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Himax Technologies
(NASDAQ:HIMX)
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Rating:49Neutral
Price Target:
$12.00
▼(-13.29% Downside)
Action:Reiterated
Date:08/10/26
The score is held back primarily by weaker cash-flow quality and only modest current profitability despite the TTM revenue rebound. Technicals are mixed/neutral, while valuation is a clear headwind due to a very high P/E. The latest earnings call adds support via guidance and operational momentum (especially automotive), but working-capital and cash outflow pressures temper the improvement.
Positive Factors
Automotive IC Momentum
Strong automotive driver growth is expanding Himax’s exposure to vehicle displays, an application with longer design cycles and increasing screen content. Continued ramps and design wins can support more durable revenue growth and improve product mix beyond highly cyclical consumer electronics.
Negative Factors
Weak Cash Conversion
Deteriorating operating and free cash flow means reported earnings are converting less efficiently into internally generated funds. Persistent weak conversion could constrain investment flexibility, reduce balance-sheet resilience, and make shareholder distributions more dependent on existing liquidity.
Read all positive and negative factors
Positive Factors
Negative Factors
Automotive IC Momentum
Strong automotive driver growth is expanding Himax’s exposure to vehicle displays, an application with longer design cycles and increasing screen content. Continued ramps and design wins can support more durable revenue growth and improve product mix beyond highly cyclical consumer electronics.
Read all positive factors
Himax Technologies (HIMX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.02B
Dividend Yield2.11%
Average Volume (3M)1.12M
Price to Earnings (P/E)60.0
Beta (1Y)2.32
Revenue Growth-7.60%
EPS Growth-52.67%
CountryUS
Employees2,200
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.20
Shares Outstanding174,425,920
10 Day Avg. Volume1,348,804
30 Day Avg. Volume1,117,316
Financial Highlights & Ratios
PEG Ratio-0.72
Price to Book (P/B)1.60
Price to Sales (P/S)1.72
P/FCF Ratio11.92
Enterprise Value/Market Cap1.19
Enterprise Value/Revenue2.92
Enterprise Value/Gross Profit9.40
Enterprise Value/Ebitda33.69
Forecast
1Y Price Target
$43.00Price Target Upside210.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.44
Revenue Forecast (FY)$949.39M
Himax Technologies Business Overview & Revenue Model
Company Description
Himax Technologies, Inc. functions as a fabless semiconductor firm, delivering advanced display processing and imaging technologies across a global operational footprint that includes China, Taiwan, the Philippines, Korea, Japan, Europe, and the U...
How the Company Makes Money
Himax makes money primarily by selling its semiconductor products—especially display driver ICs and timing controllers (TCONs)—to original equipment manufacturers (OEMs), original design manufacturers (ODMs), and module/panel makers that integrate...
Himax Technologies Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call was overall positive: management reported Q2 results that beat guidance across revenue, gross margin and EPS, driven by strong automotive and small-/medium-sized driver IC performance and growth in non-driver products (Tcon, WiseEye). The company also announced a near-term divestiture gain and provided upbeat product and market commentary (automotive LTDI/OLED ramps, CPO engineering ramps, smart glasses traction). However, material challenges remain, including a 21% decline in large panel driver revenue, continued industry supply chain constraints raising costs and lead times, higher working capital (AR, inventory, DSO) and cash outflows for dividends and bonuses. CPO and other strategic growth areas show attractive long-term potential but carry execution/timing uncertainty. On balance, the favorable beats, strong automotive momentum and multiple strategic growth levers outweigh the near-term challenges and execution risks.Positive Updates
Revenue Beat and Sequential Growth
Q2 revenue of $227.4M, up 14.2% sequentially and up 5.9% YoY; results exceeded prior company guidance (expected 10%–13% sequential growth), driven primarily by better-than-expected automotive IC sales.
Negative Updates
Large Display Driver Revenue Decline
Large panel driver revenue declined to $19.2M in Q2, down 21.0% sequentially; share of total revenues fell to 8.4% from 12.2% in prior quarter, due to prior pull-in of inventory by panel makers for high-end TV ICs.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Beat and Sequential Growth
Q2 revenue of $227.4M, up 14.2% sequentially and up 5.9% YoY; results exceeded prior company guidance (expected 10%–13% sequential growth), driven primarily by better-than-expected automotive IC sales.
