Operating margins have compressed significantly from 12.2% in 2024Q2 to 5.1% in 2026Q1, reflecting an inability to scale fixed costs against a backdrop of sustained top-line erosion.
| 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 |
|---|
| Sales/Revenue | 814.17M | 832.17M | 906.8M | 945.43M | 1.2B | 1.55B | 887.28M | 671.84M | 723.61M | 685.17M | 802.92M | 691.79M | 840.54M | 770.74M | 737.25M | 633.02M | 642.69M | 692.38M | 832.8M | 918.21M | 744.52M | 540.2M | 300.27M | 0 | 56.48M |
| Revenue Growth % | -10.96% | -8.23% | -4.09% | -21.3% | -22.35% | 74.36% | 32.07% | -7.15% | 5.61% | -14.67% | 16.06% | -17.7% | 9.06% | 4.54% | 16.47% | -1.5% | -7.18% | -16.86% | -9.3% | 23.33% | 37.82% | 79.9% | - | -100% | - |
| Cost of Goods Sold | 565.49M | 577.81M | 630.6M | 681.93M | 714.23M | 798.52M | 666.5M | 533.92M | 554.69M | 518.14M | 608.61M | 528.65M | 634.66M | 578.89M | 566.7M | 507.45M | 507.65M | 550.56M | 628.69M | 716.16M | 601.57M | 419.38M | 235.97M | 100.1M | 45.31M |
| COGS % of Revenue | - | 69.43% | 69.54% | 72.13% | 59.45% | 51.61% | 75.12% | 79.47% | 76.66% | 75.62% | 75.8% | 76.42% | 75.51% | 75.11% | 76.87% | 80.16% | 78.99% | 79.52% | 75.49% | 78% | 80.8% | 77.63% | 78.59% | - | 80.23% |
| Gross Profit | 248.69M | 254.36M | 276.2M | 263.5M | 487.11M | 748.58M | 220.78M | 137.92M | 168.91M | 167.03M | 194.31M | 163.14M | 205.88M | 191.85M | 170.56M | 125.57M | 135.04M | 141.82M | 204.11M | 202.05M | 142.95M | 120.82M | 64.3M | -100.1M | 11.16M |
| Gross Margin % | 30.54% | 30.57% | 30.46% | 27.87% | 40.55% | 48.39% | 24.88% | 20.53% | 23.34% | 24.38% | 24.2% | 23.58% | 24.49% | 24.89% | 23.13% | 19.84% | 21.01% | 20.48% | 24.51% | 22% | 19.2% | 22.37% | 21.41% | - | 19.77% |
| Gross Profit Growth % | - | -7.91% | 4.82% | -45.91% | -34.93% | 239.06% | 60.08% | -18.35% | 1.13% | -14.04% | 19.11% | -20.76% | 7.31% | 12.49% | 35.82% | -7.01% | -4.78% | -30.51% | 1.02% | 41.34% | 18.32% | 87.91% | 164.23% | -996.57% | - |
| Operating Expenses | 214.17M | 210.24M | 207.98M | 220.28M | 229.52M | 203.56M | 162.85M | 156.23M | 165.53M | 158.88M | 135.08M | 132.47M | 133.16M | 117.51M | 103.5M | 108.96M | 99.69M | 98.29M | 143.92M | 98.14M | 77.39M | 52.82M | 31.42M | 28.36M | 10.17M |
| OpEx % of Revenue | - | 25.26% | 22.94% | 23.3% | 19.11% | 13.16% | 18.35% | 23.25% | 22.88% | 23.19% | 16.82% | 19.15% | 15.84% | 15.25% | 14.04% | 17.21% | 15.51% | 14.2% | 17.28% | 10.69% | 10.39% | 9.78% | 10.46% | - | 18.01% |
| Selling, General & Admin | 50.32M | 49.11M | 47.65M | 48.89M | 53.96M | 52.36M | 40.59M | 41.3M | 42.49M | 41.12M | 39.26M | 38.04M | 41.32M | 37.14M | 32.58M | 29.92M | 23.26M | 26.71M | 31.05M | 24.24M | 16.73M | 11.55M | 7.4M | 7.28M | 2.37M |
| SG&A % of Revenue | - | 5.9% | 5.25% | 5.17% | 4.49% | 3.38% | 4.57% | 6.15% | 5.87% | 6% | 4.89% | 5.5% | 4.92% | 4.82% | 4.42% | 4.73% | 3.62% | 3.86% | 3.73% | 2.64% | 2.25% | 2.14% | 2.46% | - | 4.2% |
| Research & Development | 163.85M | 161.13M | 160.33M | 171.39M | 175.56M | 151.39M | 122.27M | 114.86M | 123.04M | 117.76M | 95.82M | 94.42M | 91.84M | 80.37M | 70.91M | 79.04M | 76.43M | 71.36M | 87.57M | 73.91M | 60.66M | 41.28M | 24.02M | 21.08M | 7.8M |
