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Iridex Corp (IRIX) stock

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NASDAQ: IRIX Nasdaq Health Care Equipment Next results ~November 17, 2026

C+ Fundamentals grade

Iridex Corp is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$3.8

Revenue-to-maturity cash-flow model

Base case. Range ~$3.2–$4.8 across our lower- and higher-growth cases (0%–8.7% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Iridex Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 0 selling83 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds13 adding, 9 cuttingOf 3 active managers that changed their stake, 3 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Iridex files

Where Iridex stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $52m, up 3.7% on a year earlier, slower than the 7.7% growth a quarter earlier. Free-cash-flow margin rose to -3.9% from -11.8% a year earlier. The diluted share count is up 3.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $3.87 a share, against a share price of $0.75.

Source: 10-Q filed August 18, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 17, 2026 (estimated)

Iridex Corp's trailing-twelve-month revenue grew 3.7% year on year, with a free-cash-flow margin of -3.9%. Where it stands out: days sales outstanding of 40 days ranks 19 of 118 health care equipment companies we cover. Where it lags: gross margin of 35.9% ranks 103 of 123 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 66.0% while net income grew 34.9%: a 31pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Iridex Corp's latest figures clears our strength thresholds.

Things to watch

  • Loss-making. Operating margin is -5.4%: costs exceed revenue.
  • Burning cash. Free cash flow was -3.9% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 3.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 73% and a beta of 0.9 against the S&P 500.
  • Growth easing. The growth rate is 4.1 points lower than a quarter earlier.
  • Gross margin slipping. Gross margin is down 3.6 points on a year ago.

Latest results: FY2026 Q2

Filed August 18, 2026
Earnings per share
-$0.07 against an average estimate of -$0.01: missed by 568.0%
Revenue
$13m, down 7.4% on a year earlier
Share reaction
-11.4% in the first session after the results on August 18, 2026, against -0.5% for the S&P 500
Guidance given
annual revenue guidance $51m to $53m (full year 2026); adjusted operating expenses $19m to $19.5m (fiscal year 2026)
Next report
November 17, 2026; average EPS estimate -$0.04

Iridex's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.4%
  • 1 week-4.0%
  • 1 month+12.5%
  • This year-36.8%
  • 1 year-31.4%
  • 5 years-91.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$51.6M
Operating margin
-5.4%
Net margin
-6.9%
EPS (TTM, diluted)
$-0.21

Growth

Revenue growth
+3.7%
Change in growth rate
−4.1 pts
Share count change
+3.3%

Cash

Free cash flow (TTM)
-$2M
FCF margin
-3.9%
Stock pay % of revenue
1.4%

Earnings

Last results
August 18, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Shareholder vote

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Iridex Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Iridex Corp as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$3.8 ~$3.2–$4.8 Left out: out of range vs price (5.26x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$3.0 ~$3.4–$15 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.0 ~$3.0–$15 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Iridex Corp with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$9.29$14.06$7.62$4.45$2.35$2.51$6.11$2.01$2.81$1.67$1.17$0.72
Market value$94m$143m$88m$54m$32m$35m$94m$32m$45m$27m$20m$12m
+ Net debt (− = net cash)−$10m−$24m−$22m−$21m−$13m−$10m−$24m−$14m−$7m$2m−$2m−$885000
Enterprise value$84m$119m$66m$33m$20m$24m$70m$18m$38m$30m$18m$12m
Multiples
Price / sales 2.3x3.1x2.1x1.3x0.7x1.0x1.7x0.6x0.9x0.6x0.4x0.2x
Price / earnings 198.5x———————————
Price / free cash flow ——————11.8x—————
EV / EBITDA 103.8x———————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard Iridex's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -7.0% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 41.2%, moving by 2.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -16.2%; its worst year was -37.1%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -12.9% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 18.0% over five years; stock-based pay has been a median 3.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 17, 2026. Analysts expect revenue of $13m and EPS of −$0.04 (range −$0.04 to −$0.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.12 +34% $53m −0%
Next $0.00 +100% $56m +7%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +140.0% on 90 days ago. In the last 30 days, 0 analysts raised Iridex Corp's forecast and 1 cut it.

