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Himax Technologies
(NASDAQ:HIMX)
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Rating:49Neutral
Price Target:
$14.50
▲(14.90% Upside)
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
Sustained double-digit sequential growth in automotive driver ICs signals structural revenue diversification into higher-value auto displays. Automotive design wins and production ramps typically yield multi-quarter visibility and stickier OEM relationships, supporting steadier margins and long-term revenue durability.
Negative Factors
Weakened cash generation
Markedly weaker OCF and lower FCF-to-income reduce internal funding capacity for R&D, capex and shareholder returns. If operating cash conversion does not normalize, the company may rely more on reserves or external financing, constraining strategic investments and increasing sensitivity to cyclical demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Automotive IC momentum
Sustained double-digit sequential growth in automotive driver ICs signals structural revenue diversification into higher-value auto displays. Automotive design wins and production ramps typically yield multi-quarter visibility and stickier OEM relationships, supporting steadier margins and long-term revenue durability.
Read all positive factors
Himax Technologies (HIMX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.33B
Dividend Yield1.83%
Average Volume (3M)2.05M
Price to Earnings (P/E)69.4
Beta (1Y)2.27
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. Volume1,345,501
30 Day Avg. Volume2,053,587
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$43.00Price Target Upside240.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.4
Revenue Forecast (FY)$933.55M
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 primarily makes money by designing semiconductor integrated circuits and selling those chips (and related solutions) to original equipment manufacturers (OEMs) and component/module makers that build display panels and end devices. Its core r...
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 | 71.54M | 80.91M | 103.70M | 65.91M | 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
12.62
Price Trends
14.47
Negative
14.66
Negative
11.34
Positive
Market Momentum
0.01
Negative
46.89
Neutral
12.49
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 12.62 is below the 20-day moving average (MA) of 13.80, below the 50-day MA of 14.47, and above the 200-day MA of 11.34, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 46.89 is Neutral, neither overbought nor oversold. The STOCH value of 12.49 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $1.80B | 11.18 | 13.39% | ― | 0.52% | 41.86% | |
65 Neutral | $2.89B | 124.93 | 2.62% | ― | -2.52% | -64.30% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $3.39B | -9.75 | -61.50% | ― | -46.40% | -104.24% | |
55 Neutral | $3.31B | -146.98 | -3.48% | ― | 2.53% | 84.78% | |
53 Neutral | $5.92B | -55.97 | -22.37% | ― | 50.50% | 52.01% | |
49 Neutral | $2.33B | 69.44 | 3.94% | 2.00% | -7.60% | -52.67% |
* Technology Sector Average
HIMX
Himax Technologies
13.79
6.15
80.50%
MXL
Maxlinear
66.61
49.98
300.54%
PLAB
Photronics
30.51
8.44
38.24%
UCTT
Ultra Clean Holdings
76.43
52.86
224.27%
VECO
Veeco
47.86
22.89
91.67%
NVTS
Navitas Semiconductor
12.97
6.77
109.19%
Himax Technologies Corporate Events
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...
Himax Technologies to Realize Gain from Planned Disposal of Equity-Method Investment
Jul 1, 2026
On July 1, 2026, Himax Technologies announced that a technology startup in which it holds about 31% had signed a definitive agreement to be fully acquired by an independent semiconductor technology company for US$80 million in cash, subject to clo...
Himax Technologies Sets August 12, 2026 Date for Annual General Meeting in Taiwan
Jun 12, 2026
Himax Technologies said on June 12, 2026 that it will convene its Annual General Meeting in Tainan, Taiwan, on August 12, 2026 at 9:30 a.m. local time at its Himax Fab 2 facility. Shareholders will be asked to adopt the company’s 2025 financ...
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.