Stock Analysis
IREN Limited Ordinary SharesIREN
P/E 67.29×· not meaningful — TTM earnings temporarily depressed
Sector: Financial Services · Industry: Finance Services
AnalystsStrong Buy23 analystsPrice is 0% of the way from the year's low to its high.
Cash covers 85% of debt · Q2 2026.
PMP Verdict
Weak fundamentals, expensive
Risks
- Valuation20
- Growth25
Weak fundamentals at a demanding price.
Market context
-11.2% today· Z 2.7σ· RVOL 1.5×· Gartner's warning on neocloud viability rattled investors, causing a sector-wide AI infrastructure sell-off.
Bull Case
- ✓Revenue CAGR 86.0% — durable top-line growth
Why is IREN moving?
SectorGartner's warning on neocloud viability rattled investors, causing a sector-wide AI infrastructure sell-off.
Profile
valuation, growth, moat, profitability and earnings quality lag behind.
How is each axis scored?
- Valuation20/100 · Weak
- P/E vs own history (77th pct)5/25
- FCF yield (-7.9%)0/25
- P/S (14.0x)5/25
- EV/EBIT (n/a)10/25
- Growth25/100 · Weak
- Revenue CAGR (86.0%)25/25
- Net income CAGR (n/a)0/25
- EPS CAGR 5Y (n/a)0/25
- Fwd implied growth (n/a)0/25
- Profitability30/100 · Weak
- ROIC (-10.6%)0/25
- ROE (6.3%)5/25
- Net margin (20.9%)25/25
- Operating margin (-54.6%)0/25
- Financial Health55/100 · Moderate
- Altman Z (1.61)10/25
- Current ratio (4.96)25/25
- Interest coverage (-9.9x)0/25
- Net cash / debt (D/A 8%)20/25
- Quality40/100 · Weak
- Piotroski F (5/9)15/25
- Beneish M (-4.98)25/25
- FCF conversion (n/a)0/25
- Margin stability (σ 49.1%)0/25
- Moat25/100 · Weak
- ROIC >12% years (0/4 yrs)0/25
- Median gross margin (68.3%)25/25
- FCF-positive years (0/5 yrs)0/25
- Worst-year net margin (worst -711.0%)0/25
Risk Flags
- ⚠Altman Z 1.6 — distress-zone balance sheet
- ⚠Negative FCF margin (-1.1%) — burning cash
- ⚠SBC 23.9% of revenue — real dilution cost
- ⚠4 loss-making years in recent history
- ⚠Interest coverage -9.9× — thin debt cushion
About IREN Limited Ordinary Shares
IREN owns data centers powered by renewable energy in Canada and the US for bitcoin mining and AI cloud infrastructure. Show more
The company is in the process of converting its existing bitcoin capacity for AI purposes and securing new power and land supply to expand its data center operation. IREN works closely with industry leaders in AI, such as Microsoft, to support their cloud infrastructure ambitions.
