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IREN Valuation Multiples
Discover revenue and EBITDA valuation multiples for IREN and similar public comparables like TeraWulf, Hut 8, Cipher Digital, Riot Platforms and more.
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
Sectors
Financials (LTM)
EV
$17B
IREN Financials
IREN reported last 12-month revenue of $900M and EBITDA of $446M.
In the same LTM period, IREN generated $640M in gross profit, $446M in EBITDA, and $160M in net income.
Revenue (LTM)
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
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $900M | XXX | $501M | XXX | XXX | XXX |
| Gross Profit | $640M | XXX | $314M | XXX | XXX | XXX |
| Gross Margin | 71% | XXX | 63% | XXX | XXX | XXX |
| EBITDA | $446M | XXX | $286M | XXX | XXX | XXX |
| EBITDA Margin | 50% | XXX | 57% | XXX | XXX | XXX |
| EBIT Margin | (21%) | XXX | 8% | XXX | XXX | XXX |
| Net Profit | $160M | XXX | $87M | XXX | XXX | XXX |
| Net Margin | 18% | XXX | 17% | XXX | XXX | XXX |
| Net Debt | — | — | $398M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
IREN Stock Performance
IREN has current market cap of $16B, and enterprise value of $17B.
Market Cap Evolution
IREN's stock price is $48.10.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $17B | $16B | 0.0% | XXX | XXX | XXX | $0.26 |
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Start Free TrialIREN Valuation Multiples
IREN trades at 18.4x EV/Revenue multiple, and 37.1x EV/EBITDA.
EV / Revenue (LTM)
IREN Financial Valuation Multiples
As of April 20, 2026, IREN has market cap of $16B and EV of $17B.
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 99.7x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $16B | XXX | $16B | XXX | XXX | XXX |
| EV (current) | $17B | XXX | $17B | XXX | XXX | XXX |
| EV/Revenue | 18.4x | XXX | 33.0x | XXX | XXX | XXX |
| EV/EBITDA | 37.1x | XXX | 57.9x | XXX | XXX | XXX |
| EV/EBIT | (85.6x) | XXX | 394.0x | XXX | XXX | XXX |
| EV/Gross Profit | 25.9x | XXX | 52.6x | XXX | XXX | XXX |
| P/E | 99.7x | XXX | 183.5x | XXX | XXX | XXX |
| EV/FCF | (4.0x) | XXX | (27.6x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified IREN Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
IREN Margins & Growth Rates
IREN's revenue in the last 12 month grew by 182%.
IREN's revenue per employee in the last FY averaged $1.9M, while opex per employee averaged $1.1M for the same period.
IREN's rule of 40 is 228% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
IREN's rule of X is 469% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
IREN Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 182% | XXX | 99% | XXX | XXX | XXX |
| EBITDA Margin | 50% | XXX | 57% | XXX | XXX | XXX |
| EBITDA Growth | 303% | XXX | 72% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 228% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 469% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $1.9M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $1.1M | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 1% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 19% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 58% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
IREN Public Comps
See public comps and valuation multiples for other Crypto Mining comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| IREN | XXX | XXX | XXX | XXX | XXX | XXX |
| TeraWulf | XXX | XXX | XXX | XXX | XXX | XXX |
| Hut 8 | XXX | XXX | XXX | XXX | XXX | XXX |
| Cipher Digital | XXX | XXX | XXX | XXX | XXX | XXX |
| Riot Platforms | XXX | XXX | XXX | XXX | XXX | XXX |
| Core Scientific | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
IREN M&A Activity
IREN acquired XXX companies to date.
Last acquisition by IREN was on XXXXXXXX, XXXXX. IREN acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by IREN
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialIREN Investment Activity
IREN invested in XXX companies to date.
IREN made its latest investment on XXXXXXXX, XXXXX. IREN invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by IREN
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout IREN
| When was IREN founded? | IREN was founded in 2018. |
| Where is IREN headquartered? | IREN is headquartered in Australia. |
| How many employees does IREN have? | As of today, IREN has over 257 employees. |
| Who is the CEO of IREN? | IREN's CEO is Daniel Roberts. |
| Is IREN publicly listed? | Yes, IREN is a public company listed on Nasdaq. |
| What is the stock symbol of IREN? | IREN trades under IREN ticker. |
| When did IREN go public? | IREN went public in 2021. |
| Who are competitors of IREN? | IREN main competitors are TeraWulf, Hut 8, Cipher Digital, Riot Platforms. |
| What is the current market cap of IREN? | IREN's current market cap is $16B. |
| What is the current revenue of IREN? | IREN's last 12 months revenue is $900M. |
| What is the current revenue growth of IREN? | IREN revenue growth (NTM/LTM) is 182%. |
| What is the current EV/Revenue multiple of IREN? | Current revenue multiple of IREN is 18.4x. |
| Is IREN profitable? | Yes, IREN is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of IREN? | IREN's last 12 months EBITDA is $446M. |
| What is IREN's EBITDA margin? | IREN's last 12 months EBITDA margin is 50%. |
| What is the current EV/EBITDA multiple of IREN? | Current EBITDA multiple of IREN is 37.1x. |
| What is the current FCF of IREN? | IREN's last 12 months FCF is ($4B). |
| What is IREN's FCF margin? | IREN's last 12 months FCF margin is (456%). |
| What is the current EV/FCF multiple of IREN? | Current FCF multiple of IREN is (4.0x). |
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