DMRC - Digimarc Corporation
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$24.00
DETAILS
HIGH:
$28.00
LOW:
$20.00
MEDIAN:
$24.00
CONSENSUS:
$24.00
UPSIDE:
75.44%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||
| Revenue | 33.9 | 38.4 | 34.9 | 30.2 | 26.5 | 24.0 | 23.0 | 21.2 | 25.2 | 21.8 | 22.2 | 25.7 | 35.0 | 44.4 | 36.0 | 31.1 | 19.1 | 19.8 | 13.0 | 11.1 |
| Cost of Revenue | 15.7 | 14.2 | 14.7 | 14.9 | 8.8 | 7.9 | 8.0 | 8.4 | 8.6 | 8.5 | 8.9 | 8.4 | 8.2 | 6.5 | 6.9 | 6.7 | 6.3 | 6.0 | 4.0 | 3.8 |
| Gross Profit | 18.2 | 24.2 | 20.2 | 15.3 | 17.7 | 16.1 | 15.0 | 12.8 | 16.7 | 13.3 | 13.2 | 17.2 | 26.8 | 37.9 | 29.1 | 24.4 | 12.8 | 13.8 | 9.0 | 7.3 |
| Operating Expenses | ||||||||||||||||||||
| R&D Expenses | 20.5 | 26.2 | 26.6 | 26.5 | 17.5 | 17.3 | 18.0 | 17.3 | 16.9 | 15.0 | 14.0 | 15.5 | 13.4 | 10.0 | 7.3 | 5.7 | 5.0 | 3.8 | 2.9 | 2.4 |
| SG&A Expenses | 32.4 | 38.2 | 40.5 | 48.7 | 32.6 | 31.6 | 30.7 | 29.0 | 26.3 | 20.2 | 17.2 | 16.9 | 15.8 | 13.3 | 14.3 | 12.6 | 10.3 | 9.4 | 7.4 | 7.2 |
| Other Expenses | (1.4) | 1.1 | 1.3 | 2.0 | 7.5 | 0 | 0 | 0 | 0 | 0.3 | 0.1 | 0.1 | 0.1 | 0 | 1.1 | 0 | 0 | 0 | 0 | 1.6 |
| Operating Expenses | 51.6 | 65.5 | 68.4 | 77.1 | 57.6 | 48.9 | 48.7 | 46.3 | 43.2 | 35.2 | 31.2 | 32.5 | 29.2 | 23.3 | 22.7 | 18.3 | 15.3 | 13.3 | 10.3 | 11.2 |
| Operating Income | ||||||||||||||||||||
| Operating Income | (33.3) | (41.3) | (48.2) | (61.8) | (39.9) | (32.8) | (33.7) | (33.5) | (26.6) | (21.9) | (18.0) | (15.2) | (2.4) | 14.6 | 6.4 | 6.2 | (2.6) | 0.5 | (1.3) | (3.9) |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0.7 | 1.8 | 1.7 | 0.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.2 | 0.2 | 0.2 | 0.5 | 0 | 0 | 0 |
| Profitability | ||||||||||||||||||||
| EBITDA | (25.1) | (33.2) | (39.1) | (51.1) | (30.3) | (30.0) | (31.5) | (31.5) | (24.1) | (19.2) | (15.4) | (12.9) | (0.4) | 14.6 | 6.4 | 6.8 | (2.0) | 1.2 | (0.7) | (3.3) |
| EBIT | (33.3) | (40.8) | (47.3) | (59.6) | (32.4) | (32.8) | (33.7) | (33.5) | (26.6) | (21.9) | (18.0) | (15.2) | (2.4) | 13.7 | 3.9 | 6.2 | (2.6) | 0.5 | (1.3) | (3.9) |
| Income Before Tax | (32.5) | (39.0) | (45.8) | (59.7) | (34.7) | (32.5) | (32.8) | (32.5) | (26.0) | (21.7) | (17.9) | (15.2) | (2.3) | 13.7 | 3.9 | 4.2 | (2.7) | 1.5 | 0.1 | (2.7) |
| Income Tax Expense | (0.2) | 0.0 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | (0.2) | 0.0 | 0.1 | 0.7 | (1.8) | 5.4 | (1.8) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | (32.3) | (39.0) | (46.0) | (59.8) | (34.8) | (32.5) | (32.8) | (32.5) | (25.8) | (21.7) | (17.9) | (15.8) | (0.5) | 8.3 | 5.7 | 4.2 | (2.8) | 1.5 | 0.1 | (2.7) |
