IREN Limited (IREN) Financial Ratios
7 years of historical data (2019–2025) · Financial Services · Financial - Capital Markets
EV/EBITDA
↑
104.12
↑+369% vs avg
5yr avg: 22.19
30Y Low17.0·High31.1
P/FCF
N/A
—
5yr avg: N/A
P/B Ratio
↑
7.49
↑+630% vs avg
5yr avg: 1.03
30Y Low0.5·High1.8
ROE
↑
6.0%
↓+106% vs avg
5yr avg: -93.3%
30Y Low-318%·High6%
Debt/EBITDA
↓
4.86
↓-82% vs avg
5yr avg: 26.53
30Y Low0.1·High9.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
IREN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
IREN Limited trades at 156.4x earnings, 319% 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 13.4x, the stock trades at a premium of 1070%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $20.3B | $3.3B | $1.1B | $255M | $137M | — | — | — |
| Enterprise Value | $20.7B | $3.7B | $722M | $188M | $136M | — | — | — |
| P/E Ratio → | 156.36 | 37.36 | — | — | — | — | — | — |
| P/S Ratio | 40.44 | 6.49 | 6.01 | 3.38 | 2.32 | — | — | — |
| P/B Ratio | 7.49 | 1.79 | 1.03 | 0.84 | 0.46 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | 82.41 | 13.23 | 21.34 | 44.55 | 6.36 | — | — | — |
P/E links to full P/E history page with 30-year chart
IREN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
IREN Limited's enterprise value stands at 104.1x EBITDA, 369% above its 5-year average of 22.2x. The Financial Services sector median is 11.4x, placing the stock at a 813% 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 | 104.12 | 18.41 | 31.15 | — | 17.02 | — | — | — |
| EV / EBIT | 1192.48 | 177.53 | — | — | 294.36 | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
IREN Profitability
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 21.2%. 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 9.4%. ROIC of 0.7% represents below-average returns on invested capital versus a sector median of 5.7%.
Margins
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% |
Return on Capital
| 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% |
IREN Leverage & Debt
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 | — |
IREN Liquidity & Efficiency
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 | — | — | — | — | — | — | — | — |
IREN Shareholder Yields
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 0.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.6% | 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 |
Peer Comparison
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 | $20B | 156.4 | 104.1 | — | 68.3% | 3.5% | 6.0% | 0.7% | 4.9 |
 RIOT | $9B | -12.1 | — | — | -15.6% | -61.8% | -22.1% | -8.7% | — |
 MARA | $5B | -3.5 | — | — | -47.7% | -90.6% | -34.5% | -9.0% | — |
 CLSK | $4B | 12.9 | 6.7 | — | 41.6% | 41.6% | 18.5% | 10.3% | 1.2 |
 CIFR | $9B | -10.2 | — | — | 28.4% | -150.7% | -108.3% | -11.7% | — |
 HUT | $12B | -50.9 | — | — | -614.6% | -2104.6% | -16.9% | -13.8% | — |
 BTBT | $622M | 9.7 | 9.0 | — | 61.9% | 16.8% | 9.2% | 6.5% | 0.2 |
 CORZ | $8B | -28.0 | — | — | 11.9% | -45.4% | — | — | — |
 BTDR | $3B | -10.6 | 13.4 | — | 9.8% | 25.8% | 11.5% | 12.6% | 3.9 |
 WULF | $11B | -122.6 | — | — | 55.3% | -54.4% | -31.0% | -10.6% | — |
 NVDA | $5.0T | 42.4 | 37.9 | 52.2 | 71.1% | 60.4% | 101.5% | 81.8% | 0.1 |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full IREN Stock Analysis
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Start ComparisonIREN — Frequently Asked Questions
Quick answers to the most common questions about buying IREN stock.
What is IREN Limited's P/E ratio?
IREN Limited's current P/E ratio is 156.4x. The historical average is 37.4x. This places it at the 100th percentile of its historical range.
What is IREN Limited's EV/EBITDA?
IREN Limited's current EV/EBITDA is 104.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.2x.
What is IREN Limited's ROE?
IREN Limited's return on equity (ROE) is 6.0%. The historical average is -70.5%.
Is IREN stock overvalued?
Based on historical data, IREN Limited is trading at a P/E of 156.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are IREN Limited's profit margins?
IREN Limited has 68.3% gross margin and 3.5% operating margin.
How much debt does IREN Limited have?
IREN Limited's Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.