# Irish Residential Properties (IRES.IR)

Canonical: https://gigainvestors.com/s/IRES.IR

Analysis as of: 2026-10-16T07:45:07.101Z. Financial observations: FY2014–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 1.28 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 0.03×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.64×

- FY2017: 0.67×

- FY2018: 0.68×

- FY2019: 0.68×

- FY2020: 0.63×

- FY2021: 0.64×

- FY2022: 0.63×

- FY2023: 0.63×

- FY2024: 0.62×

- FY2025: 0.63×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.9%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: 1.6 pp

- Typical gross margin (annual median): 78.9%

- Recent gross margin (lower of latest and 3-year median): 77.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.5%

- ROIC including acquisitions, ten-year median: 1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.9%

- FY2017: 3.2%

- FY2018: 3.0%

- FY2019: 2.4%

- FY2020: 2.7%

- FY2021: 2.7%

- FY2022: 2.8%

- FY2023: 3.5%

- FY2024: 3.4%

- FY2025: 4.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -24M

- Net income, five-year total: EUR -17M

- Return on incremental invested capital: 6.5%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -5.0 pp

- Working capital / revenue, final three-year average: -0.3%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR 66M

- FY2022: EUR -13M

- FY2023: EUR -117M

- FY2024: EUR -8.1M

- FY2025: EUR 48M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.0% vs 3.5%

- Per-share earnings: 0.09 to -0.01 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR -126M

- Cumulative retained earnings: EUR 62M

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -0.10

- Per-share value, starting three-year median: EUR 0.09

- Per-share value, ending three-year median: EUR -0.01

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.6%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 2.8M

- Cumulative net income, 10 years: EUR 359M

- ROIC, first three-year median: 3.0%

- ROIC, last three-year median: 3.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.09

- FY2017: EUR 0.12

- FY2018: EUR 0.23

- FY2019: EUR 0.17

- FY2020: EUR 0.11

- FY2021: EUR 0.13

- FY2022: EUR -0.02

- FY2023: EUR -0.22

- FY2024: EUR -0.01

- FY2025: EUR 0.09

### accounting: pass

- Sloan accruals: -0.6%

- Receivables to sales index (DSRI): 0.74×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.15×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.8%

- FY2017: 4.7%

- FY2018: 9.7%

- FY2019: 3.1%

- FY2020: 0.7%

- FY2021: 0.9%

- FY2022: -3.8%

- FY2023: -13.3%

- FY2024: -4.6%

- FY2025: -0.6%

## Holders

## Price story

Down 23% since Dec 2021 · sales +0.2%

Story as of 2026-10-16T10:00:13.305Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +0.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 39M 

- FY2017: EUR 45M 

- FY2018: EUR 51M 

- FY2019: EUR 62M 

- FY2020: EUR 75M 

- FY2021: EUR 80M 

- FY2022: EUR 85M 

- FY2023: EUR 88M 

- FY2024: EUR 85M 

- FY2025: EUR 85M 

### Gross margin · FY2025

gross margin 78%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 78.8% 

- FY2017: 81.2% 

- FY2018: 81.3% 

- FY2019: 81.4% 

- FY2020: 80.0% 

- FY2021: 79.1% 

- FY2022: 77.0% 

- FY2023: 77.3% 

- FY2024: 76.8% 

- FY2025: 78.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are EUR 85.5 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); FY2025: revenue 85465000; grossProfit 66687000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 76.8% to 78% during 2023–25; it earns 2.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); FY2023: grossProfit / revenue = 77.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); FY2024: grossProfit / revenue = 76.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); FY2025: grossProfit / revenue = 78%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); 10-year return on capital observations [[2016,0.02879431606355594],[2017,0.03200473606341317],[2018,0.029658368459555495],[2019,0.024319989610488712],[2020,0.026974385786043758],[2021,0.02713426297092674],[2022,0.028250694348677958],[2023,0.03464045241322621],[2024,0.03388217958477114],[2025,0.043743392451439086]]; median 0.029226342261555717. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); FY2017: growth capex 8613.83464069292; upkeep 25427386.165359307; owner earnings 39660613.8346407. Growth capex / owner earnings = 0.00021718863647968438.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); FY2018: growth capex 7003.4748318344355; upkeep 77687996.52516817; owner earnings 42105003.474831834. Growth capex / owner earnings = 0.00016633355311372307.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); FY2020: growth capex 0; upkeep 160000; owner earnings 56731800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); FY2021: growth capex 0; upkeep 9000; cash acquisitions 0; owner earnings 66238000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); FY2025: growth capex 0; upkeep 632000; owner earnings 48032200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); Dividend observations: [[2016,13135000],[2017,30880000],[2018,22537000],[2019,27086000],[2020,30518000],[2021,32274000],[2022,28491000],[2023,27856000],[2024,20548000],[2025,24027000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); FY2025: cash repurchases 5000000 EUR.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IRES.IR SharesStats.PercentInsiders = 1.53 percentage points; cache date 2026-10-16.

