What is Iridex's earnings per share (EPS)?

Iridex (IRIX) reported diluted earnings per share of $-0.26 for fiscal year 2026. This represents a 51.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Iridex Financials

IRIX

Source SEC Filings (10-K/10-Q) Updated Apr 2, 2026 Currency USD FYE April

This page shows Iridex (IRIX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 34/100

Based on FY2026 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Iridex has an operating margin of -4.9%, meaning the company retains $-5 of operating profit per $100 of revenue. This below-average margin results in a low score of 11/100, suggesting thin profitability after operating expenses. This is up from -17.1% the prior year.

Growth

Iridex's revenue grew 8.2% year-over-year to $52.7M, a solid pace of expansion. This earns a growth score of 47/100.

Leverage

Iridex carries a low D/E ratio of 0.20, meaning only $0.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Iridex's current ratio of 1.91 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Iridex generated -$2.1M in operating cash flow, capex of $143K consumed most of it, leaving -$2.3M in free cash flow. This results in a low score of 14/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Iridex generates a -90.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -424.9% the prior year.

Piotroski F-Score Neutral

5/9

Iridex passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.48x

For every $1 of reported earnings, Iridex generates $0.48 in operating cash flow (-$2.1M OCF vs -$4.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-44.3x

Iridex earns $-44.3 in operating income for every $1 of interest expense (-$2.6M vs $58K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$52.7M

YoY+8.2%

5Y CAGR+3.9%

10Y CAGR+3.2%

Iridex generated $52.7M in revenue in fiscal year 2026. This represents an increase of 8.2% from the prior year.

EBITDA

-$2.0M

YoY+73.5%

Iridex's EBITDA was -$2.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 73.5% from the prior year.

Net Income

-$4.4M

YoY+50.2%

Iridex reported -$4.4M in net income in fiscal year 2026. This represents an increase of 50.2% from the prior year.

EPS (Diluted)

$-0.26

YoY+51.9%

Iridex earned $-0.26 per diluted share (EPS) in fiscal year 2026. This represents an increase of 51.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$2.3M

YoY+69.1%

Iridex generated -$2.3M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 69.1% from the prior year.

Cash & Debt

$6.0M

YoY+152.5%

5Y CAGR-13.8%

10Y CAGR-7.7%

Iridex held $6.0M in cash against $1.0M in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

17M

YoY+4.0%

5Y CAGR+4.7%

10Y CAGR+5.7%

Iridex had 17M shares outstanding in fiscal year 2026. This represents an increase of 4.0% from the prior year.

Margins & Returns

Gross Margin

36.5%

YoY-3.6pp

5Y CAGR-4.8pp

10Y CAGR-12.1pp

Iridex's gross margin was 36.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 3.6 percentage points from the prior year.

Operating Margin

-4.9%

YoY+12.2pp

5Y CAGR+15.8pp

10Y CAGR-11.8pp

Iridex's operating margin was -4.9% in fiscal year 2026, reflecting core business profitability. This is up 12.2 percentage points from the prior year.

Net Margin

-8.4%

YoY+9.9pp

5Y CAGR+11.9pp

10Y CAGR-14.2pp

Iridex's net profit margin was -8.4% in fiscal year 2026, showing the share of revenue converted to profit. This is up 9.9 percentage points from the prior year.

Return on Equity

-90.1%

YoY+334.7pp

5Y CAGR-51.3pp

10Y CAGR-98.8pp

Iridex's ROE was -90.1% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 334.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$3.7M

YoY-32.7%

5Y CAGR-0.1%

10Y CAGR-0.0%

Iridex invested $3.7M in research and development in fiscal year 2026. This represents a decrease of 32.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$143K

YoY+1000.0%

5Y CAGR+2.2%

10Y CAGR-9.3%

Iridex invested $143K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 1000.0% from the prior year.

