Adjoint methods efficiently compute gradients for systems with many inputs and have been widely used for large-scale gradient-based optimization in fluid mechanics. To ensure optimization's numerical robustness, we need to develop an adjoint solution algorithm that has a similar, if not the same, convergence rate as the primal flow solver at each optimization iteration. This consistent primal-adjoint convergence behavior is also called duality-preserving (DP). Existing DP adjoint methods are mostly for fully coupled Navier–Stokes (NS) solvers with compressible flows. However, few DP adjoints have been proposed for segregated NS solvers, e.g., the semi-implicit method for pressure-linked equations (SIMPLE) algorithm solvers widely used for incompressible flow simulations. This study will fill this gap by deriving a fixed-point segregated adjoint formulation that fully preserves the convergence behavior of primal solvers. We first rewrite the steady-state segregated NS primal solution process into a fully coupled left-preconditioned Richardson format. Then, we transpose the preconditioner matrix to obtain a DP iterative adjoint formulation. In addition to algebraic derivation, we create a new graph representation that significantly streamlines the DP adjoint development for new segregated solvers. We prove that the proposed graph representation is equivalent to the above preconditioner transpose approach and guarantees duality. We evaluate our proposed algorithm using three cases with increasing complexity: a miniature-sized problem, an airfoil, and a wing. To quantify duality, we compare the eigenvalues between the primal and adjoint solvers and observe excellent agreements. We also evaluate to what extent various numerical settings (e.g., inner iteration tolerances and non-dual preconditioner) impact the eigenvalue distributions. Our proposed adjoint achieves machine-precision accurate gradient computation with competitive speed. Finally, we incorporate our adjoint solver into a large-scale gradient-based optimization framework and demonstrate its capability for wing aerodynamic shape optimization. The proposed fixed-point adjoint approach has the potential to make the adjoint solution more robust and efficient for any segregated NS solvers.