### What the price says

The price is 7.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:45:07.101Z); Closing price 1.284 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 0.16260324459387543; price multiple 7.896521396033464. FY2025 cash earnings/share 0.09138467869867131. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 1.18 per share

- 2016-11: EUR 1.16 per share

- 2016-12: EUR 1.17 per share

- 2017-01: EUR 1.16 per share

- 2017-02: EUR 1.20 per share

- 2017-03: EUR 1.24 per share

- 2017-04: EUR 1.31 per share

- 2017-05: EUR 1.31 per share

- 2017-06: EUR 1.36 per share

- 2017-07: EUR 1.34 per share

- 2017-08: EUR 1.36 per share

- 2017-09: EUR 1.48 per share

- 2017-10: EUR 1.48 per share

- 2017-11: EUR 1.49 per share

- 2017-12: EUR 1.50 per share

- 2018-01: EUR 1.50 per share

- 2018-02: EUR 1.43 per share

- 2018-03: EUR 1.39 per share

- 2018-04: EUR 1.36 per share

- 2018-05: EUR 1.36 per share

- 2018-06: EUR 1.38 per share

- 2018-07: EUR 1.37 per share

- 2018-08: EUR 1.49 per share

- 2018-09: EUR 1.48 per share

- 2018-10: EUR 1.42 per share

- 2018-11: EUR 1.43 per share

- 2018-12: EUR 1.35 per share

- 2019-01: EUR 1.50 per share

- 2019-02: EUR 1.56 per share

- 2019-03: EUR 1.59 per share

- 2019-04: EUR 1.58 per share

- 2019-05: EUR 1.59 per share

- 2019-06: EUR 1.69 per share

- 2019-07: EUR 1.71 per share

- 2019-08: EUR 1.77 per share

- 2019-09: EUR 1.72 per share

- 2019-10: EUR 1.76 per share

- 2019-11: EUR 1.76 per share

- 2019-12: EUR 1.59 per share

- 2020-01: EUR 1.66 per share

- 2020-02: EUR 1.41 per share

- 2020-03: EUR 1.22 per share

- 2020-04: EUR 1.29 per share

- 2020-05: EUR 1.31 per share

- 2020-06: EUR 1.41 per share

- 2020-07: EUR 1.45 per share

- 2020-08: EUR 1.41 per share

- 2020-09: EUR 1.41 per share

- 2020-10: EUR 1.37 per share

- 2020-11: EUR 1.40 per share

- 2020-12: EUR 1.50 per share

- 2021-01: EUR 1.45 per share

- 2021-02: EUR 1.49 per share

- 2021-03: EUR 1.63 per share

- 2021-04: EUR 1.63 per share

- 2021-05: EUR 1.59 per share

- 2021-06: EUR 1.52 per share

- 2021-07: EUR 1.54 per share

- 2021-08: EUR 1.54 per share

- 2021-09: EUR 1.44 per share

- 2021-10: EUR 1.63 per share

- 2021-11: EUR 1.51 per share

- 2021-12: EUR 1.68 per share

- 2022-01: EUR 1.67 per share

- 2022-02: EUR 1.47 per share

- 2022-03: EUR 1.45 per share

- 2022-04: EUR 1.45 per share

- 2022-05: EUR 1.44 per share

- 2022-06: EUR 1.27 per share

- 2022-07: EUR 1.35 per share

- 2022-08: EUR 1.27 per share

- 2022-09: EUR 1.15 per share

- 2022-10: EUR 1.09 per share

- 2022-11: EUR 1.12 per share

- 2022-12: EUR 1.11 per share

- 2023-01: EUR 1.14 per share

- 2023-02: EUR 1.09 per share

- 2023-03: EUR 0.93 per share

- 2023-04: EUR 1.03 per share

- 2023-05: EUR 0.99 per share

- 2023-06: EUR 0.95 per share

- 2023-07: EUR 0.97 per share

- 2023-08: EUR 0.99 per share

- 2023-09: EUR 0.93 per share

- 2023-10: EUR 0.91 per share

- 2023-11: EUR 0.97 per share

- 2023-12: EUR 1.11 per share

- 2024-01: EUR 1.16 per share

- 2024-02: EUR 0.97 per share

- 2024-03: EUR 1.03 per share

- 2024-04: EUR 0.99 per share

- 2024-05: EUR 0.96 per share

- 2024-06: EUR 0.91 per share

- 2024-07: EUR 0.92 per share

- 2024-08: EUR 0.89 per share

- 2024-09: EUR 0.90 per share

- 2024-10: EUR 0.87 per share

- 2024-11: EUR 0.91 per share

- 2024-12: EUR 0.91 per share

- 2025-01: EUR 0.94 per share

- 2025-02: EUR 0.99 per share

- 2025-03: EUR 0.94 per share

- 2025-04: EUR 1.02 per share

- 2025-05: EUR 1.07 per share

- 2025-06: EUR 1.02 per share

- 2025-07: EUR 0.98 per share

- 2025-08: EUR 0.96 per share

- 2025-09: EUR 0.98 per share

- 2025-10: EUR 0.93 per share

- 2025-11: EUR 0.97 per share

- 2025-12: EUR 0.94 per share

- 2026-01: EUR 1.01 per share

- 2026-02: EUR 1.07 per share

- 2026-03: EUR 1.01 per share

- 2026-04: EUR 1.07 per share

- 2026-05: EUR 1.12 per share

- 2026-06: EUR 1.17 per share

- 2026-07: EUR 1.08 per share

- 2026-08: EUR 1.08 per share

- 2026-09: EUR 1.30 per share

- 2026-10: EUR 1.29 per share

## Annual estimated value (EUR per share)

- FY2020: low EUR 1.20 per share, central EUR 1.36 per share, high EUR 1.58 per share

- FY2021: low EUR 1.38 per share, central EUR 1.57 per share, high EUR 1.82 per share

- FY2022: low EUR 1.34 per share, central EUR 1.52 per share, high EUR 1.76 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.