IRIX Income Statement

Metric	FY26	FY24	FY23	FY22	FY21	FY19
Revenue	$52.7M+8.2%	$48.7M-6.2%	$51.9M-9.0%	$57.0M+56.7%	$36.3M-16.3%	$43.4M
Cost of Revenue	$400K-98.6%	$29.2M-3.0%	$30.1M-4.9%	$31.6M+52.0%	$20.8M-18.5%	$25.5M
Gross Profit	$19.2M-1.4%	$19.5M-10.6%	$21.8M-14.0%	$25.4M+63.1%	$15.6M-13.3%	$17.9M
R&D Expenses	$3.7M-32.7%	$5.4M-20.2%	$6.8M-4.8%	$7.2M+118.6%	$3.3M-10.9%	$3.7M
SG&A Expenses	$7.7M-20.9%	$9.8M+11.8%	$8.7M+15.8%	$7.6M+14.2%	$6.6M-21.0%	$8.4M
Operating Income	-$2.6M+69.0%	-$8.3M+17.0%	-$10.0M-32.7%	-$7.5M-14.6%	-$6.6M+26.6%	-$9.0M
Interest Expense	$58K-60.3%	$146K	N/A	N/A	N/A	N/A
Income Tax	$57K-16.2%	$68K-24.4%	$90K+38.5%	$65K+150.0%	$26K-45.8%	$48K
Net Income	-$4.4M+50.2%	-$8.9M+6.9%	-$9.6M-26.8%	-$7.5M-19.2%	-$6.3M+28.2%	-$8.8M
EPS (Diluted)	$-0.26+51.9%	$-0.54+8.5%	$-0.59-25.5%	$-0.47-2.2%	$-0.46+28.1%	$-0.64

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$12.5M-8.0%	$13.6M+14.1%	$11.9M-6.3%	$12.7M+9.6%	$11.6M-8.3%	$12.6M+7.4%	$11.8M-5.6%	$12.5M
Cost of Revenue	$8.5M-4.7%	$8.9M+29.9%	$6.8M-3.8%	$7.1M-2.0%	$7.3M-3.2%	$7.5M+2.6%	$7.3M-3.6%	$7.6M
Gross Profit	$4.0M-14.3%	$4.7M-7.4%	$5.1M-9.5%	$5.6M+29.2%	$4.3M-15.8%	$5.1M+15.2%	$4.5M-8.7%	$4.9M
R&D Expenses	$972K+11.6%	$871K-0.6%	$876K-21.3%	$1.1M-14.3%	$1.3M-13.5%	$1.5M-2.3%	$1.5M-9.3%	$1.7M
SG&A Expenses	$1.8M-19.0%	$2.2M+14.8%	$1.9M-15.1%	$2.3M+1.2%	$2.2M-19.3%	$2.8M+12.8%	$2.5M+2.6%	$2.4M
Operating Income	-$1.4M-50.1%	-$940K-358.5%	-$205K+59.1%	-$501K+73.2%	-$1.9M+29.1%	-$2.6M+19.9%	-$3.3M-6.9%	-$3.1M
Interest Expense	N/A	N/A	N/A	N/A	$58K	N/A	N/A	N/A
Income Tax	$4K-81.0%	$21K+75.0%	$12K+300.0%	-$6K-135.3%	$17K-10.5%	$19K-50.0%	$38K-36.7%	$60K
Net Income	-$1.6M-58.2%	-$994K+41.0%	-$1.7M-102.2%	-$834K+56.9%	-$1.9M+27.8%	-$2.7M+22.7%	-$3.5M-17.0%	-$3.0M
EPS (Diluted)	$-0.09-50.0%	$-0.06+40.0%	$-0.10	N/A	$-0.12+25.0%	$-0.16+23.8%	$-0.21	N/A