Consensus EPS forecast Iridex Corp, last 90 days
−$0.15 −$0.10 −$0.05 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.05 Current fiscal year, 60 days ago: −$0.05 Current fiscal year, 30 days ago: −$0.05 Current fiscal year, 7 days ago: −$0.05 Current fiscal year, Now: −$0.12 −$0.12

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal year
90 days ago −$0.05
60 days ago −$0.05
30 days ago −$0.05
7 days ago −$0.05
Now −$0.12

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.01 −$0.07 −568.0%
Mar 2026 −$0.07 −$0.03 +57.1%
Dec 2025 −$0.02 $0.00 +104.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 18, 2026
  • annual revenue guidance full year 2026 $51m to $53m Maintained
    “The Company is reaffirming its annual revenue guidance for the full year 2026 of between $51 million and $53 million.” source
  • adjusted operating expenses fiscal year 2026 $19m to $19.5m Non-GAAP Maintained
    “The Company continues to expect fiscal year 2026 adjusted operating expenses, which exclude depreciation and amortization and stock-based compensation, to be in the range of $19 million to $19.5 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

1 analysts, Oct 2026
Buy1100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202611

Counts of recommendations published by analysts covering Iridex Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.7%
of tradable shares
Days to cover
0.08
at average volume
Short interest, 1 month
−52%
to October 15, 2026
Held by institutions
19%
of shares
Held by insiders
37.5%
of shares
Employees
93
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −31.4%

$1.05 on October 31, 2025 to $0.72

ThenNowEffect
Revenue (last 12 months) $50m $52m +3.7%
P/S multiple 0.4x 0.2x −31.7%
Share count 17m 17m −3.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −69.4%

$2.35 on November 3, 2023 to $0.72

ThenNowEffect
Revenue (last 12 months) $56m $52m −8.5%
P/S multiple 0.7x 0.2x −63.9%
Share count 16m 17m −7.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IRIX+143%−67%+40%−40%−32%−37%
Industry peers (median)−9%−37%−9%−19%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IRIX58%25%50%25%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IRIX−40%−69%−46%−62%−57%−61%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 96% from July 26, 2016 to September 16, 2026. Getting back needed a 2587% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.61 – $1.56
From 52-week high
−53.8%
vs 50-day average
+0.4%
vs 200-day average
−30.5%
Volatility (1 year)
73%
Beta vs S&P 500
0.92

