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IMMERSION CORP（IMMR）与Unity Software Inc.（U）财务数据对比。点击上方公司名可切换其他公司
Unity Software Inc.的季度营收约是IMMERSION CORP的1.3倍（$503.1M vs $372.9M），IMMERSION CORP净利率更高（-4.6% vs -17.9%，领先13.3%），IMMERSION CORP同比增速更快（750.4% vs 10.1%），过去两年IMMERSION CORP的营收复合增速更高（537.9% vs 4.5%）
Immersion Corporation总部位于佛罗里达州阿文图拉，主要研发并授权触觉反馈技术（即触感技术）。公司由路易斯·罗森伯格于1993年创立，目前由律师弗朗西斯·何塞掌管，他同时担任首席执行官与总法律顾问一职。
Unity Software Inc.是总部位于美国旧金山的游戏软件开发企业，2004年于丹麦成立时原名为Over the Edge Entertainment，2007年更为现名。公司核心产品Unity游戏引擎全球应用广泛，可用于开发各类电子游戏及其他互动应用，商业化授权服务覆盖全球客户。
IMMR vs U — 直观对比
营收规模更大
U
是对方的1.3倍
$372.9M
营收增速更快
IMMR
高出740.4%
10.1%
净利率更高
IMMR
高出13.3%
-17.9%
两年增速更快
IMMR
近两年复合增速
4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $372.9M | $503.1M |
| 净利润 | $-17.0M | $-90.0M |
| 毛利率 | — | 74.3% |
| 营业利润率 | -2.8% | -21.2% |
| 净利率 | -4.6% | -17.9% |
| 营收同比 | 750.4% | 10.1% |
| 净利润同比 | -191.3% | 26.7% |
| 每股收益（稀释后） | $-0.57 | $-0.21 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收IMMRU
| Q4 25 | — | $503.1M | ||
| Q3 25 | — | $470.6M | ||
| Q2 25 | $372.9M | $440.9M | ||
| Q1 25 | $471.3M | $435.0M | ||
| Q4 24 | $616.2M | $457.1M | ||
| Q3 24 | — | $446.5M | ||
| Q2 24 | $95.5M | $449.3M | ||
| Q1 24 | $43.8M | $460.4M |
净利润IMMRU
| Q4 25 | — | $-90.0M | ||
| Q3 25 | — | $-126.4M | ||
| Q2 25 | $-17.0M | $-108.8M | ||
| Q1 25 | $24.1M | $-77.6M | ||
| Q4 24 | $30.8M | $-122.7M | ||
| Q3 24 | — | $-124.7M | ||
| Q2 24 | $26.4M | $-125.6M | ||
| Q1 24 | $18.7M | $-291.1M |
毛利率IMMRU
| Q4 25 | — | 74.3% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 74.1% | ||
| Q1 25 | — | 73.8% | ||
| Q4 24 | — | 74.7% | ||
| Q3 24 | — | 74.9% | ||
| Q2 24 | — | 75.8% | ||
| Q1 24 | — | 68.6% |
营业利润率IMMRU
| Q4 25 | — | -21.2% | ||
| Q3 25 | — | -26.7% | ||
| Q2 25 | -2.8% | -26.9% | ||
| Q1 25 | 7.5% | -29.4% | ||
| Q4 24 | 11.4% | -27.1% | ||
| Q3 24 | — | -28.5% | ||
| Q2 24 | 23.7% | -28.8% | ||
| Q1 24 | 37.9% | -81.4% |
净利率IMMRU
| Q4 25 | — | -17.9% | ||
| Q3 25 | — | -26.9% | ||
| Q2 25 | -4.6% | -24.7% | ||
| Q1 25 | 5.1% | -17.8% | ||
| Q4 24 | 5.0% | -26.8% | ||
| Q3 24 | — | -27.9% | ||
| Q2 24 | 27.7% | -28.0% | ||
| Q1 24 | 42.5% | -63.2% |
每股收益（稀释后）IMMRU
| Q4 25 | — | $-0.21 | ||
| Q3 25 | — | $-0.30 | ||
| Q2 25 | $-0.57 | $-0.26 | ||
| Q1 25 | $0.73 | $-0.19 | ||
| Q4 24 | $0.93 | $-0.30 | ||
| Q3 24 | — | $-0.31 | ||
| Q2 24 | $0.81 | $-0.32 | ||
| Q1 24 | $0.59 | $-0.75 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $161.4M | $2.1B |
| 总债务越低越好 | $103.1M | — |
