IREN (IREN) AI Stock Analysis

• Market Cap: $13.82B
• Dividend Yield: N/A
• Average Volume (3M): 36.84M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.73
• Revenue Growth: 236.14%
• EPS Growth: N/A
• Country: US
• Employees: 257
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Capital Markets
• EPS (TTM): -0.52
• Shares Outstanding: 332,280,400
• 10 Day Avg. Volume: 34,936,708
• 30 Day Avg. Volume: 36,843,450
• PEG Ratio: -0.15
• Price to Book (P/B): 1.72
• Price to Sales (P/S): 6.24
• P/FCF Ratio: -2.77
• Enterprise Value/Market Cap: 1.04
• Enterprise Value/Revenue: 20.67
• Enterprise Value/Gross Profit: 40.53
• Enterprise Value/Ebitda: 19.24
• 1Y Price Target: $79.78
• Price Target Upside: 91.50% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): 0.54
• Revenue Forecast (FY): $1.00B

• Rating: 50 Neutral
• Price Target: $45.00 ▲(8.02% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is held back primarily by mixed fundamentals (uneven TTM profitability, negative free cash flow from heavy capex, and a sharply higher debt load) and weak technical momentum (below key moving averages with negative MACD). These are partially offset by constructive earnings-call signals around contracted ARR, large-scale financing/prepayment support for expansion, and corporate actions that improve capital access despite higher dilution and execution risk.

Positive Factors

Secured grid power >4.5 GW

Long-term access to >4.5 GW of grid-connected renewable power materially reduces a key supply-side constraint for energy‑intensive compute. This durable advantage lowers delivered electricity cost risk, enables multi-year capacity scaling, and makes large-scale deployments predictable for hyperscaler customers.

Contracted ARR and GPU financing coverage

Having ~$2.3B ARR already contracted and near-term GPU CapEx largely covered by a $3.6B facility plus Microsoft prepayments materially de-risks the buildout. Durable capital commitments and contracted revenue create predictable cash inflows to support deployment and reduce dependence on spot markets.

Strong operating cash generation & margins

Sustained high gross margins and improving operating cash flow indicate the core data center and hosting economics generate cash despite heavy reinvestment. Over 2–6 months this supports operations, funds staged builds, and provides a base to improve free cash flow as deployment scales and efficiencies accrue.

Negative Factors

Rapidly rising debt load

A sharp step-up in absolute debt increases refinancing and liquidity risk if operating cash generation or contracted revenue ramps slower than planned. Large outstanding borrowings tighten financial flexibility and raise interest and covenant sensitivity over the medium term.

Negative free cash flow from heavy capex

Persistent negative free cash flow driven by large GPU and site capex means the company must rely on external financing until deployments monetize. This capital intensity raises dilution and funding risk and makes sustained profitability contingent on timely revenue ramp and capex discipline.

Execution concentration from large GPU commitments

Very large, front-loaded hardware commitments and parent guarantees concentrate execution risk: delayed shipments, integration, or slower customer ramps could force additional financing or impairments. The scale also increases operational complexity and potential dilution from equity programs used to fund builds.

IREN Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

IREN primarily makes money by operating its own installed fleet of specialized computing machines (ASIC miners) to perform Bitcoin mining. In this model, IREN earns Bitcoin as a reward for contributing computational hashpower to the Bitcoin network; revenue is then recognized based on the value of mined Bitcoin, and realized through holding and/or selling Bitcoin to fund operations, growth capital, and expenses. Key drivers of this revenue stream include the company’s deployed hash rate (mining capacity), uptime, the Bitcoin network’s difficulty, the market price of Bitcoin, and the company’s delivered cost of electricity (supported by its strategy of siting data centers near renewable power and scaling capacity over time). IREN may also generate revenue by providing data center capacity to third parties (e.g., colocation or hosting for compute customers), where customers pay for access to power, rack space, and related infrastructure/services under contracted arrangements; if IREN reports or discloses this revenue stream separately is not available from the prompt, so specific amounts and mix are null. Significant factors affecting earnings include access to low-cost power and grid capacity, execution of new facility builds and expansions, hardware procurement cycles and efficiency of mining equipment, and risk management around Bitcoin price volatility. Specific named partnerships and contract terms are null.

IREN Financial Statement Overview

Summary

Revenue has scaled materially and gross margins remain solid, but TTM profitability has slipped back to a small net loss and EBIT is negative. Operating cash flow is strong, yet free cash flow remains negative due to heavy reinvestment, and total debt has stepped up sharply—raising funding/refinancing and execution risk until earnings and FCF stabilize.

Income Statement

Top-line momentum is strong, with revenue scaling materially from $501.0M (FY2025) to $760.4M in TTM (Trailing-Twelve-Months), and gross margin holding solidly in the mid-60% range in recent periods. However, profitability is volatile: TTM (Trailing-Twelve-Months) net income is slightly negative (-$16.1M) and EBIT is negative, suggesting earnings are not yet consistently durable despite the high gross profit profile. The multi-year trend shows a sharp recovery from heavy losses in FY2022–FY2024 to profitability in FY2025, but the recent slip back to a small loss keeps overall quality of earnings mixed.

