What is Iris Energy's EV / sales?

Iris Energy (IREN) reported EV / sales of 12.6× in Q1 2026.

What does EV / sales mean?

What the whole business costs relative to its annual sales.

How do you interpret EV / sales?

A fallback valuation gauge for pre-profit or cyclical firms. Like P/S, only comparable across similar-margin businesses, but it accounts for debt and cash unlike P/S.

How does EV / sales compare across companies?

Compare within a margin cohort; the debt-and-cash adjustment makes it cleaner than P/S for leveraged firms.

Iris Energy IREN EV / sales

EV / sales at other companies

Riot Platforms, Inc.RIOT

8.2×+1.8×

Cipher Digital, Inc. CIFR

44.1×+38.5×

TeraWulfWULF

39.9×+31.0×

Applied DigitalAPLD

24.6×+10.4×

Hut 8 Mining Corp.HUT

17.8×+9.1×

Super Micro Computer, Inc.SMCI

0.6×-0.3×

Other financials

Income statement

See full

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

See full

Cash & equivalents$2.2B+1,101%

Total debt$399.2M—

Total equity$2.7B+98.2%

Total assets$7.3B—

Cash flow

See full

Operating cash flow$75.3M-19.1%

CapEx$949.2M+2,548%

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

Valuation

See full

Market cap$21.43B+753%

Enterprise value$19.61B—

P/E135.6×—

P/S28.3×+21.3×

Profitability

See full

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.

enterprise value/total revenue=12.6×

Based on the most recent quarter.

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

Ask your AI about Iris Energy's ev / sales.

Connect your AI assistant and compare it to peers, right in your chat.

Connect your AI

Claude

Questions, answered.

What is Iris Energy's EV / sales?: Iris Energy (IREN) reported EV / sales of 12.6× in Q1 2026.
What does EV / sales mean?: What the whole business costs relative to its annual sales.
How do you interpret EV / sales?: A fallback valuation gauge for pre-profit or cyclical firms. Like P/S, only comparable across similar-margin businesses, but it accounts for debt and cash unlike P/S.
How does EV / sales compare across companies?: Compare within a margin cohort; the debt-and-cash adjustment makes it cleaner than P/S for leveraged firms.