Adding the three equations of the SIR model with waning immunity gives
Hence conservation of population holds: is an integral of motion.
At an endemic equilibrium, , so forces
The equation gives . The conservation law therefore yields
A positive endemic state exists exactly when , equivalently when the basic reproduction number exceeds one.
Eliminate to obtain the two-dimensional autonomous differential equation
Its Jacobian matrix at the endemic equilibrium is
Since ,
The trace-determinant stability criterion shows that both eigenvalues have negative real part. The Endemic equilibrium of the SIR model with waning immunity is therefore locally asymptotically stable.

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