Integral Diagnostics Ltd. (IDX) AI Stock Analysis

• Market Cap: AU$868.42M
• Dividend Yield: 2.65%
• Average Volume (3M): 911.20K
• Price to Earnings (P/E): 26.4
• Beta (1Y): 0.49
• Revenue Growth: 33.54%
• EPS Growth: N/A
• Country: AU
• Employees: 1,977
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Diagnostics & Research
• EPS (TTM): 0.02
• Shares Outstanding: 372,926,670
• 10 Day Avg. Volume: 1,057,226
• 30 Day Avg. Volume: 911,197
• PEG Ratio: -1.57
• Price to Book (P/B): 1.12
• Price to Sales (P/S): 1.24
• P/FCF Ratio: 55.58
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$3.27
• Price Target Upside: 42.17% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.13
• Revenue Forecast (FY): AU$801.31M

• Rating: 55 Neutral
• Price Target: AU$2.50 ▲(8.70% Upside)
• Action: Reiterated Date: 10/04/25
• Date: Action: Reiterated 10/04/25

Integral Diagnostics Ltd. has strong revenue growth and operational efficiency, but faces significant challenges in profitability and cash flow management. The technical indicators suggest bearish momentum, and the stock appears overvalued with a high P/E ratio. These factors contribute to a cautious outlook, reflected in the overall score.

Positive Factors

High revenue growth

Sustained double-digit top-line expansion reflects increasing scan volumes and market penetration across IDX's clinic network. Durable revenue momentum backed by recurring payer streams (Medicare, insurers, OOP) supports scale, investment capacity and long-term service rollout over 2-6 months.

Very high gross profit margin

A ~95.5% gross margin indicates a low direct cost base for diagnostic imaging services and strong operational efficiency. This structural margin advantage gives pricing and investment flexibility, enabling capacity investments or margin cushioning against reimbursement pressure over coming months.

Improved leverage (lower debt-to-equity)

Reduced leverage to a 0.84 debt/equity level improves financial flexibility and lowers interest burden, supporting capacity to fund organic expansion or selective M&A. A stronger balance sheet reduces refinancing risk and gives resilience across the next several quarters.

Negative Factors

Very low net profitability

Despite strong revenues, net margin near 0.75% shows the business struggles to convert top-line into bottom-line profit. Persistently thin net profitability limits retained earnings, reduces return to shareholders and constrains reinvestment ability unless operating costs or overheads are materially improved.

Sharp free cash flow decline

A nearly 59% drop in free cash flow materially weakens liquidity and the company’s ability to fund capex, pay down debt or return capital. If the decline persists, it will restrict strategic flexibility and heighten reliance on external financing over the medium term.

Weak earnings-to-cash conversion

Moderate operating cash conversion and low FCF-to-net-income indicate earnings quality and working capital or capex strain. Structural cash conversion weakness can undermine sustainability of margins and growth investments, pressuring financial resilience over the next 2-6 months.

Integral Diagnostics Ltd. Business Overview & Revenue Model

Company Description

Integral Diagnostics Limited, a healthcare services company, provides diagnostic imaging services to general practitioners, medical specialists, and allied health professionals and their patients in Australia and New Zealand. It provides services through 67 radiology clinics. The company was incorporated in 2008 and is headquartered in Melbourne, Australia.

How the Company Makes Money

IDX makes money primarily by delivering diagnostic imaging exams and associated radiology reporting, earning revenue on a per-scan/per-service basis. Key revenue streams typically include: (1) patient imaging services where payments are sourced from Australia’s Medicare reimbursement system (for eligible services), private health insurers, and/or direct patient out-of-pocket payments depending on the service and patient coverage; (2) services provided to hospitals, medical centres, and referrers (e.g., clinics providing imaging capacity and radiologist interpretation), which may be billed under contractual or fee-for-service arrangements; and (3) other related fees such as professional reporting, interventional/complex procedures where applicable, and ancillary clinic/service charges. Material earnings drivers generally include scan volumes, modality mix (higher complexity modalities such as MRI/CT typically attracting higher fees than basic X-ray), geographic footprint and clinic utilisation, workforce availability (radiologists/technologists), and reimbursement/pricing settings. Specific major partnerships, contract terms, or segment revenue splits are null.

