A$5.43 ($3.78)

+0.07 (+1.40%)

Weekly Expected Move ±4.0%

A$5 A$5 A$5 A$6 A$6

ASX · Technology · Software - Application · Tech Score Sell · Power 38 · A$1.0B mcap · 173M float · 0.644% daily turnover

Overview Chart Financials Income Statement Cash Flow Balance Sheet Earnings

Analysis Technicals Weather Peers ETF Exposure

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

A-

Oct 02, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. IRE.AX receives an overall rating of A-. Strongest factors: DCF (4/5), ROE (4/5), ROA (5/5). Areas of concern: D/E (2/5).

Rating Change History

Date	From	To
2026-10-01	A	A-
2026-08-18	B+	A
2026-07-01	A-	B+
2026-04-28	B+	A-
2026-04-01	A-	B+
2026-03-12	B+	A-
2026-02-26	A-	B+
2026-02-04	B+	A-
2026-01-08	A-	B+
2026-01-07	B+	A-

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 66 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

100

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. IRE.AX scores highest in Safety (100/100) and lowest in Growth (52/100). An overall grade of A places IRE.AX among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

5.70

Safe Zone

Piotroski F-Score

5/9

✓ ✓ ✓ ✗ ✓ ✗ ✗ ✓ ✗

Beneish M-Score

-2.52

Unlikely Manipulator

Ohlson O-Score

-9.94

Bankruptcy prob: 0.0%

Low Risk

Credit Rating

AA+

Score: 90.2/100

Trend: Improving

Earnings Quality

75/100

OCF/NI: 0.94x

Accruals: 1.6%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. IRE.AX scores 5.70, placing it in the Safe Zone (safe > 2.99, distress < 1.81). Bankruptcy is statistically unlikely within the next two years. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. IRE.AX scores 5/9, indicating moderate financial health — some areas of strength offset by weaknesses in others. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. IRE.AX's score of -2.52 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. IRE.AX's implied 0.0% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. IRE.AX receives an estimated rating of AA+ (score: 90.2/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). IRE.AX's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

10.96x

PEG

2.63x

P/S

2.02x

P/B

2.39x

P/FCF

8.59x

P/OCF

7.00x

EV/EBITDA

4.90x

EV/Revenue

1.21x

EV/EBIT

6.48x

EV/FCF

9.50x

Earnings Yield

15.26%

FCF Yield

11.64%

Shareholder Yield

5.63%

Graham Number

$6.83

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 11.0x earnings, IRE.AX trades at a reasonable valuation. An earnings yield of 15.3% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $6.83 per share, suggesting a potential 25% margin of safety at the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.816

NI / EBT

Interest Burden

1.096

EBT / EBIT

EBIT Margin

0.186

EBIT / Rev

Asset Turnover

1.507

Rev / Assets

Equity Multiplier

2.014

Assets / Equity

ROE

50.5%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. IRE.AX's ROE of 50.5% is driven by Asset Turnover (1.507), indicating efficient use of assets to generate revenue.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Two adjustments we make, and why. Growth is capped at 15%. Graham defined g as expected growth over the next seven to ten years, not last year's rate. Across US companies since 1994 the median realized 7-year EPS growth is 5–8% regardless of how fast a company grew beforehand, and of 4,457 company-quarters that grew faster than 200%, none sustained it. Uncapped, the formula assigned fair multiples in the hundreds to companies that had never held that rate — and scored worse than simply reading the P/E. Capped, it carries real information. The verdict has three states, not two. Tested over 377,249 stock-months, this ratio only separates outcomes at its extremes: below 0.25 beat the universe by 1.3 points a year, above 3.0 lagged by 2.7, and everything in between sat inside a one-point band. Rather than call two-thirds of the market "undervalued" on a threshold of 1.0, we say Neutral where the model cannot tell — which is most of the time.

