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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. 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.

0.81 0.01 −1.22%
Market cap
$14.5M
P/E
0.0×
Fwd P/E
−21.8×
Dividend yield
—
F-score
4/9
Altman Z
−1.95
Beneish M
−2.75
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.59
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 6 6 7 4 1 — 1 5 — 1 3 —
Sell — — — — — — — — — — — —
Insider Ownership 38.34%

Capital & Financial Ratios $m

Market Cap 14.49
Revenue 51.57
Net Income (3.55)
Free Cash Flow (2.00)
Net Debt (0.88)
Current Ratio 1.82 (at or above 1.5: strong)
Debt/Equity 1.04
P/E ratio 0.00
Fwd P/E (21.80) (negative: loss-making)
P/S ratio 0.28
P/B ratio 0.00
Past 5Y EPS Growth —
This Y EPS Growth 53.85% (at or above 15%: strong)
Next Y EPS Growth 100.00% (at or above 15%: strong)
Next Y revenue growth (0.29%) (below 0%: weak)
Next 5Y EPS Growth 30.00% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.3×, 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 1.55%
10-year low 10-year high
EV/Sales against its own 10 years 3.46%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

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%)

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 7.50 7.43 3.72 1.50 1.22 2.13 1.96 1.31 1.27 0.78

Analyst estimates 2026–2028

Powerpack
High 16.64 16.37 9.48 5.69 4.24 9.71 6.48 3.48 3.65 1.87
People
People Employees 121 116 114 94 89 119 130 111 93 93
Revenue/emp, $m 0.38 0.36 0.37 0.46 0.41 0.45 0.44 0.47 0.52 0.57
Income, $m
Income, $m Revenue 46 42 43 43 36 54 57 52 49 53
Gross margin, % 45.15 37.27 41.01 41.29 42.80 42.36 44.53 42.04 40.07 36.50
EBT (3) (13) (13) (9) (6) (5) (7) (9) (9) (4)
EBT margin, % (5.75) (31.24) (29.99) (20.17) (17.34) (9.62) (13.13) (18.28) (18.17) (8.32)
Net income (12) (13) (13) (9) (6) (5) (8) (10) (9) (4)
Depreciation 1 1 1 1 1 1 0 1 2 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
Earnings (1.15) (1.11) (1.05) (0.64) (0.46) (0.34) (0.47) (0.59) (0.54) (0.26)
Cash flow (0.01) (0.31) (0.82) (0.58) (0.23) 0.53 (0.60) (0.42) (0.44) (0.12)
Capex (0.10) (0.03) (0.04) (0.01) (0.01) (0.01) (0.02) (0.01) 0.00 (0.01)
Free cash flow (0.12) (0.34) (0.86) (0.59) (0.24) 0.52 (0.62) (0.42) (0.44) (0.13)
Book value 3.85 2.64 2.46 1.66 1.25 1.51 1.08 0.59 0.13 0.29
Shares, m 10 12 12 14 14 15 16 16 16 17
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S 3.05 2.21 1.35 0.70 0.96 1.75 0.58 0.89 0.57 0.37
P/B 3.60 3.01 1.91 1.35 2.00 4.04 1.91 4.86 13.17 0.00
EV/Sales 2.54 1.69 0.85 0.49 0.70 1.35 0.36 0.81 0.57 0.36
EV/FCF (97.14) (16.97) (3.45) (2.63) (7.69) 9.12 (2.11) (6.15) (3.83) (8.30)
Cash, $m
Cash, $m Operating cash flow 0 (4) (10) (8) (3) 8 (10) (7) (7) (2)
Capex (1) 0 0 0 0 0 0 0 0 0
Free cash flow (1) (4) (10) (8) (3) 8 (10) (7) (7) (2)
Balance, $m
Balance, $m Working capital 38 29 29 21 17 30 23 14 7 12
Total debt — — — 3 2 3 2 — 3 4
Net debt (24) (22) (21) (9) (9) (21) (12) (7) 0 (2)
Shareholders’ equity 39 31 30 23 17 23 17 10 2 5
Returns, %
Returns, % ROA (26.04) (28.66) (30.76) (23.05) (20.16) (13.63) (16.59) (24.95) (28.03) (15.22)
ROIC (10.40) (91.38) (91.74) (42.30) (49.95) (223.88) (92.83) (251.38) (211.96) (61.12)
ROE (32.16) (36.93) (42.37) (33.47) (31.59) (25.70) (37.24) (71.54) (153.37) (870.85)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
BDMD Baird Medical Investment Holdings Limited $19.2M — (loss-making) — — n/m −598.12% (below 0%: shrinking) — — Compare
LFWD Lifeward Ltd. $17.2M — (loss-making) — (loss-making) +15.71% (above 0%: growing) n/m −52.77% (below 0%: shrinking) 40.90% (62.69%) Compare
ALUR Allurion Technologies, Inc. $16.7M — (loss-making) — (loss-making) −47.19% (below 0%: shrinking) n/m +65.98% (above 0%: growing) 41.70% (126.60%) Compare
HSCS HeartSciences Inc. $15.4M — (loss-making) — (loss-making) −46.15% (below 0%: shrinking) n/m +18.18% (above 0%: growing) 61.90% (139,957.14%) Compare
IRIX IRIDEX Corporation $14.5M — (loss-making) — (loss-making) −7.41% (below 0%: shrinking) n/m +130.24% (above 0%: growing) 34.19% (8.19%)
RBOT Vicarious Surgical Inc. $14.3M — (loss-making) — — n/m +47.33% (above 0%: growing) 0.00% 0.00% Compare
SINT SINTX TECHNOLOGIES, INC. $13.4M — (loss-making) — (loss-making) +199.34% (above 0%: growing) n/m −38.60% (below 0%: shrinking) 61.50% (638.94%) 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
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 $14.9M — — +11.94% — +29.16% 61.50% (126.60%)

All 149 Medical Devices stocks →

IRIDEX Corporation (IRIX) key facts

  • Concern: IRIDEX Corporation reported a net loss of $4.4 million, or a loss of $0.26 per share, for fiscal 2025.
  • Strength: IRIDEX Corporation’s revenue for fiscal 2025 (year ended December 2025) was $52.7 million, up 8.23% from fiscal 2024.
  • IRIDEX Corporation (IRIX) is a Medical Devices company in the Healthcare sector, listed on Nasdaq.
  • As of October 16, 2026, IRIX traded at $0.81, a market capitalization of $14.5 million.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 0.3× sales.
  • Return on equity was −870.9% and debt-to-equity 1.04.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −1.95 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

IRIDEX Corporation (IRIX) Latest News

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