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IREN Limited (IREN)

Undervalued
Financial ServicesCapital MarketsAustralia

Fundamental

39

Price

$40.88

Market Cap

$16.11B

Part 1 · What the company is worth

Overview

IREN Limited operates as a vertically integrated AI cloud services platform in Australia and Canada. It develops, owns, and operate data centers, including the associated land, grid connections, and substations, as well as buildings and cooling. The company also owns and operates compute layers, such as GPUs, CPUs, storage, servers, and networking deployed within that data center infrastructure; and software layers comprising managed services and enterprise support that enables customers to deploy, operate, and manage AI workloads. In addition, it is involved in Bitcoin mining. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024. IREN Limited was incorporated in 2018 and is based in Sydney, Australia.

No editorial profile for this company yet

Direct competitors

Who this company fights with for the same customers

Compare

Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users

P/E: —Score: 34Market cap: $5.14B

Like IREN, it owns large US power-connected data centre campuses and sells that capacity both to bitcoin mining and to AI/HPC tenants, competing for the same hyperscale customers and the same grid interconnections.

P/E: —Score: 44Market cap: —

A pure-play GPU cloud provider selling NVIDIA compute to AI labs and enterprises, the same AI Cloud Services market IREN is shifting its revenue towards.

P/E: —Score: 43Market cap: $2,274

Its Helios campus in Texas repurposes former mining power capacity into leased AI data centre space, competing with IREN for the same tenants and megawatts.

TeraWulf Inc.WULF

It converts its mining sites into leased AI data centre capacity under long-term contracts with AI companies, bidding for the same multi-year GPU hosting deals IREN pursues.

Cipher Mining Inc.CIFR

A US bitcoin miner that signs long-term AI data centre leases with cloud providers, targeting the same customer segment and the same low-cost power locations as IREN.

Applied Digital CorporationAPLD

It builds and leases GPU-dense data centres in North America and also sells AI cloud compute, overlapping with both of IREN's revenue lines.

Balance Sheet & Liquidity

Revenue

$707M

Trailing 12 months (through 6/30/2026)

Net Income

$-703M

Trailing 12 months (through 6/30/2026)

Free Cash Flow

$-898M

Total Equity

$4.19B

Total Liabilities

$11.60B

Current Ratio

3.55

Interest Coverage

17.67

Debt/EBITDA

-

Earnings Per Share

Revenue & Net Income

Free Cash Flow

Income Breakdown

Historical statement

Margins over time

Debt over time

How heavy the debt is

Growth grid

Growth — Revenue

Fair Value Estimation

General caseUndervalued

Fair Value

$77.69

Current Price

$40.88

Margin of Safety

+47.4%

Fair Value Range

$73.81 - $81.58

Spread across the valuation methods used, not a statistically calibrated confidence interval.

Estimation Methods

Analyst price target:$77.69
Discounted cash flow (DCF):Not enough data to compute it
Earnings multiple (P/E):Not enough data to compute it
Graham growth formula:Not enough data to compute it
Earnings power value (EPV):Not enough data to compute it
Justified P/B:Not enough data to compute it
Dividend discount (Gordon):Not enough data to compute it
P/FFO, funds from operations:Not enough data to compute it
Mid-cycle earnings:Not enough data to compute it
Revenue multiple:$5.09
Analyst Consensus:Strong Buy (18B / 4H / 1S)
Last Earnings Surprise:-256.53%

Valuation Metrics

P/E Ratio

-

ROE

-16.8%

P/B Ratio

3.49

P/FCF

-

Gross Margin

68.9%

ROIC

-6.1%

Profitability Radar

Value Creation (Economic Moat)

ROIC

-6.1%

WACC

12.3%

ROIC − WACC

-18.4 pp

ROIC is below the cost of capital — the company is destroying value for every dollar invested.

Fundamental Analysis Criteria

Passed (9)

  • EPS shows upward trend
  • Price CAGR 23.82%
  • Gross Margin 68.9%
  • Debt/Equity ratio
  • Current Ratio
  • Interest Coverage
  • Low reliance on intangibles
  • Revenue Growth 5Y 145.7%
  • Analyst Consensus 78% Buy

Failed (11)

  • ROIC -6.1%
  • P/B Ratio 3.49
  • Operating Margin -148.0%
  • Positive Free Cash Flow
  • Return on Tangible Assets
  • DCF valuation (Unknown)
  • ROE -23.0%
  • Earnings Surprise avg -3.3%
  • Share Dilution 42.0%
  • Net Margin Trend -99.4% vs 17.4%
  • Piotroski F-Score 3/9

Unavailable (7)

  • P/FCF NaN
  • Dividend Payout NaN%
  • CapEx intensity
  • Debt/EBITDA
  • Price below Graham Number
  • PEG Ratio (need PE > 0 and growth > 0)
  • Earnings Quality (OCF/Net Income)

Piotroski F-Score

3/9

Serious financial concerns

score
criteria

Earnings Quality

-

Low quality: investigate accounting

Share Dilution

42.0%

Issuing new shares, diluting ownership

Institutional Holdings

No institutional filings reported for this company.

Governance

Executive Team

NameTitleAge
Mr. William RobertsCo-Founder, Co-CEO & Executive Director35
Mr. Daniel RobertsCo-Founder, Co-CEO & Executive Director40
Mr. Anthony John LewisChief Financial Officer49
Mr. David ShawChief Operating Officer58
Mr. Denis SkrinnikoffChief Technology Officer40
Mr. Mike PowerVice President of Investor Relations-
Ms. Cesilia KimChief Legal Officer & Secretary50
Mr. Chris ParkerChief Marketing Officer-
Kent DraperChief Commercial Officer-
Mr. John GrossChief Innovation Officer-

Part 2 · The price and when to enter

This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.

