QualityDipStocks / Technology · Semiconductors
Himax Technologies HIMX
Outside our quality screen, so we don’t track its dips. It’s 57% below its 52-week high.
Outside our quality screen, trading near our fair value estimate.
- Fair value est.
- $10.88+4%
- Market Value
- —
- Off 52-wk high
- −57%
- Risk vs market
- Highbeta 2.86
52-week range 20% of the way from its 52-week low to its high
Price $10.45Fair value est. $10.88
3 bullish · 5 bearish See why
Repriced or dip?
Mixed signals
The price is 57% below its 52-week high (Jun 3), but the business held up: shares outstanding unchanged, operating margin 0.0 pts, free cash flow 0.0%.
Some numbers held up (shares outstanding unchanged, operating margin 0.0 pts, free cash flow 0.0%), others slipped. The price is 57% below its 52-week high.
The price is 57% below its 52-week high, and the business changed too.
Within 10% of its 52-week high, so there is no dip to judge yet.
The evidence 8 numbers, high vs now
- Revenue, last 12 months$832M → $832M (0.0%)about the same
- Earnings per share, 12 months$0.13 → $0.13 (0.0%)about the same
- Free cash flow, 12 months$120M → $120M (0.0%)held up
- Operating margin5.3% → 5.3% (0.0 pts)held up
- Shares outstanding0.0% (unchanged)held up
- Stock vs its sector (Technology)stock −57%, sector median −5% since Jun 3changed
- Price fall vs business numbersprice −57%, revenue/EPS/FCF median 0% (shown, not scored)
- Valuation multipleP/FCF 35.2× at the high → 15.2× now (shown, not scored)
No new report since the high (Jun 3, 2026): the business numbers are the same as then, so this read is capped at 65. Each measure is scored from −1 (business changed) to +1 (business intact) and weighted: revenue, earnings per share, free cash flow, operating margin, revenue growth rate, share count, net cash and the move vs its sector. 60 or more reads as a dip, 40 or less as a repricing. Analyst estimates are not in our data, so they are not used. How to read it
Data-based read, not advice.
Priced in
How much growth the market assumed at the 52-week high, the low and today (a reverse DCF).
At the high ($24.19, Jun 3) the price assumed about 17%/yr free-cash-flow growth; today about 2%. The last 3 years delivered 19%/yr (free cash flow).
Dashed line: what the last 3 years delivered, 19%/yr (free cash flow)
| High | Now | |
|---|---|---|
| Price | $24.19Jun 3 | $10.45 |
| Implied growth | +17% | +2% |
| P/E | 96.1× | 41.5× |
| P/FCF | 35.2× | 15.2× |
What this means: the higher the implied growth, the more the price already counts on. If today's number sits well below what the business has delivered, the market expects less than its track record.
How it’s computed
Reverse DCF: the same 10-year free-cash-flow model as our fair value estimate (9.5% discount rate, growth for years 1–5 fading to 3% by year 10, 3% after), solved for the growth that makes it equal the market value at each price. For the high and the low we use only the filings that were public on that day, so nothing from a later report leaks back. Market value = that close × diluted shares. P/E = market value / 12-month net income; Price / FCF = market value / 12-month free cash flow; EV / Sales = (market value + debt − cash) / 12-month revenue. Hidden when the share count moved over 20% (split, merger), free cash flow is negative, or the company reports in another currency.
Valuation
What we estimate it's worth, and how it ranks on value vs every stock we cover.
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 3.0% ±2 points. Bear = 10.5% and 1.0%; bull = 8.5% and 5.0% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price sits inside the range.
What the price implies To be worth today’s price, HIMX’s free cash flow would need to grow about 2% a year for five years; our estimate uses 3%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 31 to Nov 2, 252 sessions). Beta = how much HIMX moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Swings much more than the market, and its own price swings are 6.1× the S&P 500’s.
- Beta vs S&P 500
- 2.86
- Volatility
- 78% vs 13% SPY
- Correlation SPY
- 0.47
- Correlation QQQ
- 0.59
How it ranks
Where HIMX stands vs every one of the 2,467 stocks we cover that has the number. Longer bar = better.
Not in the top quarter on any of these 5 measures
- Discount to fair value estimate4% · price below our base caseTop 44%of 1,507
- Free cash flow yield6.6% · free cash flow vs market capTop 27%of 1,690
- Dividends + buybacks yield3.8% · cash paid out or used to retire shares, vs market capTop 36%of 2,227
- Revenue growth, last 12 months−8.2% · vs the 12 months beforeLowest 4%of 2,184
- Operating margin5.3% · of sales kept as operating profitLowest 31%of 1,549
From SEC filings and our fair value estimate model. A ranking, not advice.
