Forensic Analysis · Technology / Software · as of Jul 28, 2026
Immersion Corp (IMMR)
A forensic read on Immersion Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.2
Altman Z-score
Clean
Earnings quality
5
Forensic signals
1.5%
ROE
$256M
Market cap
4.60%
Dividend yield
11.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Immersion Corp earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 3.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.21×
FY2023, FY2025, and FY2026
Cash conversion.Over FY2023, FY2025, and FY2026, operating cash flow was 0.21× cumulative net income. Reported profit is not turning into cash — a classic earnings-quality warning. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
2.7%
FY2026
Return on invested capital.Return on invested capital is 2.7% in the latest fiscal year and slipping from 18% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
-0.3%/yr
FY2022–FY2026
Share count.Diluted share count changed -1% over the last 4 years to FY2026 (-0.3%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
0.6% of rev
FY2026
Stock-based comp load.Stock-based compensation ran 0.6% of revenue and 25% of free cash flow in FY2026 — about $0.33 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
-38%
FY2025→FY2026
Dividend — cut.The payout was CUT ~38% in FY2026 (from FY2025). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Latest Revenue$1.73B
Revenue Growth YoY+11.2%
Revenue CAGR (3yr)+440.7%
Net Margin0.3%
Free Cash Flow$42.9M
Return on Equity1.5%
Debt / Equity0.24x
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Immersion Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about IMMR's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown