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IRIDEX Corp (IRIX) stock analysis

IRIXNasdaqElectromedical & Electrotherapeutic ApparatusFiscal year ends January 3
Financials through Q2 FY2026, quarter ended Jul 4, 2026Last filing: 10-Q on Aug 18, 2026Score 8/30
$0.71+0.06 (+8.64%)

Close on Nov 12, 2026Market cap $12.46MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value1Growth0Performance2Health5Dividend0

Weak8 of 30 checks passed

Iridex passes 8 of the 30 checks behind our score; 15 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
1/6
Growth
0/6
Past performance
2/6
Financial health
5/6
Dividend
0/6

What stands out

  • No debt

    Iridex has no borrowings on its latest balance sheet.

  • Interest well covered

    No meaningful interest expense to cover.

  • Debt covered by cash flow

    There is no debt to cover.

  • P/B below the industry

    Iridex's price-to-book of 3.15 is below the Surgical, Medical, and Dental Instruments and Supplies median of 3.22.

What to watch

  • Return on equity under 15%

    Return on equity was -73.1% over the last twelve months and averaged -82.9% over five years; we look for 15% on both.

  • Revenue growing under 10% a year

    Revenue grew -2.6% a year over the last three fiscal years, short of the 10% we look for.

  • Elevated bankruptcy risk

    The Altman Z-score is -2.52; above 3 is the safe zone and below 1.8 the distress zone.

  • Growing slower than the industry

    Revenue grew 3.7% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 11.0%.

Valuation1/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B below the industry

    Iridex's price-to-book of 3.15 is below the Surgical, Medical, and Dental Instruments and Supplies median of 3.22.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth0/6

  • Revenue growing under 10% a year

    Revenue grew -2.6% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew 3.7% over the last twelve months; the Surgical, Medical, and Dental Instruments and Supplies median is 11.0%.

  • Guidance unchanged

    The latest outlook (full year 2026 annual revenue, Aug 18, 2026) was maintained, so it neither adds nor takes away points.

  • Gross margin slipping

    Gross margin was 35.9% over the last twelve months, against 39.5% a year earlier.

Past performance2/6

  • Return on equity under 15%

    Return on equity was -73.1% over the last twelve months and averaged -82.9% over five years; we look for 15% on both.

  • Return on invested capital

    Needs operating income and invested capital.

  • Return on equity below the industry

    Iridex's return on equity of -73.1% is below the Surgical, Medical, and Dental Instruments and Supplies median of -31.3%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin above its 5-year average

    Net margin was -6.9% over the last twelve months, against a 5-year average of -13.6%.

  • Net margin above the industry

    Iridex's net margin of -6.9% is above the Surgical, Medical, and Dental Instruments and Supplies median of -14.1%.

Financial health5/6

  • No debt

    Iridex has no borrowings on its latest balance sheet.

  • Debt not rising

    With no debt today, leverage cannot have risen.

  • Debt covered by cash flow

    There is no debt to cover.

  • Interest well covered

    No meaningful interest expense to cover.

  • Short-term assets cover short-term debts

    Current assets are 1.82 times current liabilities.

  • Elevated bankruptcy risk

    The Altman Z-score is -2.52; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

  • No dividend

    Iridex has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Iridex. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/B at month end
  • Own 5-year median 3.6
  • Surgical, Medical, and Dental Instruments and Supplies median 3.2

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day
$644.56K
Value traded per 1% price move
$12.44K

Downside

High risk

Typical loss in a bad month
29.3%
Volatility (annualized)
74%
Sharpe ratio, 1 year
-0.61
Beta to the S&P 500 (5Y)
0.92

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Gross margin

36.5%−6.3 pts over 5 years

Operating margin

-4.9%+13.2 pts over 5 years

Net margin

-8.4%+9.0 pts over 5 years

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