Latest Ratios: P/E Ratio -4.3x · EV/EBITDA N/A · ROE -126.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $20M | $20M | $28M | $45M | $32M | $94M | $35M | $31M | $57M | $88M | $143M |
| Enterprise Value | $18M | $19M | $30M | $41M | $20M | $73M | $27M | $21M | $36M | $66M | $119M |
| P/E Ratio → | -4.35 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.37 | 0.38 | 0.57 | 0.87 | 0.56 | 1.75 | 0.96 | 0.70 | 1.35 | 2.12 | 3.10 |
| P/B Ratio | 3.95 | 4.09 | 13.17 | 4.76 | 1.86 | 4.04 | 2.00 | 1.35 | 1.91 | 2.88 | 3.65 |
| P/FCF | — | — | — | — | — | 11.77 | — | — | — | — | — |
| P/OCF | — | — | — | — | — | 11.47 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.35 | 0.61 | 0.79 | 0.35 | 1.35 | 0.75 | 0.49 | 0.85 | 1.60 | 2.58 |
| EV / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | 9.12 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.7% | 36.7% | 40.1% | 42.0% | 44.5% | 42.4% | 42.8% | 41.3% | 41.0% | 37.3% | 45.1% |
| Operating Margin | -4.9% | -4.9% | -17.1% | -19.3% | -13.2% | -14.0% | -18.1% | -20.7% | -30.2% | -31.0% | -5.6% |
| Net Profit Margin | -8.4% | -8.4% | -18.3% | -18.5% | -13.2% | -9.7% | -17.4% | -20.3% | -30.1% | -30.9% | -25.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -126.4% | -126.4% | -153.4% | -71.5% | -37.2% | -25.7% | -31.6% | -33.5% | -42.4% | -36.9% | -32.2% |
| ROA | -15.2% | -15.2% | -28.0% | -24.9% | -16.6% | -13.6% | -20.2% | -23.0% | -30.8% | -28.7% | -26.0% |
| ROIC | -49.6% | -49.6% | -129.9% | -145.6% | -157.5% | -93.9% | -42.6% | -61.1% | -109.8% | -79.8% | -9.8% |
| ROCE | -18.0% | -18.0% | -48.8% | -39.0% | -22.9% | -27.2% | -29.7% | -32.3% | -41.6% | -36.3% | -6.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.92 | 0.92 | 2.21 | 0.29 | 0.10 | 0.11 | 0.24 | 0.14 | — | — | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.30 | 1.08 | -0.45 | -0.71 | -0.91 | -0.43 | -0.42 | -0.71 | -0.71 | -0.61 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | -2.65 | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($6M) exceeds total debt ($5M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.91 | 1.91 | 1.42 | 2.12 | 2.87 | 3.34 | 2.92 | 3.12 | 3.57 | 3.80 | 5.42 |
| Quick Ratio | 1.32 | 1.32 | 0.77 | 1.35 | 2.02 | 2.74 | 2.26 | 2.29 | 2.78 | 2.89 | 4.04 |
| Cash Ratio | 0.46 | 0.46 | 0.14 | 0.54 | 1.12 | 1.89 | 1.34 | 1.29 | 1.91 | 2.09 | 2.81 |
| Asset Turnover | — | 1.81 | 1.67 | 1.51 | 1.35 | 1.11 | 1.30 | 1.25 | 1.02 | 1.00 | 0.96 |
| Inventory Turnover | 4.24 | 4.24 | 2.70 | 3.03 | 2.98 | 4.08 | 3.64 | 3.12 | 2.86 | 2.78 | 2.17 |
| Days Sales Outstanding | — | 66.14 | 62.95 | 67.93 | 62.58 | 65.79 | 73.20 | 78.32 | 77.82 | 69.00 | 79.27 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | 8.5% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $17M | $16M | $16M | $16M | $15M | $14M | $14M | $12M | $12M | $10M |
Liquidity and capital constraints
Based on reported figures, IRIDEX trades at a price-to-sales multiple of 0.37, which suggests that the market is heavily discounting the company's future growth prospects and ability to achieve profitability compared to its specialized medical device peers in the ophthalmic laser sector.
The low P/S ratio indicates that investors are assigning little value to the company's revenue stream, likely due to the persistent lack of bottom-line earnings and the high-risk nature of its capital-intensive business model. This valuation level implies that the market expects continued margin pressure and potential dilution, rather than a near-term turnaround in profitability.
According to recent financial statements, IRIDEX has consistently generated negative ROIC, with figures reaching as low as -65.8% in 2024Q2, indicating that the company is currently destroying shareholder value rather than compounding it through its core ophthalmic laser operations.
The persistent negative returns on invested capital suggest that the company's cost of operations and R&D investments are not being adequately offset by the gross margins generated from its product mix. Investors should monitor whether the shift toward a more capital-light distribution model can eventually improve these returns, though current trends show no evidence of a sustained recovery.
As reported in financial statements, the company's cash conversion cycle remains elevated, peaking at 143 days in 2023Q4, which highlights significant inefficiencies in managing inventory and collecting receivables across its complex international distributor network.
The high days inventory outstanding, which reached 144 days in 2024Q4, suggests that the company may be struggling to align its production levels with actual end-market demand. This inefficiency ties up critical cash resources that are desperately needed to fund ongoing operations, further exacerbating the company's liquidity constraints.
Based on reported figures, IRIDEX's debt-to-equity ratio has climbed to 0.90 in 2026Q1 from 0.29 in 2023Q4, signaling an increasing reliance on external financing to sustain operations in the face of persistent net losses and negative cash flow generation.
The rapid increase in leverage, combined with the absence of meaningful interest coverage, suggests that the company's balance sheet is becoming increasingly fragile. This trend warrants close investigation, as the company's ability to service its obligations may be compromised if revenue growth does not materialize to support the debt load.
Analysts frequently misapply the revenue growth metric to IRIDEX, as it obscures the underlying quality of earnings and the high cost of customer acquisition required to maintain the company's installed base of laser consoles.
Focusing on top-line growth ignores the fact that the company's gross margins are insufficient to cover its operating expenses, making revenue expansion a potential driver of further cash burn rather than value creation. A more appropriate metric for this business model would be the probe utilization rate per console, which provides a clearer picture of the recurring revenue potential and long-term economic viability.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying IRIX stock.
IRIDEX Corporation's current P/E ratio is -4.3x. The historical average is 48.9x.
IRIDEX Corporation's return on equity (ROE) is -126.4%. The historical average is -20.1%.
Based on historical data, IRIDEX Corporation is trading at a P/E of -4.3x. Compare with industry peers and growth rates for a complete picture.
IRIDEX Corporation has 36.7% gross margin and -4.9% operating margin.