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IRIDEX Corporation

IRIX Healthcare Medical Devices

IRIDEX Corporation’s revenue for fiscal 2025 (year ended December 2025) was $52.7 million, up 8.23% from fiscal 2024.

Revenue
−7.41%
EPS
−16.7%
Free cash flow
+130.2%
Total debt
+3.27%

Quarter to June 2026, against a year earlier

0.68 0.00 0.00%
Market cap
$11.9M
P/E
0.0×
Fwd P/E
−5.9×
Dividend yield
—
F-score
4/9
Altman Z
−1.95
Beneish M
−2.75
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.52
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 6 7 4 1 — 1 5 — 1 3 — —
Sell — — — — — — — — — — — —
Insider Ownership 38.34%

Capital & Financial Ratios $m

Size
Market Cap 11.94
Revenue ttm 51.57
Net income ttm (3.55)
Free cash flow ttm (2.00)
Net debt Q (0.88)
Valuation
P/E 0.00
Forward P/E (5.93) (negative: loss-making)
Price / sales 0.23
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.00
Financial health
Current ratio Q 1.82 (at or above 1.5: strong)
Debt / equity Q 1.04
Interest coverage Q 0.00
Growth
Revenue growth Q −7.41% (below 0%: shrinking)
Operating income growth Q −9.47% (below 0%: shrinking)
EPS, this year +53.85% (at or above 15%: strong)
EPS, next year A +100.00% (at or above 15%: strong)
Revenue, next year A −0.29% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A +30.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.2×, against a ten-year median of 0.7×; over the ten years it ranged from 0.2× in 2026 to 3.3× in 2016.
P/S against its own 10 years 0.81%
10-year low 10-year high
EV/Sales against its own 10 years 1.10%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 7 2 6 5
Receivables 10 8 10 7
Inventory 10 11 8 10
Other — — — —
27 24 25 24
2023 2024 2025 Q'26
Payables 4 7 5 7
ST’ Debt — 2 — —
Other 1 2 2 2
13 17 13 13

Compound Annual Growth %

10y 5y 3y
Sales 2.35% 7.70% (2.58%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value (17.50%) (22.29%) (34.14%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY24 Estimate −0.12 Actual −0.16

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY23 −0.13 −0.11 Beat by 0.02
Q4 FY23 −0.05 −0.18 Miss by 0.13
Q1 FY24 −0.12 −0.21 Miss by 0.09
Q2 FY24 −0.12 −0.16 Miss by 0.04
Q3 FY26 −0.04 — Reports 10 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.03) (0.07) — — —
’25 (0.10) (0.06) (0.09) (0.01) (0.26)
’24 (0.21) (0.16) (0.12) (0.05) (0.54)
’23 (0.13) (0.17) (0.11) (0.18) (0.59)
’22 (0.15) (0.14) (0.11) (0.07) (0.47)
’21 (0.14) 0.09 (0.14) (0.15) (0.34)
’20 (0.12) (0.20) (0.12) (0.01) (0.46)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 12 13 — — —
’25 12 14 12 15 53
’24 12 13 12 13 49
’23 14 13 13 12 52
’22 13 14 15 15 57
’21 12 13 13 15 54
’20 9 6 9 12 36
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) 0 — — —
’25 (1) 0 (1) 1 (2)
’24 (2) (1) (3) (1) (7)
’23 (3) (1) (2) (1) (7)
’22 (3) (3) (2) (2) (10)
’21 12 (1) (1) (2) 8
’20 (1) (2) 0 0 (3)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) 0 — — —
’25 (1) 0 (1) 0 (2)
’24 (2) (1) (3) (1) (7)
’23 (3) (1) (2) (1) (7)
’22 (3) (3) (2) (2) (10)
’21 12 (1) (1) (2) 8
’20 (2) (2) 0 0 (3)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 46 42 43 43 36 54 57 52 49 53 52 +1.5% 53 56 60 +4.4%
Gross margin, % 45.15 37.27 41.01 41.29 42.80 42.36 44.53 42.04 40.07 36.50 35.92 (8.7) pt
EBT (3) (13) (13) (9) (6) (5) (7) (9) (9) (4) (3) +5.7%
EBT margin, % (5.75) (31.24) (29.99) (20.17) (17.34) (9.62) (13.13) (18.28) (18.17) (8.32) (6.58) (2.6) pt
Net income (12) (13) (13) (9) (6) (5) (8) (10) (9) (4) (4) (10.2%)
Per share, $
Per share, $ Revenue 4.54 3.60 3.49 3.17 2.63 3.50 3.57 3.22 2.96 3.11 2.96 (4.1%)
Earnings (1.15) (1.11) (1.05) (0.64) (0.46) (0.34) (0.47) (0.59) (0.54) (0.26) (0.20) (15.2%)
Cash flow (0.01) (0.31) (0.82) (0.58) (0.23) 0.53 (0.60) (0.42) (0.44) (0.12) (0.10) +27.3%
Capex (0.10) (0.03) (0.04) (0.01) (0.01) (0.01) (0.02) (0.01) 0.00 (0.01) (0.02) (24.4%)
Free cash flow (0.12) (0.34) (0.86) (0.59) (0.24) 0.52 (0.62) (0.42) (0.44) (0.13) (0.11) +1.3%
Book value 3.85 2.64 2.46 1.66 1.25 1.51 1.08 0.59 0.13 0.29 0.21 (25.0%)
Shares, m 10 12 12 14 14 15 16 16 16 17 17 +5.8%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S 3.05 2.21 1.35 0.70 0.96 1.75 0.58 0.89 0.57 0.37 0.23 1.2
P/B 3.60 3.01 1.91 1.35 2.00 4.04 1.91 4.86 13.17 0.00 0.00 3.6
EV/Sales 2.54 1.69 0.85 0.49 0.70 1.35 0.36 0.81 0.57 0.36 0.25 1.0
EV/FCF (97.14) (16.97) (3.45) (2.63) (7.69) 9.12 (2.11) (6.15) (3.83) (8.30) (6.35) (13.9)
Cash, $m
Cash, $m Operating cash flow 0 (4) (10) (8) (3) 8 (10) (7) (7) (2) (2) +34.8%
Capex (1) 0 0 0 0 0 0 0 0 0 0 (20.0%)
Free cash flow (1) (4) (10) (8) (3) 8 (10) (7) (7) (2) (2) +7.2%
Balance, $m
Balance, $m Working capital 38 29 29 21 17 30 23 14 7 12 11 (11.9%)
Net debt (24) (22) (21) (9) (9) (21) (12) (7) 0 (2) (1) (22.9%)
Shareholders’ equity 39 31 30 23 17 23 17 10 2 5 4 (20.6%)
Returns, %
Returns, % ROA (26.04) (28.66) (30.76) (23.05) (20.16) (13.63) (16.59) (24.95) (28.03) (15.22) (12.06) +10.8 pt
ROIC (10.40) (91.38) (91.74) (42.30) (49.95) (223.88) (92.83) (251.38) (211.96) (61.12) (63.07) (50.7) pt
ROE (32.16) (36.93) (42.37) (33.47) (31.59) (25.70) (37.24) (71.54) (153.37) (870.85) 308.17 (838.7) pt
People
People Employees 121 116 114 94 89 119 130 111 93 93 — (2.9%)
Revenue/emp, $m 0.38 0.36 0.37 0.46 0.41 0.45 0.44 0.47 0.52 0.57 — +4.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

