IREN Ltd (IREN)
IREN Limited operates as a vertically integrated AI cloud services platform in Australia and Canada. It develops, owns, and operate data centers, including the associated land, grid connections, and substations, as well as buildings and cooling. The company also owns and operates compute layers, such as GPUs, CPUs, storage, servers, and networking deployed within that data center infrastructure; and software layers comprising managed services and enterprise support that enables customers to deploy, operate, and manage AI workloads. In addition, it is involved in Bitcoin mining. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024. IREN Limited was incorporated in 2018 and is based in Sydney, Australia.
- Symbol
- IREN
- Exchange
- Nasdaq
- Sector
- Financial Services
- Industry
- Capital Markets
- Market cap
- $15.35B
- 52 week range
- 28.93 - 76.87
Valuation
- Share price
- $47.05 (close of 2026-09-23)
- P/E (TTM)
- -21.87x
- Price to book
- 3.67x
- Price to free cash flow
- -17.10x
- Enterprise value
- $17.29B
- Book value per share
- $13.24
Price performance
| Period | Change |
|---|
| 1 day | -3.09% |
| 5 days | +10.39% |
| 1 month | +12.34% |
| 3 months | -14.02% |
| 6 months | +11.60% |
| Year to date | +24.57% |
| 1 year | +12.64% |
| 3 years | +1118.92% |
| All time | +92.43% |
Profitability and growth
- Return on equity
- -16.79%
- Return on invested capital
- -16.98%
- Return on assets
- -4.45%
- Return on capital employed
- -7.71%
- Gross margin
- 68.92%
- Net margin
- -99.38%
- EBITDA margin
- -88.96%
- Revenue growth
- 41.11%
- Net income growth
- -908.16%
- Free cash flow growth
- -174.01%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -5.85%
- Current ratio
- 3.55x
- Net debt to EBITDA
- -8.39x
Latest reported year
- Period end
- 2026-06-30
- Fiscal year
- 2026
- Revenue
- $707.01M
- Cost of revenue
- $219.71M
- Gross profit
- $487.30M
- EBITDA
- $-628.99M
- Net income
- $-702.62M
- Earnings per share
- $-2.22
- Shares outstanding
- 316.12M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2026-06-30 | $707.01M | $487.30M | $-702.62M | $-2.22 |
| 2025-06-30 | $501.02M | $342.03M | $86.94M | $0.41 |
| 2024-06-30 | $187.19M | $100.13M | $-28.92M | $-0.29 |
| 2023-06-30 | $75.51M | $36.09M | $-171.83M | $-3.14 |
| 2022-06-30 | $59.04M | $307.00K | $-419.77M | $-10.25 |
| 2021-06-30 | $7.90M | - | $-60.39M | $-2.93 |
| 2020-06-30 | $2.17M | - | $-2.14M | $-0.13 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2026-06-30 | 68.92% | -99.38% | -16.79% | -16.98% |
| 2025-06-30 | 68.27% | 17.35% | 4.78% | 0.49% |
| 2024-06-30 | 53.49% | -15.45% | -2.64% | -3.96% |
| 2023-06-30 | 47.80% | -227.56% | -56.27% | -66.09% |
| 2022-06-30 | 0.52% | -711.03% | -95.98% | 0.04% |
| 2021-06-30 | - | -764.62% | 122.11% | - |
| 2020-06-30 | - | -98.53% | -24.29% | -19.00% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2026-06-30 | $5.90B | $7.42B |
| 2025-06-30 | $564.53M | $962.76M |
| 2024-06-30 | $411.13M | - |
| 2023-06-30 | $68.89M | $1.26M |
| 2022-06-30 | $109.97M | $47.80M |
| 2021-06-30 | $38.99M | $11.84M |
| 2020-06-30 | $1.96M | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2026-06-30 | $-897.59M | $205.02M |
| 2025-06-30 | $-327.57M | $42.64M |
| 2024-06-30 | $-89.64M | $23.64M |
| 2023-06-30 | $-110.33M | $14.36M |
| 2022-06-30 | $-121.13M | $13.90M |
| 2021-06-30 | $-5.54M | $805.00K |
| 2020-06-30 | $-4.90M | $179.00K |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-05
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-27 | Jun/2026 | - |
| 2026-05-07 | - | - |
| 2026-02-05 | - | - |
| 2025-11-06 | - | - |
| 2025-08-28 | - | - |
| 2025-05-14 | - | - |
| 2025-02-12 | - | - |
| 2024-11-26 | - | - |
Filings and sources
- Company website
- iren.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
Similar companies
Morgan Stanley (MS) · Goldman Sachs Group Inc (GS) · Charles Schwab Corp (SCHW) · MarketAxess Holdings Inc (MKTX) · BlackRock, Inc. (BLK) · Blackstone Inc. (BX) · KKR & Co. Inc. (KKR) · Ameriprise Financial Inc (AMP)
All Financial Services companies
Understanding these figures
Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
Explore
Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades