Latest Ratios: P/E Ratio 54.3x · EV/EBITDA 33.5x · ROE 4.9%. (2002–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.5B | $1.4B | $1.4B | $1.1B | $1.1B | $2.8B | $1.3B | $459M | $592M | $1.8B | $1.0B |
| Enterprise Value | $2.2B | $1.2B | $1.7B | $1.4B | $1.3B | $2.7B | $1.3B | $583M | $669M | $1.8B | $995M |
| P/E Ratio → | 54.31 | 31.50 | 17.48 | 21.68 | 2.28 | 3.20 | 26.39 | — | 85.75 | 65.13 | 20.13 |
| P/S Ratio | 2.96 | 1.72 | 1.55 | 1.12 | 0.90 | 1.81 | 1.44 | 0.68 | 0.82 | 2.62 | 1.30 |
| P/B Ratio | 2.73 | 1.59 | 1.57 | 1.23 | 1.21 | 3.21 | 2.64 | 1.06 | 1.34 | 3.95 | 2.22 |
| P/FCF | 20.54 | 11.93 | 13.69 | 8.20 | 15.34 | 7.35 | 13.25 | — | — | — | 13.56 |
| P/OCF | 17.59 | 10.21 | 12.13 | 6.94 | 13.09 | 7.20 | 12.49 | 59.95 | 147.62 | 61.14 | 12.30 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.44 | 1.91 | 1.45 | 1.07 | 1.72 | 1.42 | 0.87 | 0.93 | 2.64 | 1.24 |
| EV / EBITDA | 33.50 | 18.01 | 19.15 | 23.31 | 4.60 | 4.71 | 15.47 | 95.78 | 28.22 | 72.12 | 13.62 |
| EV / EBIT | 50.62 | 20.58 | 21.32 | 27.09 | 4.60 | 4.89 | 21.27 | — | 71.57 | 56.14 | 16.19 |
| EV / FCF | — | 10.02 | 16.88 | 10.57 | 18.14 | 7.02 | 13.04 | — | — | — | 12.96 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.6% | 30.6% | 30.5% | 27.9% | 40.5% | 48.4% | 24.9% | 20.5% | 23.3% | 24.4% | 24.2% |
| Operating Margin | 5.3% | 5.3% | 7.5% | 4.6% | 21.4% | 35.2% | 6.5% | -2.7% | 0.5% | 1.2% | 7.4% |
| Net Profit Margin | 5.3% | 5.3% | 8.8% | 5.4% | 19.7% | 28.2% | 5.3% | -2.0% | 1.2% | 4.0% | 6.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.9% | 4.9% | 9.1% | 5.8% | 26.8% | 64.4% | 10.3% | -3.1% | 1.9% | 6.0% | 11.2% |
| ROA | 2.6% | 2.6% | 4.9% | 3.0% | 14.3% | 34.8% | 5.5% | -1.6% | 1.0% | 3.5% | 6.4% |
| ROIC | 3.5% | 3.5% | 4.3% | 2.9% | 21.0% | 67.5% | 8.5% | -2.6% | 0.5% | 1.4% | 9.7% |
| ROCE | 4.7% | 4.7% | 7.3% | 4.4% | 25.6% | 69.9% | 11.6% | -4.1% | 0.7% | 1.8% | 12.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.66 | 0.66 | 0.61 | 0.58 | 0.47 | 0.24 | 0.34 | 0.52 | 0.42 | 0.32 | 0.29 |
| Debt / EBITDA | 8.95 | 8.95 | 6.02 | 8.49 | 1.51 | 0.37 | 2.03 | 37.03 | 7.76 | 5.87 | 1.89 |
| Net Debt / Equity | — | -0.25 | 0.37 | 0.35 | 0.22 | -0.15 | -0.04 | 0.29 | 0.18 | 0.02 | -0.10 |
| Net Debt / EBITDA | -3.44 | -3.44 | 3.61 | 5.22 | 0.71 | -0.23 | -0.24 | 20.44 | 3.27 | 0.36 | -0.64 |
| Debt / FCF | — | -1.91 | 3.18 | 2.37 | 2.80 | -0.34 | -0.20 | — | — | — | -0.61 |
| Interest Coverage | 16.71 | 16.71 | 20.27 | 8.30 | 100.38 | 508.07 | 34.80 | -5.78 | 7.59 | 36.64 | 97.05 |
Net cash position: cash ($826M) exceeds total debt ($597M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.58 | 1.58 | 1.65 | 1.69 | 1.93 | 1.98 | 1.97 | 1.59 | 1.67 | 1.92 | 2.16 |
| Quick Ratio | 1.39 | 1.39 | 1.43 | 1.39 | 1.39 | 1.65 | 1.66 | 1.21 | 1.26 | 1.53 | 1.70 |
| Cash Ratio | 1.07 | 1.07 | 0.32 | 0.29 | 0.33 | 0.61 | 0.57 | 0.29 | 0.30 | 0.43 | 0.60 |
| Asset Turnover | — | 0.48 | 0.55 | 0.58 | 0.71 | 0.97 | 0.98 | 0.82 | 0.86 | 0.85 | 1.00 |
| Inventory Turnover | 3.78 | 3.78 | 3.97 | 3.14 | 1.93 | 4.02 | 6.13 | 3.71 | 3.41 | 3.83 | 4.06 |
| Days Sales Outstanding | — | 88.11 | 95.62 | 91.63 | 79.73 | 97.08 | 100.75 | 90.31 | 96.91 | 100.56 | 86.83 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 4.5% | 3.6% | 7.9% | 20.1% | 1.7% | 0.0% | — | 2.9% | 2.3% | 2.1% |
