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Iris Energy IREN Price / sales

Price / sales at other companies

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7.2×+1.7×
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24.8×+19.4×
TeraWulf logo
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36.4×+28.5×
Applied Digital logo
Applied DigitalAPLD
22.6×+9.7×
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Hut 8 Mining Corp.HUT
18.3×+9.2×
Super Micro Computer, Inc. logo
Super Micro Computer, Inc.SMCI
0.4×-0.5×

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×

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.

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 / sales?
Iris Energy (IREN) reported price / sales of 15× in Q1 2026.
How has Iris Energy's price / sales changed year-over-year?
Iris Energy's price / sales increased by 306.2% year-over-year, from 3.7× to 15×.
What is the long-term trend for Iris Energy's price / sales?
Over 2 years (2023 to 2025), Iris Energy's price / sales has grown at a -21.5% compound annual growth rate (CAGR), from 9× to 5.6×.
What does price / sales mean?
How many dollars investors pay for each dollar of the company's annual sales.
How do you interpret price / sales?
Useful when earnings are negative or volatile (e.g. early-stage or cyclical firms). Only comparable across companies with similar margins — a sales dollar is worth more at a high-margin business.
How does price / sales compare across companies?
Best compared within a margin cohort; a software P/S and a retailer P/S are not directly comparable.