What is Iris Energy's EV / EBITDA?

Iris Energy (IREN) reported EV / EBITDA of 62.5× in Q4 2025.

What does EV / EBITDA mean?

What the whole business (debt included) costs relative to its operating cash earnings.

How do you interpret EV / EBITDA?

Lets you compare companies with different leverage and tax positions on a like-for-like basis — the standard multiple in M&A. Lower can mean cheaper, subject to growth and capital intensity.

How does EV / EBITDA compare across companies?

Broadly comparable across non-financial sectors; not used for banks and insurers, where EBITDA is not meaningful.

Iris Energy IREN EV / EBITDA

EV / EBITDA at other companies

Riot Platforms, Inc.RIOT

13.1×—

Cipher Digital, Inc. CIFR

30.3×—

TeraWulfWULF

66.4×—

Hut 8 Mining Corp.HUT

7.8×+1.8×

Super Micro Computer, Inc.SMCI

46.5×+39.0×

CoreWeave, Inc. CRWV

24.2×—

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%—

Debt / equity0.1×—

Current ratio3.7×—

Where this comes from

Calculated from Iris Energy’s reported figures.

enterprise value/ebitda=62.5×

Based on the most recent quarter.

The official record: Iris Energy’s 10-Q, filed February 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Iris Energy's EV / EBITDA?: Iris Energy (IREN) reported EV / EBITDA of 62.5× in Q4 2025.
What does EV / EBITDA mean?: What the whole business (debt included) costs relative to its operating cash earnings.
How do you interpret EV / EBITDA?: Lets you compare companies with different leverage and tax positions on a like-for-like basis — the standard multiple in M&A. Lower can mean cheaper, subject to growth and capital intensity.
How does EV / EBITDA compare across companies?: Broadly comparable across non-financial sectors; not used for banks and insurers, where EBITDA is not meaningful.