IREN Limited (IREN) 10-Year Financial Performance & Capital Metrics

IREN • • Banking & Credit

Financial ServicesCapital MarketsCryptocurrency Mining & InfrastructureBitcoin Mining Operators

AboutIREN 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.Show more

Net Interest Income -$4M -161.8%
Total Revenue $501M +167.7%
Net Income $87M +400.6%
Return on Equity 5.97% +244.7%
Net Interest Margin -0.12% -124.2%
Efficiency Ratio 64.81% -4.7%
ROA 4.25% +209.1%
Equity / Assets 61.81% -35.1%
Book Value per Share 8.14 -26.1%
Tangible BV/Share 8.14 -26.1%
Debt/Equity 0.53 +35081.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 97 (top 3%)
✓Well capitalized: 61.8% equity/assets
✓Diversified revenue: 98.5% from non-interest income

✗Weaknesses

✗Weak NIM of -0.1%
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y196.84%

3Y103.98%

TTM-

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM794.64%

EPS CAGR

10Y-

5Y-

3Y-

TTM481.07%

ROCE

10Y Avg-13.15%

5Y Avg-10.78%

3Y Avg-17.32%

Latest0.89%

Peer Comparison

Bitcoin Mining Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
IRENIREN Limited	17.04B	51.89	133.05	167.65%	17.35%	18.19%	0.53
RIOTRiot Platforms, Inc.	6.16B	16.57	48.74	34.2%	29.05%	4.68%	0.20
HUTHut 8 Corp.	6.19B	57.28	16.85	69.07%	204.38%	8.96%	0.35
BTBTBit Digital, Inc.	747.69M	2.31	11.55	264.59%	17.29%	13.1%	0.03
MARAMarathon Digital Holdings, Inc.	4.03B	10.66	6.20	69.38%	82.46%	17.91%	0.60
CLSKWCleanSpark, Inc.	123.65M	0.43	0.39	102.21%	47.56%	16.76%	0.38
ARBKArgo Blockchain plc	1.51M	4.54	-0.02	-15.95%	-113.58%
ABTCAmerican Bitcoin Corp	328.24M	1.68	-0.66	10.09%	6%	57.62%	0.01

Profit & Loss

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Net Interest Income+	1.05K	-101.23K	-45.63M	-308.47M	-15.44M	5.73M	-3.54M
NII Growth %	-	-97.13%	-449.76%	-5.76%	0.95%	1.37%	-1.62%
Net Interest Margin %	-	-	-	-	-	-	-
Interest Income	1.5K	2.68K	4.47K	57.29K	924K	5.83M	7.5M
Interest Expense	0	103.91K	45.63M	308.53M	16.36M	98K	11.04M
Loan Loss Provision	1.05K	816.09K	-43.41M	-301.08M	23.06M	86.97M	147.95M
Non-Interest Income+	-447	2.17M	7.89M	58.98M	74.58M	181.36M	493.52M
Non-Interest Income %	-	-	-	-	-	-	-
Total Revenue+	1.05K	2.17M	7.9M	59.04M	75.51M	187.19M	501.02M
Revenue Growth %	-	2063.58%	2.63%	6.47%	0.28%	1.48%	1.68%
Non-Interest Expense	112.68K	2.93M	6.2M	51.28M	193.33M	127.36M	324.7M
Efficiency Ratio	-	-	-	-	-	-	-
Operating Income+	-112.68K	-1.68M	-524K	307K	-157.24M	-27.23M	17.33M
Operating Margin %	-	-	-	-	-	-	-
Operating Income Growth %	-	-13.87%	0.69%	1.59%	-513.19%	0.83%	1.64%
Pretax Income+	-161.12K	-2.14M	-59.15M	-417.05M	-169.44M	-25.47M	93.5M
Pretax Margin %	-	-	-	-	-	-	-
Income Tax+	0	0	1.24M	2.72M	2.39M	3.45M	6.56M
Effective Tax Rate %	-	-	-	-	-	-	-
Net Income+	-161.12K	-2.14M	-60.39M	-419.77M	-171.83M	-28.92M	86.94M
Net Margin %	-	-	-	-	-	-	-
Net Income Growth %	-	-12.29%	-27.19%	-5.95%	0.59%	0.83%	4.01%
Net Income (Continuing)	-161.12K	-2.14M	-60.39M	-419.77M	-171.83M	-28.92M	86.94M
EPS (Diluted)+	-0.01	-0.04	-1.07	-10.25	-3.14	-0.29	0.39
EPS Growth %	-	-	-26.65%	-8.58%	0.69%	0.91%	2.34%
EPS (Basic)	-0.01	-0.04	-1.14	-10.25	-3.14	-0.29	0.41
Diluted Shares Outstanding	16.3M	55.04M	56.72M	40.94M	54.78M	99.64M	223.25M

