7 years of historical data (2019–2025) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
IREN Limited trades at 105.0x earnings, 181% above its 5-year average of 37.4x, sitting at the 100th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a premium of 662%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.6B | $3.3B | $1.1B | $255M | $137M | — | — | — |
| Enterprise Value | $14.0B | $3.7B | $722M | $188M | $136M | — | — | — |
| P/E Ratio → | 105.00 | 37.36 | — | — | — | — | — | — |
| P/S Ratio | 27.16 | 6.49 | 6.01 | 3.38 | 2.32 | — | — | — |
| P/B Ratio | 5.03 | 1.79 | 1.03 | 0.84 | 0.46 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | 55.34 | 13.23 | 21.34 | 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
IREN Limited's enterprise value stands at 70.6x EBITDA, 218% above its 5-year average of 22.2x. The Financial Services sector median is 11.1x, placing the stock at a 536% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.29 | 3.86 | 2.49 | 2.30 | — | — | — |
| EV / EBITDA | 70.58 | 18.41 | 31.15 | — | 17.02 | — | — | — |
| EV / EBIT | 808.37 | 177.53 | — | — | 294.36 | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
IREN Limited earns an operating margin of 3.5%, below the Financial Services sector average of 21.9%. Operating margins have expanded from -208.2% to 3.5% over the past 3 years, signaling improving operational efficiency. ROE of 6.0% is modest, trailing the sector median of 9.1%. ROIC of 0.7% represents below-average returns on invested capital versus a sector median of 5.4%.
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% | -56.7% | -318.5% | — | -40.5% | -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% | -34.6% | 0.1% | -2.1% | -20.0% | — |
| ROCE | 0.9% | 0.9% | -3.9% | -49.0% | 0.2% | — | -31.7% | -6.4% |
Solvency and debt-coverage ratios — lower is generally safer
IREN Limited carries a Debt/EBITDA ratio of 4.9x, which is highly leveraged (18% above the sector average of 4.1x). Net debt stands at $400M ($964M total debt minus $565M cash). Interest coverage of just 1.6x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 | 0.07 | — | 9.32 | 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 | -17.38 | — | -0.14 | 49.14 | — | -1.00 |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.57 | 1.57 | -277.90 | -9.61 | 0.00 | -0.01 | -16.13 | — |
Short-term solvency ratios and asset-utilisation metrics
IREN Limited's current ratio of 4.29x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 3.72x to 4.29x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.29 | 4.29 | 8.87 | 3.72 | 1.88 | 0.24 | 0.93 | 1.90 |
| Quick Ratio | 4.29 | 4.29 | 8.87 | 3.72 | 1.88 | 0.24 | 0.93 | 1.90 |
| Cash Ratio | 3.78 | 3.78 | 7.93 | 2.87 | 1.29 | 0.23 | 0.71 | 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
IREN Limited does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 1.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $223M | $100M | $55M | $41M | $57M | $55M | $16M |
Compare IREN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| IRENYou | $14B | 105.0 | 70.6 | — | 68.3% | 3.5% | 6.0% | 0.7% | 4.9 |
| BMNR | $8B | 1.4 | 16.3 | — | 5.1% | 7288.1% | 8.0% | 7.7% | — |
| WULF | $7B | -77.2 | — | — | 55.3% | -54.4% | -31.0% | -10.6% | — |
| CIFR | $6B | -7.3 | 199.0 | — | -60.5% | -76.7% | -108.3% | -15.8% | 1.9 |
| RIOT | $6B | 47.9 | 17.5 | — | 30.2% | 40.8% | 4.3% | 4.1% | 1.7 |
| HUT | $6B | -24.9 | — | — | 91.3% | -136.9% | -16.9% | -14.0% | — |
| MARA | $3B | -2.4 | — | — | — | -135.0% | — | -74.2% | — |
| BITF | $1B | -16.9 | 38.3 | — | -16.8% | -55.8% | -12.0% | -17.1% | 0.7 |
| BTBT | $538M | 8.3 | 7.6 | — | 61.9% | 16.8% | 9.2% | 6.5% | 0.2 |
| FUFU | $387M | 7.2 | 4.2 | — | 6.4% | 14.3% | 60.0% | 46.2% | 0.4 |
| ABTC | $199M | 2.2 | 0.4 | — | 44.8% | 676.7% | 57.6% | 47.2% | 0.0 |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 7 years · Updated daily
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Start ComparisonIREN Limited's current P/E ratio is 105.0x. The historical average is 37.4x. This places it at the 100th percentile of its historical range.
IREN Limited's current EV/EBITDA is 70.6x. 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 -70.5%.
Based on historical data, IREN Limited is trading at a P/E of 105.0x. 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.