IREN LimitedIREN
NasdaqGS•Financial Services•Capital Markets
IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers. It also mines Bitcoin, a scarce digital asset that is created and transmitted through the operation of a peer-to-peer network of computers running the Bitcoin software. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024. The company was incorporated in 2018 and is based in Sydney, Australia.
IREN LIMITED (IREN) reported trailing twelve months revenue of $1.07B as of March 2026.
IREN LIMITED generated $68.32M in TTM net income, with quarterly EBITDA of $-112.28M. The operating margin stands at -161.3%.
The spread between operating margin (-161.3%) and net margin (-171.2%) indicates moderate non-operating costs.
IREN trades at a P/E of 154.5x (a premium multiple) and a P/S of 9.9x. The price-to-book ratio of 4.0x reflects a moderate premium to book value.
The company reported negative free cash flow of $-873.83M, indicating cash consumption over the period. The balance sheet shows $7.26B in total assets with no in long-term debt against $2.66B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 4 quarters of fundamental data
Operating margins are under pressure, averaging -63.2%. The business may lack pricing power or face rising costs.'
Limited ROE data for a reliable assessment.
Only 0 of the last 4 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 4 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 4 of the last 4 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 55.5% — significant dilution, likely from stock compensation or capital raises.