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IRIDEX Corporation (IRIX) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of IRIDEX Corporation stock $0.75, price $0.70, upside +6.8%, quality 45 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare US

IC IRIDEX Corporation logo Thin data Nov 10, 2026

IRIDEX Corporation

IRIX · US
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Fair value $0.7481 · Fairly valued
Quality 45/100
Moderate debt
Insiders bought $31,396 (6M)
Weak Growth (revenue 3y −2.6 %/yr in USD)
Loss-making · -6.9% net margin (TTM)
Negative free cash flow
Trails peers (3/11)
Narrow moat 6/100 · thin data
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$9.37 $0.6070 Fair Value $0.7481 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range $0.6070 – $9.37 · fair‑value band $0.5611 – $0.9351 · the $0.7002 price screens below the $0.7481 fair value. As of Nov 10, 2026.

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Company profile

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.

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It offers laser consoles, such as Cyclo G6 laser system for use in the treatment of glaucoma; IQ 532 and IQ 577 laser systems, which are used for the treatment of retinal disorders; and OcuLight TX, OcuLight SL, OcuLight SLx, OcuLight GL, and OcuLight GLx laser photocoagulation systems that are used to treat proliferative diabetic retinopathy, macular holes, retinal tears, and detachments.

The company also provides delivery devices, including slit lamp adapter, which allows the physician to utilize a standard slit lamp in diagnosis and treatment procedures; TxCell scanning laser delivery system that allows the physician to perform multi-spot pattern scanning; and laser indirect ophthalmoscope for use in procedures to treat peripheral retinal disorders.

In addition, it offers MicroPulse P3 Probe, which is used with its Cylco G6 laser system to perform transscleral laser therapy; G-Probe and G-Probe Illuminate, which are used in procedures to treat uncontrolled and refractory glaucoma; and EndoProbe family of products that are used for endophotocoagulation.

The company serves ophthalmologists, research and teaching hospitals, government installations, surgical centers, hospitals, veterinary practices, and office clinics through direct and independent sales force in the United States, as well as through independent distributors internationally.

It operates in the United States, Europe, the Middle East, Africa, the Asia/Pacific region, and the Americas. The company was formerly known as IRIS Medical Instruments, Inc. and changed its name to IRIDEX Corporation in November 1995.

IRIDEX Corporation was incorporated in 1989 and is headquartered in Mountain View, California.

Stock analysis

IRIDEX Corporation (IRIX) currently trades at $0.7002, while our estimate is $0.7481, so the stock looks roughly fairly valued today (gap 6.4%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $0.5611 (bear) to $0.9351 (bull), the price of $0.7002 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 45/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

IRIDEX Corporation reported revenue of $52.7M in FY2025 versus $53.9M in FY2021, a compound −0.6%/yr. Reported net income was −$4.4M in FY2025.

Key figures

Market cap $12.2M Micro · P/S ratio 0.25 · EPS (TTM) $−0.2000 · Net margin −6.9% · Return on equity −73.2% · Return on assets (EBIT) −19.9% (5-year average) · Operating margin −8.2% · Revenue (TTM) $51.6M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 6 out of 100 (low confidence).

What moves the price

The share trades about 55% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 8% fair-value upside, at 7%, IRIX screens richer than that median.

Fair Value

Bear $0.5611 Fair Value $0.7481 Bull $0.9351
Price $0.7002 · Upside +6.8%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 45/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 40
How much profit the company makes from its sales and capital
Quality Growth 72
Are margins and returns getting better?
Cashflow 2
Do the profits arrive as real cash?
Financial strength 36
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 43
How calm the share price moves, does not count
Price momentum 16
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 5
Distance to the 52-week high, does not count
New shares 63
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, one officer or director bought shares worth $31,396, on Sep 16, 2026.

  • BuyRomeo R DizonChief Financial Officer29× since Nov 14, 2025: 96,047 shares, avg. $1.05$100,574Sep 16, 2026
  • BuyShih-Yao David Lin10% owner2× since Nov 12, 2025: 423,095 shares, avg. $1.20$507,869Mar 30, 2026
  • BuyWilliam M MooreDirector4× since Nov 14, 2025: 102,000 shares, avg. $1.01Dec 16, 2025

Plus 8 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 10, 2026. All filings at the SEC ↗

Revenue & earnings trend

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. 29/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+8.2%
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.
−2.6%
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.
+7.7%
Start year 2020 (pandemic). Over 10 years: +2.3% a year
Revenue growth 30 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.
+6.1%
Profit margin (trend) ⓘ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.
−18.1% (2020) → −4.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare IRIDEX Corporation 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.Medical Devices · 402 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 45 · Below median
Fair Value upside +6.8% · Above median
Profitability
Return on assets −15.2% · Below median
Net margin (12 months) −6.9% · Below median
Operating margin (12 months) −8.2% · Below median
Growth and dividend
Revenue growth (quarter YoY) −7.4% · Bottom 25%
Balance sheet
Debt / equity 0.76× · Highest 25%

Valuation Multiplesvs Medical Devices median · lower = cheaper

P/B 2.47× · Pricier than median
P/S (12 months) 0.24× · Cheapest 25%
PEG 0.94× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)42 · sector 17
FUTURE (revenue growth)0 · sector 44
PAST (return on equity)0 · sector 0
HEALTH (low debt)62 · sector 97
DIVIDEND (yield)0 · sector 34

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Devices stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Shenzhen Mindray Bio-Medical Electronics Co 300760 ¥178.92 ¥202.57 +13% vs IRIX
DexCom, Inc DXCM $79.92 $89.18 +12% vs IRIX
Stryker Corporation SYK $324.29 $358.30 +10% vs IRIX
STERIS plc STE $257.12 $279.53 +9% vs IRIX
Boston Scientific Corporation BSX $44.70 $48.42 +8% vs IRIX
GE HealthCare Technologies Inc GEHC $83.65 $69.92 −16% vs IRIX
Edwards Lifesciences Corporation EW $104.01 $81.94 −21% vs IRIX
Abbott Laboratories, ABT $110.46 $75.28 −32% vs IRIX
Medtronic plc MDT $101.59 $65.61 −35% vs IRIX
Koninklijke Philips N.V PHIA €27.06 €15.23 −44% vs IRIX

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IRIDEX Corporation: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "IRIDEX Corporation Fair Value". https://www.fairvalue-calculator.com/stock/IRIX

Frequently asked questions

Is IRIDEX Corporation (IRIX) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is $0.7481 versus a price of $0.7002, about +7% upside (fairly valued).
What is the fair value of IRIX?
Our estimate for IRIDEX Corporation is $0.7481 (as of Nov 10, 2026), built from audited fundamentals. The current price: $0.7002.
What is the quality score of IRIX?
IRIDEX Corporation has a Quality Score of 45/100. 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 IRIDEX Corporation (IRIX)?
Our calculated price target is the estimate of $0.7481 (as of Nov 10, 2026). Cautious scenario $0.5611, optimistic scenario $0.9351. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the IRIDEX Corporation stock forecast for 2026?
Our estimate puts fair value at $0.7481, about +7% upside versus a price of $0.7002 (fairly valued). Cautious scenario $0.5611, optimistic scenario $0.9351. The calculation is refreshed regularly with new filings.
What is the revenue of IRIDEX Corporation (IRIX)?
IRIDEX Corporation reported trailing-twelve-month revenue of about $51.6M (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of IRIDEX Corporation (IRIX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For IRIDEX Corporation it is $0.7481 per share (as of Nov 10, 2026), against a price of $0.7002.
Is IRIDEX Corporation stock overvalued or undervalued in 2026?
As of Nov 10, 2026, IRIX trades below its calculated fair value: price $0.7002, fair value $0.7481, a gap of about +7% (fairly valued). 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 IRIX?
No. The price is what the market pays today ($0.7002); the fair value is what the company's own numbers justify ($0.7481). For IRIDEX Corporation the two are $0.0479 per share apart. That gap is exactly why we show both numbers side by side.
How much is IRIDEX Corporation worth?
The market values IRIDEX Corporation at about $12.2M (market capitalisation, as of Nov 10, 2026). Per share that is $0.7002; our models calculate a fair value of $0.7481 per share.
What do the bullish and bearish scenarios say about IRIX?
Our models span a range for IRIDEX Corporation: cautious scenario $0.5611, base $0.7481, optimistic $0.9351 per share (as of Nov 10, 2026, price $0.7002). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of IRIX?
The PEG ratio of IRIDEX Corporation is 0.94 (P/E divided by earnings growth, as of Nov 10, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of IRIDEX Corporation (IRIX)?
Balance-sheet figures for IRIDEX Corporation (as of Nov 10, 2026): return on equity −73.2%, debt of 0.76 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is IRIX from its 52-week high?
IRIDEX Corporation trades at $0.7002, about 55% below its 52-week high of $1.56 and 15% above the low of $0.6070 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $0.7481 is for.
Which stocks are comparable to IRIDEX Corporation?
From the same area (Healthcare) we also value Abbott Laboratories,, Medtronic plc, Stryker Corporation, Boston Scientific Corporation, 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 IRIDEX Corporation stock attractive at the current price?
The data as of Nov 10, 2026: price $0.7002, calculated fair value $0.7481 (+7%), Quality Score 45/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. IRIDEX Corporation currently trades 6% 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 IRIDEX Corporation (IRIX)?
The closing price on Nov 10, 2026 was $0.7002. Our estimate is $0.7481, about +7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with IRIDEX Corporation right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of IRIDEX Corporation

How large is the market capitalisation of IRIDEX Corporation (IRIX)?
The market capitalisation of IRIDEX Corporation is $12.2M. 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 IRIDEX Corporation (IRIX)?
The price-to-sales ratio of IRIDEX Corporation is 0.25 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of IRIDEX Corporation (IRIX)?
Earnings per share at IRIDEX Corporation are $−0.2000. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of IRIDEX Corporation (IRIX)?
The net margin of IRIDEX Corporation is −6.9% (last twelve months). 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 IRIDEX Corporation (IRIX)?
The return on equity (ROE) of IRIDEX Corporation is −73.2% (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 IRIDEX Corporation (IRIX)?
On an EBIT basis the return on assets of IRIDEX Corporation is −19.9% (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 IRIDEX Corporation (IRIX)?
The operating margin of IRIDEX Corporation is −8.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at IRIDEX Corporation (IRIX)?
Revenue at IRIDEX Corporation is growing −7.4% versus a year earlier (3y avg −2.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does IRIDEX Corporation (IRIX) generate?
The free cash flow of IRIDEX Corporation is −$2.3M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does IRIDEX Corporation (IRIX) hold?
IRIDEX Corporation holds more cash than debt, $1.5M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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