IMMR · IMMERSION CORP
Immersion Corporation, together with its subsidiaries, engages in the business of intellectual property (IP) that engages user sense of touch when operating digital devices in North America, Europe, and Asia. It operates through two segments, Immersion and Barnes & Noble Education. The company offers software, related tools, and technical assistance related to integrating its patented technology; educational content and general merchandise, and digital and physical textbooks through its bookstore locations, including virtual bookstores, and bookstore-affiliated e-commerce websites; and marketing services, including promotional activities and advertisements, as well as operates as a textbook wholesaler, and bookstore management hardware and software provider. It also provides BNC First Day access course material programs, including First Day Complete and First Day, which provide faculty-required course materials to students on or before the first day of class. It serves various markets, such as mobile devices, wearables, consumer, mobile entertainment, and other content; console gaming; automotive; medical; and commercial. Immersion Corporation was incorporated in 1993 and is headquartered in Aventura, Florida.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $7.47 |
| SO | 33.2M |
| Options | 0.3M |
| Warrants | 0.0M |
| FD SO | 33.5M |
| MC | $250.3M |
| Cash | $174.8M |
| Total debt | — |
| EV | $75.5M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 0.0x |
| EV / EBITDA | 1.0x |
| MC / Net Income | 13.6x |
| EV / FCF | 1.2x |
| MC / FCF | 4.1x |
| Ownership & coverage | |
|---|---|
| Institutional | 63.3% |
| Insiders | 16.9% |
| # Institutions | 190 |
| Analysts | 1 |
| Consensus | — |
| Avg target | $13.50 |
| Short % float | 7.7% |
| Days to cover | 6.40 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-09-08. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-10-09 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-09-15; the float denominator can be unreliable on tiny floats.
Financial statements
| 7/31/26 | 4/30/26 | 1/31/26 | 10/31/25 | |
|---|---|---|---|---|
| Total Revenue | 294.40 | 270.00 | 518.49 | 650.17 |
| Revenue YoY % | 0.8% | (4.0%) | 9.2% | 5.5% |
| Operating Income | (19.98) | 7.23 | 4.99 | 40.06 |
| Operating Income YoY % | 24.2% | (54.5%) | (81.0%) | (37.8%) |
| Operating Margin % | (6.8%) | 2.7% | 1.0% | 6.2% |
| EBITDA | (9.75) | 18.19 | 15.69 | 50.57 |
| EBITDA Margin % | (3.3%) | 6.7% | 3.0% | 7.8% |
| Interest Expense | 1.80 | 2.44 | 3.97 | 2.97 |
| Other Income / (Expense) | 15.10 | 4.46 | (4.43) | 4.54 |
| Pretax Income | (6.68) | 9.26 | (3.42) | 41.63 |
| Tax Provision | (2.13) | 3.08 | 6.71 | 14.75 |
| Net Income | (4.55) | 6.18 | (10.13) | 26.88 |
| Net Income to Common | 4.88 | 3.73 | (10.27) | 11.99 |
| Net Margin % | (1.5%) | 2.3% | (2.0%) | 4.1% |
| Diluted EPS | $0.17 | $0.12 | -$0.31 | $0.36 |
| Basic EPS | $0.17 | $0.12 | -$0.31 | $0.37 |
| Diluted Avg Shares | 33.3 | — | 32.9 | 33.2 |
| Basic Avg Shares | 33.2 | — | 32.9 | 32.8 |
| LTM | 4/30/26 | 4/30/25 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 1,733.06 | 1,730.69 | 1,555.88 | 33.92 | 38.46 |
| Revenue YoY % | 0.1% | 11.2% | 4487.0% | (11.8%) | — |
| Cost of Revenue | — | — | — | — | 0.00 |
| Gross Profit | — | — | — | 33.64 | 38.46 |
| Gross Profit YoY % | — | — | — | (12.5%) | — |
