Cash conversion remains strong with cumulative OCF of $277.2M exceeding net income of $151.5M over ten quarters, though FCF margin is volatile (5.8% in Q2 2026 vs 26.0% in Q2 2025) and capital deployment is conservative with minimal buybacks or dividends.
Himax Technologies, Inc. (HIMX) cash flow statement — 24-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 44.88M | 140.03M | 115.98M | 152.84M | 82.91M | 388.28M | 102.61M | 7.66M | 4.01M | 29.39M | 84.67M | 22.53M | 93.72M | 52.39M | 52.17M | 43.45M | 57.63M | 73.63M | 136.5M | 77.16M | 29.7M | 12.46M | -8.69M | -1.59M | -3.88M |
| Operating CF Margin % | - | 16.83% | 12.79% | 16.17% | 6.9% | 25.1% | 11.56% | 1.14% | 0.55% | 4.29% | 10.55% | 3.26% | 11.15% | 6.8% | 7.08% | 6.86% | 8.97% | 10.63% | 16.39% | 8.4% | 3.99% | 2.31% | -2.89% | - | -6.88% |
| Operating CF Growth % | 96.53% | 20.74% | -24.12% | 84.35% | -78.65% | 278.4% | 1240.26% | 90.97% | -86.36% | -65.29% | 275.84% | -75.96% | 78.87% | 0.44% | 20.07% | -24.61% | -21.73% | -46.06% | 76.9% | 159.84% | 138.25% | 243.46% | -445.39% | 58.99% | - |
| Net Income | 35.26M | 43.94M | 79.77M | 49.42M | 235.47M | 433.94M | 45.16M | -16.18M | 6.03M | 25.82M | 48.75M | 21.46M | 63.9M | 55.92M | 50.38M | 9.51M | 29.07M | 35.81M | 76.38M | 112.6M | 75.19M | 61.56M | 35.6M | -581K | 513K |
| Depreciation & Amortization | 23.96M | 22.55M | 22.35M | 20.32M | 21.34M | 21.34M | 23.6M | 24.4M | 20.33M | 16.68M | 13.76M | 14.16M | 14.59M | 14.31M | 13.3M | 12.79M | 13.63M | 13.79M | 12.32M | 10.26M | 5.22M | 3.61M | 2.76M | 0 | 0 |
| Stock-Based Compensation | 343K | 730K | 1.25M | 2.66M | 3.1M | 700K | 763K | 457K | 408K | 1.1M | 1.19M | 1.82M | 1.93M | 1.84M | 1.94M | 4.19M | 6.31M | 8.55M | 9.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1M | 0 | -2.44M | -5.03M | 41.1M | 110.66M | 11.71M | 416K | 994K | -1.6M | -1.98M | 4.15M | 3.82M | 7.41M | 9.67M | 6.49M | 6.61M | 1.45M | -12.35M | -14.62M | -8.94M | -3.37M | -4.99M | 0 | 0 |
| Other Non-Cash Items | 21.65M | 47M | 3.54M | -30.57M | -63.66M | -9.84M | 8.89M | 17.84M | 11.31M | -9.6M | 25.25M | 8.18M | -2.59M | 10.98M | 12.04M | 9.71M | 10.33M | 14M | 38.51M | 20.87M | 21.42M | 8.39M | 9.96M | -1.01M | -4.4M |
| Working Capital Changes | -35.58M | 25.81M | 11.5M | 116.04M | -154.44M | -168.52M | 12.48M | -19.27M | -35.06M | -3M | -2.29M | -27.24M | 12.07M | -38.07M | -35.16M | 755K | -8.32M | 28K | 12.55M | -51.95M | -63.19M | -57.73M | -52.02M | 0 | 0 |
| Change in Receivables | -1.67M | 29.38M | -40.68M | 20.81M | 146.86M | -166.41M | -78.3M | 23.99M | -794K | -2M | -14.6M | 41.66M | -19.21M | 8.16M | -27.88M | -4.89M | 26.52M | -47.37M | 102.19M | -52.07M | -79.5M | -83.7M | -30.71M | 0 | 0 |
| Change in Inventory | -27.82M | -10.5M | 45.01M | 132.09M | -194.54M | -99.34M | 24.77M | -6.66M | -45.09M | 2.25M | -1.72M | -15.05M | 3.1M | -71.49M | -16.1M | -4.13M | -60.78M | 14.46M | 1.37M | -29.6M | -1.5M | -50.91M | -33M | 0 | 0 |
