The company's financial risk profile has shifted dramatically as total debt surged to $2.7 billion by 2026Q3, driving the debt-to-equity ratio to 1.49.
| Total Current Assets | 1.66B | 641.17M | 452.39M | 89.23M | 110.2M | 30.35M | 2.57M | 207.81K |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 66.67M | 5.75M | 2.1M | 2.42M | 13.05M | 116.37K | 0 | 122.86K |
| Total Non-Current Assets | 3.32B | 2.3B | 700.65M | 242.84M | 282.08M | 70.6M | 9M | 1.65M |
| Property, Plant & Equipment | 2.99B | 1.94B | 442.92M | 242.48M | 171.1M | 13.02M | 8.44M | 1.4M |
| Fixed Asset Turnover | 0.25x | 0.26x | 0.42x | 0.31x | 0.35x | 0.61x | 0.26x | 0.00x |
| Goodwill | 808.18K | 0 | 0 | 0 | 435.97K | 494.74K | 568K | 0 |
| Intangible Assets | 73.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.46B | 333.72M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - |
| Total Assets | 4.98B | 2.94B | 1.15B | 332.07M | 392.28M | 100.95M | 11.57M | 1.86M |
| Asset Turnover | 0.14x | 0.17x | 0.16x | 0.23x | 0.15x | 0.08x | 0.19x | 0.00x |
| Asset Growth % | 817.59% | 155.01% | 247.22% | -15.35% | 288.58% | 772.3% | 522.29% | - |
| Total Current Liabilities | 446.11M | 149.35M | 51.07M | 24M | 85.11M | 127.98M | 1.91M | 109.52K |
| Accounts Payable | 66.47M | 81.75M | 27.34M | 11.54M | 13.23M | 409.18K | 520.37K | 17.55K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - |
| Short-Term Debt | 84.04M | 0 | 0 | 0 | 60.4M | 54.04M | 1.36M | 32.29K |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - |
| Other Current Liabilities | 270.24M | 3.94M | 1.34M | 961K | 2.14M | 72.7M | -146.2K | 0 |
| Current Ratio | 3.72x | 4.29x | 8.86x | 3.72x | 1.29x | 0.24x | 1.35x | 1.90x |
| Quick Ratio | 3.72x | 4.29x | 8.86x | 3.72x | 1.29x | 0.24x | 1.35x | 1.90x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.7B | 973.49M | 4.28M | 2.71M | 47.99M | 10.1M | 0 | 0 |
| Long-Term Debt | 2.53B | 962.76M | 0 | 0 | 46.62M | 8.14M | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - |
| Total Liabilities | 3.15B | 1.12B | 55.35M | 26.71M | 133.1M | 138.09M | 1.91M | 109.52K |
| Total Debt | 2.72B | 964.23M | 1.32M | 1.45M | 108.29M | 62.93M | 1.36M | 32.29K |
| Net Debt | 1.2B | 399.71M | -403.28M | -67.45M | -1.68M | 33.66M | 3.46K | -52.65K |
| Debt / Equity | 1.49x | 0.53x | 0.00x | 0.00x | 0.25x | - | 0.22x | 0.02x |
| Debt / EBITDA | 25.90x | 4.86x | 0.06x | - | 13.55x | 91.87x | - | 0.61x |
| Net Debt / EBITDA | 11.44x | 2.01x | -17.40x | - | -0.21x | 49.14x | - | -1.00x |
| Interest Coverage | 12.30x | 1.86x | -195.95x | -2.47x | 0.00x | -0.01x | -16.28x | - |
| Total Equity | 1.82B | 1.82B | 1.1B | 305.36M | 437.36M | -37.13M | 6.11M | 1.75M |
| Equity Growth % | 343.48% | 65.61% | 259.4% | -30.18% | 1277.94% | -707.68% | 249.1% | - |
| Book Value per Share | 8.07 | 8.14 | 11.01 | 5.57 | 10.68 | -0.65 | 0.11 | 0.11 |
| Total Shareholders' Equity | 1.82B | 1.82B | 1.1B | 305.36M | 437.36M | -37.13M | 6.11M | 1.75M |
| Common Stock | 3.46B | 2.36B | 1.76B | 965.86M | 926.58M | 7.76M | 7.16M | 1.86M |
| Retained Earnings | -421.07M | -596.17M | -683.11M | -654.28M | -482.4M | -47.03M | -1.56M | -107.41K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -26.98M | -30.07M | -34.99M | -34.66M | -6.81M | 2.13M | 502.35K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rapid Debt-Fueled Asset Expansion
According to recent financial disclosures, IREN's total assets surged from $417.2 million in 2024Q2 to $5.0 billion by 2026Q3, reflecting a rapid, debt-funded growth trajectory that has fundamentally altered the company's risk profile and increased its reliance on external capital to sustain operations.
The dramatic expansion in the asset base appears to be driven by heavy investment in infrastructure, yet this growth has not translated into a commensurate improvement in retained earnings, which remain deeply negative at -$421.1 million. This trajectory suggests that the company is prioritizing scale over immediate balance sheet stability, leaving it increasingly sensitive to market downturns.
As reported in quarterly filings, IREN's total debt climbed from a negligible $1.4 million in 2024Q2 to $2.7 billion in 2026Q3, causing the debt-to-equity ratio to spike to 1.49, which indicates a significant shift toward debt-heavy financing to support its capital-intensive infrastructure build-out.
The rapid accumulation of debt warrants close monitoring, as it introduces substantial interest obligations that may constrain cash flow during periods of Bitcoin price volatility. Investors should consider whether this leverage is sustainable given the company's current inability to generate consistent positive operating income.
Based on the latest balance sheet data, IREN's net property, plant, and equipment (PPE) has grown to $3.0 billion as of 2026Q3, representing the vast majority of the company's $5.0 billion in total assets and underscoring its transition into an asset-heavy, infrastructure-focused business model.
This heavy concentration in physical assets implies that the company's valuation is increasingly tied to the operational efficiency and longevity of its data centers and hardware. The rapid growth in PPE suggests a high risk of future impairment if technological obsolescence accelerates faster than the company's depreciation schedules account for.
As indicated by the company's financial statements, the current ratio has fluctuated significantly, dropping from a peak of 8.86 in 2024Q4 to 3.72 in 2026Q3, which suggests that while liquidity remains technically adequate, the company's cash position is being rapidly consumed by ongoing capital expenditures.
While the $1.5 billion cash balance provides a temporary cushion, the high rate of cash burn observed in recent quarters suggests that this liquidity may be depleted quickly if the company continues its aggressive expansion. The volatility in the current ratio highlights the difficulty of managing short-term obligations in a capital-intensive, cyclical industry.
Quick answers to the most common questions about buying IREN stock.
As of 2025, IREN Limited (IREN) had total assets of $2.94B including $641.2M in current assets.
IREN Limited (IREN) carries total debt of $964.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
IREN Limited (IREN) has total shareholders' equity (book value) of $1.82B ($8.14 book value per share). Book value represents the net worth of the company belonging to common stock holders.
IREN Limited (IREN) reported a current ratio of 4.29x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.