Summary
IREN at a glance
IREN (IREN) holds a Quant grade of C (model v1, Oct 30), on a scale from S, the best, to D. It closed at $23.95 on Oct 30, 2026, overvalued by 1030% vs model: EV/Revenue · peers puts it at $2.12 a share. The median analyst target is $85.00 from 5 firms.
In Q4 FY2026, the latest quarter on file, revenue fell 27% on a year earlier to $137.2M, with an operating margin of −452.2%. In fiscal 2026, free cash flow was -$2.2B.
Among the superinvestors tracked here, Druckenmiller bought and Bridgewater reduced. The latest filing is an ARS (annual report to shareholders), filed Oct 13.
Price and model value
What the marks mean
Valuation
All 1 models →IREN closed at $23.95, overvalued by 1030% vs model (EV/Revenue · peers, 2.12).
EV/Revenue · peers leads because DCF · Perpetuity growth · 5y could not lead: the cash-flow gate is shut (an operating loss, or three years of free cash flow summing below zero); P/E · peers does not describe this kind of business; EV/EBITDA · peers could not run on the filed statements.
- Other models
- —
- Wall St. target
- 85.00 72% below
- Above model, past year
- 0 of 0 days
- Valued as
- Loss-Making
Every model
| EV/Revenue · peersused | $2.12 | 1030% overvalued |
Against its peers and its past
| IREN | Peers' median | Own 5-yr median | |
|---|---|---|---|
| P/E · last fiscal year | — | 32.3× | 35.5× |
| Free cash flow yield | −23.0% | −17.0% | |
| Operating margin | −148.0% | −0.9% | |
| Revenue growth | 41.1% | 17.3% |
Peers are the comparable companies below; the five-year median is at each fiscal year's close.
What the price implies
No growth rate solves for the price: no positive fcf. The reverse DCF →
- Risk-free rate
- 4.94%
- Beta × equity premium
- 2.00 × 4.14%
- Cost of equity
- 13.22%
- Cost of debt
- 4.94%
- Equity weight
- 55%
- WACC
- 9.41%
Quant
Quant grade over time →Quant grade C from model v1, set before the Oct 30 open. S is the best, D the worst. What the grade means
- CRWVC
- NBISC
- ORCLB
- MSTRC
- COINB
Growth and forecasts
Every estimate →Analysts expect revenue to grow 164.5% a year over the next 3 years, against 160.2% a year over the last five.
| Revenue | Growth | EPS | Growth | Analysts | |
|---|---|---|---|---|---|
| FY2025 | $501.0M | +167.7% | $0.39 | — | reported |
| FY2026 | $707.0M | +41.1% | -$2.22 | −669.2% | reported |
| FY2027E | $2.7B | +284.2% | -$1.95 | — | 12 |
| FY2028E | $7.3B | +168.1% | -$0.19 | — | 10 |
| FY2029E | $13.1B | +79.6% | $3.41 | — | 4 |
- Revenue, last 5 years
- 160.2% a year
- Consensus, next 3 years
- 164.5% a year
The analysts' estimates, as FMP collects them — their figures, not this site's. Reported EPS is GAAP diluted.
Financials
Full statements →In Q4 FY2026, the latest quarter on file, revenue fell 27% on a year earlier to $137.2M, with an operating margin of −452.2%. In fiscal 2026, free cash flow was -$2.2B.
| Latest | Year before | Change | |
|---|---|---|---|
| Revenue | $707.0M | $501.0M | +41% |
| Operating income | -$1.0B | $22.1M | n/m |
| Net income | -$702.6M | $86.9M | n/m |
| Free cash flow | -$2.2B | -$1.1B | n/m |
| Diluted EPS | -$2.22 | $0.39 | n/m |
- Cash and investments
- $5.9B
- Total debt
- $7.8B
Profitability and health
Every ratio →Operating margin −148.1% in fiscal 2026, against 0.8% in 2022; net debt of $1.9B at the latest quarter.
| FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | Trend | |
|---|---|---|---|---|---|---|
| Gross margin | 87.4% | 28.0% | 43.9% | 68.3% | 68.9% | |
| Operating margin | 0.8% | −64.3% | −14.6% | 4.4% | −148.1% | |
| Net margin | −711.0% | −227.6% | −15.4% | 17.4% | −99.4% | |
| Return on equity | −96.0% | −56.3% | −2.6% | 4.8% | −16.8% | |
| Debt to equity | 0.25× | 0.00× | 0.00× | 0.53× | 1.87× | |
| Interest coverage | 0.00× | -3.00× | -278.34× | 2.00× | -17.67× | |
| Current ratio | 1.88× | 3.72× | 8.86× | 4.29× | 3.55× |
Peers
Peers in full →IREN beside 5 comparable companies, chosen by business, not by industry label.
| Company | Market value | P/E | FCF yield | Gross margin | Op. margin | Revenue growth | Valuation | Quant |
|---|---|---|---|---|---|---|---|---|
| IREN IREN Limited | $9.7B | n/m | −23.0% | 68.9% | −148.0% | +41.1% | – | C |
| ORCL Oracle Corporation | $395.1B | 22.4× | −6.0% | 65.2% | 30.9% | +17.3% | S | B |
| MSTR Strategy Inc | $52.5B | n/m | −43.0% | 68.7% | −8.6% | +3.0% | – | C |
| COIN Coinbase Global, Inc. | $38.0B | 32.3× | — | 74.6% | 20.3% | +9.4% | A | B |
| NBIS Nebius Group N.V. | $37.0B | 1401.3× | −10.0% | 68.6% | −112.5% | +350.9% | D | C |
| CRWV CoreWeave, Inc. Class A Common Stock | $30.3B | n/m | −24.0% | 71.7% | −0.9% | +167.9% | – | C |
Ownership
Every holder →| Druckenmiller | bought | $4.0M |
| Bridgewater | reduced | $1.2M |
- Guzowski ChristopherSep 16−$434,314.6
Wall Street
Every firm →5 firms published a price target in the last 90 days: the median is $85.00, 255% above the close.
Third-party ratings and targets, quoted as the firms published them — not this site's view.
Analyst actions
News and filings
All news →About
Company profile →IREN Limited, established in 2018 and based in Sydney, Australia, operates a comprehensive, vertically integrated data center business spanning Australia and Canada. The company possesses and manages all essential infrastructure, including its computing hardware, electrical systems, and the data center facilities themselves. A primary undertaking for IREN Limited is the mining of Bitcoin, a scarce digital asset created and exchanged via a decentralized, peer-to-peer computer network utilizing specialized Bitcoin software. The company was previously named Iris Energy Limited, officially adopting IREN Limited in November 2024.
- CEO
- William Roberts
- Employees
- 685
- Headquarters
- Sydney, NSW
- Listed
- 2021
Research on IREN
Model estimates and grades for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; each section is explained in the manual.