What is Iris Energy's price / earnings?

Iris Energy (IREN) reported price / earnings of 72× in Q1 2026.

What does price / earnings mean?

How many dollars investors pay for each dollar of the company's annual profit.

How do you interpret price / earnings?

Lower can mean cheaper — or that the market expects earnings to fall. High multiples embed growth expectations. Meaningless when earnings are negative, so it is suppressed there.

How does price / earnings compare across companies?

Compare against the company's own history and sector peers, not across sectors with different growth and risk profiles.

Iris Energy IREN Price / earnings

Price / earnings at other companies

Riot Platforms, Inc.RIOT

42.9×—

Hut 8 Mining Corp.HUT

17.9×+7.0×

Super Micro Computer, Inc.SMCI

11×-6.7×

Monolithic Power SystemsMPWR

79×+62.0×

NvidiaNVDA

30.4×-3.4×

Advanced Micro DevicesAMD

66.2×-8.4×

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/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.

market cap/net income=72×

Based on the most recent quarter.

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 price / earnings?: Iris Energy (IREN) reported price / earnings of 72× in Q1 2026.
What does price / earnings mean?: How many dollars investors pay for each dollar of the company's annual profit.
How do you interpret price / earnings?: Lower can mean cheaper — or that the market expects earnings to fall. High multiples embed growth expectations. Meaningless when earnings are negative, so it is suppressed there.
How does price / earnings compare across companies?: Compare against the company's own history and sector peers, not across sectors with different growth and risk profiles.