IREN (IREN)
Market Price (9/24/2026): $46.35 | Market Cap: $16.8 BilSector: Financials | Industry: Diversified Capital Markets
IREN (IREN)
Market Price (9/24/2026): $46.35Market Cap: $16.8 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 297%, CFO LTM is 2.1 Bil Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Water Infrastructure, and Smart Grids & Grid Modernization. Themes include Waste-to-Energy Solutions, Show more. | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -379 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -54% Expensive valuation multiplesP/SPrice/Sales ratio is 24x Weak revenue growthRev Chg QQuarterly Revenue Change % is -27% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 29% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -332% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 60% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2% High stock price volatilityVol 12M is 109% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 26% Key risksIREN key risks include [1] execution risk in its high-stakes, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 297%, CFO LTM is 2.1 Bil |
| Megatrend and thematic driversMegatrends include Circular Economy & Recycling, Water Infrastructure, and Smart Grids & Grid Modernization. Themes include Waste-to-Energy Solutions, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -379 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -54% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 24x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -27% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 29% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -332% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 60% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2% |
| High stock price volatilityVol 12M is 109% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 26% |
| Key risksIREN key risks include [1] execution risk in its high-stakes, Show more. |
Qualitative Assessment
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IREN (IREN) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Significant Net Loss and Impairments in Fiscal Year 2026.
IREN reported a substantial net loss of $702.6 million for fiscal year 2026, which ended on June 30, 2026. This loss included $638.8 million in non-cash impairments primarily related to the decommissioning of Bitcoin mining equipment as the company transitions to AI Cloud Services. The fiscal Q4 2026 (period ending June 30, 2026) alone contributed a net loss of $684 million, which encompassed a $450.4 million non-cash mining-hardware impairment and a $102.1 million decline in the fair value of hardware held for sale. These significant charges weighed heavily on investor sentiment.
2. Weak Fiscal Q4 2026 Earnings Per Share (EPS) and Declining Adjusted EBITDA.
The company reported an EPS of -$0.74 for fiscal Q4 2026, missing analysts' consensus estimates of -$0.55 by 34.55%. Concurrently, Adjusted EBITDA for fiscal year 2026 decreased to $245.7 million from $269.7 million in fiscal year 2025. The Adjusted EBITDA further declined in fiscal Q4 2026, reflecting increased employee-related costs and substantial platform investment ahead of the anticipated AI Cloud Services revenue ramp, impacting short-term profitability outlook.
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IREN (IREN) stock has lost about 25% since 5/31/2026 because of the following key factors:
1. Significant Net Loss and Impairments in Fiscal Year 2026.
IREN reported a substantial net loss of $702.6 million for fiscal year 2026, which ended on June 30, 2026. This loss included $638.8 million in non-cash impairments primarily related to the decommissioning of Bitcoin mining equipment as the company transitions to AI Cloud Services. The fiscal Q4 2026 (period ending June 30, 2026) alone contributed a net loss of $684 million, which encompassed a $450.4 million non-cash mining-hardware impairment and a $102.1 million decline in the fair value of hardware held for sale. These significant charges weighed heavily on investor sentiment.
2. Weak Fiscal Q4 2026 Earnings Per Share (EPS) and Declining Adjusted EBITDA.
The company reported an EPS of -$0.74 for fiscal Q4 2026, missing analysts' consensus estimates of -$0.55 by 34.55%. Concurrently, Adjusted EBITDA for fiscal year 2026 decreased to $245.7 million from $269.7 million in fiscal year 2025. The Adjusted EBITDA further declined in fiscal Q4 2026, reflecting increased employee-related costs and substantial platform investment ahead of the anticipated AI Cloud Services revenue ramp, impacting short-term profitability outlook.
3. High Capital Expenditure Guidance and Execution Risk Concerns.
IREN's guidance for fiscal year 2027 includes significant capital expenditure ranging from $25 billion to $30 billion. This substantial investment, coupled with potential execution risks for upcoming AI infrastructure deployments, particularly Horizons 2 through 4 which are targeting December commissioning, has raised concerns among investors. Analyst sentiment, as reflected in some price target adjustments, indicated worries regarding the timely ramp-up of fiscal year 2027 capacity.