| R&D % of Revenue | - | 19.36% | 17.68% | 18.13% | 14.61% | 9.79% | 13.78% | 17.1% | 17% | 17.19% | 11.93% | 13.65% | 10.93% | 10.43% | 9.62% | 12.49% | 11.89% | 10.31% | 10.52% | 8.05% | 8.15% | 7.64% | 8% | - | 13.81% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -190K | 0 | 67K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 218K | 25.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 34.52M | 44.13M | 68.22M | 43.21M | 257.59M | 545.02M | 57.93M | -18.31M | 3.38M | 8.36M | 59.23M | 30.67M | 72.72M | 74.34M | 67.06M | 16.61M | 35.36M | 43.54M | 60.18M | 103.91M | 65.57M | 68M | 32.88M | 3.38M | 992K |
| Operating Margin % | 4.24% | 5.3% | 7.52% | 4.57% | 21.44% | 35.23% | 6.53% | -2.72% | 0.47% | 1.22% | 7.38% | 4.43% | 8.65% | 9.65% | 9.1% | 2.62% | 5.5% | 6.29% | 7.23% | 11.32% | 8.81% | 12.59% | 10.95% | - | 1.76% |
| Operating Income Growth % | - | -35.32% | 57.88% | -83.22% | -52.74% | 840.89% | 416.41% | -640.83% | -59.5% | -85.89% | 93.12% | -57.82% | -2.18% | 10.86% | 303.78% | -53.03% | -18.79% | -27.66% | -42.08% | 58.47% | -3.58% | 106.79% | 872.58% | 240.83% | - |
| EBITDA | 57.8M | 66.67M | 90.58M | 58.65M | 278.93M | 566.36M | 81.57M | 6.09M | 23.72M | 25.04M | 73.01M | 44.84M | 87.32M | 88.65M | 80.36M | 29.4M | 48.98M | 57.33M | 72.5M | 114.17M | 70.79M | 71.61M | 35.64M | -128.46M | 992K |
| EBITDA Margin % | 7.1% | 8.01% | 9.99% | 6.2% | 23.22% | 36.61% | 9.19% | 0.91% | 3.28% | 3.65% | 9.09% | 6.48% | 10.39% | 11.5% | 10.9% | 4.64% | 7.62% | 8.28% | 8.71% | 12.43% | 9.51% | 13.26% | 11.87% | - | 1.76% |
| EBITDA Growth % | -42.22% | -26.39% | 54.43% | -78.97% | -50.75% | 594.34% | 1238.95% | -74.32% | -5.26% | -65.71% | 62.85% | -48.65% | -1.51% | 10.32% | 173.3% | -39.97% | -14.56% | -20.92% | -36.5% | 61.28% | -1.15% | 100.91% | 127.75% | -13049.8% | - |
| D&A (Non-Cash Add-back) | 23.28M | 22.55M | 22.35M | 15.44M | 21.34M | 21.34M | 23.64M | 24.4M | 20.34M | 16.68M | 13.78M | 14.16M | 14.59M | 14.31M | 13.3M | 12.79M | 13.63M | 13.79M | 12.32M | 10.26M | 5.22M | 3.61M | 2.76M | -131.84M | 0 |
| EBIT | 39.34M | 44.13M | 68.22M | 43.21M | 279.35M | 545.67M | 59.33M | -13.44M | 9.35M | 32.17M | 61.43M | 33.38M | 86.01M | 75.8M | 66.24M | 17.26M | 35.48M | 43.73M | 64.03M | 103.91M | 65.57M | 68M | 32.88M | 3.38M | 992K |
| Net Interest Income | 6.1M | 6.35M | 5.89M | 2.67M | 2.03M | -198K | -738K | -312K | 1.2M | 1.35M | 588K | 196K | 210K | 126K | -35K | 101K | 425K | 763K | 3.31M | 5.43M | 5.55M | 455.15K | 65.72K | 0 | 0 |
| Interest Income | 9.47M | 9.85M | 9.91M | 8.75M | 4.81M | 876K | 967K | 2.01M | 2.43M | 2.23M | 1.22M | 710K | 728K | 527K | 317K | 556K | 607K | 766K | 3.31M | 5.43M | 5.86M | 580.19K | 70.4K | 0 | 0 |
| Interest Expense | 3.38M | 3.49M | 4.01M | 6.08M | 2.78M | 1.07M | 1.71M | 2.33M | 1.23M | 878K | 633K | 514K | 518K | 401K | 352K | 455K | 182K | 3K | 0 | 0 | 311K | 125.04K | 4.68K | 0 | 0 |
| Other Income/Expense | 6.9M | 10.74M | 9.11M | 1.18M | 18.98M | -429K | -1.05M | 2.54M | 3.63M | 21.73M | 183K | 2.19M | 12.77M | 1.06M | -1.17M | 200K | -64K | 188K | 3.85M | 5.69M | 3.94M | 2.26M | 1.32M | 0 | -992K |
| Pretax Income | 41.42M | 54.87M | 77.33M | 44.39M | 276.56M | 544.59M | 56.87M | -15.77M | 7.02M | 30.09M | 59.42M | 32.87M | 85.49M | 75.4M | 65.89M | 16.81M | 35.46M | 43.73M | 64.03M | 109.59M | 69.51M | 70.26M | 34.2M | 0 | 0 |
