Iris Energy IREN Ratios & Valuation
| Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 68.4%+0.3pp | 68.1%-1.7pp | 69.8%+1.6pp | 68.3%+3.7pp | 64.5%+5.6pp | |
| Operating margin | -54%-34.7pp | -19.2%-17.5pp | -1.7%-5.2pp | 3.5%+5.5pp | -2%+14.5pp | |
| Net margin | 20.9%-30.6pp | 51.5%-24.5pp | 76%+58.6pp | 17.4%+44.2pp | -26.9%+6.6pp | |
| EBITDA margin | -5.1%-24.9pp | 19.8%-12.2pp | 32%-7.6pp | 39.6%+5.6pp | 34%+14.2pp | |
| Free cash flow margin | -193%-109pp | -84.3%-47.2pp | -37.1%+28.2pp | -65.4%+9.2pp | -74.6%+16.8pp | |
| Returns | ||||||
| Return on equity | 7.9%-12.9pp | 20.7%-5.4pp | 26.1%+20.2pp | 6%— | —— | |
| Liquidity | ||||||
| Current ratio | 3.7×-1.2× | 5×-0.6× | 5.5×+1.2× | 4.3×— | —— | |
| Quick ratio | 3.7×-1.2× | 5×-0.6× | 5.5×+1.2× | 4.3×— | —— | |
| Cash ratio | 3.4×-1.4× | 4.8×-0.3× | 5.1×+1.3× | 3.8×— | —— | |
| Leverage | ||||||
| Debt-to-equity | 0.1×+0.1× | 0.1×+0.1× | 0×0.0× | 0×— | —— | |
| Debt-to-assets | 0.1×0.0× | 0×0.0× | 0×0.0× | 0×— | —— | |
| Interest coverage | -10.2×-5.2× | -5×-4.4× | -0.6×-2.2× | 1.6×+2.8× | -1.3×+22.9× | |
| Per Share | ||||||
| Book value per share | $7.98-5.2% | $8.43+6.0% | $7.95-2.3% | $8.14+32.4% | $6.15+3.9% | |
| Valuation | ||||||
| Market capitalization | $11.37B-8.3% | $12.4B-2.8% | $12.76B+357% | $2.79B+109% | $1.33B-36.7% | |
| Enterprise value | $9.56B+2.1% | $9.36B-20.2% | $11.73B+427% | $2.23B— | —— | |
| Price / earnings | 72×+40.1× | 31.8×+7.4× | 24.4×-7.7× | 32.1×— | —— | |
| Price / sales | 15×-1.4× | 16.4×-2.2× | 18.5×+13.0× | 5.6×+1.9× | 3.7×-4.3× | |
| Price / book | 4.3×-0.7× | 4.9×+0.5× | 4.4×+2.9× | 1.5×+0.5× | 1×-0.7× | |
| EV / sales | 12.6×+0.3× | 12.4×-4.7× | 17×+12.6× | 4.4×— | —— | |
| Free cash flow yield | -12.8%-7.7pp | -5.1%-3.1pp | -2%+9.7pp | -11.7%+8.4pp | -20.2%-8.8pp | |
| Earnings yield | 1.4%-1.8pp | 3.1%-1.0pp | 4.1%+1.0pp | 3.1%+10.4pp | -7.3%-3.1pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- What are Iris Energy's profit margins?
- Iris Energy (IREN) runs a 68.4% gross margin and a -54.0% operating margin, with a 20.9% net margin.
- Where do Iris Energy's ratios come from?
- Every ratio is computed from Iris Energy's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.
