Iris Energy Ltd
Research Iris Energy Ltd (IREN) on Bullrun: valuation model: 32.3% overvalued, market cap USD 15.08B, P/E 83.4. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerIREN
- ExchangeNASDAQ
- CountryAustralia
- SectorFinancial Services
- IndustryCapital Markets
- CurrencyUSD
- Valuation signal32.3% overvalued
- Market capUSD 15.08B
- P/E83.4
- Financial periodQ1 2026
- RevenueUSD 144.80M
- Net income-USD 247.83M
- Free cash flow-USD 1.28B
- Gross margin64.6%
Valuation Snapshot
Bullrun's latest valuation model marks Iris Energy Ltd as 32.3% overvalued; latest market cap is USD 15.08B; P/E is 83.4.
Peer valuation comparison
Latest P/E is 83.39x versus a Financial Services sector median of 13.84x (502.7% above).
Latest P/E is 83.39x versus a Australia median of 16.97x (391.4% above).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 501.02M | USD 86.94M | -USD 327.57M | 68.3% | 0.39 | USD 564.53M | USD 3.84B | USD 1.82B |
| FY2024 | USD 187.19M | -USD 28.92M | -USD 89.64M | 53.5% | -0.29 | USD 404.60M | USD 319.91M | USD 1.10B |
| FY2023 | USD 75.51M | -USD 171.83M | -USD 110.34M | 47.8% | -3.14 | USD 68.89M | USD 1.36M | USD 305.45M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 15.08B | 83.4 | n/a | n/a |
| 2025 | 2025-12-31 | USD 12.53B | 41.5 | n/a | n/a |
| 2024 | 2024-12-31 | USD 2.10B | n/a | n/a | n/a |
| 2023 | 2023-12-29 | USD 479.70M | n/a | n/a | n/a |
| 2022 | 2022-12-30 | USD 68.73M | 1.0 | n/a | n/a |
| 2021 | 2021-12-31 | USD 857.48M | n/a | n/a | n/a |
About Iris Energy Ltd
IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers. It also mines Bitcoin, a scarce digital asset that is created and transmitted through the operation of a peer-to-peer network of computers running the Bitcoin software. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024.
Related stock research
Other Financial Services stocks
Frequently asked questions
Is Iris Energy Ltd overvalued or undervalued?
Bullrun's valuation model currently marks Iris Energy Ltd as 32.3% overvalued.
What is Iris Energy Ltd's market cap?
Iris Energy Ltd's market capitalization is USD 15.08B.
What is Iris Energy Ltd's P/E ratio?
Iris Energy Ltd's price-to-earnings (P/E) ratio is 83.4.
What does Iris Energy Ltd do?
IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers. It also mines Bitcoin, a scarce digital asset that is created and transmitted through the operation of a peer-to-peer network of computers running the Bitcoin software. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024. The company was incorporated in 2018 and is based in Sydney, Australia.