| Change in Payables | -11.03M | 0 | 14.57M | 7.68M | -124.87M | 74.95M | 57.34M | -36.18M | 10.57M | -2.91M | 18.42M | -54.91M | 28.04M | 15.74M | 1.19M | 18.43M | 27.84M | 34.36M | -93.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.76M | -20.49M | -516K | -88.88M | 15M | -232.68M | -22.36M | -47.77M | -38.27M | -35.09M | -7.13M | -28.34M | 10.64M | -30.52M | -695K | -10.2M | -75.1M | -7.25M | -21.76M | -25.02M | -8.93M | -25.36M | 11M | -28.91M | -7.13M |
| Capital Expenditures | -17.79M | -20.53M | -13.05M | -23.38M | -11.8M | -7.56M | -5.87M | -46.07M | -50.6M | -39.82M | -7.9M | -9.98M | -10.93M | -18.41M | -6.56M | -18.86M | -7.17M | -10.46M | -17.49M | -19M | -17.83M | -14.73M | 0 | 0 | 0 |
| CapEx % of Revenue | 2.15% | 2.47% | 1.44% | 2.47% | 0.98% | 0.49% | 0.66% | 6.86% | 6.99% | 5.81% | 0.98% | 1.44% | 1.3% | 2.39% | 0.89% | 2.98% | 1.12% | 1.51% | 2.1% | 2.07% | 2.39% | 2.73% | - | - | - |
| Acquisitions | -711.42K | -711.42K | -6.65M | 433K | 11.51M | -598K | 510K | -1.23M | -6.09M | -9.18M | -37K | -3.53M | 1K | 0 | 546K | 7K | 0 | 529K | -673K | 6.16M | 17K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 28.04M | 28.45M | 33.41M | -54.12M | -3.77M | -213.04M | -12.27M | 2M | -2.95M | 3.87M | -6.9M | 122K | 2.46M | -2.31M | 676K | -60K | -57.58M | 389K | 32K | 45K | 14.12M | -14.61M | -8.15M | -28.91M | -7.13M |
| Cash from Financing | -76.37M | -80.74M | -88.22M | -93.59M | -211.07M | -4.49M | 3.26M | 35.26M | 2.8M | -41.21M | -22.71M | -49.61M | -46.2M | -33.37M | -18.93M | -24.02M | 3.31M | -91.06M | -74.35M | -67.24M | 81.89M | 14.4M | 735K | 30.34M | 11.64M |
| Debt Issued (Net) | 56.17M | -9.58M | 39.67M | 72.87M | 207.61M | 36.73M | 55.89M | 35.26M | 37M | 9M | -42M | 50M | 24.5M | 32.5M | -11.2M | 27.2M | 57M | 0 | 0 | 0 | -27.36M | 27.1M | -68K | 0 | 0 |
| Equity Issued (Net) | -4.29M | -4.51M | -2.93M | 916K | 487K | 0 | 4.6M | 0 | 11.01K | 105K | 0 | 1.47M | 0 | 9.83M | -8.89M | -4.63M | 352.9K | -35.28M | -7.49M | -27.53M | 109.25M | 866K | 0 | 0 | 0 |
| Dividends Paid | -64.6M | -64.93M | -50.9M | -83.87M | -217.87M | -47.42M | -4.01K | 0 | -17.21M | -41.28M | -22.35M | -51.36M | -46.04M | -42.39M | -10.68M | -21.22M | -44.1M | -55.5M | -66.82M | -39.71M | 0 | -13.56M | 0 | 0 | 0 |
| Share Repurchases | 0 | -4.51M | -3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.89M | -4.63M | -10.96M | -36.84M | -9.33M | -39.34M | -38.84M | 0 | 0 | 0 | 0 |
| Other Financing | -63.65M | -1.72M | -74.05M | -83.51M | -201.29M | 6.21M | -57.23M | 0 | -17M | -9.04M | 41.63M | -49.71M | -24.66M | -33.31M | 11.84M | -25.36M | -9.95M | -286K | -46K | 0 | 0 | 0 | 803K | 30.34M | 11.64M |
| Net Change in Cash | -33.39M | 39.36M | 26.4M | -29.83M | -114.44M | 151.09M | 83.88M | -5.38M | -31.59M | -46.43M | 54.62M | -55.64M | 58.15M | -11.42M | 32.57M | 9.32M | -14.08M | -24.28M | 40.42M | -14.97M | 102.67M | 1.51M | 3.05M | 30.34M | 11.64M |