Adj. Growth Rate

10.48%

Fair P/E

29.46x

Intrinsic Value

$27.78

Price/Value

0.22x

Margin of Safety

77.75%

Premium

-77.75%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with IRE.AX's realized 10.5% 3-year EPS CAGR, capped at 15% — demonstrated performance rather than forecasts, held to a rate companies have historically sustained. At an intrinsic value of $27.78, IRE.AX appears undervalued with a 78% margin of safety. The adjusted fair P/E of 29.5x compares to the current market P/E of 11.0x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$5.48

Median 1Y

$4.59

5th Pctile

$2.51

95th Pctile

$8.37

Ann. Volatility

38.6%

25th–75th percentile 5th–95th percentile Median path Historical

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
ROE	31.4%	31.6%	31.9%	33.5%	30.2%	31.2%	30.7%	25.9%	24.7%	27.5%	27.3%	27.1%	24.8%	-13.0%	-21.0%	-25.9%	-12.0%	33.3%	48.3%	50.5%	50.49%
ROA	18.6%	18.4%	18.1%	18.8%	18.2%	16.8%	17.1%	15.5%	14.6%	14.6%	14.2%	14.3%	12.6%	-5.7%	-9.3%	-10.9%	-5.6%	13.8%	23.0%	25.1%	25.07%
ROIC	24.2%	24.0%	23.5%	22.7%	22.9%	21.2%	21.0%	21.0%	17.8%	16.6%	17.3%	18.8%	19.4%	22.6%	21.0%	20.4%	17.5%	16.4%	19.5%	18.8%	18.83%
ROCE	28.2%	28.6%	28.1%	27.7%	27.8%	25.1%	25.7%	23.5%	20.8%	20.0%	19.6%	20.9%	19.8%	-0.1%	-2.8%	-4.2%	3.0%	32.3%	34.7%	34.4%	34.44%
Gross Margin	33.1%	31.7%	33.3%	34.0%	34.6%	23.7%	22.1%	19.4%	23.1%	19.1%	23.8%	21.5%	21.1%	17.4%	9.5%	30.2%	10.8%	26.6%	28.6%	31.6%	31.60%
Operating Margin	22.6%	19.7%	19.3%	20.4%	20.4%	19.9%	18.7%	15.7%	18.4%	14.7%	18.6%	16.7%	17.4%	12.6%	8.4%	14.7%	3.3%	10.1%	17.6%	17.1%	17.08%
Net Margin	13.7%	13.9%	13.9%	13.9%	13.6%	12.6%	13.0%	9.7%	12.0%	14.1%	10.8%	9.9%	7.1%	-44.3%	0.7%	5.6%	24.3%	5.8%	23.9%	12.9%	12.94%
EBITDA Margin	23.7%	25.4%	20.3%	25.9%	21.3%	27.5%	26.3%	22.6%	24.6%	23.4%	23.4%	22.3%	18.3%	-35.7%	19.4%	15.0%	36.1%	17.4%	21.9%	22.4%	22.38%
FCF Margin	22.4%	20.1%	18.1%	15.9%	16.0%	18.3%	17.5%	19.2%	18.4%	15.9%	15.7%	14.4%	13.3%	12.3%	10.4%	9.6%	11.3%	10.5%	12.5%	12.7%	12.69%
OCF Margin	24.1%	22.3%	21.3%	20.5%	20.7%	22.5%	21.2%	22.6%	21.8%	19.8%	19.9%	18.2%	17.6%	16.4%	14.2%	12.7%	13.7%	12.8%	14.4%	15.6%	15.58%
ROE 3Y Avg	snapshot only																				13.21%
ROE 5Y Avg	snapshot only																				18.28%
ROA 3Y Avg	snapshot only																				9.48%
ROIC 3Y Avg	snapshot only																				8.23%
ROIC Economic	snapshot only																				18.04%
Cash ROA	snapshot only																				25.59%
Cash ROIC	snapshot only																				30.96%
CROIC	snapshot only																				25.22%
NOPAT Margin	snapshot only																				9.48%
Pretax Margin	snapshot only																				20.37%
R&D / Revenue	snapshot only																				1.41%
SGA / Revenue	snapshot only																				15.52%
SBC / Revenue	snapshot only																				0.00%