| Per Share Data | ||||||||||||||||||||
| EPS (Basic) | -1.49 | -1.83 | -2.26 | -3.12 | -2.11 | -3.41 | -2.79 | -2.86 | -2.44 | -2.36 | -2.19 | -2.21 | -0.07 | 1.16 | 0.84 | 0.59 | -0.39 | 0.21 | 0.01 | -0.38 |
| EPS (Diluted) | -1.49 | -1.83 | -2.26 | -3.12 | -2.11 | -3.41 | -2.79 | -2.86 | -2.44 | -2.36 | -2.19 | -2.20 | -0.07 | 1.12 | 0.76 | 0.55 | -0.39 | 0.21 | 0.01 | -0.38 |
| Shares Outstanding | 21.7 | 21.3 | 20.3 | 19.1 | 16.5 | 12.9 | 11.8 | 11.4 | 10.6 | 9.2 | 8.2 | 7.2 | 6.9 | 6.8 | 6.7 | 7.1 | 7.1 | 7.2 | 7.1 | 7.1 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||
| Cash & Cash Equivalents | 9.8 | 12.4 | 21.5 | 33.6 | 13.8 | 19.7 | 11.2 | 27.3 | 40.8 | 11.6 | 8.9 | 18.9 |
| Short-Term Investments | 3.0 | 16.4 | 5.7 | 18.9 | 19.5 | 58.0 | 25.6 | 16.4 | 26.9 | 44.5 | 33.9 | 21.2 |
| Net Receivables | 6.5 | 6.4 | 5.8 | 5.4 | 8.4 | 3.9 | 4.0 | 3.9 | 6.4 | 5.1 | 3.6 | 3.8 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 2.0 | 4.2 | 4.1 | 6.2 | 2.3 | 2.2 | 2.5 | 2.1 | 2.2 | 1.7 | 0.9 | 0.9 |
| Total Current Assets | 21.3 | 39.3 | 37.1 | 64.1 | 44.0 | 83.8 | 43.3 | 49.6 | 76.3 | 62.9 | 47.2 | 44.9 |
| Non-Current Assets | ||||||||||||
| Property, Plant & Equipment | 4.3 | 4.7 | 5.6 | 7.1 | 4.2 | 3.3 | 3.6 | 4.0 | 4.2 | 3.6 | 1.1 | 1.2 |
| Goodwill | 9.1 | 8.5 | 8.6 | 8.2 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 0 | 0 |
| Intangible Assets | 17.0 | 22.2 | 28.5 | 33.2 | 6.6 | 6.6 | 6.7 | 6.6 | 6.4 | 6.4 | 1.3 | 0.5 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 8.3 | 0 | 0 | 0 | 0 | 4.4 | 0.4 | 5.7 |
| Other Non-Current Assets | 1.2 | 1.0 | 0.8 | 1.1 | 0.7 | 2.2 | 2.7 | 0.4 | 0.3 | 0.3 | 0.4 | 0.1 |
| Total Non-Current Assets | 31.6 | 36.4 | 43.5 | 49.6 | 20.9 | 13.2 | 14.1 | 12.1 | 12.1 | 15.8 | 3.3 | 7.6 |
| Total Assets | 53.0 | 75.8 | 80.6 | 113.8 | 64.9 | 97.0 | 57.4 | 61.8 | 88.4 | 78.7 | 50.5 | 52.4 |
| Current Liabilities | ||||||||||||
| Account Payables | 0.5 | 4.3 | 6.1 | 5.0 | 4.0 | 2.2 | 1.6 | 1.1 | 1.9 | 1.5 | 0 | 0 |
| Short-Term Debt | 0 | 0.8 | 0 | 0 | 0 | 3.9 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 4.0 | 4.0 | 5.9 | 4.1 | 3.0 | 3.0 | 3.2 | 3.2 | 3.1 | 2.9 | 2.3 | 2.4 |
| Other Current Liabilities | 0 | 0 | 0.6 | 0.9 | 0.7 | 0.7 | 0.7 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 8.4 | 9.1 | 12.5 | 10.1 | 7.7 | 9.8 | 5.4 | 4.3 | 5.0 | 4.4 | 3.7 | 3.8 |
| Non-Current Liabilities | ||||||||||||
