---
title: IREN (IREN) — stock overview: intrinsic value, grades and financials
canonical: https://sweetvaluelab.com/stocks/iren
ticker: IREN
as_of: 2026-11-02
sector: Technology
industry: Software - Services
---
# IREN (IREN)

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.

The valuation in full, model by model: https://sweetvaluelab.com/stocks/iren/valuation.

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $23.95 (Oct 30, 2026) |
| Model value (from its peers' median EV/Revenue) | $2.12 |
| Price vs model | overvalued by 1030% vs model |
| Range of that model | $2.12 – $12.43 |
| Market value | $9.7B |
| P/E (fiscal 2026) | — |
| Net margin (fiscal 2026) | −99.4% |
| Free cash flow (fiscal 2026) | -$2.2B |
| Dividend yield (trailing twelve months) | 0.00% |
| Beta | 4.27 |
| Cost of capital (WACC) | 9.41% |
| Business classification | Loss-Making (High revenue growth (~94% recent), Currently unprofitable, Highly cyclical earnings, Negative free cash flow) |

## The last eight quarters

| Quarter | Revenue | Change on a year earlier | Operating margin |
| --- | ---: | ---: | ---: |
| Q1 FY2025 | $52.8M | — | −89.2% |
| Q2 FY2025 | $116.1M | — | 15.5% |
| Q3 FY2025 | $144.8M | — | 19.1% |
| Q4 FY2025 | $187.3M | — | 9.0% |
| Q1 FY2026 | $240.3M | +355.4% | −31.8% |
| Q2 FY2026 | $184.7M | +59.0% | −63.0% |
| Q3 FY2026 | $144.8M | −0.0% | −161.3% |
| Q4 FY2026 | $137.2M | −26.7% | −452.2% |

Fiscal 2026, against the twelve before:

| Line | Latest | Year before |
| --- | ---: | ---: |
| Revenue | $707.0M | $501.0M |
| Operating income | -$1.0B | $22.1M |
| Net income | -$702.6M | $86.9M |
| Free cash flow | -$2.2B | -$1.1B |
| Diluted EPS | -$2.22 | $0.39 |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Near 52-week lows | #2 | 0.0% | https://sweetvaluelab.com/lists/near-52-week-lows |
| Worst performing this year | #22 | −36.6% | https://sweetvaluelab.com/lists/worst-performing-this-year |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Nov 2, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $0.00 | $0.00 | $0.00 |
| DCF · Perpetuity growth · 10y | cross check | $0.00 | $0.00 | $0.00 |
| DCF · EBITDA exit · 5y | cross check | $0.00 | $0.00 | $0.00 |
| DCF · EBITDA exit · 10y | cross check | $0.00 | $0.00 | $0.00 |
| EV/EBITDA · peers | cross check | $0.00 | $0.00 | $0.00 |
| EV/Revenue · peers | cross check | $2.12 | $0.00 | $12.43 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |

## Wall Street analysts

The median of each covering firm's latest price target is $85.00, from 5 firms — the analysts' figure, quoted, and not part of the model value above. Each firm's latest target, the current grades, the grade changes and the consensus revenue and EPS estimates: https://sweetvaluelab.com/stocks/iren/analysts (Markdown: https://sweetvaluelab.com/stocks/iren/analysts.md).

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Jul 1, 2026 | Lewis Anthony J | Chief Financial Officer | Grant / award | 26,968 | $0 |
| Sep 16, 2025 | Guzowski Christopher | Director | Open-market sell | 11,958 | $434,314.6 |
| Jul 1, 2026 | Guzowski Christopher | Director | Grant / award | 6,657 | $0 |
| Jul 1, 2026 | Parasuraman Sunita | Director | Grant / award | 6,657 | $0 |
| Jul 1, 2026 | Roberts Daniel John | Co-Chief Executive Officer | Grant / award | 9,099,328 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Oct 13, 2026 | ARS | Annual report to shareholders | https://www.sec.gov/Archives/edgar/data/1878848/000114036126039453/ny20078226x3_ars.pdf |
| Oct 13, 2026 | DEFA14A | Additional proxy materials | https://www.sec.gov/Archives/edgar/data/1878848/000114036126039452/ny20078226x2_defa14a.htm |
| Oct 13, 2026 | DEF 14A | Proxy statement | https://www.sec.gov/Archives/edgar/data/1878848/000114036126039451/ny20078226x1_def14a.htm |
| Aug 27, 2026 | 10-K | Annual report | https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm |
| Aug 27, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1878848/000187884826000051/iren-20260827.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Druckenmiller | 2026-06-30 | 87,100 | $4.0M |
| Bridgewater | 2026-06-30 | 26,595 | $1.2M |

2 tracked managers in all.

## About

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.

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Source: https://sweetvaluelab.com/stocks/iren (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.