The company maintains a disciplined capital structure with a debt-to-equity ratio of 0.64 as of 2026Q1, anchored by $651.6 million in retained earnings that provide a buffer against external market volatility.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Current Assets | 1.26B | 1.27B | 1.17B | 1.2B | 1.34B | 1.19B | 694.41M | 604.67M | 654.41M | 661.42M | 702.97M | 697.84M | 729.58M | 639.66M | 565.91M | 515.71M | 485.92M | 423.78M | 434.65M | 538.27M | 466.71M | 300.06M | 144.41M | 88.25M | 26.89M |
| Cash & Short-Term Investments | 855.83M | 854.52M | 224.57M | 206.38M | 229.9M | 364.38M | 201.42M | 112.1M | 117.67M | 148.9M | 194.61M | 148.34M | 187.84M | 128.11M | 138.91M | 106.33M | 105.47M | 121.65M | 149.07M | 109.99M | 118.58M | 11.07M | 13.42M | 2.53M | 2.7M |
| Cash Only | 827.91M | 825.8M | 218.15M | 191.75M | 221.58M | 336.02M | 184.94M | 101.06M | 106.44M | 138.02M | 184.45M | 129.83M | 185.47M | 127.32M | 138.74M | 106.16M | 96.84M | 110.92M | 135.2M | 94.78M | 109.75M | 7.09M | 5.58M | 2.53M | 2.7M |
| Short-Term Investments | 27.92M | 28.72M | 6.43M | 14.63M | 8.31M | 28.36M | 16.48M | 11.05M | 11.23M | 10.88M | 10.16M | 18.51M | 2.38M | 788K | 172K | 165K | 8.63M | 10.73M | 13.87M | 15.21M | 8.83M | 3.99M | 7.84M | 0 | 0 |
| Accounts Receivable | 191M | 200.88M | 237.55M | 237.35M | 262.4M | 411.48M | 244.92M | 166.23M | 192.13M | 188.77M | 191M | 177.2M | 219.37M | 200.72M | 209M | 181.11M | 176.18M | 202.67M | 155.51M | 283.58M | 229.62M | 149.85M | 66.14M | 0 | 6.42M |
| Days Sales Outstanding | 91.1 | 88.11 | 95.62 | 91.63 | 79.73 | 97.08 | 100.75 | 90.31 | 96.91 | 100.56 | 86.83 | 93.49 | 95.26 | 95.06 | 103.47 | 104.43 | 100.05 | 106.84 | 68.16 | 112.73 | 112.57 | 101.25 | 80.4 | - | 41.51 |
| Inventory | 151.67M | 152.68M | 158.75M | 217.31M | 370.93M | 198.6M | 108.71M | 143.77M | 162.56M | 135.2M | 149.75M | 171.37M | 166.1M | 177.4M | 116.67M | 112.98M | 117.99M | 67.77M | 96.92M | 116.55M | 101.34M | 105M | 54.09M | 21.09M | 12.06M |
| Days Inventory Outstanding | 93 | 96.44 | 91.88 | 116.31 | 189.56 | 90.78 | 59.53 | 98.29 | 106.97 | 95.24 | 89.81 | 118.32 | 95.53 | 111.85 | 75.15 | 81.27 | 84.83 | 44.93 | 56.27 | 59.4 | 61.49 | 91.39 | 83.67 | 76.89 | 97.11 |
| Other Current Assets | 56.94M | 57.26M | 547.17M | 539.55M | 473.58M | 219.65M | 139.37M | 183.85M | 184.91M | 188.54M | 150.41M | 183.75M | 137.92M | 118.37M | 88.29M | 100.42M | 70.48M | 17.47M | 21.45M | 12.78M | 12.85M | 23.02M | 6.06M | 64.63M | 5.71M |
| Total Non-Current Assets | 473.47M | 469.69M | 471.48M | 442.82M | 364.95M | 410.35M | 215.41M | 213.81M | 182.26M | 140.64M | 96.67M | 104.5M | 103.42M | 119.67M | 111.14M | 129.27M | 133.7M | 126.67M | 130.9M | 114.49M | 52.08M | 27.18M | 13.36M | 7.91M | 2.54M |
| Property, Plant & Equipment | 118.5M | 120.03M | 121.28M | 130.11M | 126.14M | 133.24M | 132.07M | 138.94M | 111.07M | 86.67M | 48.17M | 54.46M | 57.27M | 60.59M | 52.61M | 57.15M | 47.56M | 51.46M | 55.11M | 46.18M | 38.9M | 24.43M | 10.99M | 0 | 0 |
