What is Iris Energy's enterprise value?

Iris Energy (IREN) reported enterprise value of $9.56B in Q1 2026.

What does enterprise value mean?

What it would cost to buy the entire business, debt included and cash netted out.

How do you interpret enterprise value?

The capital-structure-neutral valuation base — used in EV/EBITDA and EV/Sales to compare companies with different leverage on a like-for-like footing.

How does enterprise value compare across companies?

Comparable across non-financial companies via the EV multiples it feeds; not used for banks and insurers.

Iris Energy IREN Enterprise value

Enterprise value at other companies

Riot Platforms, Inc.RIOT

$5.36B+81.7%

Cipher Digital, Inc. CIFR

$9.25B+985%

TeraWulfWULF

$6.7B+470%

Applied DigitalAPLD

$8.3B+322%

Hut 8 Mining Corp.HUT

$5.06B+340%

Super Micro Computer, Inc.SMCI

$18.63B+3.0%

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%

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

See full

Return on equity7.9%—

Debt / equity0.1×—

Current ratio3.7×—

Where this comes from

Calculated from Iris Energy’s reported figures.

$11.4Bmarket cap+$399.2Mtotal debt−$2.2Bcash and equivalents=$9.56B

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 enterprise value?: Iris Energy (IREN) reported enterprise value of $9.56B in Q1 2026.
What does enterprise value mean?: What it would cost to buy the entire business, debt included and cash netted out.
How do you interpret enterprise value?: The capital-structure-neutral valuation base — used in EV/EBITDA and EV/Sales to compare companies with different leverage on a like-for-like footing.
How does enterprise value compare across companies?: Comparable across non-financial companies via the EV multiples it feeds; not used for banks and insurers.