IREN Limited (IREN) Fundamental Analysis
IREN Limited operates in a cyclical, commodity-sensitive industry, so each quarter is best judged against the cycle rather than in isolation. Profitability has been inconsistent across recent quarters, a turnaround profile where the direction of travel matters more than any single period. Cash generation is healthy, funding the business from its own operations. The latest filing shows a mixed picture across the four dimensions.
Beat Index assesses IREN Limited across twenty analysis tabs, spanning market multiples, revenue and income, margins, cash flow, returns, liquidity and leverage, working capital, intrinsic value, commitments, insider activity, risk, and its latest 10-K reads strongest on cash generation while flagging profit margins and balance-sheet strength for closer review. Every figure is taken as-reported from SEC EDGAR filings, with no vendor adjustments.
At a glance
- PositiveCash Generation: FCF margin 351%
- WatchBalance Sheet: Debt/equity 1.8x
- ConcernProfitability: Loss-making (-498% margin)
Trend matrix, last 4 quarters
| Dimension | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|---|
| Growth | Growth, n/a | Growth, n/a | Growth, n/a | Growth, n/a |
| Profitability | Loss-making (-498% margin) | Loss-making (-171% margin) | Loss-making (-84% margin) | Net margin 160% |
| Cash Generation | FCF margin 351% | Negative free cash flow | Negative free cash flow | Negative free cash flow |
| Balance Sheet | Debt/equity 1.8x | Debt/equity 1.4x | Debt/equity 1.5x | Debt/equity 0.3x |
Based on 5 quarters of reported results since this company began filing. Year-over-year comparisons and longer-term trends are limited, so some cells may read n/a.
Quarterly financials
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|---|
| Revenue | $137.2M | $144.8M | $184.7M | $240.3M | — |
| Cash & equivalents | $5.90B | $2.21B | $3.26B | $1.03B | $564.5M |
| Net income | -$684.0M | -$247.8M | -$155.4M | $384.6M | — |
| Operating cash flow | $1.81B | $75.3M | $71.7M | $142.4M | — |
| Free cash flow | $482.2M | -$873.8M | -$468.0M | -$38.0M | — |
Figures in USD, as reported to the SEC. Longer history is available in the full analysis.
What's inside the full dashboard
Twenty analysis tabs. Every financial figure comes from SEC filings, with no estimates.
- Market Multiples: What buyers have actually paid for this business, week by week, against what they pay today.
- Cash Flow: Free cash flow generation and operating cash flow trends.
- Intrinsic Value: Discounted cash flow (DCF) valuation against your own discount rate.
- Priced In: The move the options market is pricing in, including around earnings, read from your own Alpaca account once connected.
- Liquidity & Leverage: Balance-sheet strength: assets, liabilities, debt and liquidity ratios.
- Margins: Gross, operating, and net profit margin analysis.
- Returns: Return on equity, return on assets, and return on invested capital.
- Revenue & Income: Revenue growth, composition, and year-over-year income trends.
- Working Capital: Working-capital efficiency, cash conversion and asset-turnover metrics.
- Risk: Debt levels, liquidity ratios, and financial risk indicators.
- Insider: Insider stock transactions and executive activity.
- Commitments: Operating leases, purchase commitments, and future obligations.
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Live valuation, management commentary, and peer comparison, all sourced directly from SEC filings. Free to access.