Free cash flow margins have experienced extreme volatility, contracting from a peak of 26.0% in 2025Q2 to a negligible 0.6% in 2026Q1, largely driven by inconsistent working capital management.
| 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 | 87.81M | 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 % | 291.92% | 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 | 31.95M | 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 | 23.35M | 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 | 490K | 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 | 4.05M | 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 | 17M | 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 | 10.27M | 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 | 26.2M | 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 | -37.01M | -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 | 22.59M | 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 | -23.55M | -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 | -17.87M | -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 | 2.2% | 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 | -3.21M | -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 | 28.08M | 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 | -80.32M | -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) | 55.91M | -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) | -7.7M | -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 | -65.05M | -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 | -3.88M | -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 | -63.49M | -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 | -15.72M | 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 | 69.74M | 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 % | 8.57% | 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 % | -30% | 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 | 0.40 | 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) | 2.18x | 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 |
Cyclical inventory and competition
According to quarterly financial data, Himax exhibits extreme volatility in cash conversion, with the OCF/NI ratio swinging from a low of -0.24 in 2024Q3 to a high of 6.34 in 2025Q3, highlighting a disconnect between accounting profits and actual cash generation capabilities.
The wide variance in the relationship between net income and operating cash flow suggests that accruals and working capital adjustments are the primary drivers of reported earnings rather than consistent operational cash inflows. Investors should monitor this instability, as it implies that reported net income may not be a reliable proxy for the company's underlying cash-generating health.
As reported in recent filings, Himax's free cash flow margins have experienced significant contraction, falling from a peak of 26.0% in 2025Q2 to a negligible 0.6% in 2026Q1, reflecting the company's sensitivity to cyclical demand shifts within the semiconductor display driver market.
The sharp decline in free cash flow margins indicates that the company's ability to retain cash after capital expenditures is highly susceptible to revenue fluctuations. This trend warrants further investigation into whether the current margin compression is a temporary cyclical trough or a more permanent shift in the company's competitive cost structure.
Based on reported figures, Himax's working capital dynamics are highly erratic, with a significant $16.0 million cash outflow in 2026Q1 following a period of inconsistent inventory and receivables management, which directly impacts the company's ability to maintain stable operating cash flows.
The frequent swings in working capital changes suggest that Himax is struggling to optimize its inventory levels in response to volatile demand from panel manufacturers. This lack of efficiency in managing the cash conversion cycle may continue to create lumpy cash flow results that obscure the company's true operational performance.
Financial statements indicate that Himax maintains a defensive capital posture, characterized by substantial cash reserves and sporadic dividend payments, such as the $64.7 million outflow in 2025Q3, rather than aggressive reinvestment or consistent share repurchases to drive shareholder value.
The company's preference for maintaining a large cash balance over active capital deployment suggests a conservative management approach that prioritizes liquidity over growth. While this provides a buffer against macro-volatility, it may also indicate a lack of high-return internal investment opportunities, leaving investors to question the long-term utility of the idle cash pile.
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.