What is Iris Energy's invested capital?

Iris Energy (IREN) reported invested capital of $850.5M in Q1 2026.

What does invested capital mean?

The capital — debt plus equity, net of idle cash — that funds the operating business.

How do you interpret invested capital?

A level, read mainly through ROIC (NOPAT ÷ invested capital). Growing invested capital is only good if returns on it stay above the cost of capital.

How does invested capital compare across companies?

Used as the base for ROIC; the definition is sector-sensitive, so banks and insurers are best excluded.

Iris Energy IREN Invested capital

Discontinued — last reported Q3 '26

Invested capital at other companies

Tenet HealthcareTHC

$148M0.0%

Encompass Health CorporationEHC

$1.3M—

Tenet HealthcareTHC

$135M+17.4%

Tenet HealthcareTHC

$143M-27.8%

Tenet HealthcareTHC

$133M—

American Healthcare REITAHR

——

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

See full

Return on equity7.9%—

Debt / equity0.1×—

Current ratio3.7×—

Where this comes from

Calculated from Iris Energy’s reported figures.

$399.2Mtotal debt+$2.7Btotal stockholders equity−$2.2Bcash and equivalents=$850.5M

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 invested capital?: Iris Energy (IREN) reported invested capital of $850.5M in Q1 2026.
What does invested capital mean?: The capital — debt plus equity, net of idle cash — that funds the operating business.
How do you interpret invested capital?: A level, read mainly through ROIC (NOPAT ÷ invested capital). Growing invested capital is only good if returns on it stay above the cost of capital.
How does invested capital compare across companies?: Used as the base for ROIC; the definition is sector-sensitive, so banks and insurers are best excluded.