Integrated Research Limited (IREHF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Integrated Research Limited $0.17, price $0.20, upside -15.7%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range $0.1800 – $1.73 · fair‑value band $0.1194 – $0.2313 · the $0.2000 price screens above the $0.1686 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Integrated Research Limited designs, develops, implements, and sells software for business-critical computing, unified communication, and payment networks.
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Integrated Research Limited designs, develops, implements, and sells software for business-critical computing, unified communication, and payment networks. The company offers Prognosis, an integrated suite of monitoring and management software designed to give an organization's management and technical personnel operational insight into the HP NonStop platform, distributed system servers, unified communications, payment environments, and business applications. It also provides licensing, testing, maintenance, and professional services, as well as software-as-a-service solutions. In addition, it offers enterprise UC, contact centers, customer experience testing, and collaboration space management services, as well as high-value payments, card payments, and real-time payments-related products and services. It serves banks, credit card companies, telecommunications carriers, technology companies, service providers, and manufacturers. Integrated Research Limited was incorporated in 1988 and is based in Sydney, Australia.
Stock analysis
Integrated Research Limited (IREHF) currently trades at $0.2000, while our model-based Fair Value estimate is $0.1686, implying the stock looks roughly 18.6% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $1.26 per share, and 25 of the 25 models we run sit above the $0.2000 price.
Bear case: the Dividend Discount group reads lowest at $0.2600, and 0 of the 25 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.1194 (bear) to $0.2313 (bull), the price of $0.2000 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Integrated Research Limited reported revenue of $68.3M in FY2025 versus $78.5M in FY2021, a compound −3.4%/yr. Reported net income was $13.4M in FY2025, compounding +13.9%/yr from FY2021.
Key figures
Market cap $36.0M · P/E ratio 6.7 · P/S ratio 1.30 · EPS (TTM) $0.0300 · Dividend yield 10.0% · Net margin 19.6% · Return on equity 7.7% · Return on assets (EBIT) 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and 11% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at −16%, IREHF screens richer than that median.
Fair Value models
Bear $0.1194Fair Value $0.1686Bull $0.2313
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($0.0100 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−18.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−9.3%
Start year 2020 (pandemic). Over 10 years: −0.3% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−0.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.2%
Dividend (yield on the price)10.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−10.2% vs −1.1%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.30% → 20%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
Yearly growth needed for the next five years to justify today's price.
Compare Integrated Research Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 709 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside−15.7% · Below median
Profitability
Return on equity (TTM)7.7% · Above median
Return on assets4.7% · Above median
Net margin (TTM)10.7% · Above median
Operating margin (TTM)−11.9% · Bottom 25%
Growth and dividend
Revenue growth−1.7% · Below median
Dividend yield (TTM)10.0% · Top 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Integrated Research Limited Fair Value". https://www.fairvalue-calculator.com/stock/IREHF
Frequently asked questions
Is Integrated Research Limited (IREHF) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of $0.1686 versus a price of $0.2000, about −16% upside (overvalued).
What is the fair value of IREHF?
Our model-based fair value for Integrated Research Limited is $0.1686 (as of Sep 27, 2026), built from audited fundamentals. The current price: $0.2000.
What is the quality score of IREHF?
Integrated Research Limited has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Integrated Research Limited (IREHF)?
Our model-based price target is the fair value of $0.1686 (as of Sep 27, 2026) from 25 valuation models. Cautious scenario $0.1194, optimistic scenario $0.2313. It is a calculation from audited fundamentals, not an analyst target.
What is the Integrated Research Limited stock forecast for 2026?
Our models put fair value at $0.1686, about −16% upside versus a price of $0.2000 (overvalued). Cautious scenario $0.1194, optimistic scenario $0.2313. The calculation is refreshed regularly with new filings.
What is the revenue of Integrated Research Limited (IREHF)?
Integrated Research Limited reported trailing-twelve-month revenue of about $67.8M (latest available figure, as of Sep 27, 2026).
Does Integrated Research Limited pay a dividend?
Integrated Research Limited currently shows a dividend yield of about 10.00% relative to its recent price (as of Sep 27, 2026).
What growth is priced into Integrated Research Limited (IREHF)?
For today's price to be fair in a discounted-cash-flow model, Integrated Research Limited would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -9.3 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of IREHF use?
