Latest Ratios: P/E Ratio 48.8x · EV/EBITDA 36.5x · ROE 24.8%. (2012–2025 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 | $1.1B | $1.3B | $703M | $604M | $357M | $582M | $284M | $287M | $296M | $178M | $133M |
| Enterprise Value | $1.0B | $1.2B | $651M | $556M | $302M | $522M | $236M | $246M | $268M | $159M | $115M |
| P/E Ratio → | 48.80 | 55.59 | 36.67 | 35.16 | 27.74 | 62.45 | 207.27 | 29.97 | 47.04 | 378.75 | 18.50 |
| P/S Ratio | 13.02 | 14.92 | 9.60 | 9.21 | 6.71 | 13.91 | 8.94 | 7.45 | 9.73 | 7.69 | 4.10 |
| P/B Ratio | 11.60 | 13.22 | 8.10 | 8.46 | 4.85 | 8.06 | 4.62 | 5.17 | 7.06 | 5.39 | 4.17 |
| P/FCF | 63.54 | 72.78 | 39.90 | 110.66 | 43.77 | 55.33 | 54.75 | 29.45 | 41.65 | 68.53 | 16.88 |
| P/OCF | 43.76 | 50.12 | 27.44 | 44.85 | 35.60 | 51.68 | 48.76 | 28.05 | 40.16 | 51.98 | 14.15 |
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 | — | 14.31 | 8.89 | 8.48 | 5.66 | 12.49 | 7.45 | 6.40 | 8.81 | 6.90 | 3.55 |
| EV / EBITDA | 36.47 | 42.04 | 28.58 | 26.74 | 18.51 | 46.53 | 405.47 | 24.92 | 40.86 | 92.10 | 10.33 |
| EV / EBIT | 39.79 | 42.29 | 26.82 | 25.59 | 18.65 | 53.10 | — | 28.51 | 43.27 | 114.12 | 10.53 |
| EV / FCF | — | 69.80 | 36.95 | 101.91 | 36.94 | 49.67 | 45.61 | 25.29 | 37.71 | 61.50 | 14.64 |
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 | 76.7% | 76.7% | 76.9% | 76.5% | 77.4% | 76.6% | 74.3% | 77.1% | 76.3% | 75.9% | 81.1% |
| Operating Margin | 31.2% | 31.2% | 30.0% | 30.6% | 29.3% | 23.5% | -2.4% | 22.5% | 19.7% | 5.6% | 33.6% |
| Net Profit Margin | 26.8% | 26.8% | 26.3% | 26.2% | 24.1% | 22.3% | 4.3% | 25.0% | 20.7% | 2.2% | 22.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 24.8% | 24.8% | 24.3% | 23.7% | 17.6% | 14.0% | 2.3% | 19.8% | 16.8% | 1.5% | 22.6% |
| ROA | 21.7% | 21.7% | 20.2% | 19.4% | 15.2% | 12.1% | 2.0% | 16.7% | 14.4% | 1.3% | 19.9% |
| ROIC | 50.2% | 50.2% | 56.4% | 72.2% | 76.7% | 55.2% | -3.9% | 44.9% | 31.4% | 6.7% | 61.3% |
| ROCE | 27.8% | 27.8% | 26.5% | 26.2% | 20.4% | 13.8% | -1.2% | 16.5% | 15.3% | 3.8% | 33.2% |
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 | — | — | 0.00 | 0.03 | 0.03 | 0.03 | 0.04 | 0.05 | — | — | — |
| Debt / EBITDA | — | — | 0.01 | 0.10 | 0.14 | 0.22 | 4.66 | 0.30 | — | — | — |
| Net Debt / Equity | — | -0.54 | -0.60 | -0.67 | -0.76 | -0.82 | -0.77 | -0.73 | -0.67 | -0.55 | -0.56 |
| Net Debt / EBITDA | -1.79 | -1.79 | -2.29 | -2.29 | -3.42 | -5.30 | -81.26 | -4.10 | -4.27 | -10.52 | -1.59 |
| Debt / FCF | — | -2.98 | -2.96 | -8.74 | -6.83 | -5.66 | -9.14 | -4.16 | -3.94 | -7.03 | -2.25 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($51M) exceeds total debt ($0)
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 | 7.98 | 7.98 | 8.84 | 4.65 | 9.06 | 11.18 | 12.96 | 10.06 | 9.50 | 8.61 | 9.33 |
| Quick Ratio | 6.84 | 6.84 | 7.62 | 3.87 | 8.43 | 10.54 | 12.16 | 9.44 | 8.63 | 7.58 | 8.27 |
| Cash Ratio | 5.03 | 5.03 | 6.14 | 3.05 | 6.78 | 9.16 | 10.57 | 7.89 | 7.33 | 6.46 | 7.01 |
| Asset Turnover | — | 0.77 | 0.74 | 0.71 | 0.62 | 0.50 | 0.45 | 0.58 | 0.63 | 0.59 | 0.87 |
| Inventory Turnover | 1.68 | 1.68 | 1.62 | 1.20 | 2.24 | 2.27 | 2.07 | 2.42 | 1.78 | 1.32 | 1.58 |
| Days Sales Outstanding | — | 59.52 | 52.61 | 68.06 | 90.90 | 44.84 | 52.65 | 69.11 | 50.48 | 59.76 | 42.41 |
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 | 1.4% | 1.2% | 1.9% | 2.2% | 3.5% | — | — | — | — | — | — |
| Payout Ratio | 66.9% | 66.9% | 71.1% | 76.9% | 97.9% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 1.8% | 2.7% | 2.8% | 3.6% | 1.6% | 0.5% | 3.3% | 2.1% | 0.3% | 5.4% |
| FCF Yield | 1.6% | 1.4% | 2.5% | 0.9% | 2.3% | 1.8% | 1.8% | 3.4% | 2.4% | 1.5% | 5.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 1.0% | 7.5% |
| Total Shareholder Yield | 1.4% | 1.2% | 1.9% | 2.2% | 3.5% | 0.0% | 0.0% | 0.0% | 0.1% | 1.0% | 7.5% |
| Shares Outstanding | — | $13M | $13M | $13M | $13M | $13M | $12M | $12M | $12M | $12M | $12M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying IRMD stock.