Integral Diagnostics Ltd. Financial Statement Overview

Summary

Integral Diagnostics Ltd. shows strong revenue growth and operational efficiency, as evidenced by high gross profit margins. However, the company faces challenges in converting this growth into net income, reflected in low net profit margins and return on equity. The balance sheet shows improved leverage, but cash flow concerns persist due to declining free cash flow. Overall, while the company is on a growth trajectory, it needs to focus on enhancing profitability and cash flow management to ensure sustainable financial health.

Income Statement

Integral Diagnostics Ltd. has demonstrated strong revenue growth with a 27.66% increase in the latest year, indicating a robust expansion trajectory. The gross profit margin remains high at 95.52%, showcasing operational efficiency. However, the net profit margin is low at 0.75%, suggesting challenges in translating revenue growth into net income. The EBIT and EBITDA margins are moderate, reflecting stable operational performance but room for improvement in cost management.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.84, indicating a better balance between debt and equity compared to previous years. However, the return on equity is low at 0.67%, pointing to limited profitability for shareholders. The equity ratio is stable, suggesting a solid asset base, but the company needs to enhance its profitability metrics to strengthen its financial position further.

Cash Flow

Operating cash flow remains positive, but the free cash flow has declined significantly by 58.96%, raising concerns about cash generation capabilities. The operating cash flow to net income ratio is moderate, indicating some efficiency in converting income into cash. However, the free cash flow to net income ratio is low, suggesting potential liquidity challenges if the trend continues.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	767.82M	627.22M	469.70M	440.10M	358.74M	348.81M
Gross Profit	170.25M	599.09M	446.78M	97.76M	83.84M	92.19M
EBITDA	131.67M	87.70M	12.10M	92.74M	69.90M	88.94M
Net Income	14.03M	4.67M	-60.70M	25.04M	14.60M	31.27M
Balance Sheet
Total Assets	1.42B	1.43B	744.28M	839.01M	783.01M	654.90M
Cash, Cash Equivalents and Short-Term Investments	34.12M	52.10M	42.44M	33.85M	123.19M	62.20M
Total Debt	841.54M	585.01M	355.59M	365.08M	340.99M	308.36M
Total Liabilities	742.06M	732.53M	442.57M	465.96M	435.77M	400.16M
Stockholders Equity	678.25M	693.00M	301.71M	373.05M	347.24M	254.74M
Cash Flow
Free Cash Flow	26.69M	14.01M	42.28M	27.42M	9.33M	49.30M
Operating Cash Flow	84.45M	73.77M	66.16M	71.42M	37.10M	69.57M
Investing Cash Flow	-56.25M	-64.99M	-27.90M	-128.96M	-55.69M	-56.66M
Financing Cash Flow	-24.89M	710.00K	-29.45M	-31.85M	81.13M	-7.83M

Integral Diagnostics Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IDX, the sentiment is Negative. The current price of 2.3 is below the 20-day moving average (MA) of 2.37, below the 50-day MA of 2.46, and below the 200-day MA of 2.54, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 40.90 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:IDX.

Integral Diagnostics Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHL	70 Outperform	AU$10.24B	10.64	6.39%	4.69%	9.44%	-0.37%
MVF	67 Neutral	AU$249.37M	10.00	6.06%	6.22%	6.65%	―
ACL	59 Neutral	AU$384.42M	23.92	16.35%	4.60%	6.73%	37.16%
IDX	55 Neutral	AU$868.42M	26.42	2.05%	2.65%	33.54%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
HLS	46 Neutral	AU$428.42M	-5.40	-67.21%	―	-23.02%	33.11%
GSS	41 Neutral	AU$17.94M	-2.23	-23.93%	―	62.81%	16.37%

Integral Diagnostics Ltd. Corporate Events

Integral Diagnostics director James Hall increases indirect shareholding

Integral Diagnostics Limited has disclosed a change in the interests of director James Tobias Hall, who holds his stake indirectly via SF Nominees Pty Ltd as trustee for a self-managed super fund. The filing notes that the director is both a director and shareholder of the trustee and a beneficiary of the trust structure through which the shares are held.

