Reading the tape
NASDAQ: IREN
IREN Limited
Financial Services · Financial - Capital Markets
Market Cap
$16.42B
52w High
$76.87
52w Low
$6.01
P/E
26.64
Volume
42.28M
Outstanding Shares
331.76M
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 699.35%Revenue (TTM): 146.69%FCF (TTM): 74.54%P/S: 88th pct
What changed
The stock rose 699.35% over the last year. Revenue grew 146.69% over the trailing twelve months. Operating margin moved from -14.28% to -12.84%. Free cash flow grew 74.54% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/S range (88th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at -12.84% — continued expansion would be needed to justify the premium. Revenue growth of 146.69% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
IREN Limited operates in the vertically integrated data center business in Australia and Canada.
CEOWilliam Roberts
SectorFinancial Services
IndustryFinancial - Capital Markets
Employees257
IPO dateNov 17, 2021
Valuation
Forward P/E—
EV/EBITDA17.48
Enterprise value$3.53B
Price / Book9.03
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth2.84%
Gross margin50.99%▲27.63%vs FY2024
Operating margin-12.84%▲123.77%vs FY2024
ROE4.78%▲281.53%vs FY2024
Analyst consensus
RatingBuy
Target price$72.50▲46.52%
9
Buy
3
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
Q2 FY26 · EPS est -$0.22 · Revenue est $219.69M
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