Valuation

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
P/E Ratio	12.75	14.15	12.96	13.79	12.43	15.91	14.48	13.37	14.14	16.46	16.23	14.76	13.33	-33.69	-16.90	-15.02	-35.91	14.01	9.84	6.55	10.960
P/S Ratio	1.95	2.08	1.88	1.91	1.72	2.15	1.92	1.63	1.67	2.02	1.89	1.72	1.39	1.47	1.15	1.19	1.43	1.26	1.43	1.09	2.022
P/B Ratio	3.65	4.18	3.79	4.05	3.67	4.87	4.30	3.00	2.99	3.86	4.02	4.40	3.89	6.95	5.27	4.96	4.64	3.92	3.91	2.81	2.391
P/FCF	8.71	10.31	10.43	12.02	10.75	11.73	11.00	8.46	9.10	12.67	12.09	11.95	10.41	11.99	11.10	12.34	12.64	11.98	11.47	8.59	8.591
P/OCF	8.08	9.32	8.86	9.32	8.32	9.56	9.09	7.20	7.65	10.21	9.54	9.46	7.89	8.97	8.13	9.36	10.42	9.78	9.88	7.00	6.999
EV/EBITDA	8.38	9.31	8.49	8.93	8.25	10.12	8.61	7.11	7.43	9.40	9.28	8.73	7.88	26.95	24.77	36.19	19.22	6.31	6.87	4.90	4.897
EV/Revenue	2.16	2.30	2.08	2.13	1.92	2.41	2.18	1.74	1.87	2.27	2.18	2.04	1.72	1.83	1.45	1.46	1.57	1.38	1.55	1.21	1.206
EV/EBIT	9.47	10.49	9.79	10.40	9.66	12.10	10.99	9.37	10.45	13.53	13.70	12.80	11.78	-4905.11	-96.26	-64.49	115.55	9.05	8.92	6.48	6.483
EV/FCF	9.63	11.41	11.53	13.40	11.96	13.18	12.47	9.04	10.18	14.28	13.90	14.16	12.87	14.90	13.98	15.21	13.85	13.17	12.44	9.50	9.499
Earnings Yield	7.8%	7.1%	7.7%	7.3%	8.0%	6.3%	6.9%	7.5%	7.1%	6.1%	6.2%	6.8%	7.5%	-3.0%	-5.9%	-6.7%	-2.8%	7.1%	10.2%	15.3%	15.26%
FCF Yield	11.5%	9.7%	9.6%	8.3%	9.3%	8.5%	9.1%	11.8%	11.0%	7.9%	8.3%	8.4%	9.6%	8.3%	9.0%	8.1%	7.9%	8.3%	8.7%	11.6%	11.64%
PEG Ratio	snapshot only																				2.630
EV/OCF	snapshot only																				7.738
EV/Gross Profit	snapshot only																				5.034
Acquirers Multiple	snapshot only																				10.386
Shareholder Yield	snapshot only																				5.63%
Graham Number	snapshot only																				$6.83

Leverage & Solvency

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Current Ratio	1.32	1.50	1.66	1.49	1.58	1.09	1.35	1.66	1.29	1.29	1.37	1.45	1.48	1.46	1.28	1.98	1.02	1.25	1.47	1.76	1.756
Quick Ratio	1.32	1.50	1.66	1.49	1.58	1.09	1.35	1.66	1.29	1.41	1.37	1.45	1.48	1.46	1.28	1.98	1.02	1.25	1.47	1.76	1.756
Debt/Equity	0.44	0.50	0.47	0.51	0.49	0.67	0.65	0.38	0.47	0.57	0.73	0.96	1.07	1.91	1.55	1.30	0.62	0.50	0.46	0.41	0.405
Net Debt/Equity	0.39	0.44	0.40	0.46	0.41	0.60	0.57	0.20	0.36	0.49	0.60	0.81	0.92	1.69	1.37	1.16	0.44	0.39	0.33	0.30	0.297
Debt/Assets	0.27	0.29	0.29	0.30	0.29	0.33	0.34	0.23	0.27	0.32	0.38	0.44	0.46	0.57	0.53	0.49	0.32	0.28	0.29	0.26	0.258
Debt/EBITDA	0.92	1.00	0.96	1.02	0.98	1.24	1.15	0.85	1.03	1.24	1.46	1.61	1.75	5.96	5.80	7.67	2.34	0.72	0.75	0.64	0.639
Net Debt/EBITDA	0.80	0.89	0.81	0.92	0.84	1.11	1.02	0.45	0.79	1.06	1.21	1.36	1.51	5.27	5.11	6.84	1.68	0.57	0.54	0.47	0.468
Interest Coverage	—	—	—	—	—	39.04	22.17	13.82	10.98	10.96	10.26	10.51	7.72	-0.02	-0.50	-0.65	0.39	5.11	7.29	10.22	10.219
Equity Multiplier	1.65	1.68	1.65	1.71	1.66	2.03	1.92	1.64	1.72	1.78	1.92	2.20	2.31	3.38	2.91	2.65	1.93	1.76	1.58	1.57	1.569
Cash Ratio	snapshot only																				0.613
Debt Service Coverage	snapshot only																				13.531
Cash to Debt	snapshot only																				0.268
FCF to Debt	snapshot only																				0.807
Defensive Interval	snapshot only																				356.6 days