IRIDEX Corporation vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
RBOT Vicarious Surgical Inc. $14.3M — (loss-making) — — n/m +47.33% (above 0%: growing) 0.00% 0.00% Compare
HSCS HeartSciences Inc. $13.3M — (loss-making) — (loss-making) −46.15% (below 0%: shrinking) n/m +18.18% (above 0%: growing) 61.90% (139,957.14%) Compare
PETV PetVivo Holdings, Inc. $12.9M — (loss-making) — (loss-making) +13.48% (above 0%: growing) n/m +40.13% (above 0%: growing) 66.14% (476.54%) Compare
ITOC iTonic Holdings Ltd. $12.4M — — — — — — — Compare
PAVM PAVmed Inc. $12.4M — (loss-making) — (loss-making) +450.00% (above 0%: growing) n/m −125.63% (below 0%: shrinking) (269.70%) (21,278.79%) Compare
MODD Modular Medical, Inc. $12.2M — (loss-making) — — n/m −5.61% (below 0%: shrinking) 0.00% 0.00% Compare
IRIX IRIDEX Corporation $11.9M — (loss-making) — (loss-making) −7.41% (below 0%: shrinking) n/m +130.24% (above 0%: growing) 34.19% (8.19%)
SINT SINTX TECHNOLOGIES, INC. $11.5M — (loss-making) — (loss-making) +952.88% (above 0%: growing) n/m +47.37% (above 0%: growing) 62.19% (74.66%) Compare
BTCY Biotricity Inc. $10.9M — (loss-making) — (loss-making) +10.40% (above 0%: growing) n/m +235.83% (above 0%: growing) 82.55% 3.70% Compare
Median of peers $12.4M — — +13.48% — +40.13% 61.90% (74.66%)

All 149 Medical Devices stocks →

Pay and ownership Proxy statement filed 24 April 2026

Ownership

Directors and executive officers, together 8.60%
Novel Inspiration International Co., Ltd 24.30%
Topcon America Corporation 9.30%
Stanley Manne Trust 6.20%
Paragon Associates & Paragon Associates II Joint Venture 5.50%
Individuals and entities related with Brent Alexander Roland 5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

IRIDEX Corporation (IRIX) Latest News

12 Oct

Impact 4 · · GlobeNewswire

5 Oct

Impact 3 · · GlobeNewswire

25 Aug

Impact 3 · · The Motley Fool transcript
Impact 3 ·

19 Aug

Impact 4 ·

18 Aug

Impact 3 · · Moby transcript
Impact 3 ·

20 May

Impact 3 · · GuruFocus.com

19 May

Impact 3 · · Moby
Impact 3 ·

7 Apr

Impact 3 · · GlobeNewswire

1 Apr

Impact 3 · · Zacks
Impact 3 · · Zacks

26 Mar

Impact 4 · · The Motley Fool transcript
Impact 4 · · Associated Press Finance
Impact 4 · · GlobeNewswire
Impact 3 · · Moby

2 Feb

Impact 3 · · GlobeNewswire

12 Jan

Impact 4 · · GlobeNewswireZacksBarchart

2 Jan

Impact 3 · · Zacks

11 Dec

Impact 4 · · GlobeNewswire

8 Dec

Impact 4 ·

12 Nov

Impact 4 · · GuruFocus.com

11 Nov

Impact 4 · · GlobeNewswire
Impact 3 · · Associated Press Finance

9 Sep

Impact 3 · · GlobeNewswire

13 Aug

Impact 4 · · GuruFocus.com

12 Aug

Impact 4 ·
Impact 3 · · Associated Press Finance

24 Jun

Impact 4 · · GlobeNewswire
stockrow.com/IRIX · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com