Latest Ratios: P/E Ratio 0.8x · EV/EBITDA 2.7x · ROE 21.5%. (1998–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $105M | $120M | $1.1B | $642M | $587M | $263M | $224M | $167M | $568M | $1.0B | $1.4B |
| Enterprise Value | $693M | $907.3B | $419.9B | $350.0B | $380.4B | $136.5B | $100.4B | $100.4B | $252.6B | $170.3B | $106.0B |
| P/E Ratio → | 0.83 | 0.00 | 0.00 | — | 0.23 | 0.00 | — | — | — | 0.05 | — |
| P/S Ratio | 0.24 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.02 | 0.01 | 0.03 |
| P/B Ratio | 0.06 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 | 0.03 |
| P/FCF | 1.58 | 0.00 | 4.69 | 0.00 | 0.00 | 0.00 | 0.06 | 0.04 | 0.01 | 0.08 | 0.15 |
| P/OCF | 1.19 | 0.00 | 4.53 | 0.00 | 0.00 | 0.00 | 0.04 | 0.03 | 0.01 | 0.05 | 0.11 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.38 | 0.86 | 0.76 | 0.82 | 0.53 | 2.19 | 2.19 | 9.02 | 2.18 | 2.08 |
| EV / EBITDA | 2.66 | 3.05 | 9.06 | — | — | 0.63 | — | — | — | 4.40 | 9.64 |
| EV / EBIT | 3.96 | 1.40 | 2.07 | — | 8.54 | 0.37 | — | — | — | 44.90 | 11.92 |
| EV / FCF | — | 7.25 | 1845.80 | 2.52 | 2.07 | 1.39 | 25.86 | 25.85 | 6.30 | 12.85 | 11.31 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.7% | 60.7% | 60.8% | 66.8% | 65.5% | 62.2% | 49.4% | 49.4% | 62.6% | 37.2% | 30.5% |
| Operating Margin | 41.0% | 41.0% | 6.6% | -62.2% | -24.3% | 81.6% | -45.8% | -45.8% | -167.3% | 37.2% | 6.7% |
| Net Profit Margin | 59.8% | 59.8% | 22.3% | -8.9% | 67.5% | 107.7% | -230.6% | -230.6% | -196.4% | 26.9% | -2.2% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.5% | 21.5% | 9.2% | -3.1% | 34.6% | 110.4% | -78.0% | -95.5% | -68.6% | 34.5% | -3.7% |
| ROA | 10.7% | 10.7% | 4.6% | -1.7% | 18.1% | 47.3% | -29.0% | -25.2% | -13.6% | 7.4% | -0.6% |
| ROIC | 8.1% | 8.1% | 1.5% | -12.9% | -7.3% | 42.6% | -6.7% | -5.5% | -12.1% | 11.0% | 1.9% |
| ROCE | 8.3% | 8.3% | 1.6% | -13.1% | -7.5% | 44.3% | -6.4% | -5.8% | -13.6% | 12.3% | 2.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.42 | 0.42 | 0.37 | 0.33 | 0.29 | 0.45 | 0.76 | 0.76 | 3.64 | 2.77 | 2.73 |
| Debt / EBITDA | 3.42 | 3.42 | 9.83 | — | — | 0.75 | — | — | — | 5.34 | 11.77 |
| Net Debt / Equity | — | 0.37 | 0.34 | 0.30 | 0.26 | 0.37 | 0.74 | 0.74 | 2.94 | 2.27 | 2.21 |
| Net Debt / EBITDA | 3.04 | 3.04 | 9.04 | — | — | 0.63 | — | — | — | 4.37 | 9.51 |
| Debt / FCF | — | 7.25 | 1841.12 | 2.52 | 2.06 | 1.39 | 25.81 | 25.81 | 6.29 | 12.77 | 11.16 |
| Interest Coverage | 8.26 | 8.26 | 3.94 | -1.37 | 0.99 | 5.54 | -0.07 | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.75 | 1.75 | 0.71 | 0.83 | 0.99 | 0.49 | 0.63 | 0.63 | 1.91 | 2.05 | 1.41 |
| Quick Ratio | 1.71 | 1.71 | 0.71 | 0.83 | 0.98 | 0.49 | 0.62 | 0.62 | 1.89 | 1.92 | 1.29 |
| Cash Ratio | 1.26 | 1.26 | 0.49 | 0.55 | 0.61 | 0.36 | 0.23 | 0.23 | 1.41 | 1.44 | 0.84 |
| Asset Turnover | — | 0.14 | 0.20 | 0.20 | 0.17 | 0.32 | 0.13 | 0.13 | 0.06 | 0.23 | 0.22 |
| Inventory Turnover | 13.01 | 13.01 | 125.16 | 102.15 | 90.40 | 141.66 | 76.08 | 76.08 | 6.91 | 8.08 | 6.42 |
| Days Sales Outstanding | — | 114.05 | 62.31 | 61.57 | 78.01 | 33.33 | 112.72 | 112.72 | 427.22 | 111.47 | 126.33 |
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 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 100.0% | 100.0% | 7.3% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | — | 100.0% | 10.4% |
| Payout Ratio | 42.1% | 42.1% | — | — | 53.6% | 0.5% | — | — | — | 6.6% | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 327169.7% | 132914.6% | — | 435.8% | 90196.8% | — | — | — | 2057.9% | — |
| FCF Yield | 63.4% | 104025.9% | 21.3% | 21602.4% | 31400.4% | 37451.7% | 1732.8% | 2327.1% | 7065.6% | 1296.0% | 661.4% |
| Buyback Yield | 0.0% | 0.0% | 1.8% | 100.0% | 100.0% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 100.0% | 100.0% | 9.1% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 0.0% | 100.0% | 10.4% |
| Shares Outstanding | — | $8M | $77M | $74M | $69M | $70M | $58M | $53M | $58M | $59M | $58M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying IRS stock.