Balance Sheet

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash & Short Term Investments+	84.95K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	84.95K	1.96M	29.27M	75.62M	68.89M	404.6M	564.53M
Short Term Investments	0	0	0	0	0	1000K	0
Total Investments+	0	0	0	0	0	6.53M	333.72M
Investments Growth %	-	-	-	-	-	-	50.11%
Long-Term Investments	0	0	0	0	0	0	333.72M
Accounts Receivables	0	0	0	0	0	152K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-
Goodwill	0	568K	494.74K	435.97K	0	0	0
Intangible Assets	0	0	0	0	0	0	0
PP&E (Net)	1.4M	8.44M	13.02M	171.1M	242.48M	442.92M	1.94B
Other Assets	253.44K	0	56.4M	109.01M	360K	257.73M	30.33M
Total Current Assets	207.81K	2.57M	30.35M	110.2M	89.23M	452.39M	641.17M
Total Non-Current Assets	1.65M	9M	70.6M	282.08M	242.84M	700.65M	2.3B
Total Assets+	1.86M	11.57M	100.95M	392.28M	332.07M	1.15B	2.94B
Asset Growth %	-	5.22%	7.72%	2.89%	-0.15%	2.47%	1.55%
Return on Assets (ROA)	-0.09%	-0.32%	-1.07%	-1.7%	-0.47%	-0.04%	0.04%
Accounts Payable	17.55K	751K	409.16K	9.1M	11.54M	27.35M	81.75M
Total Debt+	32.29K	1.96M	62.93M	74.46M	1.45M	1.66M	964.23M
Net Debt	-52.65K	5K	33.66M	-1.16M	-67.45M	-402.95M	399.71M
Long-Term Debt	0	0	8.14M	32.06M	0	0	962.76M
Short-Term Debt	32.29K	1.96M	54.04M	41.59M	192K	0	0
Other Liabilities	0	0	0	0	91K	119K	1.69M
Total Current Liabilities	109.52K	2.75M	127.98M	58.52M	24M	51M	149.35M
Total Non-Current Liabilities	0	0	10.1M	33M	2.71M	4.68M	973.49M
Total Liabilities	109.52K	2.75M	138.08M	91.52M	26.71M	55.68M	1.12B
Total Equity+	1.75M	8.82M	-37.13M	300.75M	305.36M	1.1B	1.82B
Equity Growth %	-	4.04%	-5.21%	9.1%	0.02%	2.59%	0.66%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-
Return on Equity (ROE)	-0.09%	-0.41%	-	-3.18%	-0.57%	-0.04%	0.06%
Book Value per Share	0.11	0.16	-0.65	7.35	5.57	11.01	8.14
Tangible BV per Share	-	-	-	-	-	-	-
Common Stock	1.86M	10.34M	7.76M	637.16M	965.86M	1.76B	2.36B
Additional Paid-in Capital	0	0	0	0	0	0	88.67M
Retained Earnings	-107.41K	-2.25M	0	0	0	-683.23M	-596.17M
Accumulated OCI	0	725K	-44.89M	-336.41M	-660.5M	-34.99M	-30.07M
Treasury Stock	0	0	0	0	0	0	0
Preferred Stock	0	0	0	0	0	0	0