| Pretax Margin % | 5.09% | 6.59% | 8.53% | 4.7% | 23.02% | 35.2% | 6.41% | -2.35% | 0.97% | 4.39% | 7.4% | 4.75% | 10.17% | 9.78% | 8.94% | 2.66% | 5.52% | 6.32% | 7.69% | 11.94% | 9.34% | 13.01% | 11.39% | - | - |
| Income Tax | 7.88M | 9.59M | -2.44M | -5.03M | 41.1M | 110.66M | 11.71M | 416K | 994K | 4.55M | 10.67M | 11.4M | 21.59M | 19.48M | 15.75M | 7.3M | 6.39M | 7.92M | -8.69M | -1.86M | -5.45M | 8.92M | -1.77M | 3.96M | -513K |
| Effective Tax Rate % | 19.02% | 17.48% | -3.15% | -11.33% | 14.86% | 20.32% | 20.59% | -2.64% | 14.16% | 15.13% | 17.96% | 34.7% | 25.25% | 25.83% | 23.9% | 43.44% | 18.02% | 18.1% | -13.57% | -1.7% | -7.84% | 12.7% | -5.18% | - | - |
| Net Income | 31.95M | 43.94M | 79.75M | 50.62M | 236.98M | 436.9M | 47.13M | -13.61M | 8.57M | 27.68M | 50.91M | 25.2M | 66.6M | 61.48M | 51.6M | 10.71M | 33.21M | 39.65M | 76.38M | 112.6M | 75.19M | 61.56M | 36M | -581K | 513K |
| Net Margin % | 3.92% | 5.28% | 8.8% | 5.35% | 19.73% | 28.24% | 5.31% | -2.03% | 1.18% | 4.04% | 6.34% | 3.64% | 7.92% | 7.98% | 7% | 1.69% | 5.17% | 5.73% | 9.17% | 12.26% | 10.1% | 11.4% | 11.99% | - | 0.91% |
| Net Income Growth % | -63.38% | -44.91% | 57.57% | -78.64% | -45.76% | 826.92% | 446.22% | -258.88% | -69.04% | -45.63% | 102.07% | -62.17% | 8.33% | 19.15% | 381.94% | -67.76% | -16.25% | -48.09% | -32.16% | 49.75% | 22.14% | 70.99% | 6296.21% | -213.26% | - |
| Net Income (Continuing) | 33.54M | 45.27M | 79.77M | 49.42M | 235.47M | 433.94M | 45.16M | -16.18M | 6.03M | 25.54M | 48.75M | 21.46M | 63.9M | 55.92M | 50.14M | 9.51M | 29.07M | 35.81M | 72.72M | 112.6M | 75.19M | 61.35M | 35.97M | -581K | 513K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 203.25K | 0 | 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 |
| EPS (Diluted) | 0.18 | 0.26 | 0.46 | 0.28 | 2.72 | 5.00 | 0.28 | -0.08 | 0.04 | 0.16 | 0.30 | 0.14 | 0.38 | 0.36 | 0.30 | 0.06 | 0.19 | 0.22 | 0.40 | 0.56 | 0.40 | 0.34 | 0.22 | -0.00 | 0.00 |
| EPS Growth % | -62.97% | -43.48% | 64.29% | -89.71% | -45.6% | 1685.71% | 450% | -300% | -75% | -46.67% | 114.29% | -63.16% | 5.56% | 20% | 400% | -68.42% | -13.64% | -45% | -28.57% | 40% | 17.65% | 54.55% | - | - | - |
| EPS (Basic) | - | 0.26 | 0.46 | 0.28 | 2.72 | 5.00 | 0.28 | -0.08 | 0.05 | 0.16 | 0.30 | 0.15 | 0.40 | 0.36 | 0.30 | 0.06 | 0.19 | 0.22 | 0.40 | 0.56 | 0.40 | 0.36 | 0.22 | -0.00 | 0.00 |
| Diluted Shares Outstanding | 174.43M | 174.59M | 175.01M | 174.78M | 174.82M | 174.87M | 173.38M | 172.55M | 172.53M | 172.45M | 172.36M | 172.07M | 172M | 171.81M | 170.76M | 176.91M | 177.84M | 185.11M | 191.88M | 197.54M | 192.79M | 181.05M | 171.43M | 181.09M | 181.09M |
| Basic Shares Outstanding | 174.43M | 174.52M | 174.8M | 180.77M | 174.72M | 174.76M | 172.85M | 170.18M | 214.22M | 173M | 172.33M | 179.96M | 175.26M | 170.77M | 171.99M | 176.89M | 177.52M | 184.83M | 191.61M | 197.54M | 192.79M | 175.88M | 171.43M | 177.4M | 177.4M |
| Dividend Payout Ratio | - | 147.79% | 63.82% | 165.69% | 91.94% | 10.85% | 0.01% | - | 200.84% | 149.14% | 43.9% | 203.87% | 69.13% | 68.96% | 20.7% | 198.24% | 132.76% | 140.39% | 87.53% | 35.28% | - | 22.03% | - | - | - |
Cyclical demand and competition
As indicated by recent quarterly filings, Himax has experienced a sustained period of top-line erosion, with revenue declining by 7.2% year-over-year in 2026Q1, reflecting the broader volatility inherent in the company's heavy reliance on the cyclical Asian display panel supply chain and consumer electronics demand.
