Integrated Research Limited (AU:IRI)
ASX:IRI
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Integrated Research Limited
(Sydney:IRI)
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Rating:64Neutral
Price Target:
AU$0.34
▲(0.59% Upside)
Action:ReiteratedDate:02/26/26
Overall score reflects solid financial stability but weakening operating performance (declining revenue, margin pressure, lower free cash flow) as the primary drag. Technicals add additional caution with the stock below major moving averages and negative MACD. Valuation is a key offset with a very low P/E and high dividend yield, while the latest earnings call indicates near-term earnings risk from churn, one-offs and higher investment, balanced by strong liquidity and a credible product-led growth roadmap.
Positive Factors
Low leverage / strong capital structure
Minimal financial leverage (debt/equity ~0.018) provides durable financial flexibility. With low interest obligations the company can fund R&D, support product development, or pursue selective M&A without stressing cash flow, improving resilience through cycles.
Negative Factors
Declining revenue growth
Negative top-line growth reduces the firm’s ability to absorb fixed costs and limits operating leverage benefits. Sustained revenue contraction can reflect competitive pressures, product-market fit issues, or customer churn, constraining long-term reinvestment capacity and strategic options.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong capital structure
Minimal financial leverage (debt/equity ~0.018) provides durable financial flexibility. With low interest obligations the company can fund R&D, support product development, or pursue selective M&A without stressing cash flow, improving resilience through cycles.
Read all positive factors
Integrated Research Limited (IRI) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$55.08M
Dividend Yield5.97%
Average Volume (3M)387.86K
Price to Earnings (P/E)―
Beta (1Y)1.01
Revenue Growth-18.05%
EPS Growth-51.45%
CountryAU
Employees142
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.85
Shares Outstanding180,591,800
10 Day Avg. Volume138,367
30 Day Avg. Volume387,860
Financial Highlights & Ratios
PEG Ratio-0.11
Price to Book (P/B)0.74
Price to Sales (P/S)1.09
P/FCF Ratio9.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.36Price Target Upside5.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)AU$65.00M
Integrated Research Limited Business Overview & Revenue Model
Company Description
Integrated Research Limited (IRI) is a global technology company specializing in performance management and monitoring solutions for complex IT environments. The company operates primarily in the sectors of telecommunications, finance, and IT infr...
How the Company Makes Money
IRI generates revenue through a combination of software licensing, subscription services, and professional services. The company's key revenue streams include sales of its performance management software, which is offered both as perpetual license...
Integrated Research Limited Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: meaningful near-term financial headwinds driven by a large one-off expected credit loss and continued churn in core product lines caused profitability to turn negative and pro forma revenue to decline. Offsetting this, IR has a strong cash position (no debt), improved operating cash flow, important product launches (Iris, Elevate), a significant deployment with a top-10 U.S. bank, and a clear product-led growth roadmap including an IR Labs MVP planned for calendar 2026. Management expects higher investment in H2 to fund growth. Overall, strategic product progress and balance-sheet strength are positives, while earnings, renewals volatility and near-term expense increases are material negatives — yielding a balanced outlook.Positive Updates
Statutory Revenue and Pro Forma Revenue
Statutory revenue for H1 FY26 was $28.3M, slightly down 2% versus PCP. Pro forma revenue (underlying measure smoothing license fees) was $34.4M, down 6% versus PCP with term-based contracts down 4% and services down 2%.
Negative Updates
Large Expected Credit Loss and Impact on Earnings
A $4.8M expected credit loss (principally related to a single reseller client) was recorded in G&A, driving the company to an operating EBITDA loss of $3.1M and a net after-tax loss of $1.5M versus PCP profits of $4.6M for both measures.
Read all updates
Q2-2026 Updates
Positive
Negative
Statutory Revenue and Pro Forma Revenue
Statutory revenue for H1 FY26 was $28.3M, slightly down 2% versus PCP. Pro forma revenue (underlying measure smoothing license fees) was $34.4M, down 6% versus PCP with term-based contracts down 4% and services down 2%.
Read all positive updates
Company Guidance
Management reiterated that H1 FY26 results were at the upper end of the guidance range issued 14 Nov 2025 and provided clear near‑term guidance around investment and timing: statutory revenue was $28.3m (down 2% PCP) and pro forma revenue $34.4m (down 6% PCP), license fees were up 4%, EBITDA was a loss of $3.1m (vs. EBITDA profit $4.6m PCP), net after‑tax loss $1.5m (vs. $4.6m profit PCP), and an expected credit loss charge of $4.8m materially impacted earnings; operating expenses excluding that charge were $26.5m (down 4%), with product & technology +14% and S&M -9%. They flagged H2 FY26 expense increases to accelerate the product‑led growth program, plan an IR Labs AI MVP in CY‑26 and Iris rollouts to Transact and Infrastructure toward the end of FY26, and expect subscription fees flat or down ~3% PCP; cash of $43.6m (up $3m, +8%), operating cash flow $5.5m (vs. $0.5m PCP), net assets $95.7m (down 5%), no debt and NTA/share $0.53 (down 7%) were cited as funding headroom to execute the plan.Integrated Research Limited Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
75
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 67.76M | 68.26M | 83.29M | 69.83M | 62.87M | 78.49M |
| Gross Profit | 51.80M | 68.26M | 83.29M | 28.94M | 62.87M | 78.49M |
| EBITDA | 8.82M | 13.45M | 25.34M | -1.07M | 10.40M | 23.34M |
| Net Income | 7.26M | 13.36M | 27.13M | -29.23M | 1.54M | 7.93M |
Balance Sheet | ||||||
| Total Assets | 115.34M | 122.97M | 114.19M | 90.84M | 132.20M | 136.63M |
| Cash, Cash Equivalents and Short-Term Investments | 43.64M | 40.59M | 31.89M | 18.55M | 12.33M | 12.15M |
| Total Debt | 2.36M | 1.85M | 1.72M | 3.05M | 4.87M | 13.08M |
| Total Liabilities | 19.67M | 22.36M | 25.82M | 30.97M | 45.08M | 53.29M |
| Stockholders Equity | 95.67M | 100.62M | 88.36M | 59.87M | 87.11M | 83.34M |
Cash Flow | ||||||
| Free Cash Flow | 15.13M | 8.18M | 15.22M | 8.20M | 6.97M | 9.67M |
| Operating Cash Flow | 15.58M | 8.68M | 13.04M | 15.99M | 18.76M | 21.91M |
| Investing Cash Flow | 744.00K | 4.12M | 2.27M | -8.90M | -11.80M | -12.24M |
| Financing Cash Flow | -4.32M | -5.00M | -1.69M | -1.63M | -6.96M | -6.44M |
Integrated Research Limited Technical Analysis
Neutral
0.34
Price Trends
0.31
Negative
0.32
Negative
0.36
Negative
Market Momentum
>-0.01
Negative
49.33
Neutral
30.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:IRI, the sentiment is Neutral. The current price of 0.34 is above the 20-day moving average (MA) of 0.30, above the 50-day MA of 0.31, and below the 200-day MA of 0.36, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 49.33 is Neutral, neither overbought nor oversold. The STOCH value of 30.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AU:IRI.