Efficiency & Turnover

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Asset Turnover	1.22	1.25	1.25	1.35	1.32	1.24	1.29	1.27	1.24	1.19	1.22	1.23	1.21	1.30	1.36	1.38	1.42	1.54	1.58	1.51	1.507
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	25.95	18.02	29.04	17.39	23.20	14.11	22.72	16.07	27.44	15.36	26.92	15.73	37.58	16.46	41.38	14.10	43.41	16.75	38.08	12.40	12.402
Payables Turnover	26.76	18.57	65.02	13.32	89.66	11.17	119.38	12.14	130.90	11.25	138.70	10.97	76.54	10.75	123.08	13.33	61.49	12.44	115.94	15.22	15.218
DSO	14	20	13	21	16	26	16	23	13	24	14	23	10	22	9	26	8	22	10	29	29.4 days
DIO	0	0	0	0	0	0	-0	0	-0	-3	-0	0	-0	-2	-0	0	-0	0	0	0	0.0 days
DPO	14	20	6	27	4	33	3	30	3	32	3	33	5	34	3	27	6	29	3	24	24.0 days
Cash Conversion Cycle	0	1	7	-6	12	-7	13	-7	10	-11	11	-10	5	-14	6	-1	2	-8	6	5	5.4 days
Fixed Asset Turnover	snapshot only																				18.907
Cash Velocity	snapshot only																				23.712
Capital Intensity	snapshot only																				0.609

Growth (YoY)

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue	29.5%	22.0%	18.7%	19.6%	19.1%	17.1%	18.8%	18.7%	17.5%	19.0%	16.9%	15.9%	15.4%	12.6%	9.2%	5.6%	1.0%	-2.5%	-7.0%	-11.6%	-11.61%
Net Income	53.3%	35.4%	12.4%	9.0%	7.8%	7.6%	8.4%	4.2%	0.3%	8.1%	2.8%	11.1%	1.8%	-1.4%	-1.6%	-1.7%	-1.4%	3.0%	3.0%	2.9%	2.86%
EPS	46.1%	27.1%	4.1%	2.2%	3.7%	5.3%	8.7%	1.1%	-9.4%	-2.4%	-7.0%	3.8%	4.0%	-1.4%	-1.7%	-1.7%	-1.4%	2.9%	2.8%	2.8%	2.80%
FCF	32.5%	17.8%	-7.0%	-19.1%	-14.8%	6.4%	14.9%	43.5%	34.8%	3.5%	4.9%	-13.2%	-16.1%	-13.0%	-27.6%	-29.4%	-14.4%	-16.9%	11.5%	16.6%	16.55%
EBITDA	30.6%	19.1%	16.6%	15.6%	7.5%	13.1%	22.5%	21.7%	27.5%	20.9%	8.6%	10.8%	-0.0%	-68.3%	-72.7%	-81.7%	-62.3%	2.1%	2.6%	4.4%	4.38%
Op. Income	30.6%	20.9%	13.8%	10.6%	4.5%	7.0%	10.6%	7.5%	6.6%	0.1%	-0.3%	7.0%	7.8%	9.3%	-10.7%	-18.0%	-41.1%	-45.2%	-24.0%	-22.9%	-22.87%
OCF Growth	snapshot only																				8.59%
Asset Growth	snapshot only																				-15.24%
Equity Growth	snapshot only																				43.35%
Debt Growth	snapshot only																				-55.16%
Shares Change	snapshot only																				3.11%
Dividend Growth	snapshot only																				-27.89%

Growth (CAGR)

