Blend Labs, Inc. (BLND) vs Immersion Corporation (IMMR)

Blend Labs, Inc. and Immersion Corporation are both Software Application companies. Blend Labs, Inc. and Immersion Corporation are of similar size ($253.1M and $237.4M). Blend Labs, Inc. has negative trailing earnings, so its P/E is not meaningful; Immersion Corporation trades at 171×. Blend Labs, Inc. grew revenue faster over the last twelve months: 6.65% against −0.88%. Immersion Corporation has the higher net margin (0.60% vs −14.6%) and the higher return on invested capital (4.26% vs 0.00%). Across the 19 metrics below, Immersion Corporation leads on 12 and Blend Labs, Inc. on 7.

Valuation

Metric BLND IMMR Software Application median
P/E n/m 170.89 24.79
P/S 2.05 0.14 2.67
P/B n/m 0.43 3.01
Price to free cash flow 35.25 3.95 16.59
EV/EBITDA n/m 2.08 14.40
EV/Sales 2.78 0.09 2.62
Earnings yield (7.21%) 0.59% 0.00%
Free cash flow yield 2.84% 25.33% 1.91%

Profitability

Metric BLND IMMR Software Application median
Gross margin 74.78% 21.54% 67.03%
Operating margin (11.99%) 1.86% 0.00%
Net margin (14.55%) 0.60% 0.00%
Free cash flow margin 5.82% 3.53% 4.32%
Return on equity 38.95% 1.87% 0.00%
Return on assets (11.56%) 0.85% 0.00%
Return on invested capital 0.00% 4.26% 0.00%

Growth

Metric BLND IMMR Software Application median
Revenue growth (TTM) 6.65% (0.88%) 12.40%
EPS growth (last fiscal year) 58.33% (95.06%) —
Revenue growth, 5-year CAGR 5.18% 124.34% 13.72%
Net income growth, 5-year CAGR 0.00% (3.52%) 0.00%

Health

Metric BLND IMMR Software Application median
Debt to equity 0.00 0.22 0.02
Current ratio 1.62 2.14 1.55
Net debt to EBITDA 4.19 (1.60) 0.06

Dividend

Metric BLND IMMR Software Application median
Dividend yield — 1.95% 1.25%
Payout ratio 0.00 0.05 0.00

Size

Metric BLND IMMR Software Application median
Market cap 253.07m 237.42m 396.11m

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