IREN

IREN · Nasdaq · Information Technology · Financials, fiscal 2020 to 2026

IREN · Last close · October 26, 2026

$25.43

IREN's revenue rose 41.1% to $707 million in fiscal 2026. Its operating margin was −148.1%, down from 3.5% a year earlier. Free cash flow was −$898 million. The diluted share count rose 41.6%.

IREN Limited Latest fiscal year ended June 30, 2026 10-K filed August 27, 2026 · 0001878848-26-000052 Updated October 24, 2026

Revenue

$707M

41.1%

Operating margin

−148.1%

151.5 pts

Net income

−$703M

$87M a year earlier

Free cash flow

−$898M

Return on capital

−19.8%

20.9 pts

Market cap

$8.0B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. IREN's operating loss in fiscal 2026 outweighs its depreciation, so its EBITDA is negative and net debt to EBITDA is left blank for that year.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

IREN lost money in fiscal 2026: a net loss of $703 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value IREN yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from IREN's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from IREN's cash from operations minus depreciation in fiscal 2026 (free cash flow before spending to grow: capital spending was 7.2 times depreciation, which holds its free cash flow down) of $1.7B, net cash of −$1.9B at June 30, 2026 and 316 million diluted shares, from its filings. The scenarios are fitted to IREN: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 110.8% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Internet Services & Infrastructure), plus 1 point as a smaller company, worth $8.0B, plus 1 point for unsteady results (a loss in fiscal 2026); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2026: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to IREN's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $25.43
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and IREN's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	110	69	411	564	5,896
Debt incl. finance leases	108	1	0	963	7,837
Net debt (negative means net cash)	−2	−68	−411	398	1,941
Net debt to EBITDA	−0.2x	—	−17.7x	2.0x	—
Debt to equity	0.2x	0.0x	0.0x	0.5x	1.9x
Interest coverage	0.1x	−10.3x	—	1.6x	−17.7x
Current ratio	1.9x	3.7x	8.9x	4.3x	3.5x
Quick ratio	1.9x	3.7x	8.9x	4.3x	3.5x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

No officer, director or 10% owner of IREN reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	7 of 9	5 of 9	3 of 9
Accruals ratio	−10.9%	−7.8%	−29.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put IREN side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
IREN	FY26	41.1%	−148.1%	−127.0%	−19.8%	—	3
DigitalOcean	FY25	15.5%	17.4%	20.0%	15.7%	4.0x	7	Compare
Verisign	FY25	6.4%	67.7%	64.5%	—	1.1x	8	Compare
Wix.com	FY25	13.2%	0.1%	29.2%	—	9.9x	7	Compare
Cloudflare	FY25	29.9%	−9.6%	13.3%	−29.7%	—	3	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

7 years of figures

Fiscal year	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	2	8	59	76	187	501	707
Revenue growth	—	263.3%	647.5%	27.9%	147.9%	167.7%	41.1%
Gross profit	—	—	—	36	100	342	487
Research and development	—	—	—	—	—	—	—
Operating income	−2	−0	0	−157	−27	17	−1,047
Net income	−2	−60	−420	−172	−29	87	−703
Diluted EPS (US$)	−0.13	−2.93	−10.25	−3.14	−0.29	0.39	−2.22
Diluted shares (millions)	16	21	41	55	100	223	316
Cash flow
Cash from operations	−1	2	−38	6	52	246	2,100
Capital expenditure	4	7	84	116	142	574	2,998
Free cash flow	−5	−6	−121	−110	−90	−328	−898
Dividends paid	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	92
Stock-based compensation	0	1	14	14	24	43	205
Balance sheet at fiscal year end
Cash and short-term investments	2	39	110	69	411	564	5,896
Debt incl. finance leases	2	84	108	1	0	963	7,837
Total assets	12	134	570	332	1,153	2,940	15,790
Total liabilities	3	184	133	27	55	1,123	11,604
Shareholders' equity	9	−50	437	305	1,098	1,818	4,186
Margins and ratios
Gross margin	—	—	—	47.8%	53.5%	68.3%	68.9%
Operating margin	−77.1%	−6.6%	0.5%	−208.2%	−14.6%	3.5%	−148.1%
Net margin	−98.5%	−764.6%	−711.0%	−227.6%	−15.4%	17.4%	−99.4%
Free cash flow margin	−225.4%	−70.1%	−205.2%	−146.1%	−47.9%	−65.4%	−127.0%
Return on capital	—	—	0.1%	−36.9%	−4.7%	1.1%	−19.8%
Return on equity	—	—	−216.4%	−46.3%	−4.1%	6.0%	−23.4%
Return on assets	—	−82.7%	−119.1%	−38.1%	−3.9%	4.2%	−7.5%
Net debt to EBITDA	—	61.6x	−0.2x	—	−17.7x	2.0x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: IREN's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with IREN.