| Gross Margin % | — | — | — | 99.2% | 100.0% |
| SG&A | — | — | — | 15.71 | 12.66 |
| R&D | — | — | — | 0.28 | 1.38 |
| Operating Expense | — | — | — | — | 14.04 |
| Operating Income | 32.29 | 25.91 | 118.02 | 17.93 | 24.42 |
| Operating Income YoY % | 24.6% | (78.0%) | 558.3% | (26.6%) | — |
| Operating Margin % | 1.9% | 1.5% | 7.6% | 52.9% | 63.5% |
| EBITDA | 74.70 | 68.52 | 153.39 | 17.99 | 24.56 |
| EBITDA Margin % | 4.3% | 4.0% | 9.9% | 53.0% | 63.9% |
| Interest Expense | 11.18 | 12.20 | 14.26 | 0.00 | — |
| Other Income / (Expense) | 19.67 | 12.31 | 15.53 | 24.99 | 2.54 |
| Pretax Income | 40.78 | 26.03 | 119.29 | 42.92 | 26.96 |
| Tax Provision | 22.41 | 16.82 | 25.71 | 8.94 | (3.70) |
| Net Income | 18.37 | 9.21 | 93.58 | 33.98 | 30.66 |
| Net Income to Common | 10.33 | 4.52 | 64.28 | 33.98 | 30.66 |
| Net Margin % | 1.1% | 0.5% | 6.0% | 100.2% | 79.7% |
| Diluted EPS | $0.34 | $0.14 | $1.90 | $1.04 | $0.92 |
| Basic EPS | $0.35 | $0.14 | $1.94 | $1.05 | $0.92 |
| Diluted Avg Shares | 33.3 | 33.1 | 33.0 | 32.5 | 33.5 |
| Basic Avg Shares | 33.2 | 32.9 | 32.2 | 32.2 | 33.3 |
| 7/31/26 | 4/30/26 | 1/31/26 | 10/31/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 174.81 | 138.29 | 129.83 | 126.92 |
| Short-term Investments | 34.70 | 42.17 | 48.09 | 59.76 |
| Receivables | — | 118.64 | — | — |
| Other Current Assets | 601.16 | 376.06 | 835.46 | 747.57 |
| Total Current Assets | 810.67 | 675.15 | 1,013.38 | 934.24 |
| Net PPE | — | 68.22 | — | — |
| Goodwill | 69.20 | 69.20 | 69.20 | 69.20 |
| Long-term Investments | — | 0.00 | 0.00 | 3.26 |
| Other Assets | 296.65 | 239.77 | 350.14 | 370.39 |
| Total Assets | 1,176.51 | 1,052.34 | 1,432.72 | 1,377.10 |
| Other Current Liabilities | 379.15 | 293.35 | 553.97 | 495.71 |
| Total Current Liabilities | 379.15 | 293.35 | 553.97 | 495.71 |
| Long-term Debt | — | 71.00 | — | — |
| Other Liabilities | 238.13 | 120.59 | 316.74 | 307.53 |
| Total Liabilities | 617.28 | 484.94 | 870.72 | 803.24 |
| Retained Earnings | 33.52 | 31.16 | 29.96 | 42.74 |
| Total Equity | 559.24 | 567.40 | 562.00 | 573.85 |
| LTM | 4/30/26 | 4/30/25 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 174.81 | 138.29 | 72.61 | 56.07 | 48.82 |
| Short-term Investments | 34.70 | 42.17 | 88.79 | 104.29 | 100.92 |
| Receivables | — | 118.64 | 100.84 | 1.74 | 1.00 |
| Other Current Assets | 601.16 | 376.06 | 369.58 | 10.35 | 9.58 |
| Total Current Assets | 810.67 | 675.15 | 631.82 | 172.45 | 160.32 |
| Net PPE | — | 68.22 | 95.81 | 0.21 | 0.29 |
| Operating Lease ROU | — | — | — | 0.04 | 0.36 |
| Goodwill | 69.20 | 69.20 | 69.20 | 0.00 | — |
| Long-term Investments | — | 0.00 | 13.88 | 33.35 | 17.04 |
| Other Assets | 296.65 | 239.77 | 291.56 | 9.68 | 12.10 |
| Total Assets | 1,176.51 | 1,052.34 | 1,102.27 | 215.73 | 190.11 |
| Accounts Payable | — | — | — | 0.05 | 0.09 |
| Current Lease Liabilities | — | — | — | 0.04 | 0.49 |
| Other Current Liabilities | 379.15 | 293.35 | 265.88 | 19.23 | 18.77 |
| Total Current Liabilities | 379.15 | 293.35 | 265.88 | 19.31 | 19.35 |
| Long-term Debt | — | 71.00 | 103.10 | — | — |
| Long-term Lease Liabilities | — | — | — | 0.00 | 0.06 |
| Other Liabilities | 238.13 | 120.59 | 174.60 | 13.32 | 13.01 |
| Total Liabilities | 617.28 | 484.94 | 543.58 | 32.63 | 32.41 |
| Retained Earnings | 33.52 | 31.16 | 34.69 | (36.04) | (70.02) |
| Total Equity | 559.24 | 567.40 | 558.70 | 183.10 | 157.70 |