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 1.1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0.1 | 0.1 | 0.1 | 0.1 | 0.8 | 0.5 | 0 | 0.9 | 1.0 | 1.0 | 0.1 | 0.3 |
| Total Non-Current Liabilities | 4.4 | 5.3 | 6.1 | 6.1 | 1.8 | 3.4 | 2.5 | 0.9 | 1.0 | 1.0 | 0.1 | 0.3 |
| Total Liabilities | 12.7 | 14.4 | 18.6 | 16.2 | 9.5 | 13.2 | 7.9 | 5.2 | 6.0 | 5.4 | 3.8 | 4.0 |
| Stockholders' Equity | ||||||||||||
| Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Retained Earnings | (383.1) | (350.8) | (311.8) | (265.8) | (206.0) | (171.3) | (138.7) | (105.9) | (73.5) | (47.7) | (2.7) | 0.1 |
| Accumulated Other Comprehensive Income | (1.4) | (3.0) | (2.6) | (4.4) | 0 | 0 | 0 | (7.9) | (6.5) | (5.4) | (0.8) | (0.2) |
| Total Stockholders' Equity | 40.2 | 61.4 | 61.9 | 97.6 | 55.4 | 83.8 | 49.5 | 56.6 | 82.3 | 73.3 | 46.7 | 48.4 |
| Total Liabilities & Equity | 53.0 | 75.8 | 80.6 | 113.8 | 64.9 | 97.0 | 57.4 | 61.8 | 88.4 | 78.7 | 50.5 | 52.4 |
| Debt Metrics | ||||||||||||
| Total Debt | 5.2 | 6.0 | 6.0 | 6.0 | 1.0 | 6.8 | 2.5 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | (4.6) | (6.4) | (15.5) | (27.6) | (12.8) | (12.9) | (8.7) | (27.3) | (40.8) | (11.6) | (8.9) | (18.9) |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||
| Net Income | (32.3) | (39.0) | (46.0) | (59.8) | (34.8) | (32.5) | (32.8) | (32.5) | (25.8) | (21.7) |
| Depreciation & Amortization | 6.5 | 7.6 | 8.1 | 8.6 | 2.5 | 2.8 | 2.2 | 2.1 | 2.4 | 2.5 |
| Stock-Based Compensation | 12.0 | 10.0 | 11.2 | 11.3 | 11.9 | 9.1 | 8.2 | 7.3 | 6.8 | 5.6 |
| Change in Working Capital | (0.3) | (5.2) | 4.4 | (5.5) | (1.5) | 0.5 | 0.0 | 1.9 | (1.0) | (0.2) |
| Other Non-Cash Items | 2.4 | 0.0 | 0.3 | 1.0 | (4.4) | 0.2 | 12.1 | 9.9 | 12.3 | 5.6 |
| Operating Cash Flow | (11.8) | (26.6) | (22.0) | (44.4) | (26.1) | (19.9) | (22.4) | (21.2) | (17.6) | (13.9) |
| Investing Activities | ||||||||||
| Capital Expenditure | (0.6) | (0.2) | (0.7) | (1.5) | (1.6) | (1.6) | (1.7) | (2.0) | (3.0) | (2.6) |
| Acquisitions | 0 | 0 | 0 | (3.5) | 0 | 0 | 0.7 | 0.7 | 0.8 | 0.8 |
| Purchases of Investments | (6.9) | (33.2) | (14.4) | (12.7) | (52.5) | (75.6) | (51.3) | (24.0) | (38.4) | (53.9) |
| Sales/Maturities of Investments | 20.2 | 22.6 | 27.7 | 21.4 | 82.1 | 43.0 | 42.1 | 34.6 | 60.4 | 41.1 |
| Other Investing Activities | (0.7) | (0.4) | (0.4) | (0.5) | (2) | (0.6) | (0.7) | (0.7) | (0.8) | (0.8) |
| Investing Cash Flow | 12.1 | (11.3) | 12.6 | 3.8 | 26.0 | (34.3) | (10.9) | 8.5 | 19.0 | (15.5) |
| Financing Activities | ||||||||||