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Stock Movement Drivers
Fundamental Drivers
The -26.0% change in IREN stock from 5/31/2026 to 9/23/2026 was primarily driven by a -13.7% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.54 | 47.05 | -26.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 757 | 707 | -6.6% |
| P/S Multiple | 28.0 | 24.2 | -13.7% |
| Shares Outstanding (Mil) | 334 | 363 | -8.2% |
| Cumulative Contribution | -26.0% |
Market Drivers
5/31/2026 to 9/23/2026| Return | Correlation | |
|---|---|---|
| IREN | -26.0% | |
| Market (SPY) | 1.8% | 48.0% |
| Sector (XLF) | 6.1% | -11.3% |
Fundamental Drivers
The 14.9% change in IREN stock from 2/28/2026 to 9/23/2026 was primarily driven by a 50.0% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 40.95 | 47.05 | 14.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 757 | 707 | -6.6% |
| P/S Multiple | 16.1 | 24.2 | 50.0% |
| Shares Outstanding (Mil) | 298 | 363 | -18.0% |
| Cumulative Contribution | 14.9% |
Market Drivers
2/28/2026 to 9/23/2026| Return | Correlation | |
|---|---|---|
| IREN | 14.9% | |
| Market (SPY) | 12.5% | 51.9% |
| Sector (XLF) | 7.0% | 3.7% |
Fundamental Drivers
The 77.7% change in IREN stock from 8/31/2025 to 9/23/2026 was primarily driven by a 90.5% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.48 | 47.05 | 77.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 501 | 707 | 41.1% |
| P/S Multiple | 12.7 | 24.2 | 90.5% |
| Shares Outstanding (Mil) | 240 | 363 | -33.9% |
| Cumulative Contribution | 77.7% |
Market Drivers
8/31/2025 to 9/23/2026| Return | Correlation | |
|---|---|---|
| IREN | 77.7% | |
| Market (SPY) | 20.3% | 43.4% |
| Sector (XLF) | 2.6% | 8.0% |
Fundamental Drivers
The 868.1% change in IREN stock from 8/31/2023 to 9/23/2026 was primarily driven by a 1049.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9232026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.86 | 47.05 | 868.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 62 | 707 | 1049.5% |
| P/S Multiple | 4.2 | 24.2 | 477.1% |
| Shares Outstanding (Mil) | 53 | 363 | -85.4% |
| Cumulative Contribution | 868.1% |
Market Drivers
8/31/2023 to 9/23/2026| Return | Correlation | |
|---|---|---|
| IREN | 868.1% | |
| Market (SPY) | 77.0% | 40.4% |
| Sector (XLF) | 66.3% | 24.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IREN Return | -34% | -92% | 472% | 37% | 285% | 29% | 99% |
| Peers Return | 31% | -85% | 410% | -3% | 66% | 72% | 175% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| IREN Win Rate | 0% | 42% | 67% | 50% | 67% | 56% | |
| Peers Win Rate | 44% | 33% | 73% | 45% | 67% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| IREN Max Drawdown | - | -94% | -63% | -57% | -60% | -57% | |
| Peers Max Drawdown | -71% | -89% | -57% | -61% | -60% | -42% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RIOT, MARA, CLSK, HUT, CIFR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/23/2026 (YTD)
How Low Can It Go
| Event | IREN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -59.2% | -18.8% |
| % Gain to Breakeven | 145.3% | 23.1% |
| Time to Breakeven | 79 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -47.6% | -7.8% |
| % Gain to Breakeven | 90.8% | 8.5% |
| Time to Breakeven | 114 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -57.1% | -9.5% |
| % Gain to Breakeven | 132.9% | 10.5% |
| Time to Breakeven | 34 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -80.9% | -24.5% |
| % Gain to Breakeven | 423.4% | 32.4% |
| Time to Breakeven | 774 days | 427 days |
In The Past
IREN's stock fell -59.2% during the 2025 US Tariff Shock. Such a loss loss requires a 145.3% gain to breakeven.