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±13.1%
After a week
7 up, 5 down
typical move ±13.9%
After a month
7 up, 5 down
typical move ±18.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 18, 2026 −11.4% −0.5% −18.2% −26.1%
May 19, 2026 −2.0% +0.4% +1.0% +10.8%
March 26, 2026 −25.6% −3.5% −26.3% −18.8%
January 12, 2026 +20.0% 0.0% +28.7% +24.3%
November 12, 2025 −25.2% −1.6% −20.2% −22.7%
August 12, 2025 −6.3% +1.4% −7.9% +8.7%
May 13, 2025 −13.0% +0.8% −11.3% −18.3%
April 14, 2025 +6.4% +0.7% +16.0% +6.4%
March 27, 2025 +11.1% −2.3% +5.6% +44.4%
January 14, 2025 +1.8% +2.0% +3.7% −7.4%
November 12, 2024 +32.2% −0.3% +24.5% +20.3%
August 8, 2024 +2.2% +2.8% +3.8% +8.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Iridex Corp in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Iridex Corp
$48M $50M $52M $54M $56M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $54.6M Revenue (TTM), FY23 Q4: $51.9M Revenue (TTM), FY24 Q1: $49.9M Revenue (TTM), FY24 Q2: $49.7M Revenue (TTM), FY24 Q3: $48.4M Revenue (TTM), FY24 Q4: $48.7M Revenue (TTM), FY25 Q1: $48.8M Revenue (TTM), FY25 Q2: $49.7M Revenue (TTM), FY25 Q3: $50.6M Revenue (TTM), FY25 Q4: $52.7M Revenue (TTM), FY26 Q1: $52.6M Revenue (TTM), FY26 Q2: $51.6M $51.6M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $54.6M
FY23 Q4 $51.9M
FY24 Q1 $49.9M
FY24 Q2 $49.7M
FY24 Q3 $48.4M
FY24 Q4 $48.7M
FY25 Q1 $48.8M
FY25 Q2 $49.7M
FY25 Q3 $50.6M
FY25 Q4 $52.7M
FY26 Q1 $52.6M
FY26 Q2 $51.6M
Revenue growth, TTM YoY Iridex Corp
-20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -4.3% Revenue growth, TTM YoY, FY23 Q4: -9.0% Revenue growth, TTM YoY, FY24 Q1: -12.9% Revenue growth, TTM YoY, FY24 Q2: -11.9% Revenue growth, TTM YoY, FY24 Q3: -11.3% Revenue growth, TTM YoY, FY24 Q4: -6.2% Revenue growth, TTM YoY, FY25 Q1: -2.2% Revenue growth, TTM YoY, FY25 Q2: 0.1% Revenue growth, TTM YoY, FY25 Q3: 4.6% Revenue growth, TTM YoY, FY25 Q4: 8.2% Revenue growth, TTM YoY, FY26 Q1: 7.7% Revenue growth, TTM YoY, FY26 Q2: 3.7% 3.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -4.3%
FY23 Q4 -9.0%
FY24 Q1 -12.9%
FY24 Q2 -11.9%
FY24 Q3 -11.3%
FY24 Q4 -6.2%
FY25 Q1 -2.2%
FY25 Q2 0.1%
FY25 Q3 4.6%
FY25 Q4 8.2%
FY26 Q1 7.7%
FY26 Q2 3.7%
Operating margin (TTM) Iridex Corp
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -15.3% Operating margin (TTM), FY23 Q4: -19.3% Operating margin (TTM), FY24 Q1: -21.9% Operating margin (TTM), FY24 Q2: -21.5% Operating margin (TTM), FY24 Q3: -22.5% Operating margin (TTM), FY24 Q4: -17.1% Operating margin (TTM), FY25 Q1: -10.7% Operating margin (TTM), FY25 Q2: -7.1% Operating margin (TTM), FY25 Q3: -6.0% Operating margin (TTM), FY25 Q4: -4.9% Operating margin (TTM), FY26 Q1: -5.1% Operating margin (TTM), FY26 Q2: -5.4% -5.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -15.3%
FY23 Q4 -19.3%
FY24 Q1 -21.9%
FY24 Q2 -21.5%
FY24 Q3 -22.5%
FY24 Q4 -17.1%
FY25 Q1 -10.7%
FY25 Q2 -7.1%
FY25 Q3 -6.0%
FY25 Q4 -4.9%
FY26 Q1 -5.1%
FY26 Q2 -5.4%
FCF margin (TTM) Iridex Corp
-15% -10% -5% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -13.9% FCF margin (TTM), FY23 Q4: -13.2% FCF margin (TTM), FY24 Q1: -11.3% FCF margin (TTM), FY24 Q2: -11.6% FCF margin (TTM), FY24 Q3: -14.4% FCF margin (TTM), FY24 Q4: -15.0% FCF margin (TTM), FY25 Q1: -13.9% FCF margin (TTM), FY25 Q2: -11.8% FCF margin (TTM), FY25 Q3: -7.9% FCF margin (TTM), FY25 Q4: -4.3% FCF margin (TTM), FY26 Q1: -4.8% FCF margin (TTM), FY26 Q2: -3.9% -3.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -13.9%
FY23 Q4 -13.2%
FY24 Q1 -11.3%
FY24 Q2 -11.6%
FY24 Q3 -14.4%
FY24 Q4 -15.0%
FY25 Q1 -13.9%
FY25 Q2 -11.8%
FY25 Q3 -7.9%
FY25 Q4 -4.3%
FY26 Q1 -4.8%
FY26 Q2 -3.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Jan 2015 2015 Jan 2016 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Jan 2021 2021 Jan 2022 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Jan 2026 LTM Jul 2026
Income
Revenue 31 32 33 34 38 43 42 46 42 43 43 36 54 57 52 49 53 52
Gross profit 15 16 16 16 19 21 20 21 16 17 18 16 23 25 22 20 19 19
EBITDA 2 1 2 −0 3 3 1 −2 −12 −12 −8 −6 −7 −7 −9 −8 −2 −2
Operating income 1 1 2 −1 3 3 0 −3 −13 −13 −9 −7 −8 −8 −10 −8 −3 −3
Net income 3 3 3 1 2 10 0 −12 −13 −13 −9 −6 −5 −8 −10 −9 −4 −4
Diluted EPS — $0.30 $0.26 $0.16 $0.22 $0.97 $0.05 −$1.15 −$1.11 −$1.05 −$0.64 −$0.46 −$0.34 −$0.47 −$0.59 −$0.54 −$0.26 −$0.21
Growth (year on year)
Revenue — +4.1% +2.6% +2.1% +13.0% +11.9% −2.5% +10.5% −9.9% +2.4% +2.0% −16.3% +48.3% +5.7% −9.0% −6.2% +8.2% +3.7%
EBITDA — −10.8% +57.5% −118.5% — −3.7% −73.1% — — — — — — — — — — —