Read all positive updates
Company Guidance
Himax's Q3 guidance calls for revenue to rise 7%–11% sequentially, gross margin to be around 34%, and profit attributable to shareholders of $0.08–$0.10 per fully diluted ADS; the guidance already factors in an estimated 2026 annual bonus of ~$13.0M (with ~$11.7M immediately vested), and Q3 employee-bonus expense is estimated at $11.8M (≈$0.068 per diluted ADS before tax). Management expects a sequential decline in cash primarily due to the $44M annual dividend paid July 10 and the ~ $11.7M bonus distribution (cash was $298.7M as of 6/30/26 vs. $287.6M last quarter and $332.8M a year ago); Q2 operating cash flow was $17.5M (would have been ≈$6.5M excluding an $11.0M Taiwan tax deferral). Key balance-sheet and operational metrics cited include inventory $151.5M, accounts receivable $220.3M, DSO 93 days, ADS outstanding 174.4M, and management flagged an expected pretax gain of ~$23M–$24M on a planned equity-investee divestiture to close in Q4.Himax Technologies Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
63
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 826.18M | 832.17M | 906.80M | 945.43M | 1.20B | 1.55B |
| Gross Profit | 256.75M | 254.36M | 276.20M | 263.50M | 487.11M | 748.58M |
| EBITDA | 71.61M | 80.91M | 103.70M | 70.80M | 300.69M | 567.01M |
| Net Income | 35.26M | 43.94M | 79.75M | 50.62M | 236.98M | 436.90M |
Balance Sheet | ||||||
| Total Assets | 1.77B | 1.74B | 1.64B | 1.64B | 1.70B | 1.60B |
| Cash, Cash Equivalents and Short-Term Investments | 866.92M | 854.52M | 224.57M | 206.38M | 229.90M | 364.38M |
| Total Debt | 593.69M | 596.77M | 545.36M | 498.14M | 420.02M | 208.50M |
| Total Liabilities | 864.70M | 832.88M | 743.19M | 779.70M | 807.94M | 731.21M |
| Stockholders Equity | 899.49M | 893.39M | 890.06M | 856.77M | 892.57M | 869.72M |
Cash Flow | ||||||
| Free Cash Flow | 27.06M | 119.90M | 102.77M | 129.35M | 70.78M | 380.25M |
| Operating Cash Flow | 44.88M | 140.03M | 115.98M | 152.84M | 82.91M | 388.28M |
| Investing Cash Flow | -1.76M | -20.49M | -516.00K | -88.88M | 15.00M | -232.68M |
| Financing Cash Flow | -76.37M | -80.74M | -88.22M | -93.59M | -211.07M | -4.49M |
Himax Technologies Technical Analysis
Negative
13.84
Price Trends
13.68
Negative
14.51
Negative
12.54
Negative
Market Momentum
-0.67
Positive
30.61
Neutral
19.32
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HIMX, the sentiment is Negative. The current price of 13.84 is above the 20-day moving average (MA) of 13.23, above the 50-day MA of 13.68, and above the 200-day MA of 12.54, indicating a bearish trend. The MACD of -0.67 indicates Positive momentum. The RSI at 30.61 is Neutral, neither overbought nor oversold. The STOCH value of 19.32 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HIMX.
Himax Technologies Risk Analysis
Himax Technologies disclosed 40 risk factors in its most recent earnings report. Himax Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Himax Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $33.27M | 0.52 | 434.73% | ― | ― | ― | |
56 Neutral | $2.79B | -51.16 | -9.34% | ― | 20.04% | 38.40% | |
54 Neutral | $4.66B | -9.31 | -38.70% | ― | 11.44% | -940.34% | |
52 Neutral | $169.07M | -12.26 | -50.90% | ― | -9.42% | -61.14% | |
49 Neutral | $2.02B | 60.02 | 3.94% | 2.11% | -7.60% | -52.67% | |
45 Neutral | $98.15M | -3.08 | -12.72% | ― | -18.29% | 8.69% |
* Technology Sector Average
HIMX
Himax Technologies
11.10
2.29
25.98%
MX
MagnaChip
2.44
-0.65
-21.04%
PXLW
Pixelworks
5.32
-2.07
-28.01%
QUIK
QuickLogic
8.82
2.30
35.28%
SYNA
Synaptics
117.04
45.97
64.68%
AMBA
Ambarella
63.12
-20.33
-24.36%
Himax Technologies Corporate Events
Himax Technologies Shareholders Approve 2025 Accounts and Re-Elect Independent Director
Aug 12, 2026
Himax Technologies, Inc., a Taiwan-based fabless semiconductor manufacturer listed on Nasdaq, specializes in display driver ICs and other semiconductor solutions for global electronics and display panel makers. The company serves the broader displ...
Himax Technologies Tops Q2 2026 Guidance and Raises Outlook on Automotive IC Strength
Aug 6, 2026
Himax Technologies reported second-quarter 2026 results on August 6, 2026, with net revenue rising 14.2% sequentially to $227.4 million, driven mainly by stronger-than-expected automotive IC demand. Gross margin improved to 33.1% and profit per di...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.