IRSA Inversiones y Representaciones Sociedad Anónima's current P/E ratio is 0.8x. The historical average is 7.0x. This places it at the 35th percentile of its historical range.
IRSA Inversiones y Representaciones Sociedad Anónima's current EV/EBITDA is 2.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.7x.
IRSA Inversiones y Representaciones Sociedad Anónima's return on equity (ROE) is 21.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 5.2%.
Based on historical data, IRSA Inversiones y Representaciones Sociedad Anónima is trading at a P/E of 0.8x. This is at the 35th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
IRSA Inversiones y Representaciones Sociedad Anónima's current dividend yield is 100.00% with a payout ratio of 42.1%.
IRSA Inversiones y Representaciones Sociedad Anónima has 60.7% gross margin and 41.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
IRSA Inversiones y Representaciones Sociedad Anónima's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Fair value revaluations drive headline ratios
Returns Swing on Revaluation Noise
IRSA's ROIC has swung between −12.3% in 2025Q1 and 12.4% in 2026Q1 before settling at 5.0% in 2026Q4, with asset turnover stuck at 0.03–0.06x, indicating returns are being driven by margin revaluation noise rather than capital productivity.
The 0.03–0.06x asset turnover implies a capital-intensive asset base generating roughly $0.04–$0.06 of revenue per dollar of assets, typical of a property portfolio held at carrying values far below replacement cost but unhelpful for judging operating efficiency in isolation. Given ROE peaked at 12.4% in 2026Q1 on the same 12.4% ROIC, the equity base appears to be moving in lockstep with revaluation swings rather than compounding returns; any durable ROIC improvement would need to come from the 6.6% operating margin rather than further balance-sheet re-rating.
Gross Stability, Operating Chaos
As reported in IRS's quarterly statements, gross margin has held a narrow 59.8%–65.1% band while operating margin has ranged from −2.1% to 148.7%, a spread that points to pricing power in the mall portfolio but heavy non-cash distortion below the gross line.
The tight gross margin band supports the thesis of structural tenant demand for IRS's flagship Buenos Aires assets, since even through inflation and consumption volatility the direct cost of space remains a minority of rental revenue. However, the operating margin's dispersion across ten quarters — including 148.7% in 2025Q3 and 2.1% in 2026Q1 — suggests the operating line is absorbing non-cash fair value and inflation-accounting effects, meaning the 60.8% TTM gross margin is a more reliable indicator of true earning power than the 6.6% operating figure; monitoring whether operating margin stabilizes at the high end is warranted.
Apparent Low Leverage Masked by Equity Inflation
According to recent SEC filings, IRS's debt has climbed from $330.2 billion to roughly $1.0 trillion over ten quarters, yet debt-to-equity has stayed between 0.33 and 0.51, suggesting nominal leverage is being offset by equity revaluations rather than genuine deleveraging.
A debt/EBITDA range of 1.64x to 34.23x and interest coverage swinging between −18.55x and 246.30x cannot both describe a stable debt service position; the wide dispersion likely reflects inflation-driven EBITDA re-basing rather than changes in borrowing, so the 0.42x debt/equity and 13.53x coverage in 2026Q4 should be treated as a snapshot, not a trend. For a business whose rental income is peso-denominated and much of whose debt has historically been USD-linked, the real vulnerability lies in the real exchange rate, not the headline ratio — investors should monitor whether coverage remains above 10x across quarters rather than in any single print.
P/E of 1.1x vs 47x EBITDA
IRSA trades at a P/E of 1.10 and P/B of 1.26 against EV/EBITDA of 47.28x, an inversion that implies reported earnings and equity carry a large non-cash component, while peers like Lennar trade at 10x earnings and 7.7x EBITDA.
The 1.10x P/E and 0.01 PEG suggest an apparent deep discount to regional peers, but the simultaneous 47.28x EV/EBITDA and 6,926x P/FCF signal that EBITDA and free cash flow are depressed relative to enterprise value, consistent with the near-zero capex and OCF-to-net-income ratio of 0.20 identified elsewhere in the analysis. A P/B of 1.26 versus Lennar's 0.93 implies the market grants IRS some premium for its asset scarcity, yet any P/B or P/E-based discount to NAV argument is unreliable when equity is being re-rated upward by inflation accounting; a Cash FFO yield or NAV discount that adjusts for fair value gains is the more defensible framework.
The P/E Most Misapplied to Real Estate
The P/E of 1.10 is the most misapplied ratio for IRSA, since fair value gains and RECPAM adjustments under IAS 29 and IAS 40 inflate net income; Cash FFO, excluding non-cash revaluations, is the more appropriate measure of earning power.
For a property holding company in a hyperinflationary economy, net income incorporates non-cash revaluation of investment properties and purchasing-power adjustments on monetary items, neither of which reflects repeatable operating cash generation — the 2026Q4 net margin of 70.9% alongside an operating margin of 88.3% and an FCF margin of 12.7% makes this visible. The 1.10x P/E therefore flatters the company's apparent cheapness; substituting Cash FFO or a NAV-based multiple that strips fair value effects would likely yield a materially higher multiple, reframing the current valuation as closer to, rather than far below, regional peers — an adjustment investors should apply before relying on the headline discount.