| Fixed Asset Turnover | 6.78x | 6.93x | 7.48x | 7.27x | 9.52x | 11.61x | 6.72x | 4.84x | 6.52x | 7.91x | 16.67x | 12.70x | 14.68x | 12.72x | 14.01x | 11.08x | 13.51x | 13.46x | 15.11x | 19.88x | 19.14x | 22.12x | 27.32x | - | - |
| Goodwill | 28.14M | 28.14M | 28.14M | 28.14M | 28.14M | 28.14M | 28.14M | 28.14M | 28.14M | 28.14M | 28.14M | 28.14M | 28.14M | 28.14M | 30.79M | 26.85M | 26.85M | 26.85M | 26.85M | 26.88M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.15M | 2.56M | 636K | 816K | 1.09M | 6.62M | 7.88M | 8.75M | 10.78M | 2.18M | 3.17M | 4.16M | 4.28M | 5.23M | 8.03M | 4.49M | 6.67M | 8.87M | 10.96M | 12.72M | 393K | 81K | 1.84M | 0 | 0 |
| Long-Term Investments | 357.43M | 93.57M | 60.35M | 26.77M | 22.16M | 17.38M | 18.69M | 17.95M | 14.62M | 13.86M | 14.6M | 14.86M | 11.31M | 22.07M | 12.97M | 26.21M | 25.49M | 13.3M | 11.62M | 0 | 0 | 0 | 1.94M | 0 | 0 |
| Other Non-Current Assets | 190.72M | 225.39M | 239.88M | 242.78M | 175.62M | 217.79M | 12.89M | 5.6M | 3.75M | 2.1M | 1.53M | 2.01M | 1.94M | 1.51M | 2.44M | 919K | -3.1M | 1.63M | 3.33M | 8M | 1.39M | 2.52M | -1.43M | 7.91M | 2.54M |
| Total Assets | 1.73B | 1.74B | 1.64B | 1.64B | 1.7B | 1.6B | 909.82M | 818.48M | 836.68M | 802.05M | 799.63M | 802.34M | 832.99M | 759.33M | 677.05M | 644.98M | 617.49M | 550.45M | 565.55M | 652.76M | 518.79M | 327.24M | 157.77M | 96.16M | 29.42M |
| Asset Turnover | 0.47x | 0.48x | 0.55x | 0.58x | 0.71x | 0.97x | 0.98x | 0.82x | 0.86x | 0.85x | 1.00x | 0.86x | 1.01x | 1.02x | 1.09x | 0.98x | 1.04x | 1.26x | 1.47x | 1.41x | 1.44x | 1.65x | 1.90x | - | 1.92x |
| Asset Growth % | 17.61% | 5.82% | -0.24% | -3.43% | 6.15% | 76.21% | 11.16% | -2.17% | 4.32% | 0.3% | -0.34% | -3.68% | 9.7% | 12.15% | 4.97% | 4.45% | 12.18% | -2.67% | -13.36% | 25.82% | 58.54% | 107.42% | 64.07% | 226.82% | - |
| Total Current Liabilities | 775.71M | 799.51M | 706.63M | 708.8M | 694M | 601.23M | 352.24M | 380.89M | 391.15M | 343.73M | 324.75M | 352.73M | 355.4M | 303.83M | 242.04M | 245.36M | 205.75M | 120.76M | 91.63M | 185.6M | 153.28M | 160.78M | 52.16M | 43.61M | 11.75M |
| Accounts Payable | 128.31M | 138.68M | 113.2M | 107.34M | 122.04M | 248.43M | 173.47M | 114.32M | 150.5M | 139.93M | 142.84M | 124.42M | 179.33M | 151.29M | 135.55M | 134.35M | 115.92M | 88.08M | 53.72M | 147.22M | 120.41M | 105.8M | 38.65M | 22.9M | 5.8M |
| Days Payables Outstanding | 86.88 | 87.61 | 65.52 | 57.45 | 62.37 | 113.55 | 95 | 78.15 | 99.03 | 98.57 | 85.67 | 85.91 | 103.13 | 95.39 | 87.3 | 96.64 | 83.35 | 58.39 | 31.19 | 75.03 | 73.06 | 92.08 | 59.78 | 83.5 | 46.74 |
| Short-Term Debt | 574.21M | 574.34M | 509.7M | 459M | 375.3M | 157.4M | 110M | 221.34M | 184M | 147M | 138M | 180M | 130M | 105.5M | 73M | 84.2M | 57M | 0 | 0 | 0 | 0 | 27.36M | 178K | 0 | 0 |
