IREN Stock Analysis: IREN | NASDAQ
Capital Markets | NASDAQ, USA | Market Cap: 13.873m USD | 12M Return: 134.9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.15B
Qual. Beats: 1
Rev. Trend: 99.3%
Qual. Beats: -2
Warnings
Tailwinds
No distinct edge detected
Seasonality 4.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
IREN Limited (NASDAQ: IREN) is a vertically integrated data center operator based in Sydney, Australia, with operations in Australia and Canada. The company owns and operates its computing hardware, electrical infrastructure, and data center facilities, and also mines Bitcoin. It was incorporated in 2018, IPOd in November 2021, and was formerly known as Iris Energy Limited before rebranding in November 2024.
The company operates a vertically integrated model, owning the full stack from power infrastructure to computing hardware. Bitcoin mining requires substantial electrical power, which is why operators in this sector typically co-locate their mining fleets with owned or directly controlled energy and data center assets to manage costs and reliability.
- Bitcoin price recovery lifts mining segment revenue and margins
- AI cloud and HPC contracts diversify revenue beyond Bitcoin mining
- Power costs and data center capex pressure operating margins
| Net Income: 76.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.25 > 0.02 and ΔFCF/TA 32.84 > 1.0 |
| NWC/Revenue: 234.2% < 20% (prev -80.21%; Δ 314.4% < -1%) |
| CFO/TA 0.07 > 3% & CFO 533.3m > Net Income 76.9m |
| Net Debt (2.03b) to EBITDA (476.8m): 4.25 < 3 |
| Current Ratio: 3.72 > 1.5 & < 3 |
| Outstanding Shares: last quarter (226.2m) vs 12m ago -1.28% < -2% |
| Gross Margin: 53.58% > 18% (prev 64.81%; Δ -11.23% > 0.5%) |
| Asset Turnover: 16.36% > 50% (prev 18.62%; Δ -2.26% > 0%) |
| Interest Coverage Ratio: 2.69 > 6 (EBIT TTM 107.7m / Interest Expense TTM 40.0m) |
| A: 0.24 (Total Current Assets 2.42b - Total Current Liabilities 651.4m) / Total Assets 7.26b |
| B: -0.08 (Retained Earnings -614.8m / Total Assets 7.26b) |
| C: 0.02 (EBIT TTM 107.7m / Avg Total Assets 4.63b) |
| D: 0.58 (Book Value of Equity 2.66b / Total Liabilities 4.60b) |
| Altman-Z'' = 2.09 = BBB |
| DSRI: 2.67 (Receivables 114.8m/21.0m, Revenue 757.1m/370.5m) |
| GMI: 1.21 (GM 64.81% / 53.58%) |
| AQI: 2.15 (AQ_t 0.06 / AQ_t-1 0.03) |
| SGI: 2.04 (Revenue 757.1m / 370.5m) |
| TATA: -0.06 (NI 76.9m - CFO 533.3m) / TA 7.26b) |
| Beneish M = -0.04 (Cap -4..+1) = D |
As of July 08, 2026, the stock is trading at USD 39.82 with a total of 42,069,337 shares traded. Over the past week, the price has changed by -13.28%, over one month by -32.73%, over three months by +11.40% and over the past year by +134.90%.
Current recommended Stop Loss: 33.50 (which is 15.9% or 1.3 ATR below the current price).
IREN has received a consensus analysts rating of 4.58. Therefore, it is recommended to buy IREN.
- StrongBuy: 8
- Buy: 3
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 80.9 | 103.2% |
P/E Trailing = 50.4156
P/E Forward = 136.9863
P/S = 18.3251
P/B = 5.2087
P/EG = 3.1061
Revenue TTM = 757.1m USD
EBIT TTM = 107.7m USD
EBITDA TTM = 476.8m USD
Long Term Debt = 3.69b USD (from longTermDebt, last quarter)
Short Term Debt = 122.7m USD (from shortTermDebt, last quarter)
Debt = 4.24b USD (from shortLongTermDebtTotal, last quarter) + Leases 277.1m
Net Debt = 2.03b USD (calculated: Debt 4.24b - CCE 2.21b)
Enterprise Value = 15.9b USD (13.9b + Debt 4.24b - CCE 2.21b)
Interest Coverage Ratio = 2.69 (Ebit TTM 107.7m / Interest Expense TTM 40.0m)
EV/FCF = -8.80x (Enterprise Value 15.9b / FCF TTM -1.81b)
FCF Yield = -11.36% (FCF TTM -1.81b / Enterprise Value 15.9b)
FCF Margin = -238.7% (FCF TTM -1.81b / Revenue TTM 757.1m)
Net Margin = 10.16% (Net Income TTM 76.9m / Revenue TTM 757.1m)
Gross Margin = 53.58% ((Revenue TTM 757.1m - Cost of Revenue TTM 351.4m) / Revenue TTM)
Gross Margin QoQ = 64.62% (prev 59.76%)
Tobins Q-Ratio = 2.19 (Enterprise Value 15.9b / Total Assets 7.26b)
Interest Expense / Debt = 0.94% (Interest Expense 40.0m / Debt 4.24b)
Taxrate = 7.02% (6.56m / 93.5m)
NOPAT = 100.2m (EBIT 107.7m * (1 - 7.02%))
Current Ratio = 3.72 (Total Current Assets 2.42b / Total Current Liabilities 651.4m)
Debt / Equity = 1.59 (Debt 4.24b / totalStockholderEquity, last quarter 2.66b)
Debt / EBITDA = 4.25 (Net Debt 2.03b / EBITDA 476.8m)
Debt / FCF = -1.12 (negative FCF - burning cash) (Net Debt 2.03b / FCF TTM -1.81b)
Total Stockholder Equity = 2.47b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.66% (Net Income 76.9m / Total Assets 7.26b)
RoE = 3.12% (Net Income TTM 76.9m / Total Stockholder Equity 2.47b)
RoCE = 1.75% (EBIT 107.7m / Capital Employed (Equity 2.47b + L.T.Debt 3.69b))
RoIC = 1.50% (NOPAT 100.2m / Invested Capital 6.70b)
WACC = 17.11% (E(13.9b)/V(18.1b) * Re(22.07%) + D(4.24b)/V(18.1b) * Rd(0.94%) * (1-Tc(0.07)))
Discount Rate = 22.07% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 74.00 | Cagr: 65.64%
[DCF] Fair Price = unknown (Cash Flow -1.81b)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.14 | # QB: 1
Revenue Correlation: 99.30 | Revenue CAGR: 146.1% | SUE: -4.0 | # QB: -2
EPS current Quarter (2026-09-30): EPS=-0.23 | Chg30d=-335.00% | Revisions=+0% | Analysts=2
EPS current Year (2026-06-30): EPS=-2.02 | Chg30d=+0.00% | Revisions=-25% | GrowthEPS=-670.0% | GrowthRev=+45.5%
EPS next Year (2027-06-30): EPS=-0.08 | Chg30d=+89.46% | Revisions=-10% | GrowthEPS=+88.0% | GrowthRev=+310.8%
[Analyst] Revisions Ratio: -13% (up=5, down=7)