| Free Cash Flow | 27.06M | 119.9M | 102.77M | 129.35M | 70.78M | 380.25M | 96.74M | -38.42M | -46.59M | -10.43M | 76.77M | 12.55M | 82.79M | 33.98M | 45.61M | 24.59M | 50.46M | 63.17M | 119.01M | 58.16M | 11.87M | -2.27M | -8.69M | -1.59M | -3.88M |
| FCF Margin % | 3.28% | 14.41% | 11.33% | 13.68% | 5.89% | 24.58% | 10.9% | -5.72% | -6.44% | -1.52% | 9.56% | 1.81% | 9.85% | 4.41% | 6.19% | 3.88% | 7.85% | 9.12% | 14.29% | 6.33% | 1.59% | -0.42% | -2.89% | - | -6.88% |
| FCF Growth % | -79.68% | 16.67% | -20.55% | 82.75% | -81.39% | 293.07% | 351.8% | 17.54% | -346.89% | -113.58% | 511.86% | -84.84% | 143.62% | -25.49% | 85.48% | -51.27% | -20.13% | -46.92% | 104.61% | 390.13% | 623.01% | 73.88% | -445.39% | 58.99% | - |
| FCF per Share | 0.16 | 0.69 | 0.59 | 0.74 | 0.40 | 2.17 | 0.56 | -0.22 | -0.27 | -0.06 | 0.45 | 0.07 | 0.48 | 0.20 | 0.27 | 0.14 | 0.28 | 0.34 | 0.62 | 0.29 | 0.06 | -0.01 | -0.05 | -0.01 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.77x | 3.19x | 1.45x | 3.02x | 0.35x | 0.89x | 2.18x | -0.56x | 0.47x | 1.06x | 1.66x | 0.89x | 1.41x | 0.85x | 1.01x | 4.06x | 1.74x | 1.86x | 1.79x | 0.69x | 0.39x | 0.20x | -0.24x | 2.74x | -7.57x |
| Interest Paid | 949K | 3.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 565K | 637K | 516K | 592K | 401K | 352K | 490K | 170K | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.68M | 11.53M | 12.51M | 13.31M | 3.27M | 456K | 6.33M | 8.33M | 7.65M | 7.17M | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying HIMX stock.
Himax Technologies, Inc. (HIMX) generated $140.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Himax Technologies, Inc. (HIMX) generated $119.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Himax Technologies, Inc. (HIMX) spent $20.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Himax Technologies, Inc. (HIMX) returned $64.9M to shareholders via cash dividends and spent $4.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
China self-sufficiency and OLED shift
Cash Conversion Volatility Signals Earnings Quality
HIMX's operating cash flow to net income ratio swung from 0.88 in Q2 2026 to 6.34 in Q3 2025, indicating significant working capital effects. According to recent financial statements, this volatility suggests earnings quality is heavily influenced by timing.
The OCF/NI ratio has been erratic, ranging from -0.24 in Q3 2024 to 6.34 in Q3 2025, with the latest quarter at 0.88. This indicates that net income is not consistently translating into cash, as working capital changes (e.g., -$16.7M in Q2 2026) often offset operating profits. The gap between net income and operating cash flow in Q2 2026 ($19.9M vs $17.5M) is modest, but the historical swings suggest that accruals and inventory management are significant drivers of reported cash generation.
