Immersion Corp. (IMMR) intrinsic value & 10-year financials
Immersion Corp. (IMMR) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 54.2% a year to $1.7B, with an average return on invested capital of 4158.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $6.96
- Market cap
- $230.6M
- Revenue (FY2026)
- $1.7B
- Revenue growth (10-yr CAGR)
- 54.2%
- ROIC (10-yr avg)
- 4158.4%
- Free cash flow (FY2026)
- $42.9M
IMMR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $1.7B | $4.5M | $0.14 | $42.9M | 1.5% | 4.6% |
| FY2025 | $1.6B | $64.3M | $1.90 | -$68.8M | 7.6% | 25.7% |
| FY2024 | — | — | — | — | — | — |
| FY2023 | $33.9M | $34.0M | $1.04 | — | 52.9% | 12.0% |
| FY2022 | $38.5M | $30.7M | $0.92 | $40.1M | 63.5% | 24.5% |
| FY2021 | $35.1M | $12.5M | $0.39 | $17.1M | 50.7% | 26.6% |
| FY2020 | $30.5M | $5.4M | $0.19 | -$25.0K | 7.3% | 73.0% |
| FY2019 | $36.0M | -$20.0M | -$0.64 | -$34.2M | -59.7% | 37633.3% |
| FY2018 | $111.0M | $54.3M | $1.73 | $69.8M | 47.8% | 96.5% |
| FY2017 | $35.0M | -$45.3M | -$1.55 | -$44.0M | -129.7% | -470.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
IMMERSION CORP is a consistent compounder, expanding top-line revenue at 54.2% annually over the past decade.
IMMERSION CORP has earned high returns on invested capital, averaging 77.5% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
IMMERSION CORP 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, IMMERSION CORP is modeled at -27.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-5.49 per share.