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue 3Y	29.0%	29.1%	28.5%	28.8%	29.3%	30.4%	28.5%	24.6%	21.9%	19.3%	18.1%	18.1%	17.3%	16.2%	14.9%	13.3%	11.1%	9.3%	5.9%	2.7%	2.66%
Revenue 5Y	35.4%	32.1%	29.2%	26.6%	24.6%	23.9%	23.9%	24.3%	24.6%	24.5%	24.2%	24.1%	24.0%	24.3%	22.1%	18.8%	16.2%	13.3%	10.9%	9.0%	8.96%
EPS 3Y	-1.4%	-1.4%	0.2%	2.4%	6.1%	6.8%	21.1%	14.8%	11.1%	9.3%	1.7%	2.3%	-0.8%	—	—	—	—	-7.8%	4.8%	10.5%	10.48%
EPS 5Y	13.0%	12.5%	11.3%	9.6%	8.3%	5.8%	4.2%	1.0%	-2.1%	-0.3%	0.3%	2.4%	2.4%	—	—	—	—	1.0%	5.4%	6.8%	6.85%
Net Income 3Y	7.2%	7.8%	9.5%	11.6%	15.9%	17.6%	26.7%	18.7%	18.4%	16.3%	7.8%	8.1%	3.3%	—	—	—	—	-4.6%	9.1%	13.9%	13.92%
Net Income 5Y	21.2%	19.9%	19.1%	16.4%	15.2%	12.3%	10.5%	7.5%	5.9%	7.8%	7.9%	10.0%	9.7%	—	—	—	—	4.8%	9.6%	10.9%	10.93%
EBITDA 3Y	10.0%	9.5%	10.4%	11.7%	10.1%	13.5%	20.3%	16.6%	21.4%	17.6%	15.7%	16.0%	11.1%	-24.4%	-28.7%	-37.3%	-21.6%	6.3%	1.9%	2.9%	2.90%
EBITDA 5Y	20.5%	17.4%	15.6%	12.7%	10.5%	10.1%	11.1%	10.4%	12.8%	12.4%	12.3%	13.5%	11.2%	-11.0%	-12.4%	-20.3%	-7.5%	10.1%	8.6%	8.9%	8.92%
Gross Profit 3Y	-9.0%	-10.1%	-10.9%	-10.9%	-10.2%	-6.5%	-3.0%	-1.7%	2.1%	-1.2%	-1.3%	0.1%	-0.4%	-1.0%	-7.5%	-5.0%	-11.3%	-7.0%	0.2%	1.7%	1.69%
Gross Profit 5Y	9.8%	6.3%	3.7%	1.4%	0.0%	-1.8%	-3.8%	-6.1%	-7.9%	-8.9%	-8.8%	-8.5%	-8.9%	-6.1%	-6.5%	-1.6%	-0.8%	-0.5%	1.8%	0.5%	0.49%
Op. Income 3Y	12.9%	12.7%	12.3%	14.1%	15.5%	17.6%	18.7%	13.7%	13.3%	9.0%	7.8%	8.4%	6.3%	5.4%	-0.5%	-1.9%	-12.2%	-15.7%	-12.2%	-12.2%	-12.20%
Op. Income 5Y	21.1%	19.8%	18.9%	17.0%	15.8%	14.4%	13.6%	11.0%	9.9%	8.9%	9.3%	11.3%	12.1%	12.2%	8.3%	5.2%	-1.6%	-4.9%	-3.2%	-4.2%	-4.24%
FCF 3Y	6.1%	24.2%	22.8%	23.6%	30.9%	12.5%	16.3%	19.0%	15.0%	9.1%	3.9%	0.3%	-1.2%	-1.4%	-4.5%	-4.2%	-1.1%	-9.2%	-5.4%	-10.6%	-10.62%
FCF 5Y	25.1%	22.1%	18.9%	7.4%	8.9%	8.7%	5.6%	7.6%	6.5%	16.1%	17.4%	18.7%	20.5%	5.1%	3.6%	0.7%	1.8%	-1.3%	-2.0%	-3.7%	-3.69%
OCF 3Y	7.4%	16.6%	10.2%	12.5%	16.8%	11.0%	18.9%	20.5%	16.9%	12.4%	9.3%	5.8%	5.6%	5.0%	0.4%	-3.5%	-3.1%	-9.3%	-6.7%	-9.3%	-9.34%
OCF 5Y	23.7%	19.9%	16.9%	9.5%	11.1%	11.3%	8.9%	10.4%	9.4%	14.4%	11.7%	11.7%	13.0%	6.1%	7.5%	3.7%	3.2%	0.2%	-0.7%	-1.1%	-1.10%
Assets 3Y	56.8%	56.7%	58.2%	59.7%	64.3%	74.2%	12.7%	17.7%	20.6%	19.5%	17.1%	20.8%	14.7%	10.3%	5.7%	4.6%	1.6%	-6.2%	-7.1%	-9.7%	-9.68%
Assets 5Y	57.8%	57.7%	40.6%	41.3%	36.8%	41.5%	40.4%	42.7%	42.4%	42.9%	43.5%	42.9%	44.8%	41.6%	6.3%	7.2%	4.9%	2.5%	0.9%	3.1%	3.10%
Equity 3Y	42.8%	41.8%	47.2%	46.7%	49.0%	50.7%	10.0%	20.6%	21.1%	18.9%	16.5%	14.8%	2.7%	-12.5%	-12.6%	-9.7%	-3.4%	-1.7%	-0.9%	-8.2%	-8.23%
Book Value 3Y	31.4%	29.8%	34.6%	34.6%	36.3%	36.8%	5.1%	16.7%	13.7%	11.7%	10.0%	8.7%	-1.3%	-14.6%	-13.8%	-12.4%	-6.9%	-5.0%	-4.8%	-11.0%	-11.00%
Dividend 3Y	-2.5%	-3.9%	-5.7%	-5.4%	-5.1%	-7.1%	-2.6%	-1.6%	-4.7%	-3.9%	-2.6%	-1.8%	-0.7%	-0.3%	-6.4%	-23.3%	-34.0%	-53.9%	-37.4%	-12.1%	-12.14%