Operating income — −3.1% +62.4% −144.5% — −1.7% −88.9% — — — — — — — — — — —
Net income — +17.8% −14.3% −44.9% +55.1% +349.9% −95.3% — — — — — — — — — — —
Diluted EPS — — −13.3% −38.5% +37.5% +340.9% −94.8% — — — — — — — — — — —
Margins
Gross margin 49.8% 50.1% 49.1% 48.3% 48.6% 50.0% 47.8% 45.1% 37.3% 41.0% 41.3% 42.8% 42.4% 44.5% 42.0% 40.1% 36.5% 35.9%
EBITDA margin 5.4% 4.6% 7.1% −1.3% 8.2% 7.0% 1.9% −4.2% −28.9% −28.3% −19.1% −16.7% −12.5% −12.4% −17.2% −15.9% −3.9% −4.5%
Operating margin 4.0% 3.7% 5.8% −2.5% 6.9% 6.0% 0.7% −5.6% −31.0% −30.2% −20.7% −18.1% −14.0% −13.2% −19.3% −17.1% −4.9% −5.4%
Net margin 8.3% 9.4% 7.9% 4.2% 5.8% 23.4% 1.1% −25.4% −30.9% −30.1% −20.3% −17.4% −9.7% −13.2% −18.5% −18.3% −8.4% −6.9%
Free-cash-flow margin 9.1% 2.9% 6.2% −4.5% 1.0% 8.0% −3.5% −2.6% −10.0% −24.6% −18.5% −9.2% 14.8% −17.2% −13.2% −15.0% −4.3% −3.9%
Cash flow
Cash from operations 3 1 2 −1 1 4 −1 −0 −4 −10 −8 −3 8 −10 −7 −7 −2 −2
Capital spending 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0
Free cash flow 3 1 2 −2 0 3 −1 −1 −4 −10 −8 −3 8 −10 −7 −7 −2 −2
Stock-based pay 0 0 0 0 1 1 1 2 2 2 2 1 2 2 2 1 1 1
Free cash flow after stock pay 3 0 2 −2 −0 2 −2 −3 −6 −12 −10 −4 6 −11 −9 −9 −3 −3
Balance sheet
Cash 8 8 11 12 13 13 10 24 22 21 13 12 24 14 7 2 6 5
Total debt 0 0 0 0 0 0 0 0 0 0 0 1 — 0 0 4 4 4
Net debt (negative = net cash) −8 −8 −11 −12 −13 −13 −10 −24 −22 −21 −13 −10 −24 −14 −7 2 −2 −1
Diluted shares 10m 10m 10m 9m 10m 10m 10m 10m 12m 12m 14m 14m 15m 16m 16m 16m 17m 17m
Returned to shareholders
Buybacks 0 0 1 3 0 5 2 0 — — — — — — — — — —
Total returned 0 0 1 3 0 5 2 0 — — — — — — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · July 4, 2026
What it owns · $27m
Short-term assets $24mLonger-term assets $3m
What it owes, and who funded it · $27m
Short-term liabilities $13mLonger-term liabilities $10mShareholders' equity $4m
  • Short-term assets cover short-term liabilities $24m of assets due within a year against $13m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $24m short-term assets against $10m of longer-dated liabilities.
  • More cash than debt $5m of cash against $4m of debt.
  • Debt below 40% of shareholders' equity Debt is 104% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 1% to 104% over five years.
  • A year's operating cash flow covers at least 20% of debt −$2m of operating cash flow against $4m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Iridex Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+3.3%
year over year
R&D spending
7.3%
of revenue
Days sales outstanding
40 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated IRIX SENS APYX CLPT KRMD TLSI Median
Revenue, last 12 months $52m $49m $58m $45m $45m $45m $99m
Revenue growth, last 12 months 3.7% 90.6% 25.6% 32.5% 22.4% 25.2% 9.2%
Revenue growth, 3-year average −2.9% 38.0% 7.2% 26.8% 15.3% 45.1% 13.5%
Revenue growth, latest quarter −7.4% 117.8% 22.1% 36.3% 18.2% 1.7% 10.2%
Gross margin 35.9% 54.9% 63.5% 61.4% 62.4% 85.8% 61.2%
Operating margin −5.4% −223.2% −6.1% −70.6% −3.7% −67.7% −8.5%
Operating margin, 3-year average −11.3% −261.7% −26.2% −66.2% −13.3% −122.3% −17.9%
Net margin −6.9% −225.3% −14.8% −79.4% −4.0% −62.6% −12.0%
Cash from operations / revenue −3.4% −197.6% −17.3% −103.6% 3.1% −50.6% −1.9%
Free-cash-flow margin −3.9% −199.5% −18.9% −105.9% 1.6% −51.6% −3.9%
Free-cash-flow margin, 3-year average −9.1% −230.3% −20.1% −58.5% −2.7% −119.5% −7.0%
Stock pay / revenue 1.4% 23.2% 4.1% 18.4% 6.1% 23.6% 6.1%
Change in share count 3.3% −2.8% 10.5% 6.7% 2.5% 73.8% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 3.7% 9.1% 90 of 129
Change in growth rate Growth -4.1pp -0.6pp 97 of 129
Gross margin Profitability 35.9% 61.9% 103 of 123
Operating margin Profitability -5.4% -8.3% 60 of 132
Net margin Profitability -6.9% -12.0% 55 of 133
Free-cash-flow margin Cash generation -3.9% -3.4% 65 of 128
Stock pay as % of revenue Cash generation 1.4% 6.1% 20 of 123
Long-term debt as % of assets Balance sheet 13.9% 24.2% 30 of 87
Change in share count Balance sheet 3.3% 3.3% 58 of 115
Days sales outstanding Balance sheet 40 days 57 days 19 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 3, 2026
Products and services
Line of business Revenue Share YoY
Retina $30.3M 57.5% ▲ 8.8%
Cyclo G Six $13.8M 26.3% ▲ 9.0%
Other $8.6M 16.2% ▲ 5.0%
Services $1,300 0.0% ▼ 7.1%
Geography
Region Revenue Share YoY
United States $23.2M 44.1% ▲ 2.3%
Europe Middle East and Africa $14.4M 27.3% ▲ 21.7%
Asia Pacific $13M 24.6% ▲ 8.4%
Americas Excluding US $2.1M 4.0% ▼ 3.8%

