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Forensic Analysis · Technology / Software · as of Oct 26, 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.

C · Mixed — selective
Forensic grade
Safe
Financial health
3.3
Distress distance
Clean
Earnings quality
2
Forensic signals
54.8
P / E (ttm)
1.5%
ROE
$255M
Market cap
2.75%
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, going concern). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.3, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

0.02×
FY2025–FY2026
Cash conversion. Over FY2025–FY2026, cumulative operating cash flow was 0.02× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
2.4%
FY2026
Return on invested capital. Return on invested capital is 2.4% in the latest fiscal year, against 12.4% in FY2025. After-tax operating profit was $93M in FY2025 and $17M in FY2026, with operating income at 7.6% of revenue in FY2025 and 1.5% in FY2026. The capital base behind it went from $750M in FY2025 to $692M in FY2026 (-8%), while the revenue it carried went from $1.6B to $1.7B. $72M of the $692M base at FY2026 is short-term investments (10.5%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.

Key fundamentals

Latest Revenue$1.73B
Revenue Growth YoY+11.2%
Net Margin0.3%
Free Cash Flow$42.9M
Return on Equity1.5%
Debt / Equity0.24x

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Data from SEC EDGAR public filings · metrics as of Oct 26, 2026. Forensic signals flag probability, not certainty.