Headquarters: SYDNEY · Employees: 685 · Website ↗
Price History
Weekly Candlestick Chart — up to 5Y
Key Metrics
Financial snapshot · Tap any metric for its definition and grade
TTM Snapshot
trailing twelve months · YoYValuation
20EP/E (TTM)67xC
Grade C: DistortedTTM earnings are temporarily depressed — this multiple overstates expensiveness. Forward P/E is a better guide — vs own 5Y history: 2.7x–317.9x · 77th pct
P/FCF—
Price / Free Cash Flow per share (Finnhub). Inverse of FCF yield — negative when FCF is negative · CapEx exceeds operating cash flow (313% of OCF) — reported FCF understates normalized earning power in this investment phase
FCF Yield-7.9%D
Grade D: NegativeTTM (OCF − CapEx) / Market Cap — vs own 5Y history: -138.4%–-1.2% · 82nd pct · CapEx exceeds operating cash flow (313% of OCF) — reported FCF understates normalized earning power in this investment phase
P/S (TTM)14.03xD
Grade D: ExpensivePrice / TTM Revenue (own statements) — vs own 5Y history: 0.5x–55.2x · 77th pct
EV/EBITDA356.6xD
Grade D: ExpensiveEnterprise value / EBITDA (Finnhub) — capital-structure neutral
EV/Sales20.1xD
Grade D: Very expensiveEnterprise Value / TTM Revenue (Finnhub) — capital-structure neutral sales multiple
Forward P/E—
Price / next-year EPS estimate — shows whether the TTM multiple is rich or just front-loading growth
P/B Ratio4.23xC
Grade C: ExpensivePrice to Book Value. Neg. equity = heavy buybacks
PEG Ratio—
Finnhub PEG — their P/E basis ÷ expected EPS growth. Suppressed when their P/E diverges >2× from our TTM P/E (different basis)
Dividend Yield—
TTM dividend yield (Finnhub) — annual dividends / price. None = no dividend; very high yield can signal distress
Payout Ratio—
Dividends / Net Income (Finnhub) — share of earnings paid out; >90% or negative = unsustainable
CapEx exceeds OCF: CapEx exceeds operating cash flow (313% of OCF) — reported FCF understates normalized earning power in this investment phase
Profitability
30DROIC-10.6%D
Grade D: LowNOPAT (EBIT less ~21% tax) / invested capital (equity + debt − cash). Flagship quality metric — durable >15% signals a moat
ROE6.3%D
Grade D: WeakReturn on Equity. Neg. equity = heavy buybacks
ROA-8.2%D
Grade D: WeakReturn on Assets (Finnhub) — Net Income / Total Assets; how efficiently assets produce profit
Net Margin20.9%A
Grade A: HighNet Income / Revenue
Operating Margin-54.6%D
Grade D: LowTTM EBIT / TTM Revenue
Gross Margin68.4%A
Grade A: PremiumGross Profit / Revenue
FCF Margin-110.3%D
Grade D: LowFCF / Revenue · CapEx exceeds operating cash flow (313% of OCF) — reported FCF understates normalized earning power in this investment phase
True FCF Margin-134.2%D
Grade D: LowTTM (OCF − CapEx − SBC) / TTM Revenue — SBC treated as a real cost · CapEx exceeds operating cash flow (313% of OCF) — reported FCF understates normalized earning power in this investment phase
Growth
25ERevenue CAGR86.0%A
Grade A: HighCompound annual revenue growth (up to 5Y depending on data availability)
Net Income CAGR—
Compound annual net income growth (up to 5Y depending on data availability)
EPS CAGR (5Y)—
Compound annual EPS growth over up to 5Y of per-share earnings (own statements). Null when either endpoint EPS ≤ 0
Implied EPS Growth—
Analyst forward EPS (normalized basis) vs our GAAP TTM EPS — different bases, so extreme values usually mark cyclically depressed TTM earnings, not real growth
Dilution (5Y)—
Share count change over 5Y
SBC / Net Income114.4%D
Grade D: HighStock-based comp/Net income. >30% = dilution risk
SBC / Revenue23.9%D
Grade D: HighTTM stock-based comp / TTM Revenue
Financial Health
55CAltman Z-Score1.61D
Grade D: DistressBankruptcy risk. >3 Safe, <1.8 Distress
Current Ratio4.96xA
Grade A: HighCurrent Assets/Liabilities
Quick Ratio3.50xA
Grade A: High(Current Assets − Inventory) / Current Liabilities (Finnhub) — stricter liquidity test, excludes inventory
Interest Coverage-9.9xD
Grade D: RiskyEBIT/Interest. >10 Strong
Debt Repayment—
Years to repay net debt via FCF · CapEx exceeds operating cash flow (313% of OCF) — reported FCF understates normalized earning power in this investment phase
Net Debt/EBITNet CashA
Grade A: LowLeverage. <2x Low, >4x High
Debt/Equity1.53xC
Grade C: MedDebt / Equity: <1 Conservative, >2 Risky. Not meaningful with non-positive equity; shown as unavailable rather than low debt.