From Iridex Corp's 10-K filed April 2, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.5M
Institutions reporting
29
Shares held vs prior quarter
▼ 24.9%
Positions opened / closed
7 / 2

Top buyers and sellers, Q2 2026: 13 institutions bought and 9 sold ; the biggest buyer was Morgan Stanley (+305K shares) and the biggest seller Weber Capital Management LLC (−79K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $589,209 515K 23.9% 0.0%
Renaissance Technologies LLC $484,958 424K 19.7% ▲ 6.8%
Morgan Stanley $349,446 305K 14.2% New
Weber Capital Management LLC $206,616 180K 8.4% ▼ 30.5%
Geode Capital Management, LLC $159,153 139K 6.4% ▼ 13.2%
Citadel Advisors LLC $113,298 99K 4.6% ▲ 62.6%
Perkins Capital Management Inc $81,066 71K 3.3% ▲ 28.0%
Vanguard Fiduciary Trust Co $68,877 60K 2.8% 0.0%
State Street Corp $51,202 45K 2.1% 0.0%
Goldman Sachs Group Inc $46,320 40K 1.9% ▲ 7.5%
United Capital Financial Advisors, LLC $40,681 36K 1.6% ▼ 38.2%
Xtx Topco Ltd $33,423 29K 1.4% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Iridex Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $660,638 83 trades by 3 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $660,638 net buying
Insider Date Trade Shares Price Value
Dizon Romeo R Chief Financial Officer September 16, 2026 Buy 7,900 $0.63 $4,977
Dizon Romeo R Chief Financial Officer September 14, 2026 Buy 2,354 $0.65 $1,530
Dizon Romeo R Chief Financial Officer September 10, 2026 Buy 5,100 $0.68 $3,468
Dizon Romeo R Chief Financial Officer August 24, 2026 Buy 5,368 $0.75 $4,026
Dizon Romeo R Chief Financial Officer August 24, 2026 Buy 1,300 $0.75 $975
Dizon Romeo R Chief Financial Officer June 12, 2026 Buy 975 $1.14 $1,112
Dizon Romeo R Chief Financial Officer June 11, 2026 Buy 1,675 $1.14 $1,909
Dizon Romeo R Chief Financial Officer June 8, 2026 Buy 2,400 $1.12 $2,688
Dizon Romeo R Chief Financial Officer June 5, 2026 Buy 2,521 $1.15 $2,899
Dizon Romeo R Chief Financial Officer June 3, 2026 Buy 2,400 $1.17 $2,808
Dizon Romeo R Chief Financial Officer May 26, 2026 Buy 5,004 $1.00 $5,004
Lin Shih-Yao David 10% owner March 30, 2026 Buy 7,371 $0.99 $7,297

