Himax Technologies, Inc. (HIMX) intrinsic value & 10-year financials
Himax Technologies, Inc. (HIMX) has a Graham intrinsic value of $0.60 per share. Over the last 10 fiscal years revenue grew 0.4% a year to $832.2M, with an average return on invested capital of 12.6%.
- Graham intrinsic value
- $0.60
- Revenue (FY2025)
- $832.2M
- Revenue growth (10-yr CAGR)
- 0.4%
- ROIC (10-yr avg)
- 12.6%
- Free cash flow (FY2025)
- $119.9M
HIMX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $832.2M | $45.3M | $0.13 | $119.9M | 5.3% | 4.0% |
| FY2024 | $906.8M | $79.8M | $0.23 | $102.9M | 7.5% | 7.8% |
| FY2023 | $945.4M | $49.4M | $0.14 | $129.5M | 4.6% | 4.9% |
| FY2022 | $1.2B | $235.5M | $0.68 | $71.1M | 21.4% | 24.8% |
| FY2021 | $1.5B | $433.9M | $1.25 | $380.7M | 35.2% | 64.0% |
| FY2020 | $887.3M | $45.2M | $0.14 | $96.8M | 6.5% | 10.0% |
| FY2019 | $671.8M | -$16.2M | -$0.04 | -$38.3M | -2.7% | -3.5% |
| FY2018 | $723.6M | $6.0M | $0.02 | -$45.7M | 0.5% | 0.6% |
| FY2017 | $685.2M | $28.0M | $0.08 | -$10.4M | 1.2% | 1.6% |
| FY2016 | $802.9M | $50.9M | $0.15 | $76.8M | 7.4% | 11.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Himax Technologies, Inc. has demonstrated mature, steady growth, with revenue compounding at 0.4% annually over the past decade.
Himax Technologies, Inc. has historically struggled to out-earn its cost of capital, averaging just 2.6% ROIC.
Himax Technologies, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Himax Technologies, Inc. is modeled at -1.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $0.60 per share.