Iridex Corp. (IRIX) intrinsic value & 10-year financials
Iridex Corp. (IRIX) has a Graham intrinsic value of $11.01 per share. At $0.81 on Oct 17, 2026, the stock trades 93% below that value. Over the last 10 fiscal years revenue grew 2.3% a year to $52.7M, with an average return on invested capital of -103.6%.
- Graham intrinsic value
- $11.01
- Share price (Oct 17, 2026)
- $0.81
- Price vs Graham value
- 93% below
- Market cap
- $13.8M
- Revenue (FY2026)
- $52.7M
- Revenue growth (10-yr CAGR)
- 2.3%
- ROIC (10-yr avg)
- -103.6%
- Free cash flow (FY2026)
- -$2.3M
IRIX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $52.7M | -$4.4M | -$0.26 | -$2.3M | -4.9% | -232.4% |
| FY2024 | $48.7M | -$8.9M | -$0.54 | -$7.3M | -17.1% | -222.6% |
| FY2023 | $51.9M | -$9.6M | -$0.59 | -$6.9M | -19.3% | -241.7% |
| FY2022 | $57.0M | -$7.5M | -$0.47 | -$9.8M | -13.2% | -120.1% |
| FY2021 | $36.3M | -$6.3M | -$0.46 | -$3.3M | -18.1% | -64.6% |
| FY2019 | $43.4M | -$8.8M | -$0.64 | -$8.0M | -20.7% | -75.7% |
| FY2018 | $42.6M | -$12.8M | -$1.05 | -$10.5M | -30.2% | -42.6% |
| FY2017 | $41.6M | -$12.9M | -$1.11 | -$4.1M | -31.0% | -36.6% |
| FY2016 | $46.2M | -$11.7M | -$1.15 | -$1.2M | -5.6% | -7.0% |
| FY2015 | $42.8M | $10.0M | $0.97 | $3.4M | 6.0% | 7.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
IRIDEX CORP has demonstrated mature, steady growth, with revenue compounding at 2.3% annually over the past decade.
IRIDEX CORP has historically struggled to out-earn its cost of capital, averaging just -34.6% ROIC.
IRIDEX CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, IRIDEX CORP is modeled at 2.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $11.01 per share.