Integrated Research Limited Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$17.43M | 4.48 | 24.34% | ― | 15.13% | 41.94% | |
69 Neutral | AU$1.01B | 12.19 | 17.13% | 1.85% | 11.15% | 105.20% | |
64 Neutral | AU$55.08M | -10.26 | 7.40% | 5.97% | -18.05% | -51.45% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
46 Neutral | AU$36.47M | -2.96 | -203.17% | ― | 9.14% | 65.30% | |
42 Neutral | AU$32.84M | -1.84 | -62.57% | ― | -38.03% | -11.27% | |
39 Underperform | AU$8.03M | -0.46 | 783.67% | ― | -4.90% | -52.78% |
* Technology Sector Average
AU:IRI
Integrated Research Limited
0.31
-0.12
-28.90%
AU:HSN
Hansen Technologies Limited
4.97
-0.03
-0.50%
AU:CXZ
Connexion Telematics Limited
0.03
>-0.01
-10.71%
AU:AR9
archTIS Ltd.
0.07
0.01
25.93%
AU:PRO
Prophecy International Holdings Ltd
0.10
-0.39
-79.38%
AU:DUB
Dubber Corporation Limited
0.01
-0.02
-56.67%
Integrated Research Limited Corporate Events
Integrated Research Swings to EBITDA Loss as Product-Led Growth Drive Accelerates
Feb 25, 2026
Integrated Research reported a 2% decline in first-half FY26 revenue to $28.3m and an EBITDA loss of $3.1m, largely due to higher expected credit losses and a softer renewals book, despite a solid 8% increase in cash to $43.6m. Management highligh...
Integrated Research swings to interim loss as revenue dips and dividend withheld
Feb 25, 2026
Integrated Research Limited reported a 2% decline in revenue to A$28.3 million for the half-year to 31 December 2025, alongside a net loss attributable to members of A$1.5 million, reversing prior profitability. The board again withheld an interim...
Integrated Research Issues Over 2.2 Million Unquoted Performance Rights Under Incentive Scheme
Jan 14, 2026
Integrated Research Limited has issued 2,297,321 unquoted performance rights under its employee incentive scheme, effective 14 January 2026. The issuance, which is subject to transfer restrictions and will not be quoted on the ASX until those rest...
Integrated Research Director Ian Lowe Receives Additional Performance Rights Grant
Jan 14, 2026
Integrated Research Limited has disclosed a change in director Ian Lowe’s holdings, with the managing executive receiving an additional allocation of performance rights in the company. The grant of 581,395 new performance rights, approved by...
Integrated Research Issues 581,395 Unquoted Performance Rights Under Staff Incentive Plan
Jan 14, 2026
Integrated Research Limited has issued 581,395 unquoted performance rights under its employee incentive scheme, with the securities coded IRIAAA and subject to transfer restrictions until those conditions are lifted. The move increases the company...
Integrated Research Performance Rights Lapse After Vesting Conditions Not Met
Jan 14, 2026
Integrated Research Limited has notified the ASX that 188,247 performance rights (security code IRIAAA) lapsed on 31 December 2025 after the conditions attached to those rights were not satisfied or became incapable of being satisfied. The cessati...
Director Increases Stake in Integrated Research Limited
Dec 7, 2025
Integrated Research Limited announced a change in the director’s interest notice, revealing that Mr. Michael Hitz, a director of the company, has increased his indirect interest in the company by acquiring 149,500 ordinary shares through an ...
Integrated Research Limited Director Acquires Significant Shareholding
Dec 1, 2025
Integrated Research Limited announced a change in the director’s interest, with Mr. Michael Hitz acquiring 150,500 ordinary shares through on-market trades. This acquisition reflects a significant personal investment by Mr. Hitz, potentially...
Integrated Research Limited Announces Director’s Share Acquisition
Nov 28, 2025
Integrated Research Limited has announced a change in the director’s interest, with Ms. Katherine Greenhill acquiring 90,000 ordinary shares through on-market trades. This acquisition, valued at $28,088.40, signifies a notable increase in Ms...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.