Signals of a self-mixing interferometer established on a semiconductor laser diode are analyzed. Phase is extracted out for decoding measurement which contained in self-mixing fringes. The semiconductor laser diode works as light source and receiver without modulation. By combining Hilbert transform with phase condition of self-mixing interference, micron- displacement is reconstructed by phase information at week or even moderate feedback level. Theoretical analysis and simulation results are presented before verification of experimental measurement. Practical feedback level is estimated by a data fitting technique with a programmable high-resolution PZT. Consistence of the results promises that direct phase extraction on self-mixing interferometer is available for micron-displacement measurement with a nanometer accuracy.