IREN - Public Comps and Valuation Multiples

IREN Overview

About IREN

IREN Ltd is engaged in data center business powering the future of Bitcoin, AI and beyond utilizing renewable energy. Bitcoin mining operations generate revenue by earning Bitcoin through a combination of Block rewards and transaction fees from the operation of its Bitcoin miners and exchanging these Bitcoin for fiat currencies such as USD or CAD.

Founded

2018

HQ

Employees

257

Website

iren.com

Sectors

Blockchain & Crypto
FinTech

Financials

LTM Revenue $704M

LTM EBITDA $412M

EV

$16.9B

Valuation Multiples

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IREN Financials

As of September 2025, IREN reported last 12-month revenue of $704M and EBITDA of $412M.

In the same period, IREN generated $520M in LTM gross profit and $131M in net income.

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IREN P&L

In the most recent fiscal year, IREN reported revenue of $501M and EBITDA of $286M.

IREN expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$704M	XXX	$501M	XXX	XXX	XXX
Gross Profit	$520M	XXX	$342M	XXX	XXX	XXX
Gross Margin	74%	XXX	68%	XXX	XXX	XXX
EBITDA	$412M	XXX	$286M	XXX	XXX	XXX
EBITDA Margin	59%	XXX	57%	XXX	XXX	XXX
EBIT	$120M	XXX	$22.1M	XXX	XXX	XXX
EBIT Margin	17%	XXX	4%	XXX	XXX	XXX
Net Profit	$131M	XXX	$86.9M	XXX	XXX	XXX
Net Margin	19%	XXX	17%	XXX	XXX	XXX
Net Debt	XXX	XXX	$398M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for IREN including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $704M. EBITDA for the last twelve months was $412M. In the most recent fiscal year, IREN achieved $501M in revenue and $286M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$704M	Analyst estimates available to subscribers	$501M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$520M	Analyst estimates available to subscribers	$342M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	73.9% gross margin	Analyst estimates available to subscribers	68.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$412M	Analyst estimates available to subscribers	$286M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	58.6% EBITDA margin	Analyst estimates available to subscribers	57.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$120M	Analyst estimates available to subscribers	$22.1M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	17.1% EBIT margin	Analyst estimates available to subscribers	4.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$131M	Analyst estimates available to subscribers	$86.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	18.6% net profit margin	Analyst estimates available to subscribers	17.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$398M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for IREN

This financial data table provides comprehensive performance metrics for IREN, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

IREN generated $704M in revenue over the last twelve months.
The company achieved $412M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $520M.
Net income over the last twelve months reached $131M.

Fiscal Year Performance

In the most recent fiscal year, IREN reported $501M in total revenue.
Fiscal year EBITDA was $286M.
The company maintained a gross profit margin of 68.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 57.0%.
Net profit margin reached 17.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for IREN. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

IREN Stock Performance

IREN has current market cap of $16.5B, and EV of $16.9B.

Market Cap Evolution

IREN Stock Data

As of October 17, 2025, IREN's stock price is $61.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$16.9B	$16.5B	XXX	XXX	XXX	XXX	$0.52

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IREN Valuation Multiples

IREN's trades at 49.2x EV/Revenue multiple, and 108.7x EV/EBITDA.

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IREN Financial Valuation Multiples

As of October 17, 2025, IREN has market cap of $16.5B and EV of $16.9B.

Equity research analysts estimate IREN's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

IREN has a P/E ratio of 126.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$16.5B	XXX	$16.5B	XXX	XXX	XXX
EV (current)	$16.9B	XXX	$16.9B	XXX	XXX	XXX
EV/Revenue	24.0x	XXX	49.2x	XXX	XXX	XXX
EV/EBITDA	41.0x	XXX	108.7x	XXX	XXX	XXX
EV/EBIT	140.5x	XXX	-6718.7x	XXX	XXX	XXX
EV/Gross Profit	32.5x	XXX	n/a	XXX	XXX	XXX
P/E	126.3x	XXX	569.6x	XXX	XXX	XXX
EV/FCF	-26.6x	XXX	-21.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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IREN Margins & Growth Rates

IREN's last 12 month revenue growth is 84%

IREN's revenue per employee in the last FY averaged $1.9M, while opex per employee averaged $1.2M for the same period.

IREN's rule of 40 is 129% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

IREN's rule of X is 268% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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IREN Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	84%	XXX	100%	XXX	XXX	XXX
EBITDA Margin	59%	XXX	45%	XXX	XXX	XXX
EBITDA Growth	109%	XXX	144%	XXX	XXX	XXX
Rule of 40	129%	XXX	129%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	268%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.9M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$1.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	64%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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