Latest Ratios: P/E Ratio 102.1x · EV/EBITDA 73.6x · ROE 6.0%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.2B | $3.3B | $1.1B | $255M | $137M | — | — | — |
| Enterprise Value | $14.6B | $3.7B | $722M | $188M | $135M | — | — | — |
| P/E Ratio → | 102.09 | 37.36 | — | — | — | — | — | — |
| P/S Ratio | 28.36 | 6.49 | 6.01 | 3.38 | 2.32 | — | — | — |
| P/B Ratio | 4.89 | 1.79 | 1.03 | 0.84 | 0.31 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | 57.78 | 13.23 | 21.54 | 44.55 | 6.36 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.29 | 3.86 | 2.49 | 2.29 | — | — | — |
| EV / EBITDA | 73.61 | 18.41 | 31.13 | — | 16.96 | — | — | — |
| EV / EBIT | 843.08 | 177.53 | — | — | 293.22 | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.3% | 68.3% | 53.5% | 47.8% | 87.4% | 71.9% | 57.7% | — |
| Operating Margin | 3.5% | 3.5% | -14.5% | -208.2% | 0.5% | -6.6% | -77.1% | -10700.8% |
| Net Profit Margin | 17.4% | 17.4% | -15.4% | -227.6% | -711.0% | -764.6% | -98.5% | -15301.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 6.0% | 6.0% | -4.1% | -46.3% | -209.8% | — | -54.5% | -9.2% |
| ROA | 4.2% | 4.2% | -3.9% | -47.4% | -170.2% | -107.3% | -31.9% | -8.7% |
| ROIC | 0.7% | 0.7% | -2.9% | -27.7% | 0.1% | -2.4% | -27.2% | — |
| ROCE | 0.9% | 0.9% | -3.9% | -51.1% | 0.2% | — | -29.4% | -6.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 0.53 | 0.00 | 0.00 | 0.25 | — | 0.22 | 0.02 |
| Debt / EBITDA | 4.86 | 4.86 | 0.06 | — | 13.55 | 91.87 | — | 0.61 |
| Net Debt / Equity | — | 0.22 | -0.37 | -0.22 | -0.00 | — | 0.00 | -0.03 |
| Net Debt / EBITDA | 2.01 | 2.01 | -17.40 | — | -0.21 | 49.14 | — | -1.00 |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.86 | 1.86 | -195.95 | -2.47 | 0.00 | -0.01 | -16.28 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.29 | 4.29 | 8.86 | 3.72 | 1.29 | 0.24 | 1.35 | 1.90 |
| Quick Ratio | 4.29 | 4.29 | 8.86 | 3.72 | 1.29 | 0.24 | 1.35 | 1.90 |
| Cash Ratio | 3.78 | 3.78 | 7.92 | 2.87 | 0.89 | 0.23 | 1.02 | 0.78 |
| Asset Turnover | — | 0.17 | 0.16 | 0.23 | 0.15 | 0.08 | 0.19 | 0.00 |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 2.7% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | — | — | — | — | — | — | — |
| Shares Outstanding | — | $223M | $100M | $55M | $41M | $57M | $55M | $16M |
Capital Intensive Asset Obsolescence
Based on reported figures, IREN trades at a P/S multiple of 33.63, which appears to price in significant future growth in AI cloud services that has yet to materialize in consistent, recurring revenue streams when compared to traditional infrastructure-heavy peers in the capital markets sector.
The current P/E of 121.05 suggests that investors are assigning a substantial premium to the company's power infrastructure assets rather than its current earnings power. This valuation warrants further investigation, as it implies a high-growth trajectory that may be difficult to sustain given the cyclical nature of Bitcoin mining and the unproven scale of the AI segment.
According to quarterly financial data, IREN's ROIC has trended into negative territory, reaching -0.9% in 2026Q3, which indicates that the massive capital expenditures directed toward data center build-outs are currently failing to generate returns that exceed the company's cost of capital.
The decline in ROIC from positive levels in 2025 suggests that the company is struggling to achieve operational efficiency as it scales its physical footprint. Investors should monitor whether this decay is a temporary byproduct of aggressive infrastructure deployment or a structural issue regarding the profitability of its newer compute sites.
As reported in recent filings, IREN's asset turnover ratio has remained consistently low at 0.02 in 2026Q3, highlighting the significant capital intensity required to maintain its mining and HPC operations compared to more asset-light service providers within the broader financial services industry.
This low turnover ratio confirms that the company's revenue generation is heavily dependent on a massive, depreciating asset base. The lack of improvement in this metric suggests that the company's expansion strategy is currently prioritizing capacity growth over the optimization of existing infrastructure utilization.
Based on the latest balance sheet data, IREN's debt-to-equity ratio has spiked to 1.49 as of 2026Q3, signaling a rapid shift toward debt-heavy financing that increases the company's sensitivity to interest rate fluctuations and potential refinancing risks in the coming fiscal periods.
The transition from a negligible debt position to a significant leverage profile appears to be a direct consequence of funding large-scale data center construction. This leverage level warrants close monitoring, as it may constrain the company's financial flexibility if operational cash flows remain volatile or negative.
As indicated by the company's unique business model, the P/E ratio is the most commonly misapplied metric, as it fails to account for the aggressive, non-cash depreciation of ASIC hardware that significantly distorts net income and obscures the underlying cash-generating potential of the firm's power infrastructure.
Analysts should instead focus on EV/EBITDA or cash-based metrics that normalize for the rapid obsolescence of mining equipment. Relying on P/E in this context may lead to an inaccurate assessment of the company's true earning power, as it ignores the heavy reinvestment requirements inherent in the business.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying IREN stock.
IREN Limited's current P/E ratio is 102.1x. The historical average is 37.4x. This places it at the 100th percentile of its historical range.
IREN Limited's current EV/EBITDA is 73.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.2x.
IREN Limited's return on equity (ROE) is 6.0%. The historical average is -53.0%.
Based on historical data, IREN Limited is trading at a P/E of 102.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
IREN Limited has 68.3% gross margin and 3.5% operating margin.
IREN Limited's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.