IRIX Balance Sheet

Metric	FY26	FY24	FY23	FY22	FY21	FY19
Total Assets	$29.2M+0.1%	$29.1M-15.4%	$34.4M-18.6%	$42.3M-14.7%	$49.6M+42.4%	$34.8M
Current Assets	$25.3M+7.2%	$23.6M-14.2%	$27.4M-23.3%	$35.8M-19.1%	$44.2M+44.7%	$30.6M
Cash & Equivalents	$6.0M+152.5%	$2.4M-66.1%	$7.0M-49.5%	$13.9M-50.3%	$28.0M+121.2%	$12.7M
Inventory	$7.9M-27.2%	$10.8M+9.2%	$9.9M-6.6%	$10.6M+50.6%	$7.0M-13.8%	$8.2M
Accounts Receivable	$7.6M+27.9%	$6.0M-11.5%	$6.7M+8.0%	$6.2M-23.9%	$8.2M-12.2%	$9.3M
Goodwill	$965K0.0%	$965K0.0%	$965K0.0%	$965K+141.3%	$400K-25.0%	$533K
Total Liabilities	$24.2M-10.4%	$27.0M+8.5%	$24.9M-0.6%	$25.1M+4.8%	$23.9M+97.5%	$12.1M
Current Liabilities	$13.2M-20.2%	$16.6M+27.6%	$13.0M+4.2%	$12.5M-2.3%	$12.7M+30.4%	$9.8M
Long-Term Debt	$1.0M0.0%	$1.0M	N/A	N/A	$312K	N/A
Total Equity	$4.9M+134.7%	$2.1M-78.0%	$9.5M-44.7%	$17.2M-32.8%	$25.6M+13.0%	$22.7M
Retained Earnings	-$92.4M-5.0%	-$88.0M-11.3%	-$79.0M-13.4%	-$69.7M-18.3%	-$59.0M-16.5%	-$50.6M

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$28.4M-10.2%	$31.6M-7.7%	$34.2M+17.5%	$29.1M-3.4%	$30.2M-3.5%	$31.2M-8.3%	$34.1M-1.0%	$34.4M
Current Assets	$24.1M-10.4%	$26.9M-7.8%	$29.1M+23.6%	$23.6M-3.2%	$24.3M-2.7%	$25.0M-9.3%	$27.6M+0.5%	$27.4M
Cash & Equivalents	$5.6M-17.8%	$6.8M-6.4%	$7.2M+203.5%	$2.4M-38.2%	$3.9M-6.1%	$4.1M-24.1%	$5.4M-23.0%	$7.0M
Inventory	$7.3M-13.4%	$8.4M-16.8%	$10.1M-6.2%	$10.8M-1.1%	$10.9M-1.6%	$11.1M+1.1%	$11.0M+11.1%	$9.9M
Accounts Receivable	$7.1M-0.1%	$7.1M+6.8%	$6.7M+12.3%	$6.0M-0.1%	$6.0M-5.0%	$6.3M-3.9%	$6.5M-3.0%	$6.7M
Goodwill	$965K0.0%	$965K0.0%	$965K0.0%	$965K0.0%	$965K0.0%	$965K0.0%	$965K0.0%	$965K
Total Liabilities	$23.7M-7.3%	$25.5M-6.8%	$27.4M+1.3%	$27.0M-1.8%	$27.5M+2.0%	$27.0M-2.2%	$27.6M+10.8%	$24.9M
Current Liabilities	$12.4M-9.6%	$13.7M-8.3%	$14.9M-9.7%	$16.6M+4.5%	$15.9M-1.8%	$16.1M+0.5%	$16.1M+23.8%	$13.0M
Long-Term Debt	N/A	N/A	N/A	$1.0M-28.6%	$1.4M	N/A	N/A	N/A
Total Equity	$4.7M-22.7%	$6.1M+611.2%	$852K-59.4%	$2.1M-20.1%	$2.6M-38.2%	$4.2M-34.6%	$6.5M-31.9%	$9.5M
Retained Earnings	-$92.3M-1.7%	-$90.7M-1.1%	-$89.7M-1.9%	-$88.0M-1.0%	-$87.1M-2.3%	-$85.2M-3.2%	-$82.5M-4.4%	-$79.0M

