IREN Limited

Finance Services

IRENMixed3 of 9 basics passed

$35.22

-1.38%

Market cap $13.9B

$35.22

-1.38%

Market cap $13.9B

IREN owns data centers powered by renewable energy in Canada and the US for bitcoin mining and AI cloud infrastructure. The company is in the process of converting its existing bitcoin capacity for AI purposes and securing new power and land supply to expand its data center operation.

It is a $13.9B financial services company. Revenue grew 41.1% over the last year, and it currently loses money.

Website: iren.com
Location: Sydney
Employees: 685
Sector: Financial Services
Founded: 2006

Share price · 3 years

$3.27 → $35.22+976.9%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $707M
Loss: spends more than it earns; -$703M
Free cash flow: cash left after running the business; -$898M
Shares: up 92% since 2022 — dilution; 316.1M
Volatility: beta vs the market — under 1 swings less; 4.27

Revenue, last 5 years

52-week range

Low $29.31$35.22High $76.41

Today's price is 13% of the way from the year's low to its high.

P/E vs its history5y

87.8×median 21.7×

Higher than 79% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

87.8×

21%

P/S

18.3×

21%

EV/EBITDA

1316.0×

P/B

3.3×

23%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Standing in Financial Services

Size$13.9Btop 70%
Revenue growth+111%top 2%
Net margin-99%top 97%
Return on equity-23%top 95%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation, Growth, Profitability, Health, Quality and Moat lag behind.

Valuation10

P/E vs own history79th pct · 5/25
FCF yield-6.5% · 0/25
P/S19.6x · 5/25
EV/EBITDA395.9x · 0/25

Growth25

Revenue CAGR86.0% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growthn/a · 0/25

Profitability0

ROICn/a · 0/25
ROE-23.0% · 0/25
Net margin-99.4% · 0/25
Operating margin-163.9% · 0/25

Health28

Altman Z0.86 · 3/25
Current ratio3.55 · 25/25
Interest coverage-9.9x · 0/25
Net cash / debtn/a · 0/25

Quality5

Piotroski F3/9 · 5/25
Beneish M3.66 · 0/25
FCF conversionn/a · 0/25
Margin stabilityσ 41.2% · 0/25

Moat25

ROIC >12% years0/4 yrs · 0/25
Median gross margin68.3% · 25/25
FCF-positive years0/5 yrs · 0/25
Worst-year net marginworst -711.0% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Turned profitable
$86.9M net income after a loss year
FY2025Financial
Best year on record
$86.9M net income
Jul 1, 2010Acquisition
Iren was formed on July 1, 2010, through the merger of Enìa S.p.A. and Iride S.p.A
2006Founded
Iride S.p.A., for its part, was a merger in 2006 between Azienda Energetica Metropolitana Torino (AEM Torino) from…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$14 403 today — price return only

$707.0M revenue in FY2026

Revenue up 41.1% year over year

685 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (68.9%)
Revenue growing 41.1% year over year

Watch-outs

Not profitable — 99.4% net margin
Negative free cash flow (-$897.6M)
Altman Z-Score 0.86 — elevated financial-distress risk
Thin interest coverage (-9.9×)
Loss-making in 4 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

3 of 9 checks passed

Revenue growing — the company sells more than a year ago+41.1% YoY
Profitable — makes more than it spends-$703M TTM
Profit growing — earnings are higher than last year-908.2% YoY
Generates cash — cash left after running and investing-$898M TTM
Debt under control — could handle its obligationscurrent ratio 3.55
Established company — not a micro-cap — lower blow-up risk$13.9B market cap
Not printing shares — share count not ballooning — you keep your slice+91.6% shares over ~5y
Proven track record — years of profitability behind it1/5 profitable years
Financially stable — balance sheet not near distressAltman Z 0.9 — distress
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsno data

Peer comparisonIREN Limited vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
IREN this company	$13.9B	—	+41.1%	-99.4%	Mixed
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: IREN vs BRK.A · IREN vs BRK.B · IREN vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 11Hold 4Sell 1

Appendix · Financial records

The full statements behind this CV, FY2022–FY2026. For readers who want to check the numbers.

Profit & lossRevenue $707M · net income -$703M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2026 revenue flows to profit

RevenueNet income

Revenue (TTM)

$707M

YoY 41.1%

Net income (TTM)

-$703M

Margin -99.4%

Gross margin

68.9%

Operating margin

-163.9%

Income statement — full detail

Figures in USD billions · EPS in USD

	2022	2023	2024	2025	2026
Revenue	0.1	0.1	0.2	0.5	0.7
Gross profit	0.1	0.0	0.1	0.3	0.5
Operating income (EBIT)	0.0	-0.0	-0.0	0.0	-1.0
Net income	-0.4	-0.2	-0.0	0.1	-0.7
EPS (diluted)	-2.54	-0.86	-0.15	0.39	-2.22

Cash flowFree cash flow -$898M · operating cash flow $2.10B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

-$898M

Margin -127.0%

Operating cash flow (TTM)

$2.10B

FCF margin

-110.3%

Cash flow statement — full detail

Figures in USD billions

	2022	2023	2024	2025	2026
Operating cash flow	-0.0	0.0	0.1	0.2	2.1
Capital expenditure	-0.3	-0.1	-0.5	-0.6	-3.0
Free cash flow	-0.3	-0.1	-0.4	-0.3	-0.9
FCF margin	-561.9%	-146.1%	-228.5%	-65.4%	-127.0%

Balance sheetAssets — · debt n/a (FY2026)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

Altman Z-Score

0.86

Distress zone

Interest coverage

-9.9x

EBIT ÷ interest expense

ROE

-23.0%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2022	2023	2024	2025	2026
Cash & equivalents	0.1	0.1	0.4	0.6	—
Total assets	0.6	0.3	1.2	2.9	—
Total liabilities	0.1	0.0	0.1	1.1	—
Total debt	0.1	0.0	0.0	1.0	—
Equity	0.4	0.3	1.1	1.8	—
Net debt	-0.0	-0.1	-0.4	0.4	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of IREN on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $35.22 · market cap $13.9B.