Integrated Research Ltd (IRI) fair value: what the stock is really worth
As of Oct 14, 2026: fair value of Integrated Research Ltd A$0.33, price A$0.28, upside +20.0%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range A$0.2700 – A$1.94 · fair‑value band A$0.2500 – A$0.3300 · the A$0.2750 price screens below the A$0.3300 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 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 Ltd (IRI) currently trades at A$0.2750, while our model-based Fair Value estimate is A$0.3300, implying the stock looks roughly 16.7% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of A$1.47 per share, and 12 of the 19 models we run sit above the A$0.2750 price.
Bear case: the Multiples group reads lowest at A$0.1100, and 7 of the 19 models stay below the price. Data coverage for this calculation is low.
Scenario range: A$0.2500 (bear) to A$0.3300 (bull), the price of A$0.2750 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 55/100 (solid quality), in the Technology sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Integrated Research Ltd reported revenue of A$57.6M in FY2026 versus A$62.9M in FY2022, a compound −2.1%/yr. Reported net income was A$1.2M in FY2026, compounding −5.9%/yr from FY2022.
Key figures
Market cap A$49.6M (≈ $34.8M) · P/E ratio 27.5 · P/S ratio 0.58 · EPS (TTM) A$0.0100 · Dividend yield 10.9% · Net margin 2.1% · Return on equity 1.2% · Return on assets (EBIT) 5.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 29% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −9% fair-value upside, at 20%, IRI screens cheaper than that median.
Fair Value models
BearA$0.2500Fair Value A$0.3300BullA$0.3300
Price A$0.2750 · Upside +20.0%
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.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.Coverage ⓘCoverage = 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.
Best data coverage
FCF DCFA$1.16A$1.52A$2.0182
Growth DCFA$1.19A$1.52A$1.9580
Owner EarningsA$0.3800A$0.4200A$0.470078
All 19 models by family
DCF Models
FCF DCFA$1.16A$1.52A$2.0182
Owner EarningsA$0.3800A$0.4200A$0.470078
5Y Revenue ExitA$1.08A$1.46A$1.9374
5Y P/E ExitA$0.6900A$0.7800A$0.860072
10Y Revenue ExitA$1.08A$1.42A$1.8468
10Y P/E ExitA$0.8700A$0.9700A$1.0865
Earnings-Based
Graham-DoddA$0.0500A$0.1000A$0.130066
PEG = 1.0A$0.0200A$0.0200A$0.030057
Dividend Discount
Gordon GGMA$0.1700A$0.2800A$0.390068
DDM Multi-StageA$0.1700A$0.2500A$0.330067
Multiples
P/E MultipleA$0.1400A$0.1900A$0.230063
P/S MultipleA$0.0800A$0.1100A$0.140058
P/B MultipleA$0.0800A$0.1100A$0.140055
EV/RevenueA$1.07A$1.41A$1.7554
Asset-Based
NCAV (Graham)A$0.2700A$0.3600A$0.540054
Growth DCF
Growth DCFA$1.19A$1.52A$1.9580
Rev-Margin DCFA$1.08A$1.47A$1.8974
Economic Profit
Residual IncomeA$0.3700A$0.3500A$0.340076
Growth Earnings
Growth-Adj P/EA$0.1000A$0.1500A$0.190067
P/S and P/B multiple show the same value here: both are capped by the same earnings anchor (earnings per share times 17), because margin and return on equity do not support the sector multiple.
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 is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−15.6%
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.
−6.2%
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.
−6.0%
Start year 2021 (pandemic). Over 10 years: −3.8% a year
Revenue growth 26 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.
−21.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−32.0%
Dividend (yield on the price)10.9%
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.−32.0% vs −23.2%, slowing
Profit margin 2021 to 2026 ⓘ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.13% → −2%
Pace: the 5-year rate starts in 2021 (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 %
The company could shrink this much every year for the next five years and today's price would still be justified.
Compare Integrated Research Ltd with another stock
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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 · 654 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Below median
Fair Value upside+20.0% · Above median
Profitability
Return on equity (12 months)1.2% · Below median
Return on assets−0.6% · Below median
Net margin (12 months)2.1% · Below median
Operating margin (12 months)7.5% · Above median
Growth and dividend
Revenue growth−25.7% · Bottom 25%
Dividend yield (12 months)10.9% · 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 Ltd Fair Value". https://www.fairvalue-calculator.com/stock/IRI
Frequently asked questions
Is Integrated Research Ltd (IRI) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of A$0.3300 versus a price of A$0.2750, about +20% upside (undervalued).
What is the fair value of IRI?
Our model-based fair value for Integrated Research Ltd is A$0.3300 (as of Oct 3, 2026), built from audited fundamentals. The current price: A$0.2750.
What is the quality score of IRI?
Integrated Research Ltd has a Quality Score of 55/100. 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 Ltd (IRI)?
Our model-based price target is the fair value of A$0.3300 (as of Oct 3, 2026) from 19 valuation models. Cautious scenario A$0.2500, optimistic scenario A$0.3300. It is a calculation from audited fundamentals, not an analyst target.
What is the Integrated Research Ltd stock forecast for 2026?
Our models put fair value at A$0.3300, about +20% upside versus a price of A$0.2750 (undervalued). Cautious scenario A$0.2500, optimistic scenario A$0.3300. The calculation is refreshed regularly with new filings.
What is the revenue of Integrated Research Ltd (IRI)?
Integrated Research Ltd reported trailing-twelve-month revenue of about A$57.6M (latest available figure, as of Oct 3, 2026).
Does Integrated Research Ltd pay a dividend?
Integrated Research Ltd currently shows a dividend yield of about 10.91% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Integrated Research Ltd (IRI)?
For today's price to be fair in a discounted-cash-flow model, Integrated Research Ltd would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 10.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.0 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of IRI use?
Our models discount Integrated Research Ltd at 10.8 %: a base by market capitalisation (nano), damped by beta 1.53, country premium for Australia. 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 Ltd that is less than minus 40 % per year a year over ten years, using the same discount rate (10.8 %) and the same formula as our fair value.
How much growth has Integrated Research Ltd (IRI) delivered so far?
Over the past 5 years revenue at Integrated Research Ltd grew -6.0 % 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 Ltd (IRI) growing?
The median revenue growth in the sector is +10.6 % a year. That is the yardstick for the growth priced into Integrated Research Ltd (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 Ltd (IRI)?
The free-cash-flow yield on the price is 31.97 %: that much free cash flow Integrated Research Ltd produces per unit of market value. When it exceeds the discount rate of our models (10.8 %), 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 Ltd (IRI)?
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 Ltd it is A$0.3300 per share (as of Oct 3, 2026), against a price of A$0.2750. It is the blended result of 19 valuation models (cash flow, earnings, asset, dividend).
Is Integrated Research Ltd stock overvalued or undervalued in 2026?
As of Oct 3, 2026, IRI trades below its calculated fair value: price A$0.2750, fair value A$0.3300, a gap of about +20% (undervalued). 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 IRI?
No. The price is what the market pays today (A$0.2750); the fair value is what the company's own numbers justify (A$0.3300). For Integrated Research Ltd the two are A$0.0550 per share apart. That gap is exactly why we show both numbers side by side.
How much is Integrated Research Ltd worth?
The market values Integrated Research Ltd at about A$49.6M (market capitalisation, as of Oct 3, 2026). Per share that is A$0.2750; our models calculate a fair value of A$0.3300 per share.
What do the bullish and bearish scenarios say about IRI?
Our models span a range for Integrated Research Ltd: cautious scenario A$0.2500, base A$0.3300, optimistic A$0.3300 per share (as of Oct 3, 2026, price A$0.2750). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IRI?
Integrated Research Ltd trades at a price-to-earnings ratio of 27.5 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$0.3300 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2026), reported earnings: 27.9. Other multiples: PEG 2.2, P/B 0.4, P/S 0.6.
What is the PEG ratio of IRI?
The PEG ratio of Integrated Research Ltd is 2.24 (P/E divided by earnings growth, as of Oct 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Integrated Research Ltd (IRI)?
Balance-sheet figures for Integrated Research Ltd (as of Oct 3, 2026): return on equity 1.2%. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is IRI from its 52-week high?
Integrated Research Ltd trades at A$0.2750, about 29% below its 52-week high of A$0.3850 and 2% above the low of A$0.2700 (as of Oct 14, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.3300 is for.
Which stocks are comparable to Integrated Research Ltd?
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 Ltd stock attractive at the current price?
The data as of Oct 3, 2026: price A$0.2750, calculated fair value A$0.3300 (+20%), Quality Score 55/100, from 19 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 IRI calculated?
We run Integrated Research Ltd through 19 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 A$0.3300, 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 14.5 % above its aggregate fair value. Integrated Research Ltd currently trades 17 % below its own fair value, and the market average says nothing about that. 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 Ltd (IRI)?
The closing price on Oct 14, 2026 was A$0.2750. Our model-based fair value is A$0.3300, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Integrated Research Ltd right now?
Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Ltd (IRI) come from?
Earnings per share at Integrated Research Ltd grew +2.1 % a year from 2015 to 2026. Broken into its drivers: revenue per share −1.4 %, EBIT margin −0.2 %, tax rate +2.4 %, residual (interest, one-offs) +1.4 %. 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 Ltd
How large is the market capitalisation of Integrated Research Ltd (IRI)?
The market capitalisation of Integrated Research Ltd is A$49.6M (≈ $34.8M). 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 Ltd (IRI)?
The price-to-sales ratio of Integrated Research Ltd is 0.58 (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 Ltd (IRI)?
Earnings per share at Integrated Research Ltd are A$0.0100 (price ÷ EPS = P/E 27.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Integrated Research Ltd (IRI)?
The dividend yield of Integrated Research Ltd is 10.9%. 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 Ltd (IRI)?
The net margin of Integrated Research Ltd is 2.1% (fiscal year 2026). 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 Ltd (IRI)?
The return on equity (ROE) of Integrated Research Ltd is 1.2% (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 Ltd (IRI)?
On an EBIT basis the return on assets of Integrated Research Ltd is 5.1% (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 Ltd (IRI)?
The operating margin of Integrated Research Ltd is 7.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Integrated Research Ltd (IRI)?
Revenue at Integrated Research Ltd is growing −25.7% versus a year earlier (3y avg −6.2%). 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 Ltd (IRI)?
Earnings per share at Integrated Research Ltd are growing −69.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Integrated Research Ltd (IRI) hold?
Integrated Research Ltd holds more cash than debt, A$50.2M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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