IRIDEX CORP

IRIX
About the company

IRIDEX Corporation, an ophthalmic medical technology company, provides therapeutic based laser systems, delivery devices, and consumable instrumentation to treat sight-threatening eye diseases in ophthalmology.

Country: United StatesPrice: $0.69Market Cap: $12.1M

Investment snapshot

18%positive consensus
Scored 1d ago

Positive

3

BUY / PASS

Neutral / negative

1 / 12

NEUTRAL / FAIL

Median fair value

$0.17

-75.4% vs price

Models with upside

0 / 17

Positive margin of safety

Strongest signal

8 of 12 pass — Graham, Buffett, Lynch +1 more object

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #2536 (Top 81.9%)PASSFAILFAILFAILFAILFAILFAILPASSPASSFAILFAILFAILNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/A-305.9%N/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-07-04 · Balance sheet at 2026-07-04 · Annual history · FY 2025

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-02

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-07-04 vs 2025-06-28 · TTM ended 2026-07-04

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-02

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-04-02

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-07-04 · Balance sheet at 2026-07-04 · Market data at 2026-11-01

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-02

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-04-02

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · TTM ended 2026-07-04

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-02

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-07-04 · Market data at 2026-11-01

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-04-02

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-04-02

Score computed: 2026-11-14

TTM ended 2026-07-04 · Balance sheet at 2026-07-04 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-07-04

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-07-04

Latest source filing: 2026-08-18

Score computed: 2026-11-14

TTM ended 2026-07-04 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-08-18

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage67% pass✓ 11✗ 4▾

    8 of 12 pass — Graham, Buffett, Lynch +1 more object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: -44.3x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change3.43% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.82
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=-44.3x, D/EBITDA=0.0x (no debt)
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Valuation0% pass✓ 1✗ 27▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio2.4x
    ✗Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-42.2%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-42.2%, ROC=-42.3%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    Price / Book Value per Share2.4x
    ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=-34.0%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-18.6%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=2.4x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low108% of trailing low ($0.64)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-29.27%; #4786/6340 (top 75.5%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+0.3003; #3696/6449 (top 57.3%)
    ✗AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share4.02x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-77.2%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+4.2553; #619/5247 (top 11.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-16.50%; #3438/4519 (top 76.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-30.99%; #4455/6202 (top 71.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow0% pass✓ 1✗ 11▾

    No clean pass — all 10 investors flag at least one cash flow criterion

    Free Cash Flow Proxy$-4.1M
    ✗BuffettPositive and growing
    FCF Positive and Growing$-2.0M
    ✗LynchPositive and growing
    Operating Cash Flow$-2.1M
    ✗PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=-7.26%, ROA=-15.22%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)N/A (negative CFPS)
    ✗Dreman< 8x
    P/E or FCF YieldFCF Yield=-18.6%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive6/17 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-16.7%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency9/20 years positive
    ✗SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-2.0M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-16.50%; #3438/4519 (top 76.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Profitability6% pass✓ 6✗ 29▾

    15 of 16 flag IRIX's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)8/27 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)13/27 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-136.4%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-4.9% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$-4.1M
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)N/A (negative mean EPS)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-97.5%
    ✗Lynch> 15%
    EBIT / Enterprise Value-42.2%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-42.2%, ROC=-42.3%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-15.22%
    ✗PiotroskiROA > 0
    ROA Change YoY-30.58% -> -15.22% (delta: +15.36%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=-7.26%, ROA=-15.22%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY40.1% -> 36.5%
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-6.6%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-97.5%
    ✗Dreman> 12%
    Margin of SafetyP/B=2.4x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity-205.2% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency13/23 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-5.4%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-97.5%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-19.3% (2023) -> -4.9% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendgross margin 42.0% -> 36.5%, operating margin -19.3% -> -4.9%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-29.27%; #4786/6340 (top 75.5%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets+67.97%; #363/3702 (top 9.8%)
    ✓AsnessTop 30% of eligible cross-section
    Net income / positive book equity-97.47%; #4584/5226 (top 87.7%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0755; #3115/5884 (top 52.9%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR-30.1% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years0/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts19% pass✓ 3✗ 13▾

    Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (0/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)✗GreenblattRank #2536✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (2/6)✗MarksFAIL (1/5)✗AckmanFAIL (3/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)✗AsnessFAIL (Rank #1666/2370 (Top 70.3%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
  • Growth25% pass✓ 4✗ 9▾

    6 of 8 flag IRIX's growth — Graham, Lynch, Dreman +3 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 15.6% vs Rev: 3.7%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction$0.15 (2006) -> $-0.26 (2025)
    ✗DremanPositive over recent years
    EPS CAGR-11.5% CAGR over 9 years
    ✗Dreman> 5% annualized
    Positive Net Income Frequency13/23 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-6.2%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency3/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendgross margin 42.0% -> 36.5%, operating margin -19.3% -> -4.9%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR7.7%
    ✓SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR-30.1% over 5 years
    ✗Neff7%-20% annualized
  • Efficiency25% pass✓ 3✗ 8▾

