(IREN) IREN - Overview
Sector: Financial Services | Industry: Capital Markets | Exchange: NASDAQ (USA) | Market Cap: 20.240m USD | Total Return: 512.4% in 12m
Avg Turnover: 2.46B
Qual. Beats: 1
Rev. Trend: 98.7%
Qual. Beats: -2
Warnings
Choppy
Tailwinds
Leader
IREN Limited is a vertically integrated data center operator based in Sydney, Australia, with primary facilities located in Australia and Canada. The company manages the entire infrastructure stack, including electrical systems, physical data centers, and specialized computing hardware. Its core business model focuses on Bitcoin mining, utilizing a peer-to-peer network to secure the digital asset through energy-intensive computational processes.
The company recently rebranded from Iris Energy Limited to IREN Limited in late 2024 to reflect its broader data center ambitions beyond cryptocurrency. Vertically integrated miners often seek locations with low-cost renewable energy to maintain margins, as electricity typically represents the largest recurring operational expense in the sector. Investors may find ValueRay useful for evaluating how these infrastructure assets compare to traditional data center REITs.
Incorporated in 2018 and listed on the NASDAQ since 2021, IREN operates within the financial sector under the asset management sub-industry. The business model relies on the ownership of physical power infrastructure, which provides a foundation for scaling high-performance computing tasks alongside its digital asset production.
- Bitcoin mining revenue sensitivity to hash rate and network difficulty
- AI cloud services expansion drives high-performance computing revenue growth
- Power capacity scaling and data center infrastructure development pace
- Bitcoin price volatility directly impacts operational margins and profitability
| Net Income: 205.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.14 > 0.02 and ΔFCF/TA 50.94 > 1.0 |
| NWC/Revenue: 187.0% < 20% (prev -78.99%; Δ 266.0% < -1%) |
| CFO/TA 0.11 > 3% & CFO 533.3m > Net Income 205.9m |
| Net Debt (2.53b) to EBITDA (689.3m): 3.68 < 3 |
| Current Ratio: 3.72 > 1.5 & < 3 |
| Outstanding Shares: last quarter (226.2m) vs 12m ago -1.28% < -2% |
| Gross Margin: 31.31% > 18% (prev 0.74%; Δ 3.06k% > 0.5%) |
| Asset Turnover: 18.65% > 50% (prev 18.91%; Δ -0.26% > 0%) |
| Interest Coverage Ratio: 12.30 > 6 (EBITDA TTM 689.3m / Interest Expense TTM 31.8m) |
| A: 0.24 (Total Current Assets 1.66b - Total Current Liabilities 446.1m) / Total Assets 4.98b |
| B: -0.08 (Retained Earnings -421.1m / Total Assets 4.98b) |
| C: 0.11 (EBIT TTM 391.2m / Avg Total Assets 3.48b) |
| D: 0.95 (Book Value of Equity 3.01b / Total Liabilities 3.15b) |
| Altman-Z'' = 3.08 = A |
| DSRI: 1.30 (Receivables 47.3m/21.0m, Revenue 649.4m/376.3m) |
| GMI: 2.38 (GM 31.31% / 74.38%) |
| AQI: 2.15 (AQ_t 0.06 / AQ_t-1 0.03) |
| SGI: 1.73 (Revenue 649.4m / 376.3m) |
| TATA: -0.07 (NI 205.9m - CFO 533.3m) / TA 4.98b) |
| Beneish M = -0.39 (Cap -4..+1) = D |
As of May 24, 2026, the stock is trading at USD 58.06 with a total of 49,575,218 shares traded.
Over the past week, the price has changed by +7.35%,
over one month by +17.44%,
over three months by +34.16% and
over the past year by +512.39%.
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 | 75 | 29.2% |
P/E Forward = 136.9863
P/S = 26.7347
P/B = 7.0657
P/EG = 4.0547
Revenue TTM = 649.4m USD
EBIT TTM = 391.2m USD
EBITDA TTM = 689.3m USD
Long Term Debt = 3.69b USD (from longTermDebt, last quarter)
Short Term Debt = 84.0m USD (from shortTermDebt, last quarter)
Debt = 4.05b USD (corrected: LT Debt 3.69b + ST Debt 84.0m) + Leases 277.1m
Net Debt = 2.53b USD (calculated: Debt 4.05b - CCE 1.52b)
Enterprise Value = 22.8b USD (20.2b + Debt 4.05b - CCE 1.52b)
Interest Coverage Ratio = 12.30 (Ebit TTM 391.2m / Interest Expense TTM 31.8m)
EV/FCF = -33.03x (Enterprise Value 22.8b / FCF TTM -689.5m)
FCF Yield = -3.03% (FCF TTM -689.5m / Enterprise Value 22.8b)
FCF Margin = -106.2% (FCF TTM -689.5m / Revenue TTM 649.4m)
Net Margin = 31.71% (Net Income TTM 205.9m / Revenue TTM 649.4m)
Gross Margin = 31.31% ((Revenue TTM 649.4m - Cost of Revenue TTM 446.1m) / Revenue TTM)
Gross Margin QoQ = -11.31% (prev 10.70%)
Tobins Q-Ratio = 4.58 (Enterprise Value 22.8b / Total Assets 4.98b)
Interest Expense / Debt = 0.79% (Interest Expense 31.8m / Debt 4.05b)
Taxrate = 7.02% (6.56m / 93.5m)
NOPAT = 363.8m (EBIT 391.2m * (1 - 7.02%))
Current Ratio = 3.72 (Total Current Assets 1.66b / Total Current Liabilities 446.1m)
Debt / Equity = 2.22 (Debt 4.05b / totalStockholderEquity, last quarter 1.82b)
Debt / EBITDA = 3.68 (Net Debt 2.53b / EBITDA 689.3m)
Debt / FCF = -3.67 (negative FCF - burning cash) (Net Debt 2.53b / FCF TTM -689.5m)
Total Stockholder Equity = 2.26b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.91% (Net Income 205.9m / Total Assets 4.98b)
RoE = 7.69% (Net Income TTM 205.9m / Total Stockholder Equity 2.68b)
RoCE = 6.14% (EBIT 391.2m / Capital Employed (Equity 2.68b + L.T.Debt 3.69b))
RoIC = 8.48% (NOPAT 363.8m / Invested Capital 4.29b)
WACC = 16.83% (E(20.2b)/V(24.3b) * Re(20.05%) + D(4.05b)/V(24.3b) * Rd(0.79%) * (1-Tc(0.07)))
Discount Rate = 20.05% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 74.00 | Cagr: 65.64%
[DCF] Fair Price = unknown (Cash Flow -689.5m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.14 | # QB: 1
Revenue Correlation: 98.74 | Revenue CAGR: 138.2% | SUE: -3.05 | # QB: -2
EPS next Quarter (2026-09-30): EPS=-0.70 | Chg30d=-800.00% | Revisions=+33% | Analysts=1
EPS current Year (2026-06-30): EPS=-2.02 | Chg30d=N/A | Revisions=-20% | GrowthEPS=-670.0% | GrowthRev=+51.8%
EPS next Year (2027-06-30): EPS=-1.63 | Chg30d=-341.88% | Revisions=-9% | GrowthEPS=-149.1% | GrowthRev=+316.2%
[Analyst] Revisions Ratio: +33%