Free Cash Flow Recovery Remains Uneven
FCF margin improved from -2.6% in Q3 2024 to 5.8% in Q2 2026, but remains below the 26% peak seen in Q2 2025. Based on reported figures, the trajectory suggests a cyclical recovery that is not yet durable.
FCF has been highly volatile, with a trough of -$5.7M in Q3 2024 and a peak of $55.9M in Q2 2025. The latest quarter's FCF of $13.2M is a rebound from the near-zero levels of Q3 2025, but the margin of 5.8% is far below the 26% achieved in Q2 2025. This indicates that while the company is generating positive FCF, the sustainability is questionable given the revenue contraction and working capital swings.
Capital Expenditures Remain Lean and Stable
CapEx/Revenue has stayed between 1.1% and 3.2% over the past ten quarters, with Q2 2026 at 2.0%. As reported in financial statements, this suggests a mature asset base with limited expansionary investment.
CapEx has been consistently low, averaging around $4M per quarter, which is typical for a fabless semiconductor company. The capital intensity is minimal, indicating that maintenance capex is the primary driver, with little evidence of growth-oriented spending. This aligns with the company's conservative capital allocation and may limit future capacity expansion, but it also preserves cash.
Working Capital Swings Dominate Cash Flow
Working capital changes have ranged from -$16.7M to +$36.1M over the past ten quarters, with Q2 2026 showing a -$16.7M outflow. Based on reported figures, these swings are the primary source of OCF volatility.
The working capital line is highly volatile, with large outflows in Q1 2026 and Q2 2026 (-$16.0M and -$16.7M) contrasting with inflows in Q1 2025 and Q2 2025 (+$26.3M and +$29.2M). This suggests that inventory build-ups or receivable collections are driving cash flow timing, rather than underlying profitability. Investors should monitor inventory levels at panel makers, as they appear to be a leading indicator for HIMX's cash generation.
Capital Deployment Focused on Cash Preservation
Dividends and buybacks have been minimal, with only $106.8K in dividends in Q4 2025 and $3.9M in buybacks in Q2 2025. According to recent SEC filings, HIMX appears to be retaining cash rather than returning it to shareholders.
Capital returns have been sporadic and small, with no buybacks in most quarters and dividends only in Q3 2025 (-$64.7M) and Q4 2025 ($106.8K). The large dividend in Q3 2025 appears to be an annual payout, but overall, the company is accumulating cash. This conservative approach may indicate a lack of attractive investment opportunities or a desire to maintain a fortress balance sheet, but it also suggests limited shareholder yield.
Cumulative Cash Generation Exceeds Net Income
Over the past ten quarters, cumulative operating cash flow of $277.2M exceeds cumulative net income of $151.5M, a gap of $125.7M. Based on reported figures, this suggests conservative accruals and strong cash conversion over time.
The cumulative OCF/NI ratio is approximately 1.83, indicating that HIMX has generated significantly more cash than its reported earnings. This divergence is likely due to non-cash charges like D&A and favorable working capital timing, but it also raises questions about the sustainability of such high conversion. The gap may narrow if working capital swings reverse, but it currently supports the view that earnings are backed by real cash.
What the Cash Flow Statement Obscures
HIMX's cash flow statement shows minimal SBC, but the large working capital swings and low capex may mask underlying earnings quality. As reported in financial statements, the absence of significant buybacks or dividends suggests cash is being retained, but the reasons are not fully transparent.
The cash flow statement reveals that SBC is negligible, which is unusual for a tech company and may indicate that employee compensation is not fully captured. The low capex relative to revenue suggests a mature asset base, but it also raises questions about future growth investments. The large working capital swings, particularly in receivables and inventory, could be obscuring the true cash-generating ability of the core operations. Investors should scrutinize the footnotes for inventory write-down reversals and NRE timing, as these could distort reported cash flows.