Valuation details
DCF $10.88
Assumes 3.0% growth for 5 years (revenue grew -11.5% a year FY22–FY25; floored at 3%), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $0.69 a share (fiscal year to Dec 31, 2025, 2 shares per ADR), from the 20-F filed Mar 27, 2026.
Fundamentals
The business itself: sales, profits, cash and debt, from SEC filings.
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 3 of 5
ValuationFree-cash-flow yield of 6.6% (price / FCF 15.2×): $120M of free cash in the last 12 months.
Cash returnsDividend yield of 3.6% ($65M paid over 12 months).
Cash returnsFree cash flow grew 16% over the last 12 months vs the 12 months before.
Top bearish points 5 of 5
GrowthSales shrank 12% a year from FY2022 to FY2025.
Cash returnsPays out more in dividends than it earns: $65M paid vs $44M of net income.
GrowthSales fell 8% over the last 12 months vs the 12 months before (SEC filings).
QualityDoesn’t pass our quality screen: no positive free cash flow; ROE under 12% and ROIC under 10%; net debt 4.8× EBITDA (limit 3×).
RiskSwings hard: beta 2.86 vs the S&P 500 and 78% yearly volatility (SPY 13%).
All fundamentals
P/E 41.5 · FCF yield 6.6% · Sales −8%
Valuation
- P/E
- 41.5×Technology median 33.2×
- Price / FCF
- 15.2×
- FCF yield
- 6.6%
- EV / EBITDA
- n/aD&A or debt not tagged in SEC data
- Price / sales
- 2.19×
- Price / book
- n/anot reported in its SEC filings
- Market cap
- $1.8Bprice × diluted shares
- Enterprise value
- n/anot reported in its SEC filings
Growth
- Revenue, 12 months
- $832M
- Sales growth, 12 months
- −8.2%vs the 12 months before
- Sales growth, 3 yrs
- −11.5%/yrfrom FY2022
- Diluted EPS, 12 months
- $0.13
- EPS growth, last FY
- −43.5%
- Net income, 12 months
- $44M
- Net income growth
- −45%12 months vs before
Profitability
- Gross margin
- 30.6%
- Operating margin
- 5.3%
- Net margin
- 5.3%
- FCF margin
- 14.4%
- Return on equity
- n/anot reported in its SEC filings
- Return on invested capital
- n/aoperating income, debt, equity or cash not tagged
Balance sheet
- Cash & short-term inv.
- n/anot reported in its SEC filings
- Total debt
- n/anot reported in its SEC filings
- Net cash
- n/acash or debt not tagged in SEC data
- Debt / equity
- n/adebt or equity not tagged in SEC data
- Interest coverage
- 12.6×operating income / interest
Cash flow & returns
- Free cash flow, 12 months
- $120M
- FCF growth, 12 months
- +16%
- Dividend yield
- 3.56%$65M paid
- Payout ratio
- 148%
- Buybacks, 12 months
- $5M0.2% of market cap
- Share count, 1 year
- n/ano quarterly diluted share count
- Stock-based comp
- n/anot reported in its SEC filings
Trailing 12 months to Dec 31, 2025. From Himax Technologies’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
The business
FCF $-0.1B · Sales +6%
- Free cash flow, 12 months−$0.1B
- Free-cash-flow yield6.6%
- Free-cash-flow margin−10%
- Gross margin31%
- Operating margin11%
- Return on invested capital6%
- Return on equity4%
- Sales growth (latest quarter vs year-ago quarter)+6%
- Net debt / EBITDA4.8×
Chart & levels
Where the price is vs its key levels and trends.
Key levels
Every level vs today’s $10.45
- 52-wk lowlowest close, 1 year$6.93−33.7%
- PriceMon Nov 2 close$10.45you are here
- Fair value est.base case$10.88+4.1%
- 52-wk highhighest close, 1 year$24.19+131.5%
Momentum & 52-week range
RSI 31 · 5 days −9.1%
Signals
Reversal signal setups, the public ledger and the next earnings date.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only run on companies that pass our quality screen.
Next report
Nov 5
- DateThu Nov 5, before the open
- Consensus EPS$0.09
- Year-ago EPS$0.01
- QuarterSep/2026
From Nasdaq’s earnings calendar. A report resets Market Value.
HIMX is outside our quality screen
One text when a published rule fires on one of the 332 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.
Voices & buzz
Who is talking about it, and how it compares with peers.
Who’s talking about it
Notable investors, executives, analysts and public figures on Himax Technologies in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 3, 5:14 PM ET.
Compare with peers
Closest in size in Semiconductors
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.