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Asset Allocation
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| Event | IREN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -59.2% | -18.8% |
| % Gain to Breakeven | 145.3% | 23.1% |
| Time to Breakeven | 79 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -47.6% | -7.8% |
| % Gain to Breakeven | 90.8% | 8.5% |
| Time to Breakeven | 114 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -57.1% | -9.5% |
| % Gain to Breakeven | 132.9% | 10.5% |
| Time to Breakeven | 34 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -80.9% | -24.5% |
| % Gain to Breakeven | 423.4% | 32.4% |
| Time to Breakeven | 774 days | 427 days |
In The Past
IREN's stock fell -59.2% during the 2025 US Tariff Shock. Such a loss loss requires a 145.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About IREN (IREN)
Iris Energy Limited (IREN) is an Australian company that operates primarily in the digital asset sector as a bitcoin mining firm. The company utilizes high-performance computing infrastructure, consisting of specialized hardware, to solve complex cryptographic puzzles. This fundamental process is required to validate transactions and secure the Bitcoin blockchain network, thereby contributing to its decentralized operation.
Through this energy-intensive computational work, Iris Energy's main output is newly minted bitcoin. By successfully contributing to the discovery of new blocks on the blockchain, the company earns block rewards, which are paid in bitcoin, along with transaction fees. This positions its core activity as the production of bitcoin, a decentralized digital currency, which it accumulates as a digital asset.
Given its focus on bitcoin production, Iris Energy's primary market is the global cryptocurrency ecosystem. The bitcoins it mines become part of its digital asset holdings, which can then be sold on cryptocurrency exchanges or utilized for corporate purposes. Therefore, its revenue and valuation are directly influenced by the supply and demand dynamics, as well as the prevailing market price, of Bitcoin itself.
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Here are 1-3 brief analogies for Iris Energy Limited (IREN):
Newmont for digital gold.
ExxonMobil for Bitcoin.
A specialized Amazon Web Services (AWS) that only mines Bitcoin.
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- Bitcoin Mining: The company operates large-scale data centers to discover new bitcoins by solving complex computational puzzles on the Bitcoin blockchain.
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Iris Energy Limited, as a bitcoin mining company, does not have traditional customers that directly purchase its mining services. Its revenue is primarily derived from block rewards and transaction fees paid by the decentralized Bitcoin network for validating transactions and securing the blockchain.
However, the company generates Bitcoin as its primary output, which it may then sell into the broader cryptocurrency market. Based on the buyers of this produced asset, the categories of customers that ultimately acquire the Bitcoin sold by Iris Energy can be described as follows:
- Retail Cryptocurrency Investors: Individuals who purchase Bitcoin for investment, trading, or other personal uses via various cryptocurrency exchanges and platforms.
- Institutional Cryptocurrency Investors: Corporations, investment funds, family offices, and other institutional entities that acquire Bitcoin as part of their investment portfolios, treasury holdings, or for strategic purposes.
- Cryptocurrency Exchanges and Brokers: These entities act as intermediaries in the market, often being the direct counterparty when a mining company sells its mined Bitcoin. They facilitate the distribution of Bitcoin to a wide range of retail and institutional buyers.
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- Bitmain Technologies Limited
- BC Hydro
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Daniel Roberts Co-Founder and Co-CEO
Daniel Roberts co-founded Iris Energy (now IREN) in 2018 with his brother William Roberts. He has over 15 years of experience in finance, infrastructure, and renewables. He was previously the second-largest individual shareholder in Palisade Investment Partners, an infrastructure funds management business. Daniel was responsible for Palisade's origination and business development activities and managed several portfolio assets, serving as a director on the board of Palisade and many of its investee companies. Prior to Palisade, he worked in M&A advisory, debt structuring, and principal investment with Macquarie Group and with PricewaterhouseCoopers. He also co-founded Jolt Charge Pty Ltd. in 2019. Daniel has been engaged with Bitcoin since 2013 and participated in the Ethereum presale.
Will Roberts Co-Founder and Co-CEO
Will Roberts co-founded Iris Energy (now IREN) in 2018 with his brother Daniel Roberts. He has experience across accounting, banking, resources, commodities, and real assets, having worked at Macquarie Group, Westpac, and Brookfield Multiplex. At Macquarie Group, he co-founded the Digital Assets team. Will also has a background in energy and renewable project development, where he previously developed, financed, and sold over 1 GW of wind and solar assets through Infigen and other ventures.
Anthony Lewis Chief Financial Officer
Anthony Lewis was appointed Chief Financial Officer in September 2025, having joined IREN in July 2025 as Chief Capital Officer. Before joining IREN, he spent 22 years at Macquarie Group, where he served as Co-Treasurer, managing global funding, liquidity, capital management, and regulatory reporting. He oversees financial operations, reporting, strategic planning, and the company's capital markets strategy.