| 股东权益账面价值 | $298.1M | $3.2B |
| 总资产 | $1.1B | $6.8B |
| 负债/权益比越低杠杆越低 | 0.35× | — |
8季度趋势，按日历期对齐
现金及短期投资IMMRU
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $1.9B | ||
| Q2 25 | $161.4M | $1.7B | ||
| Q1 25 | $153.9M | $1.5B | ||
| Q4 24 | $159.3M | $1.5B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $133.4M | $1.3B | ||
| Q1 24 | $179.1M | $1.2B |
总债务IMMRU
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $103.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益IMMRU
| Q4 25 | — | $3.2B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | $298.1M | $3.2B | ||
| Q1 25 | $317.9M | $3.2B | ||
| Q4 24 | $305.5M | $3.2B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | $273.4M | $3.2B | ||
| Q1 24 | $201.5M | $3.2B |
总资产IMMRU
| Q4 25 | — | $6.8B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | $1.1B | $6.7B | ||
| Q1 25 | $1.4B | $6.6B | ||
| Q4 24 | $1.4B | $6.7B | ||
| Q3 24 | — | $6.7B | ||
| Q2 24 | $1.2B | $6.7B | ||
| Q1 24 | $244.7M | $6.8B |
负债/权益比IMMRU
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $121.4M |
| 自由现金流经营现金流 - 资本支出 | — | $118.7M |
| 自由现金流率自由现金流/营收 | — | 23.6% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $403.9M |
8季度趋势，按日历期对齐
经营现金流IMMRU
| Q4 25 | — | $121.4M | ||
| Q3 25 | — | $155.4M | ||
| Q2 25 | — | $133.1M | ||
| Q1 25 | $-43.7M | $13.0M | ||
| Q4 24 | — | $112.2M | ||
| Q3 24 | — | $122.4M | ||
| Q2 24 | $-85.9M | $88.4M | ||
| Q1 24 | $29.9M | $-7.4M |
自由现金流IMMRU
| Q4 25 | — | $118.7M | ||
| Q3 25 | — | $151.3M | ||
| Q2 25 | — | $126.7M | ||
| Q1 25 | $-46.2M | $7.3M | ||
| Q4 24 | — | $105.8M | ||
| Q3 24 | — | $115.2M | ||
| Q2 24 | — | $79.6M | ||
| Q1 24 | — | $-14.6M |
自由现金流率IMMRU
| Q4 25 | — | 23.6% | ||
| Q3 25 | — | 32.1% | ||
| Q2 25 | — | 28.7% | ||
| Q1 25 | -9.8% | 1.7% | ||
| Q4 24 | — | 23.1% | ||
| Q3 24 | — | 25.8% | ||
| Q2 24 | — | 17.7% | ||
| Q1 24 | — | -3.2% |
资本支出强度IMMRU
| Q4 25 | — | 0.5% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | 0.5% | 1.3% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 1.6% |
现金转化率IMMRU
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -1.82× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -3.25× | — | ||
| Q1 24 | 1.60× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
IMMR
| Course Material Sale | $150.9M | 40% |
| General Merchandise Sale | $138.0M | 37% |
| Rental Services | $51.8M | 14% |
| Services And Other Revenue | $25.6M | 7% |
| Per Unit Royalties | $1.8M | 0% |
U
| Grow Solutions | $338.2M | 67% |
| Create Solutions | $164.9M | 33% |