| Net Debt Issuance | (0.0) | (0.0) | (0.0) | (0.0) | 0 | 5.0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | (2.9) | (3.4) | (2.7) | (2.4) | (5.8) | (3.8) | (3.5) | (2.1) | (3.0) | (2.5) |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 0 | 0 | 0 | 0 | 5.9 | 1.2 | 1.3 | 1.2 | 0.7 |
| Financing Cash Flow | (2.9) | 28.8 | (2.8) | 60.5 | (5.8) | 62.7 | 17.3 | (0.8) | 27.8 | 37.8 |
| Cash Position | ||||||||||
| Net Change in Cash | (2.5) | (9.1) | (12.1) | 19.8 | (5.9) | 8.5 | (16.1) | (13.5) | 29.2 | 8.5 |
| Cash at Beginning | 12.4 | 21.5 | 33.6 | 13.8 | 19.7 | 11.2 | 27.3 | 40.8 | 11.6 | 3.2 |
| Cash at End | 9.8 | 12.4 | 21.5 | 33.6 | 13.8 | 19.7 | 11.2 | 27.3 | 40.8 | 11.6 |
| Free Cash Flow | (12.3) | (26.8) | (22.7) | (45.9) | (27.7) | (21.6) | (24.1) | (23.2) | (20.6) | (16.5) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||||||||||
| Revenue | 33.9 | 38.4 | 34.9 | 30.2 | 26.5 | 24.0 | 23.0 | 21.2 | 25.2 | 21.8 | 22.2 | 25.7 | 35.0 | 44.4 | 36.0 | 31.1 | 19.1 | 19.8 | 13.0 | 11.1 |
| Gross Profit | 18.2 | 24.2 | 20.2 | 15.3 | 17.7 | 16.1 | 15.0 | 12.8 | 16.7 | 13.3 | 13.2 | 17.2 | 26.8 | 37.9 | 29.1 | 24.4 | 12.8 | 13.8 | 9.0 | 7.3 |
| Operating Income | (33.3) | (41.3) | (48.2) | (61.8) | (39.9) | (32.8) | (33.7) | (33.5) | (26.6) | (21.9) | (18.0) | (15.2) | (2.4) | 14.6 | 6.4 | 6.2 | (2.6) | 0.5 | (1.3) | (3.9) |
| Net Income | (32.3) | (39.0) | (46.0) | (59.8) | (34.8) | (32.5) | (32.8) | (32.5) | (25.8) | (21.7) | (17.9) | (15.8) | (0.5) | 8.3 | 5.7 | 4.2 | (2.8) | 1.5 | 0.1 | (2.7) |
| EPS (Diluted) | -1.49 | -1.83 | -2.26 | -3.12 | -2.11 | -3.41 | -2.79 | -2.86 | -2.44 | -2.36 | -2.19 | -2.20 | -0.07 | 1.12 | 0.76 | 0.55 | -0.39 | 0.21 | 0.01 | -0.38 |
| Balance Sheet | ||||||||||||||||||||
| Cash & Equivalents | 9.8 | 12.4 | 21.5 | 33.6 | 13.8 | 19.7 | 11.2 | 27.3 | 40.8 | 11.6 | 8.9 | 18.9 | ||||||||
| Total Assets | 53.0 | 75.8 | 80.6 | 113.8 | 64.9 | 97.0 | 57.4 | 61.8 | 88.4 | 78.7 | 50.5 | 52.4 | ||||||||
| Total Debt | 5.2 | 6.0 | 6.0 | 6.0 | 1.0 | 6.8 | 2.5 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Stockholders' Equity | 40.2 | 61.4 | 61.9 | 97.6 | 55.4 | 83.8 | 49.5 | 56.6 | 82.3 | 73.3 | 46.7 | 48.4 | ||||||||
| Cash Flow | ||||||||||||||||||||
| Operating Cash Flow | (11.8) | (26.6) | (22.0) | (44.4) | (26.1) | (19.9) | (22.4) | (21.2) | (17.6) | (13.9) | ||||||||||
| Capital Expenditure | (0.6) | (0.2) | (0.7) | (1.5) | (1.6) | (1.6) | (1.7) | (2.0) | (3.0) | (2.6) | ||||||||||
| Free Cash Flow | (12.3) | (26.8) | (22.7) | (45.9) | (27.7) | (21.6) | (24.1) | (23.2) | (20.6) | (16.5) | ||||||||||