On 9 March 2026, Hall acquired 10,000 fully paid ordinary shares in Integral Diagnostics on-market at $2.25 per share, increasing his holding from 200,492 to 210,492 shares. The company reported that there were no related changes in contracts or trades during a closed period, indicating the transaction occurred under normal trading conditions and in compliance with governance requirements.

The most recent analyst rating on (AU:IDX) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics Director Laura McBain Increases Indirect Shareholding

Integral Diagnostics has disclosed a change in the shareholding of non-executive director Laura McBain, who increased her indirect interest in the company through an on-market purchase. Via Vermilion 21 Pty Ltd as trustee for the McNelhaus Super Fund, McBain acquired 8,474 fully paid ordinary shares at $2.35 each on 6 March 2026, lifting her holding from 14,776 to 23,250 shares.

The transaction, recorded as an on-market trade and notified under ASX listing rule 3.19A.2, signals a higher personal financial exposure by McBain to Integral Diagnostics’ equity. While the filing is primarily compliance-driven, the additional share purchase may be interpreted by some investors as a sign of director confidence in the company’s prospects, albeit based solely on this disclosed transaction.

The most recent analyst rating on (AU:IDX) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics Director Kevin Shaw Purchases Initial Shareholding

Integral Diagnostics has disclosed a change in director Kevin Shaw’s interests, with Shaw acquiring 28,000 fully paid ordinary shares in the company via an on-market trade. The purchase, executed on 27 February 2026 at $2.43 per share, marks Shaw’s initial shareholding in the company and signals increased personal financial alignment with shareholders, though it does not alter any disclosed contractual interests or trading during a closed period.

The transaction underscores standard governance transparency requirements under ASX listing rules, ensuring investors are informed about directors’ equity positions. While the notice does not indicate any broader strategic shift, Shaw’s new stake may be interpreted by the market as a sign of confidence in Integral Diagnostics’ outlook and ongoing operations, potentially influencing stakeholder perception of board commitment and alignment.

The most recent analyst rating on (AU:IDX) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics Director Increases Indirect Shareholding

Integral Diagnostics director Ingrid Anne Player has increased her indirect shareholding in the company, reflecting a higher personal financial exposure to the medical imaging provider. Her interests are held through Pisi Pty Ltd as trustee of The Huybers Family Account, where she is a director, shareholder of the trustee, and a beneficiary of the trust.

On 27 February 2026, Player acquired 25,000 fully paid ordinary shares via an on-market trade at $2.4161 per share, lifting her indirect holding from 35,000 to 60,000 shares. The transaction, which did not occur during a closed trading period, may be seen as a signal of confidence in Integral Diagnostics’ prospects by a member of its board.

The most recent analyst rating on (AU:IDX) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics Declares Interim Dividend for December 2025 Half-Year

Integral Diagnostics Ltd., an ASX-listed provider of diagnostic imaging services under ticker IDX, continues to position itself as a stable healthcare services company offering income returns to shareholders through dividends on its ordinary fully paid shares. The company has declared an interim dividend of AUD 0.033 per ordinary share for the six months ended 31 December 2025, with an ex-dividend date of 4 March 2026, a record date of 5 March 2026, and payment scheduled for 2 April 2026, signalling ongoing commitment to shareholder distributions and providing clarity on the near-term cash return timetable.

The most recent analyst rating on (AU:IDX) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics Delivers Strong 1H FY26 Results as Capitol Merger Synergies Exceed Targets

Integral Diagnostics has reported a strong first-half FY26 performance, underpinned by the recent merger with Capitol Health, which has expanded its operational scale and clinic network. The group delivered revenue of $393.5 million, up 55.6%, and boosted its operating EBITDA margin to 20.6%, with operating NPAT more than doubling and leverage reduced to 2.5 times EBITDA.

Operating EBITDA rose 75.6% to $81.1 million and operating diluted EPS climbed 66.2%, supporting a 32% increase in the fully franked interim dividend to 3.3 cents per share. Management highlighted that merger integration is on track, with more than $14 million in annual synergies already realised, exceeding initial expectations and reinforcing the company’s trajectory for further margin improvement and enhanced shareholder returns.