| 7/31/26 | 4/30/26 | 1/31/26 | 10/31/25 | |
|---|---|---|---|---|
| Net Income | (4.55) | 6.18 | (10.13) | 26.88 |
| D&A | 10.23 | 10.96 | 10.70 | 10.51 |
| Stock-Based Comp | 2.04 | 1.81 | 1.86 | 2.71 |
| Δ Working Cap & Other | (51.31) | 64.89 | (36.19) | 30.53 |
| Operating Cash Flow | (43.60) | 83.85 | (33.76) | 70.64 |
| CapEx | (3.53) | (4.42) | (3.73) | (4.32) |
| Acquisitions | — | 0.00 | 0.00 | 0.00 |
| Other Investing | 29.69 | 9.82 | 13.72 | 31.21 |
| Investing Cash Flow | 26.16 | 5.41 | 9.99 | 26.89 |
| Debt Issuance | 150.10 | 208.90 | 254.80 | 185.90 |
| Debt Repayment | (97.60) | (276.30) | (238.90) | (233.40) |
| Dividends Paid | (2.53) | (2.52) | (2.52) | (3.01) |
| Other Financing | (2.08) | 0.65 | (3.13) | (0.58) |
| Financing Cash Flow | 47.89 | (69.28) | 10.26 | (51.09) |
| Free Cash Flow | (47.12) | 79.43 | (37.49) | 66.32 |
| LTM | 4/30/26 | 4/30/25 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | 18.37 | 9.21 | 93.58 | 33.98 | 30.66 |
| D&A | 42.41 | 42.60 | 35.37 | 0.07 | 0.14 |
| Stock-Based Comp | 8.42 | 10.77 | 13.69 | 3.40 | 3.42 |
| Δ Working Cap & Other | 7.92 | (3.51) | (200.22) | (16.84) | 5.92 |
| Operating Cash Flow | 77.12 | 59.07 | (57.58) | 20.60 | 40.15 |
| CapEx | (15.99) | (16.20) | (11.24) | 0.00 | (0.03) |
| Acquisitions | — | 0.00 | (31.38) | 0.00 | — |
| Other Investing | 84.45 | 67.70 | 45.99 | 3.40 | (29.38) |
| Investing Cash Flow | 68.46 | 51.50 | 3.38 | 3.40 | (29.41) |
| Debt Issuance | 799.70 | 812.90 | 836.15 | 0.00 | — |
| Debt Repayment | (846.20) | (845.00) | (834.29) | 0.00 | — |
| Stock Issuance | — | — | — | — | 0.01 |
| Stock Buyback | — | (0.01) | (2.38) | (8.26) | (13.24) |
| Dividends Paid | (10.58) | (8.05) | (12.85) | (7.41) | 0.00 |
| Other Financing | (5.14) | (4.59) | 74.32 | (1.07) | — |
| Financing Cash Flow | (62.22) | (44.75) | 60.95 | (16.75) | (13.41) |
| Free Cash Flow | 61.13 | 42.87 | (68.81) | 20.60 | 40.12 |
| 7/31/26 | 4/30/26 | 1/31/26 | 10/31/25 | |
|---|---|---|---|---|
| Current Ratio | 2.14 | 2.30 | 1.83 | 1.88 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | — | 0.13 | — | — |
| EBITDA Margin % | (3.3%) | 6.7% | 3.0% | 7.8% |
| Working Capital | 431.52 | 381.80 | 459.41 | 438.53 |
| Net Debt | — | (67.29) | — | — |
| ROE % | (0.8%) | 1.1% | (1.8%) | 4.7% |
| ROA % | (0.4%) | 0.6% | (0.7%) | 2.0% |
| LTM | 4/30/26 | 4/30/25 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 2.14 | 2.30 | 2.38 | 8.93 | 8.29 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | — | 0.13 | 0.18 | — | — |
| EBITDA Margin % | 4.3% | 4.0% | 9.9% | 53.0% | 63.9% |
| Working Capital | 431.52 | 381.80 | 365.94 | 153.14 | 140.97 |
| Net Debt | — | (67.29) | 30.49 | — | — |
| ROE % | 3.3% | 1.6% | 16.7% | 18.6% | 19.4% |
| ROA % | 1.6% | 0.9% | 8.5% | 15.8% | 16.1% |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-10-08 | Nader Elias | Director | 2026-10-07 | A | 17,217 | — | $0 |
| 2026-10-08 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2026-10-07 | A | 17,217 | — | $0 |
| 2026-10-08 | HOFFMAN EMILY | Director | 2026-10-07 | A | 17,217 | — | $0 |
| 2026-10-08 | Wasch Childress Frederick | Director | 2026-10-07 | A | 17,217 | — | $0 |
| 2026-10-08 | Singer Eric | Director, Officer (President and CEO) | 2026-10-07 | A | 17,217 | — | $0 |
| 2026-10-08 | Singer Eric | Director, Officer (President and CEO) | 2026-10-07 | P | 3,000 | $7.15 | $21,450 |
