fiscal year 2025. This represents an increase of 82.7% from the prior year.
Cash & Balance Sheet
Immersion Corp generated -$68.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 434.0% from the prior year.
Immersion Corp held $90.1M in cash against $0 in long-term debt as of fiscal year 2025.
Immersion Corp had 33M shares outstanding in fiscal year 2025. This represents an increase of 4.1% from the prior year.
Margins & Returns
Immersion Corp's operating margin was 7.6% in fiscal year 2025, reflecting core business profitability. This is down 45.3 percentage points from the prior year.
Immersion Corp's net profit margin was 4.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 96.0 percentage points from the prior year.
Immersion Corp's ROE was 21.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.2 percentage points from the prior year.
Capital Allocation
Immersion Corp spent $2.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 71.2% from the prior year.
Immersion Corp invested $11.2M in capex in fiscal year 2025, funding long-term assets and infrastructure.
IMMR Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $518.5M-20.3% | $650.2M+122.6% | $292.0M-21.7% | $372.9M-20.9% | $471.3M-23.5% | $616.2M+545.4% | $95.5M+117.8% | $43.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $42K |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $25.9M |
| Operating Income | $5.0M-87.6% | $40.1M+252.0% | -$26.4M-156.7% | -$10.3M-129.1% | $35.2M-50.0% | $70.4M+211.4% | $22.6M+36.1% | $16.6M |
| Interest Expense | $4.0M+33.6% | $3.0M+4.9% | $2.8M-39.1% | $4.6M+11.5% | $4.2M-8.4% | $4.5M+404.7% | $901K | $0 |
| Income Tax | $6.7M-54.5% | $14.8M+290.9% | -$7.7M-171.5% | $10.8M+308.8% | $2.6M-47.5% | $5.0M-30.3% | $7.2M+19.1% | $6.1M |
| Net Income | -$10.3M-185.6% | $12.0M+1389.4% | -$930K+94.5% | -$17.0M-170.8% | $24.1M-21.9% | $30.8M+16.5% | $26.4M+41.8% | $18.7M |
| EPS (Diluted) | $-0.31-186.1% | $0.36+1300.0% | $-0.03 | N/A | $0.73-21.5% | $0.93+14.8% | $0.81+37.3% | $0.59 |
IMMR Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.4B+4.0% | $1.4B+9.1% | $1.3B+14.5% | $1.1B-23.3% | $1.4B+5.4% | $1.4B+10.6% | $1.2B+404.3% | $244.7M |
| Current Assets | $1.0B+8.5% | $934.2M+17.2% | $796.9M+26.1% | $631.8M-31.2% | $918.9M+10.1% | $834.5M+23.5% | $675.6M+248.6% | $193.8M |
| Cash & Equivalents | $129.8M+2.3% | $126.9M+40.8% | $90.1M+24.1% | $72.6M-6.5% | $77.7M-3.5% | $80.5M+125.1% | $35.8M-60.7% | $91.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $1.4M |
| Goodwill | $69.2M0.0% | $69.2M0.0% | $69.2M0.0% | $69.2M | N/A | N/A | N/A | N/A |
| Total Liabilities | $870.7M+8.4% | $803.2M+12.2% | $715.6M-11.0% | $804.1M-5.4% | $850.0M-3.0% | $876.6M+6.9% | $819.9M+1796.0% | $43.2M |
| Current Liabilities | $554.0M+11.8% | $495.7M+38.5% | $358.0M+34.6% | $265.9M-51.1% | $543.4M+2.4% | $530.9M+21.3% | $437.8M+1354.1% | $30.1M |
| Long-Term Debt | N/A | N/A | N/A | $103.1M | N/A | N/A | N/A | N/A |
| Total Equity | $295.4M-3.8% | $306.9M+3.8% | $295.8M-0.8% | $298.1M-6.2% | $317.9M+4.1% | $305.5M+11.7% | $273.4M+35.7% | $201.5M |
| Retained Earnings | $30.0M-29.9% | $42.7M+32.5% | $32.3M-7.0% | $34.7M-35.6% | $53.9M+41.4% | $38.1M+320.5% | $9.1M+152.1% | -$17.4M |
IMMR Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$33.8M-147.8% | $70.6M+214.6% | -$61.7M-223.1% | $50.1M+214.6% | -$43.7M-186.7% | $50.4M+144.1% | -$114.4M-482.6% | $29.9M |
| Capital Expenditures | $3.7M-13.6% | $4.3M+15.5% | $3.7M+20.4% | $3.1M+21.8% | $2.5M-8.3% | $2.8M-1.0% | $2.8M | $0 |
| Free Cash Flow | -$37.5M-156.5% | $66.3M+201.4% | -$65.4M-239.1% | $47.0M+201.6% | -$46.2M-197.1% | $47.6M+140.6% | -$117.2M-491.9% | $29.9M |
| Investing Cash Flow | $10.0M-62.8% | $26.9M+192.1% | $9.2M+993.8% | -$1.0M-111.8% | $8.7M-38.3% | $14.1M+176.6% | -$18.5M-368.5% | $6.9M |
| Financing Cash Flow | $10.3M+120.1% | -$51.1M-178.2% | $65.4M+255.5% | -$42.0M-288.1% | $22.3M+159.8% | -$37.4M-131.7% | $118.0M+6856.0% | -$1.7M |