David Shaw Chief Operating Officer
David Shaw is the Chief Operating Officer at IREN. He holds a degree in Engineering from the University of Melbourne.
Denis Skrinnikoff Chief Technology Officer
Denis Skrinnikoff serves as the Chief Technology Officer for IREN.
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- Post-halving profitability squeeze and industry consolidation: The Bitcoin halving event in April 2024 reduced the block reward for miners by 50%. While the halving itself was a known event, the full market implications are an emerging threat. It significantly tightens profit margins for all miners and is expected to lead to a widespread "shake-out" in the industry. Less efficient or highly leveraged mining operations may become unprofitable, forcing shutdowns, bankruptcies, or consolidation. This creates an intensely competitive environment where the viability of many existing operational models is challenged, requiring companies like IREN to achieve aggressive cost efficiencies and operational scale to remain competitive, similar to how Netflix's direct-to-consumer model disrupted Blockbuster's traditional retail profitability.
- Accelerated technological obsolescence of mining hardware: The pace of innovation in Application-Specific Integrated Circuit (ASIC) technology is rapid, with new generations of miners offering significantly improved power efficiency and hash rate. An acceleration in this development cycle, or the emergence of a competitor gaining proprietary or exclusive access to vastly superior next-generation hardware, could render IREN's current mining fleet economically obsolete much faster than projected. This would necessitate higher and more frequent capital expenditures for upgrades to maintain competitiveness, placing a substantial strain on financial resources and potentially leading to a significant competitive disadvantage, akin to how the iPhone's rapid technological advancements and user experience innovations sidelined BlackBerry's once-dominant devices.
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Share Issuance
- In November 2021, Iris Energy Limited (now IREN Limited) became a public company through an initial public offering on Nasdaq, raising approximately US$232 million.
- The number of outstanding shares for IREN Limited increased by 41.60% in one year, with a total of 394.06 million shares outstanding as of September 21, 2026.
- On December 3, 2025, IREN priced a registered direct offering of approximately 39.7 million ordinary shares at $41.12 per share, generating gross proceeds of about $1.63 billion, partly to fund the repurchase of existing convertible notes.
Inbound Investments
- IREN signed a US$3.4 billion AI cloud services contract with NVIDIA, with NVIDIA also receiving a five-year option to purchase up to 30 million IREN shares at US$70 each.
- A US$2.1 billion investment from NVIDIA is aligned with the deployment of up to 5 GW of NVIDIA DSX-aligned infrastructure across IREN's platform.
- Customer prepayments are a significant source of funding, with Microsoft prepayments covering 96% of associated GPU capital expenditures, and customer prepayments generally covering 45-55% of recent GPU capex.
Outbound Investments
- IREN Limited acquired Mirantis, Inc., a cloud software and services provider, for approximately $630 million on August 4, 2026. The consideration primarily involved issuing common equity of IREN Limited valued at $625 million, along with cash and other considerations of about $40 million.
- On June 15, 2026, IREN completed the acquisition of Nostrum Group, a developer of grid-connected AI data centers in Spain, marking IREN's entry into the European market and adding approximately 490MW of secured power capacity.
Capital Expenditures
- IREN's capital expenditures averaged 855.5 million for fiscal years ending December 2021 to 2025, peaking at 941.4 million in June 2026.
- The company plans substantial capital expenditures for fiscal year 2027, with targets ranging between $25 billion and $30 billion, focused on AI cloud infrastructure as it shifts from Bitcoin mining.
- Projected capital expenditures show a significant increase, with plans for $978 million in 2026, $1,792 million in 2027, and escalating to $8,973 million by 2030, primarily for building out AI data centers and GPU capacity.
Peer Outperformance in Diversified Capital Markets
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 7 | 24.6% | 65.1% | 118.9% | SPNT 172% · RGA 148% · RNR 143% |
| Diversified Banks | 13 | 30.8% | 126.1% | 107.5% | CM 145% · RY 136% · JPM 135% |
| Investment Banking & Brokerage | 13 | -3.4% | 106.1% | 106.4% | IBKR 500% · SNEX 250% · HOOD 173% |
| Life & Health Insurance | 20 | 6.0% | 51.0% | 96.2% | JXN 490% · UNM 351% · FG 188% |
| Multi-Sector Holdings | 4 | 4.9% | 46.9% | 79.4% | JONE 362% · BRK-B 83% · VOYA 76% |
| Property & Casualty Insurance | 42 | 7.6% | 65.1% | 64.8% | ASIC 2651900% · HRTG 384% · UVE 302% |
| Regional Banks | 266 | 23.0% | 89.6% | 58.7% | ESQ 366% · BLX 350% · GCBC 303% |
| Multi-line Insurance | 9 | 6.4% | 68.9% | 58.1% | GNW 161% · L 102% · SLF 95% |
| Financial Exchanges & Data | 15 | -0.9% | 17.9% | 26.2% | VIRT 163% · CBOE 128% · CME 69% |
| Diversified Financial Services | 4 | -8.1% | 24.2% | 25.1% | FRHC 168% · EQH 102% · TMS -51% |
| Consumer Finance | 30 | -3.0% | 81.8% | 15.9% | ENVA 403% · EZPW 294% · FCFS 162% |
| Commercial & Residential Mortgage Finance | 15 | -46.0% | 24.4% | 11.0% | FNMA 456% · FMCC 423% · ACT 174% |
| Insurance Brokers | 16 | -19.5% | -10.6% | 10.2% | LIFE 231% · ARX 88% · AJG 57% |
| Asset Management & Custody Banks | 87 | -9.8% | 14.8% | 6.6% | WT 326% · SII 278% · VCTR 272% |
| Specialized Finance | 3 | 12.8% | 40.3% | -6.3% | EFC 24% · CACC -6% · HASI -20% |
| Mortgage REITs | 33 | -12.2% | 6.3% | -26.1% | NREF 53% · RITM 41% · DX 30% |
| Diversified Capital Markets ← | 25 | -31.1% | 6.6% | -46.4% | OPY 187% · LPLA 99% · GOLD 83% |
| Transaction & Payment Processing Services | 17 | -1.2% | -7.7% | -46.6% | V 62% · MA 61% · CPAY 48% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold IREN Stock If It Fell Another 30%? | 10/17/2025 | |
| IREN Dip Buy Analysis | 07/10/2025 | |
| Day 11 of Gains Streak for IREN Stock with 73% Return (vs. 73% YTD) [7/7/2025] | 07/08/2025 | |
| IREN (IREN) Revenue Comparison | 07/04/2025 | |
| IREN (IREN) Operating Income Comparison | 07/04/2025 | |
| IREN (IREN) Net Income Comparison | 07/04/2025 | |
| IREN (IREN) Operating Cash Flow Comparison | 07/04/2025 | |
| IREN (IREN) EBITDA Comparison | 07/04/2025 | |
| IREN (IREN) Debt Comparison | 07/04/2025 | |
| IREN (IREN) Tax Expense Comparison | 07/04/2025 | |
| ARTICLES | ||
| The AI Power Crisis: Is IREN Stock The Grid Bottleneck Winner? | 12/10/2025 | |
| What’s Happening With IREN Stock? | 11/13/2025 | |
| Mid Cap Stocks Trading At 52-Week High | 09/25/2025 | |
| More Upside For IREN Stock? | 09/02/2025 | |
| Small Cap Stocks Trading At 52-Week High | 07/18/2025 |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 21.52 |
| Mkt Cap | 8.0 |
| Rev LTM | 677 |
| Op Inc LTM | -386 |
| FCF LTM | -1,274 |
| FCF 3Y Avg | -949 |
| CFO LTM | -374 |
| CFO 3Y Avg | -354 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.4% |
| Rev Chg 3Y Avg | 73.4% |
| Rev Chg Q | -26.7% |
| QoQ Delta Rev Chg LTM | -7.0% |
| Op Inc Chg LTM | -136.3% |
| Op Inc Chg 3Y Avg | -102.4% |
| Op Mgn LTM | -59.6% |
| Op Mgn 3Y Avg | -59.8% |
| QoQ Delta Op Mgn LTM | -19.1% |
| CFO/Rev LTM | -75.4% |
| CFO/Rev 3Y Avg | -66.5% |
| FCF/Rev LTM | -247.6% |
| FCF/Rev 3Y Avg | -242.0% |
Price Behavior
| Market Price | $47.05 | |
| Market Cap ($ Bil) | 17.1 | |
| First Trading Date | 11/17/2021 | |
| Distance from 52W High | -38.4% | |
| 50 Days | 200 Days | |
| DMA Price | $40.86 | $45.43 |
| DMA Trend | down | down |
| Distance from DMA | 15.1% | 3.6% |
| 3M | 1YR | |
| Volatility | 114.5% | 109.5% |
| Downside Capture | 381.09 | 384.20 |
| Upside Capture | 265.68 | 334.28 |
| Correlation (SPY) | 42.0% | 44.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.31 | 6.19 | 4.46 | 4.27 | 3.78 | 2.96 |
| Up Beta | 2.47 | 10.28 | 6.01 | 4.90 | 3.48 | 2.13 |
| Down Beta | -4.15 | 5.32 | 3.00 | 3.99 | 4.20 | 2.94 |
| Up Capture | 589% | 430% | 386% | 709% | 1413% | 106478% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 16 | 23 | 57 | 117 | 364 |
| Down Capture | 747% | 483% | 388% | 271% | 189% | 113% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 26 | 41 | 70 | 134 | 384 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IREN | |
|---|---|---|---|---|
| IREN | 12.3% | 109.3% | 0.60 | - |
| Sector ETF (XLF) | 2.2% | 14.7% | -0.07 | 8.9% |
| Equity (SPY) | 16.2% | 13.0% | 0.88 | 44.7% |
| Gold (GLD) | 13.9% | 29.3% | 0.44 | 28.9% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -0.5% |
| Real Estate (VNQ) | 4.5% | 13.7% | 0.08 | -1.9% |
| Bitcoin (BTCUSD) | -23.2% | 44.8% | -0.46 | 37.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IREN | |
|---|---|---|---|---|
| IREN | 12.2% | 118.1% | 0.64 | - |
| Sector ETF (XLF) | 9.5% | 18.4% | 0.38 | 25.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 37.2% |
| Gold (GLD) | 18.6% | 18.8% | 0.80 | 14.8% |
| Commodities (DBC) | 10.5% | 19.5% | 0.41 | 8.9% |
| Real Estate (VNQ) | 0.8% | 18.9% | -0.06 | 18.4% |
| Bitcoin (BTCUSD) | 12.5% | 52.6% | 0.41 | 41.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IREN | |
|---|---|---|---|---|
| IREN | 5.9% | 118.1% | 0.64 | - |
| Sector ETF (XLF) | 13.0% | 22.1% | 0.53 | 25.4% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 37.2% |
| Gold (GLD) | 12.1% | 16.4% | 0.60 | 14.8% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 8.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 18.4% |
| Bitcoin (BTCUSD) | 64.2% | 66.2% | 1.04 | 41.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/27/2026 | 10-K |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/28/2025 | 10-K |
| 03/31/2025 | 05/14/2025 | 6-K |
| 12/31/2024 | 02/12/2025 | 6-K |
| 09/30/2024 | 11/26/2024 | 6-K |
| 06/30/2024 | 08/28/2024 | 20-F |
| 03/31/2024 | 05/15/2024 | 6-K |
| 12/31/2023 | 02/15/2024 | 6-K |
| 09/30/2023 | 03/20/2025 | 6-K/A |
| 06/30/2023 | 09/13/2023 | 20-F |
| 12/31/2022 | 02/15/2023 | 6-K |
| 06/30/2022 | 09/13/2022 | 20-F |
| 03/31/2022 | 05/11/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/27/2026 | 10-K |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/28/2025 | 10-K |
| 03/31/2025 | 05/14/2025 | 6-K |
| 12/31/2024 | 02/12/2025 | 6-K |
| 09/30/2024 | 11/26/2024 | 6-K |
| 06/30/2024 | 08/28/2024 | 20-F |
| 03/31/2024 | 05/15/2024 | 6-K |
| 12/31/2023 | 02/15/2024 | 6-K |
| 09/30/2023 | 03/20/2025 | 6-K/A |
| 06/30/2023 | 09/13/2023 | 20-F |
| 12/31/2022 | 02/15/2023 | 6-K |
| 06/30/2022 | 09/13/2022 | 20-F |
| 03/31/2022 | 05/11/2022 | 6-K |
| 12/31/2021 | 02/09/2022 | 6-K |
| 09/30/2021 | 11/18/2021 | 424B4 |
IREN — Investor Video Playlist







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