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • August 18, 2026
  • May 19, 2026
  • March 26, 2026
  • January 12, 2026
  • November 12, 2025
  • August 12, 2025

Recent SEC filings

Data status

When each part of this page on Iridex Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Iridex Corp in brief

What does Iridex Corp do?
Iridex Corp is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Iridex Corp's stock ticker?
Iridex Corp trades under the ticker IRIX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Iridex Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Iridex Corp reported revenue of $51.6M, 3.7% higher than a year earlier, according to its SEC filings.
What is Iridex Corp's free cash flow?
Iridex Corp's free-cash-flow margin is -3.9% of revenue over the trailing twelve months, ranking 65 of the 128 health care equipment companies we cover.
Who are Iridex Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Renaissance Technologies LLC and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Iridex Corp's market cap?
On November 2, 2026, Iridex Corp's market capitalisation was about $12.4M and net debt of -$885,000. Market figures come from third-party market data and may be delayed.
How much debt does Iridex Corp have?
Iridex Corp's debt-to-equity ratio is 104.3%, from its latest balance sheet (1.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are Iridex Corp's competitors?
In our Health Care Equipment peer group, the companies closest to Iridex Corp are Senseonics Holdings, Inc., Apyx Medical Corp, Clearpoint Neuro, Inc., Koru Medical Systems, Inc. and Trisalus Life Sciences, Inc. The side-by-side comparison below sets their revenue, margins and growth against Iridex Corp's.
Are insiders buying or selling Iridex Corp stock?
Over the last 12 months, Iridex Corp's directors and officers reported 83 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Iridex Corp's next earnings date?
Around November 17, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Iridex Corp announces its own schedule.