| 2026-10-08 | Singer Eric | Director, Officer (President and CEO) | 2026-10-07 | P | 8,000 | $7.11 | $56,880 |
| 2026-10-08 | Singer Eric | Director, Officer (President and CEO) | 2026-10-07 | P | 3,050 | $7.14 | $21,777 |
| 2026-10-08 | Singer Eric | Director, Officer (President and CEO) | 2026-10-07 | P | 26,950 | $7.15 | $192,692 |
| 2026-10-02 | Singer Eric | Director, Officer (President and CEO) | 2026-10-01 | F | (14,757) | $7.31 | -$107,874 |
| 2026-10-02 | Singer Eric | Director, Officer (President and CEO) | 2026-10-01 | F | (14,757) | $7.31 | -$107,874 |
| 2026-09-11 | TORO 18 HOLDINGS LLC | Other (See Explanation of Responses) | 2026-09-11 | S | (105,541) | $4.63 | -$488,676 |
| 2026-09-11 | TORO 18 HOLDINGS LLC | Other (See Explanation of Responses) | 2026-09-10 | S | (24,459) | $4.66 | -$114,099 |
| 2026-09-04 | TORO 18 HOLDINGS LLC | Other (See Explanation of Responses) | 2026-09-03 | S | (3,900) | $4.55 | -$17,757 |
| 2026-09-04 | TORO 18 HOLDINGS LLC | Other (See Explanation of Responses) | 2026-09-02 | S | (42,019) | $4.61 | -$193,892 |
| 2026-08-19 | TORO 18 HOLDINGS LLC | 10% Owner | 2026-08-19 | S | (8,300) | $4.83 | -$40,080 |
| 2026-08-19 | TORO 18 HOLDINGS LLC | 10% Owner | 2026-08-18 | S | (15,000) | $4.95 | -$74,194 |
| 2026-08-19 | TORO 18 HOLDINGS LLC | 10% Owner | 2026-08-17 | S | (43,596) | $5.25 | -$228,792 |
| 2026-08-12 | TORO 18 HOLDINGS LLC | 10% Owner | 2026-08-10 | S | (200,000) | $5.22 | -$1,044,440 |
| 2026-08-04 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2026-07-31 | A | 5,640 | — | $0 |
| 2026-07-08 | TORO 18 HOLDINGS LLC | Director, 10% Owner | 2026-07-07 | S | (2,000) | $1.50 | -$3,000 |
| 2026-07-08 | TORO 18 HOLDINGS LLC | Director, 10% Owner | 2026-07-06 | S | (5,000) | $1.50 | -$7,500 |
| 2026-07-08 | TORO 18 HOLDINGS LLC | Director, 10% Owner | 2026-07-06 | S | (12,000) | $1.88 | -$22,600 |
| 2026-07-02 | Singer Eric | Director, Officer (President and CEO) | 2026-07-01 | F | (14,757) | $6.93 | -$102,266 |
| 2026-07-02 | Singer Eric | Director, Officer (President and CEO) | 2026-07-01 | F | (14,757) | $6.93 | -$102,266 |
| 2026-06-16 | DODSON J MICHAEL | Officer (Chief Financial Officer) | 2026-06-12 | S | (4,899) | $6.54 | -$32,039 |
| 2026-05-01 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2026-04-30 | A | 7,425 | — | $0 |
| 2026-05-01 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2026-04-30 | A | 17,872 | — | $0 |
| 2026-04-07 | HOFFMAN EMILY | Director | 2026-04-06 | A | 21,815 | — | $0 |
| 2026-04-07 | Nader Elias | Director | 2026-04-06 | A | 21,815 | — | $0 |
| 2026-04-07 | Wasch Childress Frederick | Director | 2026-04-06 | A | 21,815 | — | $0 |
| 2026-04-02 | Singer Eric | Director, Officer (President and CEO) | 2026-04-01 | F | (14,757) | $5.56 | -$82,049 |
| 2026-04-02 | Singer Eric | Director, Officer (President and CEO) | 2026-04-01 | F | (14,850) | $5.56 | -$82,566 |
| 2026-02-02 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2026-01-30 | A | 6,588 | — | $0 |
| 2026-01-05 | Singer Eric | Director, Officer (President and CEO) | 2026-01-03 | F | (12,217) | $6.41 | -$78,311 |
| 2026-01-05 | Singer Eric | Director, Officer (President and CEO) | 2026-01-02 | F | (37,948) | $6.41 | -$243,247 |
| 2026-01-05 | Singer Eric | Director, Officer (President and CEO) | 2026-01-02 | A | 300,000 | — | $0 |