IRIX Cash Flow Statement

Metric	FY26	FY24	FY23	FY22	FY21	FY19
Operating Cash Flow	-$2.1M+71.0%	-$7.3M-8.0%	-$6.7M+29.1%	-$9.5M-194.1%	-$3.2M+59.1%	-$7.9M
Capital Expenditures	$143K+1000.0%	$13K-88.1%	$109K-61.9%	$286K+194.8%	$97K-24.2%	$128K
Free Cash Flow	-$2.3M+69.1%	-$7.3M-6.5%	-$6.9M+30.1%	-$9.8M-194.1%	-$3.3M+58.5%	-$8.0M
Investing Cash Flow	-$143K-1000.0%	-$13K+88.1%	-$109K+61.9%	-$286K-207.5%	-$93K+81.7%	-$509K
Financing Cash Flow	$6.0M+128.9%	$2.6M+52200.0%	-$5K+93.2%	-$73K-103.0%	$2.5M+1681.4%	-$156K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$1.2M-191.7%	-$397K+65.4%	-$1.1M+7.2%	-$1.2M+59.7%	-$3.1M-131.7%	-$1.3M+19.5%	-$1.6M-68.3%	-$979K
Capital Expenditures	$13K0.0%	$13K+18.2%	$11K+22.2%	$9K+800.0%	$1K	$0-100.0%	$3K+109.4%	-$32K
Free Cash Flow	-$1.2M-185.6%	-$410K+64.7%	-$1.2M+7.0%	-$1.2M+59.4%	-$3.1M-131.8%	-$1.3M+19.7%	-$1.7M-63.3%	-$1.0M
Investing Cash Flow	-$13K0.0%	-$13K-18.2%	-$11K-22.2%	-$9K-800.0%	-$1K	$0+100.0%	-$3K-109.4%	$32K
Financing Cash Flow	-$34K-142.9%	-$14K-100.2%	$6.0M+2870.2%	-$218K-107.7%	$2.8M	$0	$0-100.0%	$45K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

IRIX Financial Ratios

Metric	FY26	FY24	FY23	FY22	FY21	FY19
Gross Margin	36.5%-3.6pp	40.1%-2.0pp	42.0%-2.5pp	44.5%+1.7pp	42.8%+1.5pp	41.3%
Operating Margin	-4.9%+12.2pp	-17.1%+2.2pp	-19.3%-6.0pp	-13.2%+4.9pp	-18.1%+2.5pp	-20.7%
Net Margin	-8.4%+9.9pp	-18.3%+0.1pp	-18.4%-5.2pp	-13.3%+4.2pp	-17.4%+2.9pp	-20.3%
Return on Equity	-90.1%+334.7pp	-424.9%-324.4pp	-100.5%-56.7pp	-43.8%-19.1pp	-24.7%+14.1pp	-38.8%
Return on Assets	-15.2%+15.4pp	-30.6%-2.8pp	-27.8%-9.9pp	-17.8%-5.1pp	-12.8%+12.5pp	-25.3%
Current Ratio	1.91+0.5	1.42-0.7	2.12-0.8	2.87-0.6	3.47+0.3	3.12
Debt-to-Equity	0.20-0.3	0.48-2.1	2.62+1.2	1.45+1.4	0.01-0.5	0.53
FCF Margin	-4.3%+10.7pp	-15.0%-1.8pp	-13.2%+4.0pp	-17.2%-8.0pp	-9.2%+9.3pp	-18.5%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	32.1%-2.3pp	34.5%-8.0pp	42.5%-1.5pp	44.0%+6.7pp	37.3%-3.3pp	40.6%+2.7pp	37.9%-1.3pp	39.2%
Operating Margin	-11.3%-4.4pp	-6.9%-5.2pp	-1.7%+2.2pp	-4.0%+12.2pp	-16.2%+4.7pp	-20.9%+7.1pp	-28.0%-3.3pp	-24.7%
Net Margin	-12.6%-5.3pp	-7.3%+6.8pp	-14.2%-7.6pp	-6.6%+10.1pp	-16.7%+4.5pp	-21.2%+8.2pp	-29.4%-5.7pp	-23.8%
Return on Equity	-33.6%-17.2pp	-16.4%+181.5pp	-197.9%-158.1pp	-39.8%+33.9pp	-73.7%-10.6pp	-63.1%-9.7pp	-53.4%-22.3pp	-31.1%
Return on Assets	-5.5%-2.4pp	-3.1%+1.8pp	-4.9%-2.1pp	-2.9%+3.6pp	-6.4%+2.2pp	-8.6%+1.6pp	-10.2%-1.6pp	-8.6%
Current Ratio	1.94-0.0	1.96+0.0	1.95+0.5	1.42-0.1	1.54-0.0	1.55-0.2	1.72-0.4	2.12
Debt-to-Equity	5.06+0.8	4.21-27.9	32.14+31.7	0.48-0.1	0.53-5.8	6.36+2.1	4.25+1.6	2.62
FCF Margin	-9.4%-6.4pp	-3.0%+6.7pp	-9.8%+0.1pp	-9.8%+16.7pp	-26.5%-16.0pp	-10.5%+3.5pp	-14.0%-5.9pp	-8.1%