The consistent negative growth trajectory suggests that the company is struggling to offset the secular decline in traditional LCD markets with its newer automotive and AI-sensing initiatives. Investors should monitor whether the current revenue floor is a result of structural market share loss to emerging Chinese competitors or merely a temporary trough in the semiconductor cycle.
Based on reported financial statements, Himax has maintained a remarkably consistent gross margin profile, hovering near 30.5% over the last ten quarters, which suggests a disciplined approach to cost management despite significant fluctuations in foundry pricing and end-market demand for display driver integrated circuits.
This stability implies that the company possesses some degree of pricing power or effective supply chain management that prevents margin collapse during downturns. However, the lack of expansion in these margins warrants further investigation into whether the product mix is shifting toward lower-margin commodity components or if competitive pressures are capping upside potential.
According to the income statement data, operating margins have compressed significantly from 12.2% in 2024Q2 to 5.1% in 2026Q1, demonstrating that the company's fixed cost structure, particularly R&D, is not scaling efficiently with the current revenue base, thereby limiting overall profitability during periods of top-line weakness.
The inability to maintain operating leverage suggests that the company is prioritizing long-term R&D investments in AI and automotive tech at the expense of short-term bottom-line performance. This strategy appears to be a double-edged sword, as it protects future innovation but leaves the firm vulnerable to earnings volatility when revenue growth fails to materialize.
While Himax maintains a stable gross margin, the recent trend of declining operating income, which dipped to a loss in 2025Q3, suggests that the company may be facing unsustainable pricing pressure from domestic Chinese competitors that could eventually force a structural reset of its profitability expectations.
Short-sellers would likely focus on the company's inability to convert gross profit into meaningful operating income, which may indicate that the 'Non-Driver' segment is not yet providing the margin buffer management anticipates. Investors should be wary of the potential for further margin compression if the company is forced to lower prices to defend its market share in the large-panel driver segment.
Quick answers to the most common questions about buying HIMX stock.
For fiscal year 2025, Himax Technologies, Inc. (HIMX) reported total revenue of $832.2M. This represents a 1373.4% increase compared to $56.5M in 2002.
Himax Technologies, Inc. (HIMX) is profitable, generating $43.9M in net income for the fiscal year ending 2025 with a net profit margin of 5.3%.
Himax Technologies, Inc. (HIMX) reported an operating income of $44.1M, resulting in an operating profit margin of 5.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Himax Technologies, Inc. (HIMX) generated $254.4M in gross profit for the year, representing a gross profit margin of 30.6%. This demonstrates the company's core pricing power and production efficiency.