HIMXHimax Technologies, Inc.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (3.8×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Margins have held roughly steady, a stable cost structure.
A balanced mix of margins, efficiency, and leverage. ROE 5% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is HIMX?
Himax Technologies, Inc. keeps 5.3% of every revenue dollar as operating profit, against 7.5% for the median Semiconductors name.
Operating margin · Semiconductors median 7.5% · fiscal year to FY2025
- Cash conversion
- 3.85×
Cash conversion · 2.15× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.24%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 19%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 6.5% |
| FY2021 | 35% |
| FY2022 | 21% |
| FY2023 | 4.6% |
| FY2024 | 7.5% |
| FY2025 | 5.3% |
Details›
- Gross marginfiscal year to FY2025
- 31%
- Operating marginfiscal year to FY2025
- 5.3%
- Net marginfiscal year to FY2025
- 5.3%
- Free cash flow margin
- 14%
- R&D as % of revenue
- 19%
- Revenue, trailing twelve months
- $832M
- Free cash flow, trailing twelve months
- $120M
- Net income, trailing twelve months
- $44M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from HIMX and who it buys from, as the companies report it.
- Customer A24%
Share of revenue · FY2025 20-F
- Ten largest customers71%
Combined share of revenue · FY2025 20-F
- Two largest customers33%
Combined share of revenue · FY2025 20-F
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; HIMX’s own figures are from its FY2025 20-F. Smaller customers and suppliers go unreported.