Cash / Debt0.85xC
Grade C: PartialCash covers how much of total debt. >1 = could repay all debt from cash
Quality
40D+Piotroski F-Score5/9C
Grade C: AverageFinancial strength 0–9. >7 Strong
Beneish M-Score-4.98A
Grade A: SafeEarnings manipulation risk. < -2.22 Safe
FCF Conversion—
FCF / Net Income · CapEx exceeds operating cash flow (313% of OCF) — reported FCF understates normalized earning power in this investment phase
Margin Stability49.1%D
Grade D: VolatileEBIT margin std deviation. Lower = stable
Capex / Revenue162.2%D
Grade D: HeavyTTM CapEx / TTM Revenue — high % = capital-hungry business
Asset Turnover0.08xD
Grade D: LowRevenue / Total Assets (Finnhub) — how efficiently the asset base generates sales
Insider Transactions
SEC Form 4 · 8 records| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
Lewis Anthony J Filed | Lewis Anthony J | Grant / award | +27.0K | |
Guzowski Christopher Filed | Guzowski Christopher | Grant / award | +6.7K | |
Parasuraman Sunita Filed | Parasuraman Sunita | Grant / award | +6.7K | |
Roberts Daniel John Filed | Roberts Daniel John | Grant / award | +552.2K | |
Roberts Daniel John Filed | Roberts Daniel John | Grant / award | +9.10M |
Show 3 more filingsShow fewer filings
| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
Roberts William Gregory Filed | Roberts William Gregory | Grant / award | +552.2K | |
Roberts William Gregory Filed | Roberts William Gregory | Grant / award | +9.10M | |
Bartholomew David James Filed | Bartholomew David James | Grant / award | +8.4K |
More metrics — Moat, Per Share, Balance Sheet, MarketHide additional metrics
Moat
25EROIC >12% Years0/4 yrsD
Grade D: WeakShare of completed fiscal years with ROIC > 12% — measures multi-year capital-return durability
Gross Margin (Med.)68.3%A
Grade A: DurableMedian annual gross margin across available fiscal years — pricing-power durability
FCF-Positive Years0/5 yrsD
Grade D: WeakShare of completed fiscal years with positive free cash flow
Net Margin Floor-711.0%D
Grade D: WeakWeakest annual net margin across completed fiscal years — recession/downcycle resilience
Per Share
EPS (TTM)$0.40
Own TTM net income / shares — same earnings basis as P/E
Cash / Share$15.51
Cash & short-term investments per share (Finnhub)
Book Value / Share$11.01
Shareholders' equity per share (Finnhub). Negative = accumulated losses / heavy buybacks
Balance Sheet
Total Debt$3.83B
Total debt obligations (short + long term)
Cash & Equiv.$3.26B
Cash and short-term investments
Net Debt$573.66M
Total Debt minus Cash. Negative = Net Cash position
Total Equity$2.51B
Shareholders' equity (book value)
Asset / Liability1.56xC
Grade C: AdequateTotal Assets / Total Liabilities
Market
Market Cap$10.62B
Current Market Capitalization
Beta4.29D
Grade D: High volatilityPrice sensitivity vs the market (Finnhub) — 1.0 moves with market, >1.2 amplifies swings
How grades work: each metric is graded A–D against fixed thresholds (tap a row for the meaning). Card grades map the pillar score to A+–E — a card grade is that pillar's own score, not an average of the rows shown.
Financials as of Jun 2026 · Ratio snapshot Oct 17, 2026
Key Insights: IREN Limited Ordinary Shares (IREN)
IREN is down 11.19% at the last close — Gartner's warning on neocloud viability rattled investors, causing a sector-wide AI infrastructure sell-off.. Piotroski F-Score of 5/9 indicates mixed fundamentals for IREN Limited Ordinary Shares. Altman Z-Score of 1.61 is below the 1.81 distress threshold — an elevated financial-risk flag. Beneish M-Score of -4.98 suggests a low likelihood of earnings manipulation. Revenue has compounded at roughly 86% annually — a strong growth profile.
- Free-cash-flow margin is negative (-110%) — the business currently burns cash.
- Company has negative FCF, making debt repayment from operations difficult.
