What is Immersion Corp worth?
With the base-case assumptions below, a discounted cash flow model on Immersion Corp's reported free cash flow gives $48.03 per share. The share price was $7.28 on September 25, 2026, 85% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $31.26 | +329% |
| Base | 15.0% | 9.0% | $48.03 | +560% |
| Bull | 20.0% | 8.0% | $79.27 | +989% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $60.74 | $64.70 | $69.54 | $75.59 | $83.37 |
| 8.0% | $51.19 | $53.76 | $56.80 | $60.44 | $64.89 |
| 9.0% | $44.25 | $46.01 | $48.03 | $50.40 | $53.19 |
| 10.0% | $38.99 | $40.24 | $41.65 | $43.27 | $45.13 |
| 11.0% | $34.87 | $35.78 | $36.81 | $37.96 | $39.26 |
Where the presets come from
Base: years 1 to 5 grow at Immersion Corp's revenue growth rate over the last 6 fiscal years (96.1% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions