# Iren (IREN.US)

Canonical: https://gigainvestors.com/s/IREN

Analysis as of: 2026-10-16T07:29:24.574Z. Financial observations: FY2020–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $30.39 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 6

- Operating margin variation: 1.19×

Chart: Operating margin; fiscal year observations.

- FY2020: -0.77×

- FY2021: -0.07×

- FY2022: 0.01×

- FY2023: -0.64×

- FY2024: -0.15×

- FY2025: 0.04×

- FY2026: -1.48×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -3.1%

- ROIC, second-lowest year: -16.1%

- Years with nonpositive capital: 1

- Capital spending / revenue: 256.4%

- ROIC including acquisitions, ten-year median: -40.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: -21.0%

- FY2021: -1.2%

- FY2022: 0.1%

- FY2023: -16.1%

- FY2024: -3.1%

- FY2025: 0.9%

- FY2026: -13.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$4.8B

- Net income, five-year total: -$1.2B

- Return on incremental invested capital: -13.6%

- Working capital / revenue, annual change: 143.7 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: -$559M

- FY2023: -$209M

- FY2024: -$141M

- FY2025: -$204M

- FY2026: -$3.7B

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -1.2% vs -3.1%

- Per-share earnings: -2.93 to -0.29 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 72.6%

- Diluted shares, 5-year annual growth: 72.6%

- Per-share value change: $2.64

- Per-share value, starting three-year median: -$2.93

- Per-share value, ending three-year median: -$0.29

- Average buyback yield: 2.2%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -1.2%

- ROIC, last three-year median: -3.1%

Chart: Earnings per share; fiscal year observations.

- FY2020: -$0.13

- FY2021: -$2.93

- FY2022: -$10.25

- FY2023: -$3.14

- FY2024: -$0.29

- FY2025: $0.39

- FY2026: -$2.22

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -17.8%

- Receivables to sales index (DSRI): 1.66×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 9.8%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -10.0%

- FY2021: -46.2%

- FY2022: -77.4%

- FY2023: -53.5%

- FY2024: -7.0%

- FY2025: -5.4%

- FY2026: -17.8%

## Holders

## Price story

Down 52% since May 2026 · "IREN stock sinks after data center transformation weakens profitability" (finance.yahoo.com, Aug 2026) · sales +41.1%

Story as of 2026-10-16T09:58:58.076Z; price observation 2026-10-15.

- 2025-06-07: IREN (NasdaqGS:IREN) Surges 48% in One Month After Strong Q3 Earnings ([finance.yahoo.com](https://finance.yahoo.com/news/iren-nasdaqgs-iren-surges-48-172034787.html))

- 2025-08-29: IREN Posts First Full-Year Profit on AI Cloud Growth, Mining Expansion; Shares Climb ([finance.yahoo.com](https://finance.yahoo.com/news/iren-posts-first-full-profit-083624890.html))

- 2025-09-30: IREN (IREN) Doubles GPU Fleet to 23,000, Raises Revenue Target ([finance.yahoo.com](https://finance.yahoo.com/news/iren-iren-doubles-gpu-fleet-190126547.html))

- 2025-10-07: IREN secures multi-year AI cloud deals for Nvidia Blackwell GPU deployments ([seekingalpha.com](https://seekingalpha.com/news/4502269-iren-secures-multi-year-ai-cloud-deals-for-nvidia-blackwell-gpu-deployments?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-30: Anthropic Funding Fuels IREN Shift From Bitcoin Mining To AI Centers ([finance.yahoo.com](https://finance.yahoo.com/news/anthropic-funding-fuels-iren-shift-061337040.html))

- 2026-05-07: IREN Secures $3.4bn AI Cloud Contract with NVIDIA ([globenewswire.com](https://www.globenewswire.com/news-release/2026/05/07/3290760/0/en/IREN-Secures-3-4bn-AI-Cloud-Contract-with-NVIDIA.html))

### Sales · FY2025–2026

sales +41.1%; source https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm; observed 2026-08-27.

- FY2020: $2.2M 

- FY2021: $7.9M 

- FY2022: $59M 

- FY2023: $76M 

- FY2024: $187M 

- FY2025: $501M 

- FY2026: $707M 

### Gross margin · FY2026

gross margin 68.9%; source https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm; observed 2026-08-27.

- FY2022: 87.4% 

- FY2023: 28.0% 

- FY2024: 43.9% 

- FY2025: 68.3% 

- FY2026: 68.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are USD 707 million.

- Source: https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm#000187884826000052 (filed 2026-08-27); FY2026: revenue 707007000; grossProfit 487300000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 43.9% to 68.9% during 2024–26; it lost 3.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2024: grossProfit / revenue = 43.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2025: grossProfit / revenue = 68.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm (filed 2026-08-27); FY2026: grossProfit / revenue = 68.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); 7-year return on capital observations [[2020,-0.21036542739116618],[2021,-0.012044575053100177],[2022,0.0008384831463578099],[2023,-0.16117856152469306],[2024,-0.031336414308794594],[2025,0.009277459534775679],[2026,-0.13571277743722557]]; median -0.031336414308794594. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); FY2021: growth capex 0; upkeep 0; owner earnings 956000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); Dividend observations: [[2020,0],[2021,0],[2022,3054505],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 6.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IREN.US SharesStats.PercentInsiders = 6.697 percentage points; cache date 2026-10-16.

### What the price says

The price is 13.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-27); Closing price 30.39 USD; reporting-to-trading FX 1; FY2026 annual sales per share 2.236492364391731; price multiple 13.588242233174494. FY2026 cash earnings/share -11.754972752264099. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-11: $18.15 per share

- 2021-12: $16.17 per share

- 2022-01: $13.17 per share

- 2022-02: $14.97 per share

- 2022-03: $15.67 per share

- 2022-04: $8.69 per share

- 2022-05: $5.94 per share

- 2022-06: $3.35 per share

- 2022-07: $3.97 per share

- 2022-08: $4.06 per share

- 2022-09: $4.13 per share

- 2022-10: $3.39 per share

- 2022-11: $1.49 per share

- 2022-12: $1.25 per share

- 2023-01: $2.14 per share

- 2023-02: $2.77 per share

- 2023-03: $3.06 per share

- 2023-04: $4.00 per share

- 2023-05: $3.57 per share

- 2023-06: $4.66 per share

- 2023-07: $6.66 per share

- 2023-08: $4.86 per share

- 2023-09: $3.71 per share

- 2023-10: $3.08 per share

- 2023-11: $4.94 per share

- 2023-12: $7.15 per share

- 2024-01: $3.92 per share

- 2024-02: $5.90 per share

- 2024-03: $5.40 per share

- 2024-04: $4.34 per share

- 2024-05: $7.79 per share

- 2024-06: $11.29 per share

- 2024-07: $10.07 per share

- 2024-08: $7.91 per share

- 2024-09: $8.44 per share

- 2024-10: $9.12 per share

- 2024-11: $13.51 per share

- 2024-12: $9.82 per share

- 2025-01: $10.22 per share

- 2025-02: $8.24 per share

- 2025-03: $6.09 per share

- 2025-04: $6.11 per share

- 2025-05: $8.39 per share

- 2025-06: $14.57 per share

- 2025-07: $16.11 per share

- 2025-08: $26.48 per share

- 2025-09: $46.93 per share

- 2025-10: $60.75 per share

- 2025-11: $47.81 per share

- 2025-12: $37.77 per share

- 2026-01: $53.74 per share

- 2026-02: $40.95 per share

- 2026-03: $34.28 per share

- 2026-04: $45.51 per share

- 2026-05: $63.54 per share

- 2026-06: $45.73 per share

- 2026-07: $36.80 per share

- 2026-08: $37.12 per share

- 2026-09: $40.88 per share

- 2026-10: $30.39 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm); period 2026-06-30, filed 2026-08-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# IREN — Iris Energy Ltd

Held by 1 investor · USD 6,990,259 total · 2024 Q4 · reported price USD 9.82 (split-adjusted).
Page: https://gigainvestors.com/s/IREN

## Holders (2024 Q4)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Stephen Mandel (https://gigainvestors.com/LPC) | USD 6,990,259 | 0.1% | hold |

## Total held by quarter

- 2024 Q3: USD 6,007,921 · 1 holder · USD 8.44
- 2024 Q4: USD 6,990,259 · 1 holder · USD 9.82
- 2025 Q1: USD 0 · 0 holders