What is Iris Energy's debt-to-equity?

Iris Energy (IREN) reported debt-to-equity of 0.1× in Q1 2026.

What does debt-to-equity mean?

How much debt the company carries for every dollar of shareholder equity.

How do you interpret debt-to-equity?

Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.

How does debt-to-equity compare across companies?

Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.

Iris Energy IREN Debt-to-equity

Debt-to-equity at other companies

Riot Platforms, Inc.RIOT

0.4×+0.2×

Cipher Digital, Inc. CIFR

6.6×+6.6×

TeraWulfWULF

25.4×+25.4×

Applied DigitalAPLD

1.8×+0.8×

Hut 8 Mining Corp.HUT

0×0.0×

Super Micro Computer, Inc.SMCI

0.8×+0.8×

Other financials

Income statement

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Revenue$144.8M0.0%

Gross profit$104.9M+1.9%

Operating income-$233.5M-899%

Net income-$247.8M-1,435%

EPS (diluted)-$0.74-957%

Balance sheet

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Cash & equivalents$2.2B+1,101%

Total debt$399.2M—

Total equity$2.7B+98.2%

Total assets$7.3B—

Cash flow

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Operating cash flow$75.3M-19.1%

CapEx$949.2M+2,548%

Free cash flow-$873.8M-1,602%

Valuation

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Market cap$21.43B+753%

Enterprise value$19.61B—

P/E135.6×—

P/S28.3×+21.3×

Profitability

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Gross margin68.4%+3.9pp

Operating margin-54%-56.2pp

Net margin20.9%+13.4pp

FCF margin-193%-522pp

Returns & leverage

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Return on equity7.9%—

Current ratio3.7×—

Where this comes from

Calculated from Iris Energy’s reported figures.

total debt/total stockholders equity=0.1×

Based on the most recent quarter.

The official record: Iris Energy’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Iris Energy's debt-to-equity?: Iris Energy (IREN) reported debt-to-equity of 0.1× in Q1 2026.
What does debt-to-equity mean?: How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?: Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?: Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.