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Frequently Asked Questions

What is Iridex's annual revenue?

Iridex (IRIX) reported $52.7M in total revenue for fiscal year 2026. This represents a 8.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Iridex's revenue growing?

Iridex (IRIX) revenue grew by 8.2% year-over-year, from $48.7M to $52.7M in fiscal year 2026.

Is Iridex profitable?

No, Iridex (IRIX) reported a net income of -$4.4M in fiscal year 2026, with a net profit margin of -8.4%.

What is Iridex's EBITDA?

Iridex (IRIX) had EBITDA of -$2.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Iridex have?

As of fiscal year 2026, Iridex (IRIX) had $6.0M in cash and equivalents against $1.0M in long-term debt.

What is Iridex's gross margin?

Iridex (IRIX) had a gross margin of 36.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Iridex's operating margin?

Iridex (IRIX) had an operating margin of -4.9% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Iridex's net profit margin?

Iridex (IRIX) had a net profit margin of -8.4% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Iridex's return on equity (ROE)?

Iridex (IRIX) has a return on equity of -90.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Iridex's free cash flow?

Iridex (IRIX) generated -$2.3M in free cash flow during fiscal year 2026. This represents a 69.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Iridex's operating cash flow?

Iridex (IRIX) generated -$2.1M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are Iridex's total assets?

Iridex (IRIX) had $29.2M in total assets as of fiscal year 2026, including both current and long-term assets.

What are Iridex's capital expenditures?

Iridex (IRIX) invested $143K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How much does Iridex spend on research and development?

Iridex (IRIX) invested $3.7M in research and development during fiscal year 2026.

How many shares does Iridex have outstanding?

Iridex (IRIX) had 17M shares outstanding as of fiscal year 2026.

What is Iridex's current ratio?

Iridex (IRIX) had a current ratio of 1.91 as of fiscal year 2026, which is generally considered healthy.

What is Iridex's debt-to-equity ratio?

Iridex (IRIX) had a debt-to-equity ratio of 0.20 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Iridex's return on assets (ROA)?

Iridex (IRIX) had a return on assets of -15.2% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Iridex's cash runway?

Based on fiscal year 2026 data, Iridex (IRIX) had $6.0M in cash against an annual operating cash burn of $2.1M. This gives an estimated cash runway of approximately 34 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Iridex's Piotroski F-Score?

Iridex (IRIX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Iridex's earnings high quality?

Iridex (IRIX) has an earnings quality ratio of 0.48x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Iridex cover its interest payments?

Iridex (IRIX) has an interest coverage ratio of -44.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Iridex?

Iridex (IRIX) scores 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.