Immersion Corporation

IMMR · Technology · $214.3M mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power100

Median gross margin 99.7% over 7y, very stable.

Returns on capital100

Median ROIC 22.4%, above the 9% hurdle in 100% of years.

Balance-sheet safety68

Net debt/EBITDA 0.2x, interest coverage 8x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

63% below value

Owner earnings (normalized): $32.3M
Est. intrinsic value / share: $17.97
Recent price: $6.62
Discount to value: 63% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell IMMR. See the disclaimer.