Growth Quality

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Revenue Stability	0.96	0.94	0.94	0.96	0.95	0.95	0.96	0.98	0.99	1.00	1.00	1.00	1.00	1.00	0.99	0.99	0.97	0.93	0.85	0.71	0.706
Earnings Stability	0.68	0.76	0.68	0.75	0.68	0.75	0.67	0.72	0.63	0.78	0.73	0.87	0.78	0.15	0.17	0.22	0.21	0.09	0.03	0.02	0.021
Margin Stability	0.53	0.53	0.52	0.47	0.42	0.43	0.43	0.38	0.32	0.29	0.27	0.25	0.23	0.30	0.42	0.58	0.67	0.70	0.71	0.75	0.749
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.500
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.50	0.86	0.95	0.96	0.97	0.97	0.97	0.98	1.00	0.97	0.99	0.96	0.99	0.20	0.20	0.20	0.20	0.20	0.20	0.20	0.200
Earnings Smoothness	0.58	0.70	0.88	0.91	0.92	0.93	0.92	0.96	1.00	0.92	0.97	0.90	0.98	—	—	—	—	—	—	—	—
ROE Trend	-0.14	-0.15	0.04	-0.00	0.04	0.03	-0.01	-0.10	-0.08	-0.07	-0.05	0.04	0.04	-0.48	-0.58	-0.59	-0.38	0.27	0.43	0.44	0.445
Gross Margin Trend	-0.34	-0.27	-0.18	-0.10	-0.03	-0.04	-0.07	-0.10	-0.12	-0.12	-0.09	-0.07	-0.06	-0.05	-0.07	-0.04	-0.05	-0.02	0.05	0.03	0.033
FCF Margin Trend	0.04	-0.05	-0.05	-0.07	-0.06	-0.02	-0.03	-0.00	-0.01	-0.03	-0.02	-0.03	-0.04	-0.05	-0.06	-0.07	-0.05	-0.04	-0.01	0.01	0.007
Sustainable Growth Rate	-5.4%	-7.0%	-6.4%	-8.2%	-6.4%	-6.8%	-5.2%	-6.6%	-6.4%	-5.6%	-6.9%	-7.0%	-9.0%	—	—	—	—	27.6%	37.0%	32.9%	32.93%
Internal Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	12.9%	21.3%	19.5%	19.54%