| 2026-01-05 | Singer Eric | Director, Officer (President and CEO) | 2026-01-01 | F | (14,757) | $6.80 | -$100,348 |
| 2025-11-18 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-11-14 | A | 17,647 | — | $0 |
| 2025-11-04 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-10-31 | A | 7,952 | — | $0 |
| 2025-10-06 | Singer Eric | Director, Officer (President and CEO) | 2025-10-03 | F | (13,117) | $7.04 | -$92,344 |
| 2025-10-03 | Singer Eric | Director, Officer (President and CEO) | 2025-10-01 | F | (14,757) | $7.28 | -$107,431 |
| 2025-08-05 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-07-31 | A | 7,140 | — | $0 |
| 2025-07-08 | Singer Eric | Director, Officer (President and CEO) | 2025-07-03 | F | (13,117) | $8.09 | -$106,117 |
| 2025-07-03 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-07-01 | F | (68,400) | $7.91 | -$541,044 |
| 2025-07-02 | Singer Eric | Director, Officer (President and CEO) | 2025-07-01 | F | (98,375) | $7.91 | -$778,146 |
| 2025-07-02 | Singer Eric | Director, Officer (President and CEO) | 2025-07-01 | F | (14,757) | $7.91 | -$116,728 |
| 2025-06-16 | DODSON J MICHAEL | Officer (Chief Financial Officer) | 2025-06-12 | S | (5,921) | $7.53 | -$44,585 |
| 2025-05-08 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-05-02 | A | 10,239 | — | $0 |
| 2025-05-02 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-04-30 | A | 5,968 | — | $0 |
| 2025-04-04 | Singer Eric | Director, Officer (President and CEO) | 2025-04-03 | F | (13,117) | $7.12 | -$93,393 |
| 2025-04-03 | Singer Eric | Director, Officer (President and CEO) | 2025-04-01 | F | (14,757) | $7.74 | -$114,219 |
| 2025-04-03 | Singer Eric | Director, Officer (President and CEO) | 2025-04-01 | F | (59,025) | $7.74 | -$456,854 |
| 2025-04-02 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-04-01 | F | (45,600) | $7.74 | -$352,944 |
| 2025-03-24 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-03-20 | P | 27,150 | $7.55 | $204,982 |
| 2025-03-24 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-01-31 | A | 86,899 | — | $0 |
| 2025-03-21 | Singer Eric | Director, Officer (President and CEO) | 2025-03-21 | P | 5,000 | $7.47 | $37,350 |
| 2025-03-21 | Singer Eric | Director, Officer (President and CEO) | 2025-03-20 | P | 42,638 | $7.51 | $320,211 |
| 2025-03-14 | TORO 18 HOLDINGS LLC | Director, 10% Owner | 2025-03-13 | P | 142,898 | $8.60 | $1,229,051 |
| 2025-03-14 | TORO 18 HOLDINGS LLC | Director, 10% Owner | 2025-03-12 | P | 59,146 | $8.49 | $502,309 |
| 2025-01-06 | Singer Eric | Director, Officer (President and CEO) | 2025-01-03 | F | (13,117) | $8.97 | -$117,659 |
| 2025-01-06 | Singer Eric | Director, Officer (President and CEO) | 2025-01-02 | A | 300,000 | — | $0 |
| 2025-01-03 | Singer Eric | Director, Officer (President and CEO) | 2025-01-02 | F | (34,509) | $8.66 | -$298,848 |
| 2025-01-03 | Singer Eric | Director, Officer (President and CEO) | 2025-01-01 | F | (7,132) | $8.73 | -$62,262 |
| 2025-01-03 | Singer Eric | Director, Officer (President and CEO) | 2025-01-01 | F | (6,088) | $8.73 | -$53,148 |
| 2025-01-03 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-01-01 | F | (8,799) | $8.73 | -$76,815 |
| 2025-01-03 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2025-01-01 | F | (7,692) | $8.73 | -$67,151 |
| 2024-10-31 | MARTIN WILLIAM C | Director, Officer (Chief Strategy Officer) | 2024-10-31 | A | 6,672 | — | $0 |