    6 of 8 flag IRIX's efficiency — Graham, Buffett, Greenblatt +3 more

    Current Ratio1.82
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-438.6%
    ✗Buffett> 10%
    ROIC - WACC-448.6%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)-42.3%
    ✗Greenblatt> 25%
    Current Ratio Change YoY1.42 -> 1.91
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.67x -> 1.81x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities1.82
    ✓Dreman> 1.5
    Return on Invested Capital-41.3%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-83.0%; FY2024: ROIC=-211.8%; FY2025: ROIC=-41.3%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/3 years above 12% (latest -41.3%)
    ✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Medical Equipment
SIC Sector: Measuring & Medical Instruments
Size: Micro Cap($12.1M)
Revenue: $52.7M+8.2% YoY
Net Income: $4.4M+50.2% YoY

Financial Snapshot

Operating Margin-4.9%
Return on Equity-90.1%
Debt / Equity0.00
Current Ratio1.91
EPS (Diluted)$-0.26
Shares Retired−3.1% / −6.5% 2y

Shareholder Return

Fiscal 2025

Issued 3.1% of shares last year, 6.5% issued over two.

Buybacks
—
Dividends
—

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-07-04

2025-06-29 – 2026-07-04

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex, revenue, net income, operating income, gross profit, ebit, pre tax income.

Q2 FY 2026

2026-04-05 – 2026-07-04

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, depreciation amortization, capex.

Q1 FY 2026

2026-01-04 – 2026-04-04

Sources
FY 2025
Sources
  • 10-K · 2026-04-02
FY 2024
Sources
  • 10-K · 2025-03-27
FY 2023
Sources
  • 10-K · 2024-03-29
FY 2022
Sources
  • 10-K · 2023-03-09
FY 2021
Sources
  • 10-K · 2023-03-09
Market Cap$12.1Mcurrent----$25.8Mest.$27.5Mest.$45.8Mest.$35.5Mest.$83.9Mest.
Revenue$51.6M↑4%$12.6M↓7%$11.8M↓1%$52.7M↑8%$48.7M↓6%$51.9M↓9%$57.0M↑6%$53.9M
Operating Income-$2.8M↑21%-$1.0M↓9%-$324.0K↓58%-$2.6M↑69%-$8.3M↑17%-$10.0M↓33%-$7.5M-$7.5M
Net Income-$3.5M↑35%-$1.3M↓27%-$524.0K↑69%-$4.4M↑50%-$8.9M↑7%-$9.6M↓27%-$7.5M↓44%-$5.2M
EPS (Diluted)--$-0.07↓17%$-0.03↑70%$-0.26↑52%$-0.54↑8%$-0.59↓26%$-0.47↓38%$-0.34
Gross Margin35.9%↓9%34.2%↓1%40.2%↓5%36.5%↓9%40.1%↓5%42.0%↓6%44.5%↑5%42.4%
Operating Margin-5.4%↑24%-8.2%↓18%-2.7%↓59%-4.9%↑71%-17.1%↑12%-19.3%↓46%-13.2%↑5%-14.0%
ROE-97.5%↓8%——-90.1%↑79%-424.9%↓323%-100.5%↓129%-43.8%↓95%-22.4%
Total Debt------$0↓100%$1.0M$0----
Shareholders' Equity$3.6M↓40%$3.6M↓40%$4.7M↑455%$4.9M↑135%$2.1M↓78%$9.5M↓45%$17.2M↓26%$23.3M
Current Ratio1.82↓7%1.82↓7%1.92↓2%1.91↑34%1.42↓33%2.12↓26%2.87↓14%3.34
Debt / Equity———0.00↓100%0.480.00——
Operating Cash Flow-$1.7M↑70%$174.0K↑144%-$1.3M↓16%-$2.1M↑71%-$7.3M↓8%-$6.7M↑29%-$9.5M↓216%$8.2M
Free Cash Flow-$2.0M↑66%$124.0K↑130%-$1.4M↓24%-$2.3M↑69%-$7.3M↓6%-$6.9M↑30%-$9.8M↓223%$8.0M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Medical Equipment

IRIX vs Peers — Financial Grading

Revenue$52.7MBottom 25%
Net Income$4.4MBottom 25%
ROE-90.1%Bottom 25%
D/E0.00Top 25%
Op. Margin-4.9%Bottom 25%
Curr. Ratio1.91Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
ALCON INCALC$35.6B$74.12$10.4B$980.0M4.4%0.2113.1%2.122/91/93/70/3F-Score 64/11
KONINKLIJKE PHILIPS NVPHG$29.7B$30.34$21.0B$1.1B8.2%0.648.0%1.321/91/91/70/3F-Score 53/11
WEST PHARMACEUTICAL SERVICES INCWST$29.0B$416.42$3.1B$493.7M15.5%0.0619.0%3.024/96/96/71/3F-Score 75/11
SMITH & NEPHEW PLCSNN$13.1B$31.28$6.2B$625.0M11.8%0.5912.9%2.572/90/91/70/3F-Score 64/11
MSA Safety IncMSA$6.7B$174.17$1.9B$278.9M20.4%0.4219.8%3.015/95/94/71/3F-Score 57/11
STAAR SURGICAL COSTAA$1.3B$26.39$239.4M$80.4M-23.4%—-38.3%4.552/92/92/70/3F-Score 33/11
ARTIVION, INC.AORT$931.9M$19.10$441.3M$9.8M2.2%0.487.6%3.532/90/90/70/3F-Score 71/11
InMode Ltd.INMD$763.6M$13.27$370.5M$93.8M13.7%—23.0%9.885/93/90/73/3F-Score 44/11