- Interest coverage of -9.9× leaves little room for earnings shocks.
- IREN Limited Ordinary Shares posted a net loss in 4 of 5 available completed fiscal years (2022–2026).
- At a valuation score of 20/100, IREN trades at a premium to its historical multiples (P/E 67.2).
See how IREN ranks on the Capex Tracker — top 50 capital spenders compared.
Recent Market Moves
See all IREN moves →| Date | Session | Price | Move | Z-Score |
|---|---|---|---|---|
| Oct 16 | Regular | 26.74 | -12.01% | -2.89 |
| Oct 16 | After-hours | 26.95 | -11.32% | -2.67 |
| Oct 14 | Regular | 30.52 | -12.30% | -3.44 |
| Oct 14 | After-hours | 29.80 | -14.37% | -4.12 |
| Oct 8 | Regular | 35.73 | -7.66% | -2.23 |
Frequently Asked Questions about IREN
What is the current IREN Limited Ordinary Shares (IREN) stock price?
IREN is trading at $26.99 at the last market close, down 11.19% on the session. PreMarketPrice tracks IREN pre-market, intraday and after-hours prices.
Is IREN stock a buy right now?
PreMarketPrice's quantitative model rates IREN Limited Ordinary Shares's financial health at 55/100. This is a data-driven snapshot of fundamentals, not investment advice.
Is IREN stock overvalued?
IREN Limited Ordinary Shares trades at a trailing P/E of 67.2 and our valuation score rates it 20/100 (higher = cheaper vs. its own history). See the Valuation History and Key Metrics sections for forward P/E, EV/EBITDA and PEG context.
When does IREN Limited Ordinary Shares report earnings?
No confirmed earnings date is currently scheduled for IREN. The Earnings section lists recent reports and updates as dates are announced.
What sector does IREN Limited Ordinary Shares operate in?
IREN Limited Ordinary Shares operates in the Financial Services sector, within the Finance Services industry. The Related Stocks section lists sector peers for comparison.
What does IREN Limited Ordinary Shares do?
IREN owns data centers powered by renewable energy in Canada and the US for bitcoin mining and AI cloud infrastructure.
About IREN Limited Ordinary Shares (IREN) Stock
IREN Limited Ordinary Shares (IREN) is a US-listed stock operating in the Financial Services sector, specifically the Finance Services industry. As of the latest update, IREN Limited Ordinary Shares is trading at $26.99, down 11.19% on the day with a market capitalization of $10.6 billion. The financial health score for IREN is 55/100, which indicates moderate financial strength based on profitability, leverage, liquidity, and growth metrics. This page provides real-time pre-market pricing, earnings calendar, financial health analysis, and valuation metrics for IREN stock.
IREN Stock Analysis & Key Metrics
On PreMarketPrice, you can track IREN Limited Ordinary Shares (IREN) across multiple dimensions:
- Pre-market price & movement: Real-time IREN stock price with percentage change, updated continuously during pre-market and regular trading hours.
- Valuation & P/E history: Historical P/E, P/S, and P/B ratios for IREN with trend analysis and normalized valuation multiples.
- Financial statements: Revenue, net income, assets, liabilities, and equity for IREN Limited Ordinary Shares across multiple reporting periods.
- Financial health score: A composite score of 55/100 based on Altman Z-Score, Piotroski F-Score, profitability, and leverage metrics for IREN.
- Sector peers: Compare IREN against 6 other financial services stocks on key financial metrics.
Is IREN a Good Stock to Buy?
This page provides data-driven analysis to help you evaluate IREN Limited Ordinary Shares (IREN) as an investment. The financial health score of 55/100 suggests moderate financial fundamentals. Valuation metrics show whether the stock is trading above or below its historical average.However, this is not financial advice — always do your own research before investing.
Data on this page is sourced from real-time market feeds, Polygon.io, and Finnhub.IREN Limited Ordinary Shares (IREN) trades on NYSE. Pre-market trading occurs 4:00 AM – 9:30 AM ET. Regular market hours are 9:30 AM – 4:00 PM ET.