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Friday 6 November 2026
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IREN Limited
IREN Financial Capital Markets
IREN Limited’s revenue for fiscal 2026 (year ended June 2026) was $707.0 million, up 41.1% from fiscal 2025.
- Revenue
- −26.7%
- EPS
- −391.9%
- Free cash flow
- +705.7%
- Total debt
- +701.0%
Quarter to June 2026, against a year earlier
21.32
3.29
+18.25%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to June
| Ten-year view | Analyst estimates Powerpack | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | |||||||||||||||||
| Income, $m | Revenue | — | — | — | 2 | 8 | 59 | 82 | 187 | 501 | 707 | +162.0% | 3,383 | 8,929 | 18,107 | +194.8% | |
| Gross margin, % | — | — | — | (37.21) | 100.00 | 100.00 | 100.00 | 53.49 | 68.27 | 68.92 | +106.1 pt | ||||||
| EBT | — | — | — | (2) | (59) | (417) | (169) | (25) | 94 | (709) | +163.5% | ||||||
| EBT margin, % | — | — | — | (96.96) | (696.88) | (706.27) | (206.93) | (13.60) | 18.66 | (100.24) | (3.3) pt | ||||||
| Net income | — | — | — | (2) | (60) | (420) | (172) | (29) | 87 | (703) | +163.1% | ||||||
| Per share, $ | |||||||||||||||||
| Per share, $ | Revenue | — | — | — | 0.04 | 0.41 | 1.44 | 1.50 | 1.88 | 2.33 | 2.24 | +95.8% | |||||
| Earnings | — | — | — | (0.04) | (2.93) | (10.25) | (3.14) | (0.29) | 0.41 | (2.22) | +95.3% | ||||||
| Cash flow | — | — | — | (0.02) | 0.09 | 0.53 | 0.11 | 0.52 | 1.15 | 6.64 | n/m | ||||||
| Capex | — | — | — | 0.00 | (0.35) | (2.04) | (1.53) | (1.42) | (2.62) | (9.75) | n/m | ||||||
| Free cash flow | — | — | — | (0.02) | (0.27) | (1.52) | (1.42) | (0.90) | (1.47) | (3.10) | +136.8% | ||||||
| Book value | — | — | — | 0.16 | (2.40) | 10.68 | 5.57 | 11.01 | 8.47 | 13.24 | +108.8% | ||||||
| Shares, m | — | — | — | 55 | 21 | 41 | 55 | 100 | 215 | 316 | +33.8% | ||||||
| Valuation, × | |||||||||||||||||
| Valuation, × | P/E | — | — | — | 0.00 | 0.00 | 0.00 | 0.53 | 0.00 | 49.86 | 0.00 | 7.2 | |||||
| P/S | — | — | — | 0.00 | 0.00 | 2.32 | 4.26 | 6.72 | 6.24 | 20.45 | 5.7 | ||||||
| P/B | — | — | — | 0.00 | 0.00 | 0.31 | 0.82 | 1.15 | 1.72 | 3.45 | 1.1 | ||||||
| EV/Sales | — | — | — | 0.00 | 0.00 | 2.29 | 4.35 | 4.92 | 7.68 | 20.65 | 5.7 | ||||||
| EV/FCF | — | — | — | 0.00 | 0.00 | (2.18) | (2.18) | (10.28) | (12.16) | (16.71) | (6.2) | ||||||
| Cash, $m | |||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | (1) | 2 | 22 | 6 | 52 | 246 | 2,100 | n/m | |||||
| Capex | — | — | — | (4) | (7) | (84) | (84) | (142) | (562) | (3,082) | +198.7% | ||||||
| Free cash flow | — | — | — | (1) | (6) | (62) | (78) | (90) | (316) | (981) | +217.0% | ||||||
| Balance, $m | |||||||||||||||||
| Balance, $m | Working capital | — | — | — | 0 | (130) | 75 | 65 | 401 | 492 | 5,665 | n/m | |||||
| Net debt | — | — | — | 0 | 45 | (2) | (67) | (410) | 398 | 146 | +425.7% | ||||||
| Shareholders’ equity | — | — | — | 9 | (49) | 437 | 305 | 1,097 | 1,817 | 4,186 | +179.5% | ||||||
| Returns, % | |||||||||||||||||
| Returns, % | ROA | — | — | — | (2.90) | (82.72) | (119.10) | (38.09) | (3.90) | 4.25 | (7.50) | (4.6) pt | |||||
| ROIC | — | — | — | 0.00 | 0.00 | 0.07 | (11.05) | (2.42) | 0.58 | (5.53) | (5.5) pt | ||||||
| ROE | — | — | — | 10.42 | 296.99 | (216.43) | (46.28) | (4.12) | 5.97 | (23.41) | (33.8) pt | ||||||
| People | |||||||||||||||||
| People | Employees | — | — | — | — | 39 | 21 | 100 | 144 | 257 | 685 | +77.4% | |||||