Cash Flow

	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	-434.92K	-987K	1.31M	21.56M	6.04M	52.72M	245.89M
Operating CF Growth %	-	-1.27%	2.33%	15.41%	-0.72%	7.72%	3.66%
Net Income	-161.12K	-2.14M	-45.05M	-419.77M	-171.87M	-28.95M	86.94M
Depreciation & Amortization	0	757K	933.92K	7.74M	30.86M	50.65M	181.14M
Deferred Taxes	0	-1.53M	527.38K	0	113.6M	0	0
Other Non-Cash Items	108.47K	1.53M	44.42M	419.87M	9.12M	-4.36M	-59.4M
Working Capital Changes	-382.27K	219K	477.4K	-181K	9.98M	11.75M	-5.44M
Cash from Investing+	-2.28M	-4.49M	-60.69M	-318.12M	-71.47M	-498.47M	-1.38B
Purchase of Investments	0	0	0	0	-31.27M	0	0
Sale/Maturity of Investments	0	0	0	0	1000K	0	470K
Net Investment Activity	-	-	-	-	-	-	-
Acquisitions	0	0	1.49K	0	31.27M	0	0
Other Investing	-182.18K	-158.88K	-55.25M	-23.87M	26.2M	-18.56M	-8.33M
Cash from Financing+	2.83M	7.31M	88.04M	372.04M	28.24M	782.13M	1.29B
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	0	-302.34K	0	0	0	0	0
Stock Issued	0	2.79M	78.82M	215.33M	39.25M	783.57M	602.68M
Net Stock Activity	-	-	-	-	-	-	-
Debt Issuance (Net)	0	0	1000K	1000K	-1000K	6K	1000K
Other Financing	2.83M	4.82M	-25.36K	103.63M	-1.26M	-503K	-9.16M
Net Change in Cash+	127.42K	2.35M	27.31M	70.98M	-41.08M	335.71M	159.93M
Exchange Rate Effect	7.37K	518.74K	-1000K	-1000K	-1000K	-672K	-209K
Cash at Beginning	54.08K	-3.34M	1.96M	38.99M	109.97M	68.89M	404.6M
Cash at End	181.5K	-987K	29.27M	109.97M	68.89M	404.6M	564.53M
Interest Paid	0	0	0	0	0	0	0
Income Taxes Paid	0	0	0	0	0	0	0
Free Cash Flow+	-2.53M	-5.32M	-4.13M	-272.69M	-110.02M	-427.19M	-1.13B
FCF Growth %	-	-1.1%	0.22%	-65%	0.6%	-2.88%	-1.64%

Banking Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-9.21%	-40.54%	-	-318.46%	-56.7%	-4.12%	5.97%
Return on Assets (ROA)	-8.66%	-31.89%	-107.34%	-170.21%	-47.44%	-3.89%	4.25%
Net Interest Margin	0.06%	-0.87%	-45.2%	-78.64%	-4.65%	0.5%	-0.12%
Efficiency Ratio	10700.76%	134.77%	78.51%	86.86%	256.04%	68.04%	64.81%
Equity / Assets	94.11%	76.19%	-36.78%	76.67%	91.96%	95.17%	61.81%
Book Value / Share	0.11	0.16	-0.65	7.35	5.57	11.01	8.14
NII Growth	-	-9713.11%	-44976.05%	-576.04%	94.99%	137.13%	-161.77%

Revenue by Geography

	2024	2025
AUSTRALIA	184.09M	484.63M
AUSTRALIA Growth	-	163.26%
CANADA	-	16.39M
CANADA Growth	-	-
North America	4.67M	-
North America Growth	-	-

Frequently Asked Questions

Valuation & Price

IREN Limited (IREN) has a price-to-earnings (P/E) ratio of 133.1x. This suggests investors expect higher future growth.

Growth & Financials

IREN Limited (IREN) grew revenue by 167.7% over the past year. This is strong growth.

Yes, IREN Limited (IREN) is profitable, generating $523.3M in net income for fiscal year 2025 (17.4% net margin).

Dividend & Returns

IREN Limited (IREN) has a return on equity (ROE) of 6.0%. This is below average, suggesting room for improvement.

Industry Metrics

IREN Limited (IREN) has a net interest margin (NIM) of -0.1%. NIM has been under pressure due to interest rate environment.

IREN Limited (IREN) has an efficiency ratio of 64.8%. This is reasonable for a bank.

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