| Payout Ratio | 147.8% | 147.8% | 63.8% | 165.7% | 91.9% | 10.9% | 0.0% | — | 200.8% | 149.1% | 43.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 3.2% | 5.7% | 4.6% | 43.8% | 31.3% | 3.8% | — | 1.2% | 1.5% | 5.0% |
| FCF Yield | 4.9% | 8.4% | 7.3% | 12.2% | 6.5% | 13.6% | 7.5% | — | — | — | 7.4% |
| Buyback Yield | 0.2% | 0.3% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.8% | 4.9% | 3.8% | 7.9% | 20.1% | 1.7% | 0.0% | 0.0% | 2.9% | 2.3% | 2.1% |
| Shares Outstanding | — | $175M | $175M | $175M | $175M | $175M | $173M | $173M | $173M | $172M | $172M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying HIMX stock.
Himax Technologies, Inc.'s current P/E ratio is 54.3x. The historical average is 24.6x. This places it at the 84th percentile of its historical range.
Himax Technologies, Inc.'s current EV/EBITDA is 33.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.8x.
Himax Technologies, Inc.'s return on equity (ROE) is 4.9%. The historical average is 15.3%.
Based on historical data, Himax Technologies, Inc. is trading at a P/E of 54.3x. This is at the 84th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Himax Technologies, Inc.'s current dividend yield is 2.63% with a payout ratio of 147.8%.
Himax Technologies, Inc. has 30.6% gross margin and 5.3% operating margin.
Himax Technologies, Inc.'s Debt/EBITDA ratio is 9.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
China self-sufficiency and OLED shift
Premium Multiple on Cyclical Recovery
HIMX trades at 58.6x trailing earnings and 36.4x EV/EBITDA, far above peers like SIMO at 18.4x, suggesting the market prices in a strong cyclical rebound. According to recent financial statements, forward multiples drop to 38.1x P/E and 14.5x EV/EBITDA, implying expectations of significant earnings growth.
The steep discount between trailing and forward multiples indicates the market anticipates a sharp earnings recovery from the cyclical trough, but the sustainability of that recovery is uncertain given the persistent revenue contraction. Compared to peers, HIMX's valuation is stretched, especially against SIMO's 16.97x EV/EBITDA, which may reflect a premium for its automotive and non-driver growth optionality. Investors should monitor whether the forward estimates are achievable, as any disappointment could trigger multiple compression.
Margin Recovery Masks Structural Pressures
Gross margin improved to 33.1% in Q2 2026 from 30.2% a year earlier, but operating margin at 10.8% remains below the 12.2% peak in Q2 2024. Based on reported figures, the recovery is uneven and may be vulnerable to competitive pricing and OLED transition.
The gross margin expansion suggests a favorable product mix, likely driven by automotive and non-driver products, but the operating margin is still below historical highs, indicating that R&D and SG&A costs are absorbing a significant portion of gross profit. The volatility in operating margin, swinging from -0.3% in Q3 2025 to 10.8% in Q2 2026, underscores the cyclicality of the business. Net margin at 8.7% is supported by low stock-based compensation, but the sustainability of these margins depends on the company's ability to maintain pricing power in the face of Chinese competition and the LCD-to-OLED shift.
Return on Capital Remains Subdued
ROIC improved to 2.7% in Q2 2026 from -0.1% in Q3 2025, but remains well below the cost of capital and peer averages like SIMO's 12.4%. As reported in financial statements, the low returns reflect a cyclical trough and heavy cash accumulation.
