What is Iris Energy's net debt / EBITDA?

Iris Energy (IREN) reported net debt / EBITDA of -20.3× in Q4 2025.

What does net debt / EBITDA mean?

How many years of operating earnings it would take to pay off the company's net debt.

How do you interpret net debt / EBITDA?

Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.

How does net debt / EBITDA compare across companies?

A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.

Iris Energy IREN Net debt / EBITDA

Net debt / EBITDA at other companies

Riot Platforms, Inc.RIOT

0.9×—

Cipher Digital, Inc. CIFR

1.5×—

TeraWulfWULF

-1×—

Hut 8 Mining Corp.HUT

0×-1.1×

Super Micro Computer, Inc.SMCI

-1.6×-1.8×

CoreWeave, Inc. CRWV

10.6×+4.4×

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.

net debt/ebitda=-20.3×

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 net debt / EBITDA?: Iris Energy (IREN) reported net debt / EBITDA of -20.3× in Q4 2025.
What does net debt / EBITDA mean?: How many years of operating earnings it would take to pay off the company's net debt.
How do you interpret net debt / EBITDA?: Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.
How does net debt / EBITDA compare across companies?: A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.