Immersion Corporation — Earnings Quality Grade F
IMMR · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 24 days, change +5 days YoY
AR outpaced revenue for 2 consecutive years
Revenue grew 4487.0% but CFFO declined -379.5%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Insufficient data
Insufficient data
SG&A/Gross Profit = 89.7%, exceeds 70%
Gross margin 95.2%, change -4.8pp. Stable
Cash Flow Quality
CFFO/NI = -0.90. Only -90% of profit backed by cash
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = 11.1%. Exceeds 10%
Cash $0.2B covers 59% of debt $0.3B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 54% of equity. Over 50%
Debt/EBITDA = 1.6x. Healthy
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Insufficient data
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25