IRadimed Corporation's current P/E ratio is 48.8x. The historical average is 42.4x. This places it at the 70th percentile of its historical range.
IRadimed Corporation's current EV/EBITDA is 36.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 36.1x.
IRadimed Corporation's return on equity (ROE) is 24.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 20.5%.
Based on historical data, IRadimed Corporation is trading at a P/E of 48.8x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
IRadimed Corporation's current dividend yield is 1.37% with a payout ratio of 66.9%.
IRadimed Corporation has 76.7% gross margin and 31.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Key Metrics
Top Statement Risk
3870 launch margin compression
Metrics are mathematically derived from official filings.
Margin Resilience Amid Launch Transition
Gross margin slipped to 74.1% in 2026Q2, the lowest in the reported period, while operating margin held at 31.2%, suggesting early 3870 launch costs are pressuring profitability, per SEC filings.
The 76%+ gross margin profile reflects the company's pricing power in the MRI-compatible niche, but the sequential decline to 74.1% in 2026Q2 indicates that the 3870 transition may involve higher initial production costs or a less favorable product mix. Operating margin compression to 31.2% from 32.9% in 2026Q1, alongside an SG&A spike, suggests that fixed overhead is not scaling down with the revenue dip. Investors should monitor whether the margin erosion is transitory as 3870 volumes scale or if it signals a structural shift in the cost structure.
ROIC Stability Masks Capital Efficiency
ROIC has remained in a tight 10.9%–13.7% band over the past ten quarters, with 2026Q2 at 11.3%, indicating stable but not compounding returns on invested capital, as reported in financial statements.
The stability in ROIC, despite a 30.7% year-over-year increase in total assets, suggests that the company is not generating incremental returns on its growing cash and PP&E base. The asset-light model is evident in the low asset turnover of 0.18–0.20, which, combined with high margins, yields a moderate ROIC. The recent PP&E expansion (up 124% year-over-year) may be tied to the 3870 launch, but until revenue growth accelerates, the return on that capital will remain subdued.
Working Capital Drag from Inventory Buildup
Cash conversion cycle lengthened to 232 days in 2026Q2, driven by DIO of 207 days, up from 190 days in 2025Q4, indicating inventory buildup ahead of the 3870 launch, based on reported figures.
The elevated DIO, which has ranged from 190 to 288 days over the past ten quarters, reflects the specialized nature of the manufacturing process and the need to hold components for the non-magnetic motors. However, the recent increase in DIO, coupled with a stable DSO around 55–59 days, suggests that working capital is absorbing cash as the company prepares for the 3870 ramp. The CCC of 232 days is high for a med-tech company, but the fortress balance sheet mitigates the risk; still, investors should watch for inventory normalization as the launch matures.
Debt-Free Balance Sheet Provides Flexibility
IRMD carries zero debt with a D/E of nil, and cash of $59.1M exceeds total liabilities of $13.2M by over fourfold, indicating a fortress balance sheet, as per recent SEC filings.
The absence of debt and the substantial cash buffer provide significant strategic flexibility, especially during the 3870 transition. Interest coverage is not applicable, but the company's ability to self-fund its operations and capital expenditures is evident from its positive FCF margins, which averaged over 20% in most quarters. The cash hoard, representing 51% of total assets, may suggest underutilization of capital, but it also insulates the company from any potential regulatory or operational setbacks.
Liquidity Buffer Shields Launch Volatility
Current ratio of 9.46 and quick ratio of 8.13 in 2026Q2 indicate ample liquidity, with cash covering over 12 quarters of operating expenses, according to reported financials.
The liquidity position is exceptionally strong, with current assets far exceeding current liabilities, even when inventory is excluded. This provides a substantial cushion against any near-term disruptions from the 3870 launch or potential FDA-related delays. The high quick ratio suggests that the company could meet its short-term obligations even if inventory became illiquid, which is a key consideration given the specialized nature of its products.
Misapplied P/E Overlooks Recurring Revenue
The trailing P/E of 50.2 and forward P/E of 41.6 appear rich, but the PEG of 0.68 suggests the market may be underpricing the recurring disposable revenue stream, based on reported figures.
Analysts often apply a hardware multiple to IRMD, but the razor-and-blade model, with high-margin disposables and service contracts, warrants a software-like valuation. The P/E multiple fails to capture the stability of the recurring revenue, which is evidenced by the deferred revenue growth of 47% over the past year. A more appropriate metric would be EV/EBITDA, which at 37.6x still reflects a premium, but the forward EV/EBITDA of 25.1x implies that the market expects EBITDA growth from the 3870 ramp. Investors should focus on the disposable-to-hardware revenue mix and the utilization rate of the installed base rather than the headline P/E.