| Deferred Revenue (Current) | 9.78M | 0 | 10.62M | 17.75M | 49.17M | 37.66M | 6.62M | 0 | 6.01M | 0 | 1.19M | 3.65M | 368K | 0 | 0 | 0 | 9.13M | 0 | 0 | 0 | 0 | 13.99M | 2.77M | 0 | 0 |
| Other Current Liabilities | 54.44M | 86.49M | 39.59M | 42.8M | 22.22M | 100.27M | 809K | 7.12M | 14.97M | 22.85M | 15.84M | 15.23M | 21.55M | 19.87M | 0 | 0 | 2.94M | 110K | 15.33M | 20.4M | 15.98M | -370K | 7.78M | 20.71M | 5.95M |
| Current Ratio | 1.62x | 1.58x | 1.65x | 1.69x | 1.93x | 1.98x | 1.97x | 1.59x | 1.67x | 1.92x | 2.16x | 1.98x | 2.05x | 2.11x | 2.34x | 2.10x | 2.36x | 3.51x | 4.74x | 2.90x | 3.04x | 1.87x | 2.77x | 2.02x | 2.29x |
| Quick Ratio | 1.42x | 1.39x | 1.43x | 1.39x | 1.39x | 1.65x | 1.66x | 1.21x | 1.26x | 1.53x | 1.70x | 1.49x | 1.59x | 1.52x | 1.86x | 1.64x | 1.79x | 2.95x | 3.69x | 2.27x | 2.38x | 1.21x | 1.73x | 1.54x | 1.26x |
| Cash Conversion Cycle | 97.23 | 96.94 | 121.98 | 150.49 | 206.92 | 74.3 | 65.28 | 110.45 | 104.85 | 97.23 | 90.97 | 125.91 | 87.65 | 111.52 | 91.32 | 89.06 | 101.54 | 93.37 | 93.24 | 97.1 | 101 | 100.55 | 104.29 | - | 91.88 |
| Total Non-Current Liabilities | 30.25M | 33.37M | 36.56M | 70.9M | 113.94M | 129.99M | 72.38M | 6.35M | 3.24M | 5.88M | 6.74M | 8.27M | 9.29M | 6.93M | 4.32M | 4.56M | 6.9M | 5.61M | 3.91M | 4.76M | 192K | 623.59K | 89K | 257K | 225K |
| Long-Term Debt | 21M | 22.5M | 28.5M | 34.5M | 40.5M | 46.5M | 52.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 902K | 0 | 0 | 0 | 0 | 89K | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 3.45M | 0 | 0 | 0 | 0 | 2.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2.68M | 727.08K | 564K | 520K | 691K | 965K | 1.14M | 1.39M | 1.76M | 111K | 60K | 123K | 162K | 185K | 409K | 836K | 1.22M | 2.22M | 3.22M | 4.55M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8.54M | 10.15M | 4.04M | 35.88M | 72.75M | 72.3M | 18.74M | 4.95M | 1.48M | 5.77M | 6.68M | 8.14M | 9.13M | 6.75M | 3.91M | 3.72M | 5.68M | 2.52M | 688K | 218K | 192K | 623.59K | 0 | 257K | 225K |
| Total Liabilities | 805.96M | 832.88M | 743.19M | 779.7M | 807.94M | 731.21M | 424.62M | 387.24M | 394.39M | 349.61M | 331.48M | 361M | 364.7M | 310.77M | 248.78M | 249.92M | 212.64M | 126.37M | 95.54M | 190.36M | 153.47M | 160.78M | 52.25M | 43.87M | 11.97M |
| Total Debt | 595.21M | 596.77M | 545.36M | 498.14M | 420.02M | 208.5M | 165.57M | 225.56M | 184M | 147M | 138M | 180M | 130M | 105.5M | 73M | 84.2M | 57M | 902K | 0 | 0 | 0 | 27.36M | 267K | 0 | 0 |
| Net Debt | -232.7M | -229.03M | 327.21M | 306.39M | 198.44M | -127.52M | -19.37M | 124.5M | 77.56M | 8.98M | -46.45M | 50.17M | -55.47M | -21.82M | -65.74M | -21.96M | -39.84M | -110.02M | -135.2M | -94.78M | -109.75M | 20.28M | -5.31M | -2.53M | -2.7M |
| Debt / Equity | 0.64x | 0.66x | 0.61x | 0.58x | 0.47x | 0.24x | 0.34x | 0.52x | 0.42x | 0.32x | 0.29x | 0.41x | 0.28x | 0.24x | 0.17x | 0.21x | 0.14x | 0.00x | - | - | - | 0.16x | 0.00x | - | - |