| Dividends Paid | $2.5M-16.4% | $3.0M | $0-100.0% | $1.5M-81.8% | $8.3M+446.2% | $1.5M-0.3% | $1.5M+2.3% | $1.5M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $4K | $0 |
IMMR Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 1.0%-5.2pp | 6.2%+15.2pp | -9.0%-6.3pp | -2.8%-10.2pp | 7.5%-3.9pp | 11.4%-12.3pp | 23.7%-14.2pp | 37.9% |
| Net Margin | -2.0%-3.8pp | 1.8%+2.2pp | -0.3%+4.3pp | -4.6%-9.7pp | 5.1%+0.1pp | 5.0%-22.7pp | 27.7%-14.8pp | 42.5% |
| Return on Equity | -3.5%-7.4pp | 3.9%+4.2pp | -0.3%+5.4pp | -5.7%-13.3pp | 7.6%-2.5pp | 10.1%+0.4pp | 9.7%+0.4pp | 9.3% |
| Return on Assets | -0.7%-1.6pp | 0.9%+0.9pp | -0.1%+1.5pp | -1.5%-3.2pp | 1.7%-0.6pp | 2.3%+0.1pp | 2.1%-5.5pp | 7.6% |
| Current Ratio | 1.83-0.1 | 1.88-0.3 | 2.23-0.2 | 2.38+0.7 | 1.69+0.1 | 1.57+0.0 | 1.54-4.9 | 6.44 |
| Debt-to-Equity | 2.95+0.3 | 2.62+0.2 | 2.42+2.1 | 0.35-2.3 | 2.67-0.2 | 2.87-0.1 | 3.00+2.8 | 0.21 |
| FCF Margin | -7.2%-17.4pp | 10.2%+32.6pp | -22.4%-35.0pp | 12.6%+22.4pp | -9.8%-17.5pp | 7.7%+130.5pp | -122.7%-190.9pp | 68.2% |
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Frequently Asked Questions
What is Immersion Corp's annual revenue?
Immersion Corp (IMMR) reported $1.6B in total revenue for fiscal year 2025. This represents a 4487.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Immersion Corp's revenue growing?
Immersion Corp (IMMR) revenue grew by 4487% year-over-year, from $33.9M to $1.6B in fiscal year 2025.
Is Immersion Corp profitable?
Yes, Immersion Corp (IMMR) reported a net income of $64.3M in fiscal year 2025, with a net profit margin of 4.1%.
What is Immersion Corp's EBITDA?
Immersion Corp (IMMR) had EBITDA of $153.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Immersion Corp's operating margin?
Immersion Corp (IMMR) had an operating margin of 7.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Immersion Corp's net profit margin?
Immersion Corp (IMMR) had a net profit margin of 4.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Immersion Corp's return on equity (ROE)?
Immersion Corp (IMMR) has a return on equity of 21.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Immersion Corp's free cash flow?
Immersion Corp (IMMR) generated -$68.8M in free cash flow during fiscal year 2025. This represents a -434.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Immersion Corp's operating cash flow?
Immersion Corp (IMMR) generated -$57.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Immersion Corp's total assets?
Immersion Corp (IMMR) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Immersion Corp's capital expenditures?
Immersion Corp (IMMR) invested $11.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Immersion Corp's current ratio?
Immersion Corp (IMMR) had a current ratio of 2.23 as of fiscal year 2025, which is generally considered healthy.
What is Immersion Corp's debt-to-equity ratio?
Immersion Corp (IMMR) had a debt-to-equity ratio of 2.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Immersion Corp's return on assets (ROA)?
Immersion Corp (IMMR) had a return on assets of 5.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Immersion Corp's cash runway?
Based on fiscal year 2025 data, Immersion Corp (IMMR) had $90.1M in cash against an annual operating cash burn of $57.6M. This gives an estimated cash runway of approximately 19 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Immersion Corp's Altman Z-Score?
Immersion Corp (IMMR) has an Altman Z-Score of 2.16, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Immersion Corp's Piotroski F-Score?
Immersion Corp (IMMR) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Immersion Corp's earnings high quality?
Immersion Corp (IMMR) has an earnings quality ratio of -0.90x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Immersion Corp cover its interest payments?
Immersion Corp (IMMR) has an interest coverage ratio of 8.3x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Immersion Corp?
Immersion Corp (IMMR) scores 74 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.