One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
IREN Limited
IREN · NMS · Financial Services · Capital Markets
Current price
$45.36
52-week range
$28.93 - $76.87
Market cap
$17.87B
Balance sheet
Distressed
-6.39x Concerning
Net debt $1.94B. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
3 Risks
1 rewards · 3 risks
- Reward Revenue grew 41.1% last year.
- Risk Operating margin compressed from -64.3% to -102.5% over 3 years.
- Risk Return on equity was -23.4% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 3.3% (peer median: 3.5%).
What this company does
IREN Limited
IREN builds and operates its own data centers (large buildings full of powerful computers) and makes money in two main ways. The company rents out its computing power to other businesses for artificial intelligence work and also uses its computers for Bitcoin mining (the process of solving complex math problems to earn new digital currency). This means its business depends on both the growing need for AI technology and the price of Bitcoin.
How the company got here
IREN was founded in 2018 by brothers Daniel and Will Roberts in Australia, initially under the name Iris Energy. Their original idea was to mine Bitcoin, a type of digital currency, using data centers powered entirely by renewable energy, like hydropower. The company went public on the Nasdaq stock exchange in 2021 to raise money for expansion. Recognizing the massive energy and computing power needed for the artificial intelligence (AI) boom, the company began shifting its focus and officially changed its name to IREN in 2024 to reflect this broader mission beyond just Bitcoin.
What it actually does
Think of IREN as a landlord for the digital world, but one that also provides the electricity and the super-powered computers. The company builds and operates large buildings called data centers, securing the land and massive connections to the electrical grid, often in places with a lot of renewable energy. Inside these data centers, it houses thousands of specialized computers. It then rents out access to this computing power to two main types of customers: companies developing AI and those who mine Bitcoin.
AI Cloud Services
This is the company's fastest-growing business and its main focus for the future. IREN provides massive computing power, using specialized chips called GPUs (Graphics Processing Units), which are essential for creating and running artificial intelligence. Companies like Microsoft and NVIDIA pay IREN to use its infrastructure for demanding AI tasks, like training new AI models. While this segment was small initially, it's now the primary driver of the company's growth, with major contracts making it a much larger part of the business than Bitcoin mining.
Bitcoin Mining
This was IREN's original business and how it got started. The company uses its own specialized computers in its data centers to solve complex math problems, which helps to operate and secure the global Bitcoin network. In return for this service, IREN is rewarded with new Bitcoin. This part of the business generates revenue, but the company is now in the process of converting more of its data center capacity away from Bitcoin mining to support the expansion of its AI cloud services.
What management is betting on now
Management is making a big bet on the massive and growing demand for artificial intelligence. Their main strategy is to use their expertise in building and running energy-hungry data centers to become a key supplier for the AI industry. They are rapidly expanding their data center capacity and purchasing tens of thousands of high-performance computers (GPUs) to attract major AI developers and large tech companies as customers. The company is transitioning from being primarily a Bitcoin miner to a vertically integrated (meaning it controls the process from the land and buildings to the computers and software) AI cloud provider.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2025 Q1
$-109.75M
FY2025 Q2
$-85.50M
FY2025 Q4
$84.95M
FY2026 Q1
$-37.95M
FY2026 Q2
$-468.04M
FY2026 Q3
$-873.83M
FY2026 Q4
$482.24M
Revenue
$137.22M
Net income
$-684.00M
Diluted EPS
-2.04
Operating cash flow
$1.81B
Free cash flow
$482.24M
Fetching…
Sources
Revenue
$144.79M
Net income
$-247.83M
Diluted EPS
-0.74
Operating cash flow
$75.32M
Free cash flow
$-873.83M
Fetching…
Sources
Revenue
$184.69M
Net income
$-155.41M
Diluted EPS
-0.52
Operating cash flow
$71.65M
Free cash flow
$-468.04M
Fetching…
Sources
Revenue
$240.29M
Net income
$384.61M
Diluted EPS
1.08
Operating cash flow
$142.35M
Free cash flow
$-37.95M
Fetching…
Sources
Revenue
$187.29M
Net income
$176.68M
Diluted EPS
0.83
Operating cash flow
$103.14M
Free cash flow
$84.95M
Fetching…
Sources
Revenue
—
Net income
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Diluted EPS
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Operating cash flow
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Free cash flow
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Fetching…
Sources
Revenue
$116.14M
Net income
$-21.89M
Diluted EPS
-0.10
Operating cash flow
$53.56M
Free cash flow
$-85.50M
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Sources
Revenue
$52.76M
Net income
$-51.70M
Diluted EPS
-0.27
Operating cash flow
$-3.92M
Free cash flow
$-109.75M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $45.36
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $1.9B. Interest coverage -6.4x.
Net debt
$1.94B
Interest coverage
-6.39x
IREN Limited's profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 5 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
IREN
BASELINE
IREN Limited
Total debt $7.84B Interest coverage -6.39x This is the baseline the peer rows are being compared against.
Total debt $7.67B Interest coverage -3.24x Neither company has much profit cushion over interest right now.
Total debt $877.80M Interest coverage -14.22x Neither company has much profit cushion over interest right now.
Total debt $5.59B Interest coverage -9.23x Neither company has much profit cushion over interest right now.
Total debt $4.41B Interest coverage -6.06x Neither company has much profit cushion over interest right now.
Total debt $2.47B Interest coverage -16.99x Neither company has much profit cushion over interest right now.
What you should know
The case for and against IREN
1 Reward
3 Risks
Rewards
-
Revenue grew 41.1% last year.
Risks
-
Operating margin compressed from -64.3% to -102.5% over 3 years.
-
Return on equity was -23.4% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 3.3% (peer median: 3.5%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-171.17x
P/B
4.12x
P/S
25.28x
EV/EBITDA
497.50x
PEG ratio
3.11x
Profitability
How much profit each dollar creates
Gross margin
68.9%
Operating margin
-102.5%
Net margin
-99.4%
ROE
-23.4%
ROA
-2.5%
Health
Liquidity and balance-sheet strength
Debt / equity
1.87x
Current ratio
3.55x
Quick ratio
2.66x
Total debt
$7.84B
Total cash
$5.90B
Growth
How the business has been compounding
Revenue TTM
$707.01M
Revenue 5Y CAGR
110.8%
EPS TTM
-2.22
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$2.10B
Free CF TTM
$-897.59M
FCF margin
-127.0%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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