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what it is
Immersion licenses touch-feedback technology so other companies can make phones, cars, and games buzz, click, and feel real.
how it gets paid
Last year Immersion made $1.6B in revenue. mobility was the main engine at $0.62B, or 40% of sales.
why it's growing
Revenue grew 22.4% last year. Quarterly EPS history shows 2023 ending with $0.49 in Q4 and $1.04 for the full year.
what just happened
Latest quarter revenue came in at $471M with EPS of $0.73, even as older full-year figures point to a much smaller business.
At a glance
n/a balance sheet
15/100 earnings predictability — expect surprises
42.9x trailing p/e — you're paying up for this one
4.8% dividend yield — cash in your pocket every quarter
18.6% return on capital — nothing to write home about
xvary composite: 37/100 — weak
What they do
Immersion licenses touch-feedback technology so other companies can make phones, cars, and games buzz, click, and feel real.
Licensing → getting paid when other companies use your patents → so what: you can scale without building factories or shipping hardware. Immersion has 14 employees, yet the 2023 estimate still showed an 18.6% return on capital. If your tech sits inside someone else’s device, you keep the economics without carrying their manufacturing headaches.
How they make money
$1.6B
annual revenue · their business grew +22.4% last year
mobility
$0.62B
gaming
$0.31B
automotive
$0.25B
media, ar/vr, wearables
$0.22B
industrial iot and other
$0.16B
The products that matter
patent licensing and royalties
Haptic technology licensing
about 94% of revenue mix
this is the business, not just the biggest segment. if this stream is healthy, the model looks asset-light and attractive. with net margin at 4.1%, it is doing a lot less of the heavy lifting right now.
core engine
tools for implementation
Product development kits
about 6% of revenue mix
this is the support business. at roughly 6% of revenue, it helps customers use the tech, but it is too small to counter a weak royalty period on its own.
support layer
Key numbers
$141M
long-term debt
Debt equals 41% of capital, which is a lot for a business estimated at $34M of 2023 revenue.
42.9x
trailing p/e
P/E → price-to-earnings → so what: you are paying nearly 43 years of trailing profit for a company with shrinking sales.
4.8%
dividend yield
Yield → cash paid to shareholders each year as a percent of stock price → so what: you get paid to wait, but the payout sits next to heavy debt.
18.6%
return on capital
Return on capital → profit earned on money tied up in the business → so what: the core model can still throw off decent economics.
Financial health
n/a
strength
- balance sheet grade n/a
- risk rank 4 — safer than 20% of stocks
- price stability 25 / 100
- long-term debt $141M (41% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for IMMR right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter revenue came in at $471M with EPS of $0.73, even as older full-year figures point to a much smaller business.
Quarterly EPS history shows 2023 ending with $0.49 in Q4 and $1.04 for the full year. The loud part is the data conflict: recent quarter figures imply a much bigger company than the older annual estimate.
$471M
revenue
$0.73
eps
7.6%
operating margin
the number that mattered
$471M matters because it sits miles away from the older $34M annual estimate, which means your first job here is deciding which set of numbers you trust.
source: company earnings report, 2026
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What could go wrong
the main risk is not abstract. it is a royalty business with falling profitability, late filings, and a debt load that looks larger when the earnings cushion disappears.
high
profit margin collapse
net margin fell to 4.1% from 38.8%. that is the difference between a licensing model looking elite and looking fragile.
if margins stay near this level, the 42.9x trailing p/e looks like a bet on old economics, not current ones.
high
nasdaq compliance and filing delays
the company has received multiple notices for late 10-Q filings, including the quarter ended oct 31, 2025.
if reporting slips again, investor trust and trading comfort both take a direct hit.
med
debt against weaker earnings
long-term debt is $141M, or 41% of capital. that is easier to carry when royalties are dependable and more awkward when profitability drops to 4.1%.
the balance sheet gives you less breathing room than the royalty label suggests.
med
patents do not guarantee smooth cash flow
the portfolio dates to 1993 and still matters. but patent strength and quarter-to-quarter earnings stability are not the same thing.
if renewals, disputes, or adoption slow, the business starts behaving less like a clean royalty machine and more like a cyclical contract story.
at 4.1% net margin with $141M of debt equal to 41% of capital, IMMR has less room for error than a licensing story usually does.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
net margin recovery
4.1% is the entire problem. if margin does not recover meaningfully from here, the 42.9x trailing p/e has very little support.
calendar
next earnings report
scheduled for mar 16, 2026. you want two things: cleaner disclosures and evidence the q4 loss was not the new baseline.
compliance
nasdaq filing status
late 10-Qs are a first-order issue now. a cleanup removes a real overhang. another delay makes the trust problem bigger.
capital return
dividend versus earnings reality
the 4.8% yield looks inviting until you line it up against a $0.17 q4 loss. watch whether management protects the payout or turns more defensive.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not trust this earnings stream to behave cleanly.
risk rank
4
that places the stock on the riskier side of the market. you are not buying safety here, and the numbers do not pretend otherwise.
source: institutional data
Institutional activity
institutional ownership data for IMMR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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