Balance Sheet

Equity has strengthened substantially versus earlier years (moving from negative equity in FY2021 to $2.51B in TTM (Trailing-Twelve-Months)), which is a clear positive. The key concern is leverage and balance sheet expansion: total debt rises to $3.84B in TTM (Trailing-Twelve-Months) (up from $964.2M in FY2025), alongside a much larger asset base. While leverage relative to equity appears moderate based on the provided debt-to-equity figure, the absolute debt load and rapid step-up in financing increase refinancing and execution risk if cash generation does not keep pace.

Cash Flow

Operating cash flow is a strength (TTM (Trailing-Twelve-Months) at $564.8M, up from $245.9M in FY2025), indicating the core business is producing cash. The weakness is heavy reinvestment: free cash flow is deeply negative in both FY2025 (-$1.13B) and TTM (Trailing-Twelve-Months) (-$259.6M), and free cash flow growth is sharply negative, implying capital intensity remains high. In short, cash generation is improving, but the company is still not self-funding on a free-cash-flow basis.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	696.93M	501.02M	187.19M	75.51M	59.04M	7.90M
Gross Profit	355.33M	342.03M	100.13M	36.09M	51.59M	5.68M
EBITDA	748.55M	201.69M	31.21M	-9.83M	8.14M	729.00K
Net Income	402.37M	86.94M	-28.92M	-171.83M	-419.77M	-60.39M
Balance Sheet
Total Assets	7.03B	2.94B	1.15B	332.07M	392.28M	100.95M
Cash, Cash Equivalents and Short-Term Investments	3.26B	564.53M	411.13M	68.89M	75.62M	29.27M
Total Debt	3.84B	964.23M	1.32M	1.45M	108.29M	62.93M
Total Liabilities	4.52B	1.12B	55.35M	26.71M	133.10M	138.09M
Stockholders Equity	2.51B	1.82B	1.10B	305.36M	437.36M	-37.13M
Cash Flow
Free Cash Flow	-259.56M	-1.13B	-427.19M	-110.02M	-272.69M	-4.13M
Operating Cash Flow	564.80M	245.89M	52.22M	5.73M	21.56M	1.31M
Investing Cash Flow	-2.11B	-1.38B	-498.47M	-71.47M	-318.12M	-60.69M
Financing Cash Flow	4.37B	1.29B	782.13M	28.56M	372.04M	88.04M

IREN Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 41.66
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IREN, the sentiment is Negative. The current price of 41.66 is above the 20-day moving average (MA) of 41.58, below the 50-day MA of 46.25, and above the 200-day MA of 37.55, indicating a neutral trend. The MACD of -0.80 indicates Negative momentum. The RSI at 48.12 is Neutral, neither overbought nor oversold. The STOCH value of 68.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IREN.

IREN Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
BTBT	61 Neutral	$521.12M	1.58	22.65%	―	9.52%	496.04%
RIOT	54 Neutral	$5.36B	-6.51	-21.05%	―	103.62%	49.48%
CIFR	54 Neutral	$5.93B	-6.85	-107.05%	―	35.41%	-38.08%
CLSK	52 Neutral	$2.51B	-1.90	-13.75%	―	102.21%	―
IREN	50 Neutral	$13.82B	-20.05	18.65%	―	236.14%	―
ABTC	43 Neutral	$946.16M	-9,981.68	-2.75%	―	―	―

IREN Corporate Events

IREN Expands At-The-Market Equity Offering Capacity

On March 4, 2026, IREN Limited expanded its at-the-market equity program by filing a new prospectus supplement that increases the potential offering of its ordinary shares to up to $6 billion under an amended and restated sales agreement with a broad syndicate of sales agents. The new filing replaces an August 28, 2025 prospectus supplement that had authorized up to $1 billion and under which the company has already sold 66,707,732 shares for total proceeds of $1 billion, positioning IREN to continue raising substantial equity capital and preserving flexibility to further adjust issuance capacity subject to board authorization and regulatory limits.

The most recent analyst rating on (IREN) stock is a Buy with a $51.00 price target. To see the full list of analyst forecasts on IREN stock, see the IREN Stock Forecast page.

IREN Expands GPU Commitments to Accelerate AI Infrastructure

On March 4, 2026, IREN subsidiaries in Canada and the U.S. signed purchase agreements with Dell units for roughly $3.5 billion of NVIDIA B300 GPUs and related hardware and services, to be delivered in tranches during the second half of 2026 and paid within 30 days of shipment. The parent company is providing unconditional guarantees on these obligations, a move that materially scales its hardware commitments while concentrating execution risk around timely deployment and customer uptake.

In a separate March 4, 2026 announcement, IREN said the new orders will lift its total fleet to about 150,000 GPUs, to be rolled out across existing data centers in Mackenzie, British Columbia, and Childress, Texas, with further capacity available at other locations. Backed by $9.3 billion of recently secured funding and an at-the-market equity program, the company plans around $3.5 billion of additional capex in the second half of 2026, positioning itself among the largest global AI cloud infrastructure providers and signaling an aggressive bid for market share in a supply-constrained GPU environment.

The most recent analyst rating on (IREN) stock is a Buy with a $51.00 price target. To see the full list of analyst forecasts on IREN stock, see the IREN Stock Forecast page.