Himax Technologies, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Himax Technologies, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	803	685	724	672	887	1,547	1,201	945	907	832
Cost of revenue	609	518	555	534	667	799	714	682	631	578
Gross profit	194	167	169	138	221	749	487	263	276	254
Research and development	95.8	118	123	115	122	151	176	171	160	161
Selling and marketing	18.5	20.3
General and administrative	20.1	20.6	21.8
Operating income	59.2	8.15	3.39	-18.3	57.9	545	258	43.2	68.2	44.1
Interest expense	0.63	0.57	1.23	2.33	1.71	1.07	2.78	6.08	4.01	3.49
Interest income	1.22	2.23
Other non-operating income	0.18	22.2
Pre-tax income	59.4	30.3	7.02	-15.8	56.9	545	277	44.4	77.3	54.9
Income tax	10.7	4.52	0.99	0.42	11.7	111	41.1	-5.03	-2.44	9.59
Net income to minority interests	-2.17	-2.15	2.54	-2.57	-1.97	-2.96	-1.52	-1.2	0.02	1.34
Net income	50.9	28	8.57	-13.6	47.1	437	237	50.6	79.8	43.9
EBITDA	73	24.8	23.7	6.09	81.5	566	279	63.5	90.6	66.7
EPS, basic	0.15	0.08	0.02	-0.04	0.14	1.25	0.68	0.15	0.23	0.13
EPS, diluted	0.15	0.08	0.02	-0.04	0.14	1.25	0.68	0.14	0.23	0.13
Shares, basic (weighted)	345	345
Shares, diluted (weighted)	345	345
Dividend per share	0.07	0.12

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	184	138	106	101	185	336	222	192	218	258
Receivables	191	188
Inventory	150	135	163	144	109	199	371	217	159	153
Other current assets	17.2	39.5
Total current assets	703	661	654	605	694	1,193	1,337	1,201	1,168	1,265
Property, plant and equipment	48.2	86.7	111	139	132	133	126	130	121	120
Goodwill	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1	28.1
Intangible assets	3.17	2.18				6.62	1.09	0.82	0.64	2.57
Other non-current assets	1.41	1.63
Total assets	800	802	837	818	910	1,603	1,702	1,643	1,640	1,735
Accounts payable	142	140
Short-term debt	138	147	184
Total current liabilities	325	337	391	381	352	601	694	709	707	800
Lease liabilities				2.79	7.39	11.3	7.46	6.74	3.45	2.47
Other non-current liabilities	1.44	4.62
Total liabilities	328	343	394	387	425	731	808	780	743	833
Paid-in capital	106	107
Retained earnings		253	244	231	273	660	679	640	665	644
Treasury stock	-9.02	-8.88
Other comprehensive income	-2.47	-1.43
Shareholders' equity	468	457	447	433	480	870	893	857	890	893
Minority interests	0.42	-1.74	-4.26	-1.74	5.02	2.26	1.25	6.93	6.27	8.75
Total equity	468	455	442	431	485	872	894	864	896	902
Total liabilities and equity	800	802	837	818	910	1,603	1,702	1,643	1,640	1,735
Shares outstanding	344	344

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	48.7	25.8	6.03	-16.2	45.2	434	235	49.4	79.8	45.3
Depreciation and amortization	13.8	16.7	20.3	24.4	23.6	21.3	21.3	20.3	22.4	22.5
Stock-based compensation	1.19	1.1
Deferred income tax	-1.98	-1.6
Change in receivables	-14.6	-2
Change in inventory	-1.72	2.25
Cash from operations	84.7	29.4	4.01	7.66	103	388	82.9	153	116	140
Capital expenditures	-7.9	-39.8	-49.7	-45.9	-5.79	-7.56	-11.8	-23.4	-13.1	-20.1
Sales and maturities of investments	0	32
Cash from investing	-7.13	-35.1	-38.3	-47.8	-22.4	-233	15	-88.9	-0.52	-20.3
Debt issued		151	131
Debt repaid		-142	-94
Stock issued		0.11	0.01	0	0.88	0	0.49	0.92	0.07	0.19
Share buybacks							0	0	-0.83	-4.52
Dividends paid	-22.3	-41.3	-17.2	0	-0	-47.4	-218	-83.7	-50.7	-64.9
Cash from financing	-22.7	-41.2	2.8	35.3	3.26	-4.49	-211	-93.6	-88.2	-80.7
Exchange rate effect	-0.21	0.48	-0.13	-0.53	0.38	-0.02	-1.28	-0.2	-0.84	0.42
Net change in cash	54.6	-46.4	-31.6	-5.38	83.9	151	-114	-29.8	26.4	39.4
Free cash flow	76.8	-10.4	-45.7	-38.3	96.8	381	71.1	129	103	120
Interest paid	0.64	0.57	0.88	2.37	1.81	1.07	2.78	6.08	4.02	3.69
Income taxes paid	11.5	14.7	4.68	4.44	2.7	19.6	71.5	53.1	9.14	6.01

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $14.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	30.6%	Gross profit / revenue.
Operating margin	5.3%	Operating income / revenue.
EBITDA margin	8.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.6%	Pre-tax income / revenue.
Net margin	5.3%	Net income / revenue.
FCF margin	14.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.8%	Cash from operations / revenue.
Effective tax rate	17.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	4.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	5.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	19.4%	Research and development expense / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-7.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-19.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-35.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-44.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-5.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-26.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-37.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-3.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-44.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-43.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-1.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-43.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-42.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-1.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	20.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	19.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	16.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	19.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.58x	Current assets / current liabilities.
Quick ratio	0.32x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.32x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	48.0%	Total liabilities / total assets.
Interest coverage	12.6x	Operating income / interest expense.
Working capital	$465.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$862.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Fixed asset turnover	6.90x	Revenue / average property, plant and equipment.
Inventory turnover	3.71x	Cost of revenue / average inventory.
Days inventory	98 days	365 x average inventory / cost of revenue.
FCF conversion	272.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.13	Net income per basic share, as reported (split-adjusted).
Payout ratio	147.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	54.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	3.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.52B	Share price x shares outstanding.
Enterprise value	$2.26B	Market cap + total debt - cash - short-term investments.
P/E	57.3x	Market cap / net income. Only when net income is positive.
P/S	3.03x	Market cap / revenue.
P/B	2.82x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.92x	Market cap / tangible book value, when positive.
P/FCF	21.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.0x	Market cap / cash from operations, when positive.
EV/Sales	2.72x	Enterprise value / revenue.
EV/EBIT	51.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	33.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.8%	Free cash flow / market cap.
Earnings yield	1.7%	Net income / market cap (the inverse of P/E).
Dividend yield	2.6%	Dividends paid over the period / market cap.
Shareholder yield	2.8%	(Dividends paid + share buybacks) / market cap.

What was Himax Technologies, Inc.'s revenue in fiscal 2025?

Himax Technologies, Inc. reported revenue of $832.2M for fiscal 2025, 8.2% lower than the year before.

Was Himax Technologies, Inc. profitable in fiscal 2025?

Yes. Net income was $43.9M, a net margin of 5.3%.

How much free cash flow did Himax Technologies, Inc. generate in fiscal 2025?

Cash from operations of $140.0M minus capital expenditures of $20.1M left free cash flow of $119.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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