Our models discount Integrated Research Limited at 11.0 %: a base by market capitalisation (nano), damped by beta 1.51, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Integrated Research Limited that is less than minus 40 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Integrated Research Limited (IREHF) delivered so far?
Over the past 5 years revenue at Integrated Research Limited grew -9.3 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Integrated Research Limited (IREHF) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Integrated Research Limited (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Integrated Research Limited (IREHF)?
The free-cash-flow yield on the price is 22.75 %: that much free cash flow Integrated Research Limited produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Integrated Research Limited (IREHF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Integrated Research Limited it is $0.1686 per share (as of Sep 27, 2026), against a price of $0.2000. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Integrated Research Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, IREHF trades above its calculated fair value: price $0.2000, fair value $0.1686, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IREHF?
No. The price is what the market pays today ($0.2000); the fair value is what the company's own numbers justify ($0.1686). For Integrated Research Limited the two are $0.0314 per share apart. That gap is exactly why we show both numbers side by side.
How much is Integrated Research Limited worth?
The market values Integrated Research Limited at about $36.0M (market capitalisation, as of Sep 27, 2026). Per share that is $0.2000; our models calculate a fair value of $0.1686 per share.
What do the bullish and bearish scenarios say about IREHF?
Our models span a range for Integrated Research Limited: cautious scenario $0.1194, base $0.1686, optimistic $0.2313 per share (as of Sep 27, 2026, price $0.2000). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IREHF?
Integrated Research Limited trades at a price-to-earnings ratio of 6.7 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $0.1686 is built from several models across several years. Other multiples: PEG 2.2, P/B 0.4, P/S 0.5.
What is the PEG ratio of IREHF?
The PEG ratio of Integrated Research Limited is 2.15 (P/E divided by earnings growth, as of Sep 27, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Integrated Research Limited (IREHF)?
Balance-sheet figures for Integrated Research Limited (as of Sep 27, 2026): return on equity 7.7%. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is IREHF from its 52-week high?
Integrated Research Limited trades at $0.2000, about 25% below its 52-week high of $0.2682 and 11% above the low of $0.1800 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $0.1686 is for.
Which stocks are comparable to Integrated Research Limited?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Integrated Research Limited stock attractive at the current price?
The data as of Sep 27, 2026: price $0.2000, calculated fair value $0.1686 (−16%), Quality Score 65/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IREHF calculated?
We run Integrated Research Limited through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.1686, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Integrated Research Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Integrated Research Limited (IREHF)?
The closing price on Sep 25, 2026 was $0.2000. Our model-based fair value is $0.1686, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Integrated Research Limited right now?
Solid but not exceptional quality (65/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($0.1194 to $0.2313) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Where does the earnings growth of Integrated Research Limited (IREHF) come from?
Earnings per share at Integrated Research Limited grew +4.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.4 %, EBIT margin +1.1 %, tax rate +1.8 %, residual (interest, one-offs) +0.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Integrated Research Limited
How large is the market capitalisation of Integrated Research Limited (IREHF)?
The market capitalisation of Integrated Research Limited is $36.0M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Integrated Research Limited (IREHF)?
The price-to-sales ratio of Integrated Research Limited is 1.30 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Integrated Research Limited (IREHF)?
Earnings per share at Integrated Research Limited are $0.0300 (price ÷ EPS = P/E 6.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Integrated Research Limited (IREHF)?
The dividend yield of Integrated Research Limited is 10.0% (payout 66.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Integrated Research Limited (IREHF)?
The net margin of Integrated Research Limited is 19.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Integrated Research Limited (IREHF)?
The return on equity (ROE) of Integrated Research Limited is 7.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Integrated Research Limited (IREHF)?
On an EBIT basis the return on assets of Integrated Research Limited is 6.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Integrated Research Limited (IREHF)?
The operating margin of Integrated Research Limited is −11.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Integrated Research Limited (IREHF)?
Revenue at Integrated Research Limited is growing −1.7% versus a year earlier (3y avg +2.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Integrated Research Limited (IREHF)?
Earnings per share at Integrated Research Limited are growing −44.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Integrated Research Limited (IREHF) hold?
Integrated Research Limited holds more cash than debt, $38.7M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Thin data
Sep 27, 2026