Cash Flow Quality

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
OCF/Net Income	1.58	1.52	1.46	1.48	1.49	1.67	1.59	1.86	1.85	1.61	1.70	1.56	1.69	-3.76	-2.08	-1.60	-3.45	1.43	1.00	0.94	0.937
FCF/OCF	0.93	0.90	0.85	0.78	0.77	0.81	0.83	0.85	0.84	0.81	0.79	0.79	0.76	0.75	0.73	0.76	0.82	0.82	0.86	0.81	0.815
FCF/Net Income	snapshot only																				0.763
OCF/EBITDA	snapshot only																				0.633
CapEx/Revenue	1.7%	2.2%	3.2%	4.6%	4.7%	4.2%	3.7%	3.4%	3.5%	3.8%	4.2%	3.8%	4.3%	4.1%	3.8%	3.1%	2.4%	2.3%	2.0%	2.9%	2.89%
CapEx/Depreciation	snapshot only																				0.479
Accruals Ratio	-0.11	-0.10	-0.08	-0.09	-0.09	-0.11	-0.10	-0.13	-0.12	-0.09	-0.10	-0.08	-0.09	-0.27	-0.29	-0.28	-0.25	-0.06	0.00	0.02	0.016
Sloan Accruals	snapshot only																				-0.171
Cash Flow Adequacy	snapshot only																				1.796
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Dividend Yield	9.2%	8.6%	9.3%	9.0%	9.7%	7.6%	8.1%	9.4%	8.9%	7.3%	7.7%	8.5%	10.2%	9.5%	9.9%	5.8%	3.2%	1.2%	2.4%	5.3%	4.93%
Dividend/Share	$0.81	$0.83	$0.83	$0.86	$0.87	$0.87	$0.88	$0.88	$0.82	$0.84	$0.87	$0.91	$0.92	$0.95	$0.79	$0.45	$0.29	$0.10	$0.20	$0.33	$0.27
Payout Ratio	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.3%	1.3%	1.2%	1.3%	1.3%	1.4%	—	—	—	—	17.3%	23.4%	34.8%	34.79%
FCF Payout Ratio	80.1%	89.1%	96.6%	1.1%	1.0%	89.7%	88.9%	79.4%	81.1%	92.6%	93.3%	1.0%	1.1%	1.1%	1.1%	71.5%	40.0%	14.8%	27.3%	45.6%	45.60%
Total Payout Ratio	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.2%	1.9%	1.9%	1.9%	2.4%	2.1%	2.5%	—	—	—	—	18.2%	24.0%	36.9%	36.92%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	0	0	0	0	0	0	0
Chowder Number	0.28	0.24	0.19	0.19	0.21	0.15	0.14	0.14	0.13	0.14	0.18	0.20	0.20	0.16	-0.05	-0.45	-0.65	-0.88	-0.70	-0.20	-0.203
Buyback Yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	4.5%	4.5%	4.5%	6.8%	5.8%	8.5%	6.7%	5.2%	2.0%	0.0%	0.1%	0.1%	0.3%	0.33%
Net Buyback Yield	0.0%	0.0%	-0.0%	-0.0%	-0.1%	-0.1%	-0.0%	-4.4%	-3.8%	-2.1%	-0.0%	5.8%	8.5%	6.7%	5.2%	2.0%	-0.0%	0.0%	0.0%	0.3%	0.30%
Total Shareholder Return	9.2%	8.6%	9.2%	9.0%	9.6%	7.6%	8.1%	5.0%	5.1%	5.2%	7.7%	14.3%	18.7%	16.2%	15.2%	7.8%	3.1%	1.3%	2.4%	5.6%	5.60%

DuPont Factors

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Tax Burden (NI/EBT)	0.79	0.79	0.77	0.77	0.76	0.75	0.75	0.74	0.75	0.77	0.78	0.78	0.79	1.64	1.43	1.18	1.31	0.79	0.84	0.82	0.816
Interest Burden (EBT/EBIT)	0.85	0.85	0.89	0.88	0.92	0.91	0.90	0.89	0.89	0.95	0.94	0.94	0.91	71.49	3.15	2.96	-2.24	0.74	0.99	1.10	1.096
EBIT Margin	0.23	0.22	0.21	0.20	0.20	0.20	0.20	0.19	0.18	0.17	0.16	0.16	0.15	-0.00	-0.02	-0.02	0.01	0.15	0.17	0.19	0.186
Asset Turnover	1.22	1.25	1.25	1.35	1.32	1.24	1.29	1.27	1.24	1.19	1.22	1.23	1.21	1.30	1.36	1.38	1.42	1.54	1.58	1.51	1.507
Equity Multiplier	1.69	1.72	1.76	1.79	1.66	1.86	1.79	1.67	1.69	1.88	1.92	1.90	1.97	2.28	2.26	2.38	2.13	2.41	2.10	2.01	2.014

