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 currently a watch item and warrants close attention. On the latest filing several indicators are flashing caution.
Beat Index assesses IREN Limited across sixteen analysis tabs, spanning revenue and income, margins, cash flow, returns, liquidity and leverage, working capital, intrinsic value, commitments, insider activity, risk, and its latest 10-Q currently flags profit margins, cash generation and balance-sheet strength for closer review. Every figure is taken as-reported from SEC EDGAR filings, with no vendor adjustments.
At a glance
- PositiveNo standout strength in the latest quarter.
- WatchBalance Sheet: Debt/equity 1.4x
- ConcernProfitability: Loss-making (-171% margin)
Trend matrix, last 4 quarters
| Dimension | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Growth | Growth, n/a | Growth, n/a | Growth, n/a | Growth, n/a |
| Profitability | Loss-making (-171% margin) | Loss-making (-84% margin) | Net margin 160% | Net margin 17% |
| Cash Generation | Negative free cash flow | Negative free cash flow | Negative free cash flow | Negative free cash flow |
| Balance Sheet | Debt/equity 1.4x | Debt/equity 1.5x | Debt/equity 0.3x | Debt/equity 0.5x |
Based on 4 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 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Revenue | $144.8M | $184.7M | $240.3M | $501.0M |
| Cash & equivalents | $2.21B | $3.26B | $1.03B | $564.5M |
| Net income | -$247.8M | -$155.4M | $384.6M | $86.9M |
| Operating cash flow | $75.3M | $71.7M | $142.4M | $245.9M |
| Free cash flow | -$873.8M | -$468.0M | -$38.0M | -$327.6M |
Figures in USD, as reported to the SEC. Longer history is available in the full analysis.
What's inside the full dashboard
Sixteen analysis tabs, all sourced from SEC filings, no estimates.
- Cash Flow: Free cash flow generation and operating cash flow trends.
- Intrinsic Value: Discounted cash flow (DCF) valuation and enterprise multiples.
- 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.
To see more, create a free account.
Create free accountUnlock the full IREN Limited dashboard
Live valuation, management commentary, and peer comparison, all sourced directly from SEC filings. Free to access.