2022–2026 (latest 4 aligned FYs; v3 window cap 5): revenue $38.5M to $1.7B, increasing; diluted EPS 0.92 to 0.14, decreasing. 1 fiscal year was not jointly reported; CAGR uses the full 4-year elapsed span.
100
Median gross margin 99.6% over 6y, very stable.
81
Median ROIC 18.4%, above the 12% hurdle in 67% of years.
55
Net cash position — no leverage risk.
24
Owner earnings changed trend unclear over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
40% below value if growth stopped today
$32.5M
$10.90
$10.90
$6.52
40% below value if growth stopped today
A discount this large is often a warning rather than a bargain — the market may expect earnings to keep falling. See the revenue trend above.
How to read this
What today’s price assumes: owner earnings shrinking ~10%/yr over 5 years. The estimate assumes owner earnings stay flat (0% growth).
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. Flag status unavailable — four adjacent recent FY revenue observations are required.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
19 years of fundamentals
The business, in plain English
Across the filed record, revenue grew from $27.7M (FY2009) to $1.7B (FY2026) — about 27.5% a year compounded over 17 years.
It earned 7.3% on invested capital in the latest filed year, FY2026. Across the full 13-year measurable filed record, median ROIC was 6.3%. Over the v3 recent window (6 measurable filed years), median ROIC was 18.4%. The Returns on Capital filter above scores it 81/100.
The balance sheet carried $71M of total debt in FY2026 against $30.9M of owner earnings — roughly 2.3 years of owner earnings to retire it all. Balance-Sheet Safety scores it 55/100.
Put together: Pricing Power is the strongest of the five filters (100/100) and Capital Allocation the weakest (24/100), which is how IMMR lands at 63/100 — a Narrow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
FY2008–FY2026 · 19 fiscal years, normalized from IMMR’s SEC filings
Sales, as filed$1.7B FY2026Revenue kept after cost of goods100.0% FY2022Standard ROIC or separately labeled Operating ROICROIC 7.3% FY2026Cash an owner could take out$30.9M FY2026
Gaps in a line mean that item isn’t in IMMR’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
How Immersion Corporation makes its money
Immersion Corporation's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.
0 holding0 exited0 not holding0/19 resolved19 unavailable
Named manager positions and quarter-over-quarter changes
Manager
Reported position
Quarter-over-quarter
Filing accession
Abrams Capital
Unavailable
Comparison unavailable
Filing unavailable
Akre Capital
Unavailable
Comparison unavailable
Filing unavailable
Baupost Group
Unavailable
Comparison unavailable
Filing unavailable
Berkshire Hathaway
Unavailable
Comparison unavailable
Filing unavailable
Brave Warrior Advisors
Unavailable
Comparison unavailable
Filing unavailable
Dodge & Cox
Unavailable
Comparison unavailable
Filing unavailable
First Eagle
Unavailable
Comparison unavailable
Filing unavailable
Fundsmith
Unavailable
Comparison unavailable
Filing unavailable
Gardner Russo & Quinn
Unavailable
Comparison unavailable
Filing unavailable
Gates Foundation Trust
Unavailable
Comparison unavailable
Filing unavailable
Mairs & Power
Unavailable
Comparison unavailable
Filing unavailable
Markel / Markel-Gayner
Unavailable
Comparison unavailable
Filing unavailable
Oakmark / Harris Associates
Unavailable
Comparison unavailable
Filing unavailable
Pershing Square
Unavailable
Comparison unavailable
Filing unavailable
Polen Capital
Unavailable
Comparison unavailable
Filing unavailable
Sequoia / Ruane Cunniff
Unavailable
Comparison unavailable
Filing unavailable
Southeastern Asset Management
Unavailable
Comparison unavailable
Filing unavailable
Tweedy, Browne
Unavailable
Comparison unavailable
Filing unavailable
Yacktman Asset Management
Unavailable
Comparison unavailable
Filing unavailable
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Insider activity is unavailable from the source; no zero-activity claim is shown.
Unavailable: Form 4 activity could not be retrieved for this rendering.
Moat Score history
15 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale63.4 / 100
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for IMMR.
Track record
How Immersion Corporation’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight
Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year
How to read this: each dot is what the engine would have scored IMMR on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, IMMR did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Technology context
#168 of 744 scored Technology companies, ranked by Moat Score.
Based on its FY2026 SEC filings, the Moat Index scores Immersion Corporation (IMMR) 63.4 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 57, pricing power 100, returns on capital 81, balance-sheet safety 55, capital allocation 24.
Is IMMR trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $10.90 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $6.52, that is 40% below value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has IMMR's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 63.4 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell IMMR. See the disclaimer.