Immersion

IMMR · Nasdaq · Information Technology · Financials, fiscal 2016 to 2026

IMMR · Last close · November 6, 2026

$6.79

Immersion's revenue rose 11.2% to $1.7 billion in fiscal 2026. Its operating margin was 1.5%, down from 7.6% a year earlier. Free cash flow was $43 million. It paid out $8 million in dividends and buybacks, 19% of free cash flow. The diluted share count rose 0.4%.

Immersion Corporation Latest fiscal year ended April 30, 2026 10-K filed July 24, 2026 · 0001193125-26-316089 Updated November 7, 2026

Revenue

$1.7B

11.2%

Operating margin

1.5%

6.1 pts

Net income

$4M

93.0%

Free cash flow

$43M

Return on capital

2.7%

Market cap

$226M

Nov 6 close

P/E

20.0x

On $0.34 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Immersion does

Immersion runs two very different businesses. The first is a licensing business built on haptics, the technology behind touch feedback such as vibrations in phones and game controllers. It holds just under 300 issued or pending patents and licenses them to companies that build the technology into their own branded products. Its main markets are mobile devices, gaming and cars, and it sees possible uses in virtual and augmented reality and wearables.

The second is Barnes & Noble Education, which Immersion took control of in June 2024. In that deal Immersion acquired 42% of its shares and appointed most of its board. Barnes & Noble Education says it is one of the largest contract operators of physical and virtual college and K-12 bookstores in the United States, and also one of the largest textbook wholesalers. It operates 1,116 physical and virtual bookstores. Immersion reports these as two segments.

Immersion's licensing earns royalties and license fees, with a notable share from makers of gaming peripherals. The bookstore business is people-heavy: about 3,613 domestic employees, plus thousands of temporary and seasonal staff in peak periods.

Its biggest risks, as it describes them

Failing to renew or sign new patent licenses on good terms, which would cut royalty revenue.
Customers discontinuing products that use its technology, or gaming makers cutting back.
Acquisitions, including Barnes & Noble Education, bring integration and management risks.
Tariffs and trade restrictions, and an uncertain economy, could reduce revenue.
Failing to file its periodic reports on time could limit its access to capital markets.

From Immersion's annual report on Form 10-K, filed July 24, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2018 to 2026, earnings per share fell 27.0% a year and net income 26.8% a year, as new shares raised the share count by 5% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY25	FY26
Cash and short-term investments	138	150	160	161	180
Debt incl. finance leases	—	—	—	103	71
Net debt (negative means net cash)	—	—	—	−58	−110
Net debt to EBITDA	—	—	—	−0.4x	−1.6x
Debt to equity	—	—	—	0.3x	0.2x
Interest coverage	—	—	—	8.3x	2.1x
Current ratio	9.2x	8.9x	8.9x	2.4x	2.3x
Quick ratio	9.2x	8.9x	8.9x	2.4x	2.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Immersion's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Immersion's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Immersion shares on the open market, and 1 insider sold $32,039.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 12, 2026	Dodson J MichaelChief Financial Officer	Sold	4,899	$6.54	$32,039	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY25	FY26
Piotroski F-score	—	—	—
Rule of 40	48.9%	—	13.7%
Altman Z''	10.56	4.08	3.87
Accruals ratio	6.6%	—	−5.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY25	FY26
Net income is positive	Pass	—	Pass
Cash from operations is positive	Pass	Fail	Pass
Return on assets rose	Pass	—	—
Cash from operations exceeds net income	Fail	Fail	Pass
Debt fell relative to assets	—	—	—
Current ratio rose	Fail	—	Fail
Share count didn't rise	Pass	—	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	—	—
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Immersion side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Immersion	FY26	11.2%	1.5%	2.5%	2.7%	−1.6x	—
Corsair Gaming	FY25	11.9%	0.1%	2.4%	0.2%	0.4x	6	Compare
Everpure	FY26	15.6%	3.1%	16.8%	—	−6.1x	7	Compare
Logitech	FY26	6.3%	16.0%	20.1%	121.9%	−2.0x	7	Compare
NetApp	FY26	5.4%	24.2%	27.0%	—	−0.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY25	FY26
Income statement
Revenue	57	35	111	36	30	35	38	34	1,556	1,731
Revenue growth	−9.9%	−38.7%	217.0%	−67.6%	−15.3%	15.2%	9.6%	−11.8%	—	11.2%
Gross profit	57	35	111	36	30	35	38	—	—	—
Research and development	13	12	10	8	5	4	1	0	—	—
Operating income	−15	−45	53	−22	2	18	24	18	118	26
Net income	−39	−45	54	−20	5	12	31	34	64	4
Diluted EPS (US$)	−1.37	−1.55	1.73	−0.64	0.19	0.39	0.92	1.04	1.90	0.14
Diluted shares (millions)	29	29	31	32	28	32	34	32	33	33
Cash flow
Cash from operations	22	−44	70	−34	0	17	40	21	−58	59
Capital expenditure	0	0	0	0	0	0	0	0	11	16
Free cash flow	22	−44	70	−34	−0	17	40	21	−69	43
Dividends paid	0	0	0	0	0	0	0	7	13	8
Share buybacks	1	0	0	3	31	0	13	8	2	0
Acquisitions	0	0	0	0	0	0	0	0	31	0
Stock-based compensation	6	6	9	6	5	2	3	3	14	11
Balance sheet at fiscal year end
Cash and short-term investments	90	46	125	90	60	138	150	160	161	180
Debt incl. finance leases	—	—	—	—	—	—	—	—	103	71
Total assets	104	52	146	125	96	176	190	216	1,102	1,052
Total liabilities	48	42	46	41	32	34	32	33	544	485
Shareholders' equity	55	10	100	84	64	141	158	183	298	297
Margins and ratios
Gross margin	99.7%	99.4%	99.8%	99.5%	99.5%	99.8%	100.0%	—	—	—
Operating margin	−26.7%	−129.7%	47.9%	−59.7%	7.3%	50.7%	63.5%	52.9%	7.6%	1.5%
Net margin	−69.0%	−129.3%	49.0%	−55.8%	17.7%	35.6%	79.7%	100.2%	4.1%	0.3%
Free cash flow margin	38.0%	−125.5%	62.9%	−95.3%	−0.1%	48.8%	104.3%	60.7%	−4.4%	2.5%
Rule of 40 (growth + FCF margin)	28.1%	−164.2%	279.9%	−162.9%	−15.4%	64.0%	113.9%	48.9%	—	13.7%
Return on capital	—	—	—	—	—	—	—	—	—	2.7%
Return on equity	−55.5%	−139.4%	99.4%	−21.9%	7.3%	12.2%	20.5%	19.9%	—	1.5%
Return on assets	−37.6%	−58.2%	54.9%	−14.8%	4.9%	9.2%	16.8%	16.7%	—	0.4%
Net debt to EBITDA	—	—	—	—	—	—	—	—	−0.4x	−1.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Immersion's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Immersion.