Himax Technologies, Inc.
HIMXdata completeness 88%17 fiscal years on fileHimax Technologies, Inc. earns about 28% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $2.37 and $8.67 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $1.55B1 | $1.2B2 | $945.4M3 | $906.8M3 | $832.2M3 |
| Net income | $436.9M4 | $237M5 | $50.6M6 | $79.8M6 | $43.9M6 |
| Operating cash flow | $388.3M7 | $82.9M8 | $152.8M9 | $116M9 | $140M9 |
| Capital expenditure | $7.56M10 | $11.8M11 | $23.4M12 | $13.1M12 | $20.1M12 |
| Free cash flow (derived) | $380.7M7 | $71.1M8 | $129.5M9 | $102.9M9 | $119.9M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $336M13 | $221.6M14 | $191.7M14 | $218.1M14 | $257.5M14 |
| Diluted shares | 348.6M | 348.8M | 349.4M | 349.8M | 348.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $25.61 of net worth that earned you $1.26 and generated $3.44 of cash last year.
It earned about 28% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $2.37 and $8.67 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth7.4%
- fcfBase$119.9M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth7.4%
- fcfBase$119.9M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$79.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $5.65 |
| Base | 7.4% | $7.49 |
| Bull | 12.4% | $9.03 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 7.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001104659-24-042156 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-000623 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-035507 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0001104659-24-042156 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-000623 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-035507 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-12-31 · accession 0001104659-24-042156 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-000623 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-035507 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001104659-24-042156 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001410578-25-000623 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-035507 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0001410578-25-000623 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001104659-26-035507 (CashAndCashEquivalents)