IMMR IMMERSION CORP

Overview and Growth

IMMERSION CORP generated $1.73B of revenue in fiscal 2026, with net income of $4.52M and an operating cash inflow of $59.07M. The $1.73B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $1.56B in fiscal 2025, revenue recorded a 11.2% year-over-year increase. Diluted earnings per share were $0.14, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 92.6% decrease from fiscal 2025 diluted EPS of $1.90. Revenue equaled 1.64x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Operating income was $25.91M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 1.5%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $4.52M, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 0.3% margin after operating costs and the remaining recognized items. Pretax income was $26.03M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 1.5%, relating income before taxes directly to revenue. The reported income-tax provision was $16.82M, the amount recognized between pretax income and the final net-income result. The income-tax provision equaled 64.6% of pretax income, showing the tax burden absorbed by the year’s earnings. The relationship between net income and period-end equity was 0.8%, indicating the profitability achieved on book capital. Net income represented 0.4% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

At period end, the $1.05B asset base was financed through $484.94M of liabilities and $567.40M of equity. At period end, current assets of $675.15M compared with current liabilities of $293.35M, defining the company’s short-term resource position. At 2.3x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $138.29M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 47.1%, excluding receivables and other current assets. Borrowings totaled $71.00M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.13x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 6.7% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 46.1%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 13.1%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 4.5% from $1.10B in fiscal 2025, leaving current total assets lower year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $59.07M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 13.06x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $16.20M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 27.4%, connecting investment intensity with the company’s cash-generation base. The combination of operating cash flow and capital spending produced $42.87M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 2.5%, showing how much sales converted into cash after investment. Free cash flow equaled 4.1% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Apr 30, 2026. Analysis generated Oct 21, 2026.