| Revenue/emp, $m | — | — | — | 0.00 | 0.22 | 2.81 | 0.82 | 1.30 | 1.95 | 1.03 | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Jun 2026 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Bitcoin Mining | 485 | 96.73% |
|---|---|---|
| AI Cloud | 16 | 3.27% |
| Gross margin | 68.27% | |
| Operating margin | 4.10% | |
| Pre-tax margin | 18.66% |
IREN Limited vs peers in Capital Markets (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| JEF Jefferies Financial Group Inc. | $11.2B | 12.7× | 12.4× | +8.52% (above 0%: growing) | +17.31% (above 0%: growing) | +1,563.06% (above 0%: growing) | 98.97% | 24.82% | Compare |
| EVR Evercore Inc | $11.2B | 14.5× | 15.2× | +12.51% (above 0%: growing) | +24.01% (above 0%: growing) | +25.04% (above 0%: growing) | 99.76% | 21.48% | Compare |
| SF Stifel Financial Corporation | $10.8B | 11.8× | 11.4× | −0.22% (below 0%: shrinking) | +13.26% (above 0%: growing) | −90.85% (below 0%: shrinking) | 99.05% | 22.63% | Compare |
| HLI Houlihan Lokey, Inc. | $10.2B | 24.5× | 18.2× | +4.85% (above 0%: growing) | −1.80% (below 0%: shrinking) | −25.70% (below 0%: shrinking) | 35.98% | 22.25% | Compare |
| FUTU Futu Holdings Limited Sponsored ADR | $9.0B | 9.2× | 10.6× | +35.71% (above 0%: growing) | +42.98% (above 0%: growing) | +443.45% (above 0%: growing) | 86.31% | 61.99% | Compare |
| VIRT Virtu Financial, Inc. | $8.4B | 8.9× | 8.2× | +19.05% (above 0%: growing) | −1.21% (below 0%: shrinking) | +78.56% (above 0%: growing) | 78.24% | 46.04% | Compare |
| XP XP Inc. | $7.6B | 7.7× | 7.1× | +22.04% (above 0%: growing) | +23.26% (above 0%: growing) | −127.08% (below 0%: shrinking) | 100.00% | 34.50% | Compare |
| IREN IREN Limited | $7.3B | — (loss-making) | — (loss-making) | −26.73% (below 0%: shrinking) | n/m | +705.74% (above 0%: growing) | 75.71% | (585.97%) | |
| SNEX StoneX Group Inc. | $6.5B | 12.0× | 12.1× | +15.40% (above 0%: growing) | +86.64% (above 0%: growing) | −183.02% (below 0%: shrinking) | 3.06% | 1.67% | Compare |
| Median of peers | $9.6B | 11.9× | 11.8× | +13.96% | +20.29% | −0.33% | 92.64% | 23.73% |
From the latest earnings call
- On IREN’s Q3 call, co-CEO Daniel Roberts said all operational capacity was contracted and the company was working to bring more AI compute online.
- Chief revenue officer Kent Draper said retrofitting existing air-cooled data centers required less capital expenditure than building new liquid-cooled facilities.
Pay and ownership Proxy statement filed 13 October 2026
Ownership
Directors and executive officers, together
39.68% of the votes
Daniel Roberts
19.76% of the votes
William Roberts
19.76% of the votes
The Goldman Sachs Group, Inc.
5.28% of the votes
Bank of America Corporation
3.27% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
IREN Limited (IREN) Latest News
6 Nov
5 Nov
4 Nov
28 Oct
IREN metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
IREN provides computing infrastructure for companies developing and using artificial intelligence. It owns and operates data centers, the computers inside them, and software and support for running AI workloads. Its customers include large technology companies, AI developers, frontier labs and enterprises.
The physical layer includes land, power connections, substations, buildings and cooling. The compute layer includes graphics processing units, or GPUs, alongside servers, storage and networking. Customers can rent dedicated computing equipment, known as bare metal, or use managed cloud services that help them deploy and operate their workloads. These services support both AI training and inference, the process of using an AI model to produce results.