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IREN Ltd (IREN) stock analysis

IRENNasdaqFinance ServicesFiscal year ends June 30
Financials through Q1 FY2027, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 5, 2026Score 4/30
$19.48−1.36 (-6.53%)

Close on Nov 12, 2026Market cap $7.68BP/E –Yield 0.00%

StockData Score

Prices as of Nov 11, 2026How the score works

Value0Growth2Performance0Health2Dividend0

Weak4 of 30 checks passed

IREN passes 4 of the 30 checks behind our score; 17 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
0/6
Financial health
2/6
Dividend
0/6

What stands out

  • Revenue growing 10%+ a year

    Revenue grew 111% a year over the last three fiscal years.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 25.1% of total debt.

  • Gross margin improving

    Gross margin was 73.4% over the last twelve months, against 69.8% a year earlier.

  • Short-term assets cover short-term debts

    Current assets are 1.60 times current liabilities.

What to watch

  • Return on equity under 15%

    Return on equity was -33.8% over the last twelve months and averaged -17.0% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -13.7%, below the 10% that usually covers the cost of capital.

  • High debt

    Debt is 193% of shareholders' equity, above the 40% we consider low.

  • Interest not well covered

    Operating income covers interest expense -9.4 times; we look for at least 5.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • EV/EBITDA against its history

    Needs positive EBITDA and price history.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth2/6

  • Revenue growing 10%+ a year

    Revenue grew 111% a year over the last three fiscal years.

  • EPS growth over 3 years

    Needs positive EPS three years ago and today.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew 0.9% over the last twelve months; the Finance services median is 9.8%.

  • Guidance issued

    The latest outlook (end of CY26 ARR, May 8, 2026) was issued for the first time, so it neither adds nor takes away points.

  • Gross margin improving

    Gross margin was 73.4% over the last twelve months, against 69.8% a year earlier.

Past performance0/6

  • Return on equity under 15%

    Return on equity was -33.8% over the last twelve months and averaged -17.0% over five years; we look for 15% on both.

  • Return on capital under 10%

    Return on invested capital was -13.7%, below the 10% that usually covers the cost of capital.

  • Return on equity below the industry

    IREN's return on equity of -33.8% is below the Finance services median of -33.5%.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin below its 5-year average

    Net margin was -194% over the last twelve months, against a 5-year average of -81.3%.

  • Net margin below the industry

    IREN's net margin of -194% is below the Finance services median of -64.5%.

Financial health2/6

  • High debt

    Debt is 193% of shareholders' equity, above the 40% we consider low.

  • Debt trend

    Needs a balance sheet from five years ago with positive equity.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 25.1% of total debt.

  • Interest not well covered

    Operating income covers interest expense -9.4 times; we look for at least 5.

  • Short-term assets cover short-term debts

    Current assets are 1.60 times current liabilities.

  • Bankruptcy risk (Altman Z)

    Needs market value, working capital and retained earnings.

Dividend0/6

  • No dividend

    IREN has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for IREN. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$1.70B
Value traded per 1% price move
$335.82M

Downside

High risk

Typical loss in a bad month
44.0%
Volatility (annualized)
109%
Sharpe ratio, 1 year
-0.64
Beta to the S&P 500 (5Y)
2.18

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2019 to 2026

Gross margin

68.9%

Operating margin

-148.0%−141.4 pts over 5 years

Net margin

-99.4%

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