| Debt / EBITDA | 10.30x | 8.95x | 6.02x | 8.49x | 1.51x | 0.37x | 2.03x | 37.03x | 7.76x | 5.87x | 1.89x | 4.01x | 1.49x | 1.19x | 0.91x | 2.86x | 1.16x | 0.02x | - | - | - | 0.38x | 0.01x | - | - |
| Net Debt / EBITDA | -4.03x | -3.44x | 3.61x | 5.22x | 0.71x | -0.23x | -0.24x | 20.44x | 3.27x | 0.36x | -0.64x | 1.12x | -0.64x | -0.25x | -0.82x | -0.75x | -0.81x | -1.92x | -1.86x | -0.83x | -1.55x | 0.28x | -0.15x | - | -2.72x |
| Interest Coverage | 11.63x | 12.63x | 17.00x | 7.11x | 100.38x | 508.07x | 34.80x | -5.78x | 7.59x | 36.64x | 97.05x | 64.94x | 166.05x | 189.03x | 188.18x | 37.94x | 194.92x | 14576.00x | - | - | 210.82x | 543.83x | 7030.79x | - | - |
| Total Equity | 922.96M | 902.14M | 896.33M | 863.7M | 893.82M | 871.98M | 485.2M | 431.24M | 442.29M | 454.91M | 468.15M | 441.34M | 468.3M | 448.56M | 428.26M | 395.06M | 406.98M | 424.07M | 470.01M | 462.4M | 365.32M | 166.46M | 105.52M | 52.29M | 17.45M |
| Equity Growth % | 3.37% | 0.65% | 3.78% | -3.37% | 2.5% | 79.72% | 12.51% | -2.5% | -2.78% | -2.83% | 6.07% | -5.76% | 4.4% | 4.74% | 8.41% | -2.93% | -4.03% | -9.77% | 1.65% | 26.57% | 119.47% | 57.74% | 101.81% | 199.68% | - |
| Book Value per Share | 5.29 | 5.17 | 5.12 | 4.94 | 5.11 | 4.99 | 2.80 | 2.50 | 2.56 | 2.64 | 2.72 | 2.56 | 2.72 | 2.61 | 2.51 | 2.23 | 2.29 | 2.29 | 2.45 | 2.34 | 1.89 | 0.92 | 0.62 | 0.29 | 0.10 |
| Total Shareholders' Equity | 913.76M | 893.39M | 890.06M | 856.77M | 892.57M | 869.72M | 480.18M | 432.99M | 446.55M | 456.65M | 467.73M | 438.7M | 472.62M | 449.82M | 427.38M | 393.44M | 405.88M | 419.45M | 463.17M | 451.31M | 363.93M | 165.83M | 104.86M | 52.29M | 17.45M |
| Common Stock | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 107.01M | 106.15M | 107.4M | 19K | 19K | 19K | 18K | 18K | 0 | 11K |
| Retained Earnings | 651.59M | 643.59M | 664.6M | 640.45M | 679.13M | 660.3M | 272.94M | 230.54M | 244.16M | 252.55M | 265.86M | 237.38M | 268.27M | 247.71M | 228.2M | 187.71M | 198.23M | 209.12M | 224.97M | 215.4M | 142.52M | 67.33M | 19.33M | 0 | 0 |
| Treasury Stock | -9.76M | -9.76M | -5.55M | -5.16M | -5.59M | -5.76M | -6.52M | -8.76M | -8.82M | -8.88M | -9.02M | -9.16M | -10.14M | -11.12M | -12.47M | -4.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 49.78M | 36.7M | 8.62M | -180K | -218K | -666K | -548K | -952K | -549K | -446K | -2.47M | -1.88M | -316K | -412K | -137K | 166K | 1.2M | 4K | -314K | -7K | -275K | 36K | 7K | 0 | 0 |
| Minority Interest | 9.2M | 8.75M | 6.27M | 6.93M | 1.25M | 2.26M | 5.02M | -1.74M | -4.26M | -1.74M | 418K | 2.64M | -4.33M | -1.26M | 884K | 1.62M | 1.1M | 4.62M | 6.83M | 11.09M | 1.4M | 624K | 664K | 0 | 0 |
Cyclical inventory and competition
According to recent SEC filings, Himax maintains a robust liquidity profile with cash reserves of $827.9 million as of 2026Q1, providing a substantial buffer against cyclical downturns despite the company's historical tendency for erratic working capital swings and inconsistent cash conversion cycles across the last ten quarters.
The current ratio of 1.62 suggests that the company remains well-positioned to meet its short-term obligations without external financing. However, the significant fluctuation in cash balances over the observed period implies that liquidity is heavily influenced by dividend timing and inventory management rather than steady operational cash generation.
Based on reported financial statements, Himax maintains a disciplined capital structure with a debt-to-equity ratio of 0.64 in 2026Q1, reflecting a strategic reliance on internal funding rather than debt-fueled expansion, which effectively mitigates refinancing risks in the current high-interest rate environment for semiconductor manufacturers.
The company's debt load has remained relatively stable, suggesting that management prioritizes balance sheet preservation over aggressive leverage. This conservative approach appears appropriate given the inherent volatility of the display driver market and the company's exposure to cyclical consumer electronics demand.
As reported in quarterly filings, Himax's equity base of $913.8 million is primarily anchored by $651.6 million in retained earnings, indicating that the company has historically generated sufficient internal value to support its operations without resorting to significant equity dilution or excessive reliance on external capital markets.
The stability of the equity base suggests that shareholders are not currently facing material dilution risks. Investors should monitor whether the company can continue to grow these retained earnings, as the recent stagnation in this metric may signal a plateau in long-term value creation.
Based on an analysis of the balance sheet, the concentration of value in cash and receivables, rather than productive PPE, warrants further investigation, as the company's $118.5 million in net PPE suggests a highly asset-light model that may be vulnerable to rapid technological obsolescence in display drivers.
While the asset-light structure provides flexibility, it also implies that the company's competitive moat is almost entirely dependent on intangible IP and design wins. If these design wins fail to materialize or are disrupted by competitors, the lack of significant physical assets could leave the company with limited tangible recovery value.
Quick answers to the most common questions about buying HIMX stock.
As of 2025, Himax Technologies, Inc. (HIMX) had total assets of $1.74B including $1.27B in current assets.
Himax Technologies, Inc. (HIMX) carries total debt of $596.8M, offset by $854.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Himax Technologies, Inc. (HIMX) has total shareholders' equity (book value) of $893.4M ($5.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Himax Technologies, Inc. (HIMX) reported a current ratio of 1.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.