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. In the quarter to June 2026, revenue fell 7.41%, EPS fell 16.7%, free cash flow grew 130.2% and total debt rose 3.27%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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IRIDEX Corporation (IRIX) Altman Z-score
IRIDEX Corporation's Altman Z-score for fiscal 2025 is −1.95, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −1.95 | 0.65 |
| FY2024 | −2.60 | (1.53) |
| FY2023 | −1.07 | (0.95) |
| FY2022 | −0.12 | (1.89) |
| FY2021 | 1.77 | 1.41 |
| FY2020 | 0.35 | (0.24) |
| FY2019 | 0.59 | (1.78) |
| FY2018 | 2.37 | (2.21) |
| FY2017 | 4.59 | (6.22) |
| FY2016 | 10.81 | 2.44 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.41 | — | 0.50 | |
| Retained earnings / total assets | (3.17) | — | −4.44 | |
| EBIT / total assets | (0.09) | — | −0.29 | |
| Market value of equity / total liabilities | 0.80 | — | 0.48 | |
| Sales / total assets | 1.81 | — | 1.81 | |
| Altman Z-score | Distress zone | −1.95 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −8.01 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| IRIX IRIDEX Corporation | −2.0× |
| LFWD Lifeward Ltd. compare | −18.8× |
| HSCS HeartSciences Inc. compare | −27.9× |
| ALUR Allurion Technologies, Inc. compare | −29.6× |
| BTCY Biotricity Inc. compare | −33.3× |
| PETV PetVivo Holdings, Inc. compare | −38.6× |
| SINT SINTX TECHNOLOGIES, INC. compare | −45.4× |
| RBOT Vicarious Surgical Inc. compare | — |
| BDMD Baird Medical Investment Holdings Limited compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets