Iris Energy Limited (IREN) AI Stock Analysis

Iris Energy Limited operates in the cryptocurrency mining sector with a dedicated focus on Bitcoin. Headquartered in Sydney, Australia, the company utilizes renewable power sources, including hydroelectric, solar, and wind energy, to run its data centers and mitigate environmental impact. Iris Energy actively expands its technological infrastructure by deploying advanced mining hardware designed to enhance operational efficiency. Its strategic operations leverage areas with abundant clean power resources to support large-scale mining operations while addressing global sustainability goals within the blockchain ecosystem.

Between FY2021 and FY2026, Iris Energy generated a five-year revenue compound annual growth rate of 160.2%. Revenue rose from $59.0M in FY2022 to $501.0M in FY2025 and reached $707.0M in FY2026. Gross margin stood at 68.9% in FY2026, compared to 68.3% in FY2025. However, operating margin dropped to -148.1% in FY2026 after posting 4.4% in FY2025. Net income swung from $86.9M in FY2025 to -$702.6M in FY2026, with diluted earnings per share of -$0.59. For the latest quarter ended June 30, 2026, quarterly revenue declined 26.7% year-over-year, while quarterly earnings grew 42.9%.

As of June 30, 2026, Iris Energy held $6.08B in cash and short-term investments alongside total debt of $7.84B, leaving net debt at $1.75B. The balance sheet reflects shareholders' equity of $4.19B and total assets of $15.79B. Its current ratio was 3.55 and debt-to-equity was 1.87. Operating cash flow improved to $2.10B in FY2026, but capital expenditures of $4.33B resulted in a free cash flow of -$2.23B. The company's share count expanded by 557.8% over five years.

With a market cap of $10.64B and enterprise value of $20.48B, Iris Energy trades at a forward price-to-earnings ratio of 137.0x and an enterprise value to EBITDA of 28.1x. These multiples compare to a forward P/E of 10.8x and EV to EBITDA of 11.7x for the median of its US-listed Financial Services peers. The stock's price-to-sales ratio is 15.0x versus the peer median of 3.2x. Over the past year, IREN shares dropped 56.3%, while the S&P 500 (SPY) returned 16.8%.

Wall Street coverage on Iris Energy includes 13 Strong Buy, 3 Buy, and 4 Hold ratings, with zero Sell or Strong Sell recommendations. The mean price target of $77.81 stands 188.3% above the October 16, 2026 closing price of $26.99. For the fiscal year ending June 30, 2027, consensus estimates project revenue of $2.81B and an EPS of -$3.42. Over the last four quarters, the company topped EPS expectations three times. Iris Energy's next scheduled earnings date is November 5, 2026.

This page is an AI-written research summary of Iris Energy Limited (IREN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: IREN income statement, IREN balance sheet, IREN key metrics, IREN analyst forecast, IREN chart. See the IREN stock overview for the latest quote and news.