Latest Ratios: P/E Ratio 124.5x · EV/EBITDA 89.3x · 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 | $17.3B | $3.3B | $1.1B | $255M | $137M | — | — | — |
| Enterprise Value | $17.7B | $3.7B | $722M | $188M | $135M | — | — | — |
| P/E Ratio → | 124.49 | 37.36 | — | — | — | — | — | — |
| P/S Ratio | 35.36 | 6.64 | 6.01 | 4.32 | — | — | — | — |
| P/B Ratio | 5.96 | 1.79 | 1.03 | 0.84 | 0.31 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | 70.46 | 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 | — | 7.45 | 3.86 | 3.18 | — | — | — | — |
| EV / EBITDA | 89.32 | 18.41 | 31.13 | — | 16.96 | — | — | — |
| EV / EBIT | 1022.98 | 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 | 69.8% | 69.8% | 53.5% | 61.0% | -20.7% | -15.0% | 60.6% | — |
| Operating Margin | 3.5% | 3.5% | -14.6% | -265.9% | -0.1% | 1.4% | -81.0% | -18593.9% |
| Net Profit Margin | 17.7% | 17.7% | -15.5% | -290.5% | 168.3% | 160.0% | -103.5% | -26587.5% |
| 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 | 0.18 | -0.64 | -0.37 | 0.18 | 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 | 0.8% | 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 |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying IREN stock.
IREN Limited's current P/E ratio is 124.5x. The historical average is 37.4x. This places it at the 100th percentile of its historical range.
IREN Limited's current EV/EBITDA is 89.3x. 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 124.5x. 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 69.8% 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.
Key Metrics
Top Statement Risk
Massive dilution from ATM equity raises
Metrics are mathematically derived from official filings.
Premium Valuation Reflects AI Pivot Hopes
At a P/B of 5.49, IREN trades at a significant premium to peers like Riot (2.60) and Marathon (1.16), suggesting the market is pricing in substantial future returns from its AI cloud infrastructure pivot rather than its current Bitcoin mining economics.
The elevated P/B multiple implies the market expects IREN to generate a return on tangible equity well above its current negative levels, effectively pricing in the successful execution of its strategic shift. This premium valuation is not supported by the company's recent profitability metrics, which show a negative ROE of -22.8% in 2026Q4, indicating the market is looking past near-term losses toward a future, more profitable business model. Investors are essentially paying for optionality on the AI cloud segment, which remains unproven at scale.
ROE Volatility Driven by Non-Interest Income
The DuPont decomposition reveals that IREN's ROE is almost entirely driven by non-interest income, which constituted 89.8% of revenue in 2026Q4, while the net interest margin has collapsed to a negligible 0.1%, confirming a fundamental shift away from traditional banking profitability drivers.
The company's profitability profile has completely decoupled from traditional bank metrics. With NIM at 0.1% and fee income dominating, the ROE is now a function of the scale and margin of its service-based revenue streams, not its balance sheet leverage or spread income. The negative ROE in recent quarters suggests that the costs of scaling these new services, likely including significant depreciation and operational expenses, are currently overwhelming the revenue growth, indicating a period of heavy investment before potential future profitability.
NIM Irrelevance and Efficiency Ratio Distortion
The net interest margin has compressed to 0.1% in 2026Q4, rendering it an irrelevant metric for evaluating IREN's core operations, while the efficiency ratio's wild swings from 6.4% to 185.0% reflect the volatile, non-recurring nature of its current revenue and cost structure.
The near-zero NIM confirms that interest-sensitive activities are no longer material to IREN's business model. The efficiency ratio is similarly misleading; the 6.4% reading in 2026Q4 is artificially low and likely driven by a large, non-recurring fee income item that does not reflect the true underlying cost to generate revenue. The historical volatility in this ratio, including readings above 100%, indicates that traditional cost-control analysis is not applicable, as the company is in a phase of massive investment and revenue mix transformation.
Equity Base Diluted by Explosive Asset Growth
The equity-to-assets ratio has plummeted to 0.27 in 2026Q4 from 0.95 in 2024Q3, indicating that the company's rapid asset expansion to $15.8B has been funded primarily through liabilities and dilutive equity raises, significantly increasing financial leverage.
This sharp decline in the equity-to-assets ratio signals a fundamental change in the company's capital structure, moving from a conservatively financed entity to one with higher leverage. While the absolute level may not breach regulatory minimums for a non-bank, it represents a substantial increase in financial risk and dilution for existing shareholders. The trend suggests management is prioritizing aggressive growth over balance sheet strength, relying on the ATM program to fund expansion, which could pressure returns on equity until the new assets generate sufficient income.
P/B Multiple Misapplied to a Non-Bank
The price-to-book ratio of 5.49 is the most commonly misapplied metric for IREN, as it values the company using a framework designed for traditional banks with stable, interest-earning asset bases, which does not apply to a capital-intensive digital infrastructure firm.
For a traditional bank, P/B reflects the market's assessment of the franchise value relative to its tangible equity, which supports a loan book generating predictable spread income. IREN's book value is composed of rapidly depreciating mining hardware and data center infrastructure, not a stable, interest-earning asset base. Therefore, the P/B multiple obscures the true drivers of value, which are the company's power contracts, hash rate efficiency, and potential for AI cloud revenue. A more appropriate valuation lens would be a multiple of its operational capacity (e.g., MW of data center space) or a discounted cash flow analysis focused on its future, non-interest income streams.