IRIDEX Corporation (IRIX) vs Flag Ship Acquisition Corp (PMI)

IRIDEX Corporation and Flag Ship Acquisition Corp are both Medical Devices companies. IRIDEX Corporation and Flag Ship Acquisition Corp are of similar size ($11.1M and $11.1M). IRIDEX Corporation has negative trailing earnings, so its P/E is not meaningful; Flag Ship Acquisition Corp trades at 0.2×. Flag Ship Acquisition Corp grew revenue faster over the last twelve months: 45.5% against 3.68%. IRIDEX Corporation has the higher net margin (−6.88% vs −419.8%) and the higher return on invested capital (−63.1% vs −410.8%). Across the 16 metrics below, IRIDEX Corporation leads on 11 and Flag Ship Acquisition Corp on 5.

Valuation

Metric IRIX PMI Medical Devices median
P/E n/m 0.17 22.18
P/S 0.21 1.36 2.70
P/B n/m 5.00 2.46
Price to free cash flow n/m n/m 22.53
EV/EBITDA n/m n/m 11.78
EV/Sales 0.23 1.47 2.38
Earnings yield (31.75%) 597.06% (8.22%)
Free cash flow yield (18.23%) (187.12%) (7.80%)

Profitability

Metric IRIX PMI Medical Devices median
Gross margin 35.92% 18.62% 56.01%
Operating margin (5.39%) (248.37%) (15.03%)
Net margin (6.88%) (419.78%) (20.40%)
Free cash flow margin (3.88%) (254.93%) (7.24%)
Return on equity 308.17% 100.11% (15.32%)
Return on assets (12.06%) (253.16%) (19.72%)
Return on invested capital (63.07%) (410.80%) (10.33%)

Growth

Metric IRIX PMI Medical Devices median
Revenue growth (TTM) 3.68% 45.47% 8.80%
EPS growth (last fiscal year) 51.85% 74.92% —
Revenue growth, 5-year CAGR 7.70% — 15.23%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric IRIX PMI Medical Devices median
Debt to equity 1.04 0.41 0.07
Current ratio 1.82 1.02 2.50
Net debt to EBITDA 2.68 1.27 0.49

Dividend

Metric IRIX PMI Medical Devices median
Dividend yield — — 0.94%
Payout ratio 0.00 — 0.00

Size

Metric IRIX PMI Medical Devices median
Market cap 11.07m 11.05m 172.91m

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