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Himax Technologies

HIMX
33
Semiconductors · Technology
Also trades as: 0J5H.L GBP 0.11 (-7.71%)
Price
$11.10
-0.82 (-6.88%)
Market Cap
$1.94B
Exchange
NASDAQ
Winston Score
33
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 22, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
9/30
Growth
Weak
3/20
Cash Flow
Strong
7/10
Stability
Strong
7/10
Valuation
Good
5/10
Ownership
Weak
1/15
Dividends
Weak
1/5

33 of 100 counted points = Winston Score 33.

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§Winston Score History

The full picture

Himax Technologies is a Taiwan-based semiconductor company that designs chips used to control displays in smartphones, tablets, laptops, televisions, and car dashboards. Its main products are display driver integrated circuits (ICs), which tell screens how to show images, and timing controllers, which coordinate how pixels light up. Himax also makes chips for augmented reality (AR) devices and image sensors used in cameras and facial recognition systems.

Himax sells its chips to manufacturers in Asia, particularly in China, Taiwan, and South Korea, making it heavily dependent on the consumer electronics supply chain. The company earns revenue by selling semiconductor chips directly to panel makers and device manufacturers, with no subscription model. Its competitive position comes from deep expertise in display driver technology and long-standing customer relationships, but its thin operating margins and reliance on a few large customers leave it exposed to demand swings in the consumer electronics market. Growth will likely depend on adoption of AR headsets and automotive displays, both of which are still developing markets.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+15.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$161M/ year

→ Flat (+0% vs prior year)

19.4% of revenue

In line with sector average (15%)

Steady R&D investment year-over-year

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$989M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Himax Technologies is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.2% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 174.9M (2021) → 174.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
33.1%
Modest — 33.1% gross margin
Profit after running costs
Operating Margin
10.8%
Modest — 10.8% operating margin
Return on the money invested
ROCE
2.7%
Weak — 2.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-7.1%
Shrinking sales (-7.1% YoY)
Profit growth
EPS YoY
-52.7%
Earnings shrinking (-52.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
127%
Turns 127% of profit into real cash
Spare cash per sale
FCF Margin
3.3%
Thin free cash flow (3.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.66
Moderate — manageable debt (0.66)
Covers its interest
Interest Cover
12.31x
Comfortably covers interest (12.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
55.9x
Expensive — P/E 55.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+44.6
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (55.9 → 11.3)

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Dividends

Dividend
Dividend Yield
1.75%
Small dividend — 1.75% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-38.9%
Dividend cut (-38.9% YoY) — warning sign
Payout Ratio
183%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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