Documents

  • Annual Report (10-K)

    A yearly overview of the business, its financial results, and the risks it faces.

    Filed on 2026-08-27

    View document
  • Quarterly Report (10-Q)

    A snapshot of financial performance for the most recent three-month period.

    Filed on 2026-05-08

    View document
  • Current Report (8-K)

    An announcement of a major event, such as a leadership change or big news.

    Filed on 2026-08-27

    View document

via SEC EDGAR

Income History

via SEC EDGAR

Latest News

Recent headlines for IREN, sourced from Markets Gazette.

  • 8/28/2026NEGATIVE
    Azioni IREN scendono mentre la neocloud sostenuta da Nvidia raggiunge un traguardo

    IREN shares experienced a significant decline of over 6% in pre-market trading, falling to $38 from a yearly high of $70.60. This drop occurred despite the company achieving a milestone where its AI cloud revenues surpassed its Bitcoin mining revenues. AI cloud revenue surged from $33 million last year to over $70.5 million in the latest quarter. Investors reacted negatively to the financial results, leading to the stock's sharp retreat, overshadowing the positive development in AI revenue growth.

  • 8/27/2026NEUTRAL
    IREN corre prima degli utili mentre i neocloud applaudono Nvidia

    Iris Energy Limited (IREN) shares surged over 4% in pre-market trading, mirroring gains in other 'neocloud' companies like CoreWeave and Nebius, following positive indications from Nvidia's earnings. The stock reached $43.25, but this rally faces scrutiny ahead of the company's own earnings report scheduled for August 27. Analysts anticipate a revenue decline for IREN in the quarter, primarily attributed to a Bitcoin sell-off as the company transitions its focus towards AI infrastructure. Despite its current recognition as an AI firm, a significant portion of its operations still involve cryptocurrency mining.

  • 6/9/2026NEGATIVE
    IREN Stock Is Slipping As Investors Pulled Back From High Growth Names

    IREN Ltd. shares experienced a notable decline on Tuesday, reflecting a broader market trend of investors divesting from high-growth and AI infrastructure stocks. This pullback is occurring in anticipation of the crucial May Consumer Price Index (CPI) report scheduled for release on Wednesday. The move suggests heightened caution among market participants regarding inflation data and its potential impact on interest rate policies, leading to a de-risking strategy away from growth-oriented equities.

  • 6/4/2026NEGATIVE
    Why Is IREN Stock Falling On Thursday?

    IREN Limited (NASDAQ:IREN) experienced significant downward price movement on Thursday, with substantial selling pressure observed throughout the trading session. While the specific catalyst for the sharp decline was not immediately detailed in the provided snippet, the intense selling indicates a negative market sentiment surrounding the stock. Investors are likely reacting to undisclosed news or broader market conditions impacting the company. This price action suggests potential concerns regarding the company's future performance or valuation, warranting further investigation into the underlying reasons for the sell-off.

  • 5/26/2026POSITIVE
    Paul Tudor Jones Just Bought 57% More IREN Shares, Betting Big On The 'AI Infrastructure Buildout' As It 'Feels Like '99'

    Legendary investor Paul Tudor Jones significantly increased his stake in IREN, acquiring 57% more shares in the first quarter. This substantial buy-in underscores a strong conviction in the company's role within the burgeoning AI infrastructure sector. Jones's comparison of the current market sentiment to 1999 suggests he anticipates a period of significant growth and technological advancement, similar to the dot-com era. Investors are likely to view this move as a strong endorsement, potentially driving further interest and investment into IREN as a key player in the AI buildout.

  • 5/7/2026NEGATIVE
    IREN Stock Is Tumbling Ahead Of Q3 Earnings: What You Need To Know

    Iren Ltd (NASDAQ:IREN) experienced a significant downturn in its stock price on Thursday, reflecting investor apprehension ahead of the company's upcoming third-quarter earnings announcement. This cautious sentiment suggests that market participants are anticipating potential challenges or a less-than-favorable financial report. The stock's decline indicates a preemptive move by traders to reduce exposure before the earnings data is released, highlighting a lack of immediate positive catalysts and a focus on potential downside risks.

  • 4/24/2026NEUTRAL
    IREN Stock Is Trending Overnight: What's Going On?

    IREN Ltd. (NASDAQ:IREN) shares experienced significant trending activity during overnight trading on Friday. While the article notes the stock's movement, it does not provide specific reasons or catalysts for this trend. Investors are advised to seek further information regarding any corporate announcements, market sentiment shifts, or sector-specific news that might be influencing IREN's price action. Without additional context, the current trend is purely observational.

  • 3/19/2026NEGATIVE
    What's Going On With IREN Stock On Thursday?

    IREN Ltd shares experienced a notable decline in early trading on Thursday. The stock is currently trading lower, indicating negative investor sentiment. While the specific catalyst for the downturn is not detailed in the provided snippet, such price action suggests potential concerns regarding the company's recent performance, future outlook, or broader market conditions affecting its sector. Investors are advised to monitor further developments for a clearer understanding of the underlying issues impacting IREN's valuation.

  • 3/5/2026NEGATIVE
    Short-Seller Jim Chanos Sounds Alarm On IREN's $6 Billion Equity Filing, Questions Silence On $500 Million Revenue Guidance

    Renowned short-seller Jim Chanos has cast doubt on IREN Ltd.'s (NASDAQ:IREN) massive new $6 billion equity filing. Chanos questioned the company's silence regarding its $500 million revenue guidance, suggesting the figures may not be sustainable or that there is undisclosed information. This capital raise, coupled with skepticism from an experienced market commentator like Chanos, raises concerns about IREN's financial health and future prospects. Investors should closely monitor this situation, as Chanos's critique could lead to downward pressure on the stock.

via Markets Gazette