Per Share

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
EPS (Diluted TTM)	$0.69	$0.68	$0.69	$0.69	$0.72	$0.72	$0.75	$0.70	$0.65	$0.70	$0.70	$0.73	$0.68	$-0.30	$-0.47	$-0.52	$-0.25	$0.56	$0.86	$0.94	$0.94
Book Value/Share	$2.41	$2.31	$2.36	$2.36	$2.43	$2.35	$2.52	$3.12	$3.07	$2.99	$2.82	$2.44	$2.32	$1.44	$1.51	$1.58	$1.96	$2.01	$2.17	$2.20	$2.29
Tangible Book/Share	$-0.92	$-0.90	$-0.81	$-0.89	$-0.79	$-1.16	$-4.14	$-0.38	$-3.91	$-0.89	$-4.34	$-1.37	$-4.78	$-1.74	$-1.55	$-0.87	$-0.33	$-0.39	$-0.19	$-0.13	$-0.13
Revenue/Share	$4.52	$4.65	$4.74	$4.99	$5.18	$5.33	$5.64	$5.74	$5.50	$5.73	$5.97	$6.22	$6.49	$6.78	$6.90	$6.61	$6.35	$6.29	$5.95	$5.67	$2.72
FCF/Share	$1.01	$0.94	$0.86	$0.79	$0.83	$0.98	$0.99	$1.10	$1.01	$0.91	$0.94	$0.90	$0.87	$0.83	$0.72	$0.64	$0.72	$0.66	$0.74	$0.72	$0.36
OCF/Share	$1.09	$1.04	$1.01	$1.02	$1.07	$1.20	$1.19	$1.30	$1.20	$1.13	$1.19	$1.13	$1.14	$1.12	$0.98	$0.84	$0.87	$0.81	$0.86	$0.88	$0.43
Cash/Share	$0.14	$0.12	$0.17	$0.12	$0.18	$0.17	$0.19	$0.57	$0.33	$0.25	$0.34	$0.36	$0.34	$0.32	$0.28	$0.22	$0.34	$0.21	$0.28	$0.24	$0.25
EBITDA/Share	$1.16	$1.15	$1.16	$1.19	$1.20	$1.27	$1.43	$1.40	$1.38	$1.39	$1.40	$1.45	$1.41	$0.46	$0.40	$0.27	$0.52	$1.38	$1.34	$1.40	$1.40
Debt/Share	$1.07	$1.15	$1.12	$1.21	$1.18	$1.58	$1.64	$1.20	$1.43	$1.71	$2.04	$2.34	$2.47	$2.75	$2.35	$2.05	$1.21	$1.00	$1.01	$0.89	$0.89
Net Debt/Share	$0.93	$1.02	$0.95	$1.09	$1.01	$1.41	$1.45	$0.63	$1.10	$1.47	$1.70	$1.98	$2.13	$2.43	$2.06	$1.83	$0.87	$0.79	$0.72	$0.65	$0.65

Academic Models

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	5.699
Altman Z-Prime	snapshot only																				7.759
Piotroski F-Score	6	6	7	6	7	4	5	6	4	6	6	6	7	5	4	6	4	7	7	5	5
Beneish M-Score	-3.12	-1.84	-2.00	-2.12	-2.38	-2.50	-2.44	-2.35	-2.72	-2.53	-3.05	-7.30	-2.78	-3.79	-3.74	-4.58	-4.59	-3.73	-3.14	-2.52	-2.522
Ohlson O-Score	snapshot only																				-9.944
Net-Net WC	snapshot only																				$-0.57
EVA	snapshot only																				$48784374.10

Credit

Metric	Q4'16	Q2'17	Q4'17	Q2'18	Q4'18	Q2'19	Q4'19	Q2'20	Q4'20	Q2'21	Q4'21	Q2'22	Q4'22	Q2'23	Q4'23	Q2'24	Q4'24	Q2'25	Q4'25	Q2'26	Current
Credit Rating	snapshot only																				AA+
Credit Score	89.31	89.54	89.18	85.80	89.82	89.46	89.08	89.69	87.55	87.88	83.86	85.10	80.33	44.56	45.95	50.35	66.29	83.81	87.34	90.23	90.233
Credit Grade	snapshot only																				2
Credit Trend	snapshot only																				39.884
Implied Spread (bps)	snapshot only																				65.000
Industry Credit Rank	snapshot only																				81
Sector Credit Rank	snapshot only																				79

IRE.AX ASX

Financial Rating

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Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

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