The most recent analyst rating on (AU:IDX) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics Swings to Profit and Lifts Interim Dividend

Integral Diagnostics has reported a sharp turnaround in its half-year results to 31 December 2025, with revenue from ordinary activities jumping 55.6% to $393.5 million and EBITDA rising 91.4% to $67.1 million. EBIT climbed 161.8% to $30.2 million and profit after tax attributable to shareholders reached $9.0 million, compared with a loss a year earlier, reflecting the full period contribution from the Capitol Health acquisition.

Despite the improved profitability, net tangible assets per share remained negative at 109.67 cents, highlighting a capital structure still weighed down by intangibles. The board nonetheless signalled confidence in cash generation by lifting the fully franked interim dividend to 3.3 cents per share, up from 2.5 cents, and confirmed the continuation of its dividend reinvestment plan for the first half of FY26.

The most recent analyst rating on (AU:IDX) stock is a Hold with a A$2.50 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics Cancels 37,488 Long-Term Incentive Performance Rights

Integral Diagnostics Ltd has notified the market of the cessation of 37,488 IDXAA long-term incentive performance rights, which were cancelled by agreement between the company and the holder effective 16 January 2026. The cancellation marginally reduces the company’s outstanding equity-based incentive securities, slightly simplifying its capital structure and potentially altering the alignment of incentives for the affected participant without indicating any broader operational or strategic shift at this stage.

The most recent analyst rating on (AU:IDX) stock is a Buy with a A$3.50 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics Sets Investor Call for FY26 Half-Year Results

Integral Diagnostics has scheduled a group investor conference call for 11:00am AEDT on 24 February 2026, to be held following the release of its FY26 half-year financial results earlier that day. The planned briefing underscores the company’s engagement with investors and analysts, offering stakeholders a forum to review the latest performance metrics and operational developments in the context of the competitive medical imaging sector in Australasia.

The most recent analyst rating on (AU:IDX) stock is a Sell with a A$2.10 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics Director Increases Indirect Shareholding Through On-Market Purchase

Integral Diagnostics Limited has disclosed a change in director James Tobias Hall’s relevant interest in the company’s shares, following an on-market purchase. Hall, via the JTH & FMD SMSF account in which he is a director, shareholder of the trustee and beneficiary, acquired 6,200 fully paid ordinary shares at $2.43 per share on 31 December 2025, increasing his indirect holding from 194,292 to 200,492 shares. The transaction did not involve any disposals, no related contracts were affected, and the trade did not occur during a closed period, signalling a routine portfolio adjustment rather than a governance or compliance event.

The most recent analyst rating on (AU:IDX) stock is a Sell with a A$2.10 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics CEO Increases Shareholding After Vesting of Incentive Rights

Integral Diagnostics Ltd has disclosed a change in the interests of director Ian Kadish following the vesting of short-term incentive (STI) performance rights. On 22 December 2025, 34,233 STI performance rights vested into fully paid ordinary shares, increasing Kadish’s direct shareholding from 639,548 to 673,781 shares, while his STI performance rights balance decreased accordingly and his long-term incentive (LTI) performance rights holdings rose slightly due to adjustments. The transaction, undertaken for nil cash consideration, reflects the execution of the company’s incentive arrangements and further aligns the chief executive’s equity exposure with shareholder interests.

The most recent analyst rating on (AU:IDX) stock is a Sell with a A$2.10 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.

Integral Diagnostics Issues 99,221 New Shares on Option Conversion

Integral Diagnostics Ltd has issued 99,221 new fully paid ordinary shares on 22 December 2025 following the exercise or conversion of previously unquoted options or other convertible securities. The move modestly increases the company’s share base and reflects the take-up of equity incentives by holders of these instruments, slightly diluting existing shareholders while converting unquoted rights into listed equity.

The most recent analyst rating on (AU:IDX) stock is a Sell with a A$2.10 price target. To see the full list of analyst forecasts on Integral Diagnostics Ltd. stock, see the AU:IDX Stock Forecast page.