The recovery in ROIC from the trough is encouraging, but the absolute level is still low, indicating that the company is not generating sufficient returns on its invested capital. The large cash balance, which nearly equals annual revenue, depresses ROIC because cash earns minimal returns. ROE at 2.2% is similarly weak, though it has improved from 0.1% in Q3 2025. The drivers of return are primarily margin recovery rather than asset efficiency, as asset turnover has remained stable around 0.13. For a company with a fortress balance sheet, the low returns suggest that capital is not being deployed productively, and investors should watch for any improvement in capital allocation.
Working Capital Cycle Lengthens
Cash conversion cycle extended to 95 days in Q2 2026 from 98 days a year earlier, but remains well below the 159-day peak in Q1 2024. Based on reported figures, DSO and DIO have improved, but DPO has risen, indicating a mixed working capital trend.
The reduction in DSO from 99 days to 82 days suggests improved collection efficiency, while DIO has declined from 130 days to 91 days, reflecting better inventory management. However, DPO has increased from 70 days to 78 days, indicating that HIMX is taking longer to pay suppliers, which may strain supplier relationships. The overall CCC of 95 days is still high, reflecting the capital-intensive nature of the semiconductor supply chain. The improvement from the 2024 peak is positive, but the company remains exposed to inventory write-downs if demand falters, as seen in the past.
Leverage Creeps Higher Despite Cash Pile
Debt-to-equity rose to 0.65 in Q2 2026 from 0.56 a year earlier, while cash balances more than doubled to $839.5M, covering total debt of $593.7M. According to recent SEC filings, interest coverage remains comfortable at 31.7x, but the rising leverage warrants monitoring.
The increase in debt, despite a large cash balance, suggests that management is leveraging up, possibly for strategic investments or to fund operations during the downturn. However, the interest coverage ratio of 31.7x indicates that debt service is not a concern, and the D/EBITDA ratio of 19.5x is elevated due to depressed EBITDA, but this is expected to improve as earnings recover. The fortress balance sheet provides a cushion, but the rising leverage trend, if continued, could become a risk, especially if the cyclical recovery stalls. Investors should monitor whether the debt is being used for value-accretive purposes or simply to maintain liquidity.
Liquidity Buffer at Multi-Year High
Current ratio improved to 1.55 in Q2 2026, with cash of $839.5M representing 46.6% of total assets. As reported in financial statements, the quick ratio of 1.36 indicates a strong ability to meet short-term obligations even under stress.
The liquidity position is robust, with cash covering total debt and providing a substantial cushion against cyclical downturns. The current ratio, while slightly below the 1.71 peak in Q1 2025, remains healthy, and the quick ratio of 1.36 suggests that inventory is not a major liquidity concern. However, the large cash balance may indicate inefficient capital allocation, as it earns minimal returns. Under a severe stress scenario, such as a prolonged demand slump, the company could draw on its cash reserves to weather the downturn, but the opportunity cost of holding such a large cash pile is significant. Investors should watch for any deployment of cash into growth initiatives or shareholder returns.
Valuation Gap vs. Peers Reflects Growth Hopes
HIMX's P/E of 58.6x and EV/EBITDA of 36.4x are significantly higher than peers like SIMO (18.4x P/E) and CRUS (15.5x P/E), despite lower profitability. Based on reported figures, the market is pricing in a stronger recovery and non-driver growth potential.
The valuation premium over peers is striking given that HIMX's ROE of 2.2% and net margin of 8.7% are well below SIMO's 32.0% ROE and 13.9% net margin. This suggests that investors are paying for the optionality in automotive TDDI and non-driver products, which could drive future growth. However, the gap may also reflect the market's tendency to overvalue cyclical recoveries. Compared to DIOD, which has a similar P/E of 72.4x, HIMX's multiple is less extreme, but the overall peer group shows that HIMX is not cheap on a relative basis. The key question is whether the growth expectations embedded in the multiple are justified, given the persistent revenue contraction and competitive pressures.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 58.6x is misleading for HIMX because earnings are near cyclical trough, making the multiple appear expensive. As reported in financial statements, a more appropriate metric is EV/EBITDA or P/FCF, which better capture the company's cash generation and capital structure.
Using a trailing P/E for a highly cyclical semiconductor company like HIMX can distort valuation, as trough earnings inflate the multiple. The forward P/E of 38.1x is more informative, but it relies on estimates that may be optimistic. EV/EBITDA of 36.4x is also elevated, but the forward EV/EBITDA of 14.5x suggests a more reasonable valuation if the recovery materializes. Additionally, P/FCF of 22.2x is lower than P/E, reflecting the company's strong cash conversion. Investors should focus on normalized earnings or EV-based multiples to assess HIMX's true value, rather than the trailing P/E, which is distorted by the cyclical trough.