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What this page is: Delvantic's full research page for IREN Limited (IREN) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Page map (sections in order; each card carries a stable
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
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Financial Services · Capital Markets
Sydney, NSW 2000, Australia
iren.com
Price
$41.23
Market Cap
$14.7B
Employees
257
Beta
4.30
Avg Volume
44,941,270
CEO
Mr. William Roberts
IREN Limited is a next-generation data center company focused on power-dense computing workloads, including Bitcoin mining, artificial intelligence, and other high-performance applications. The company designs, owns, and operates vertically integrated data centers, controlling key components such as computing hardware, electrical infrastructure, and supporting facilities to optimize efficiency and reliability. Its operations are powered primarily by renewable energy, with grid-connected sites located in energy-abundant, fiber-connected regions across North America and other selected markets, supporting both sustainability and cost-effective compute at scale. IREN Limited generates revenue mainly from Bitcoin mining by earning block rewards and transaction fees, which are converted into traditional currencies, and increasingly from infrastructure and cloud-style services tailored to AI and high-performance computing clients. Serving enterprises and digital asset networks that require large-scale, resilient compute capacity, IREN Limited positions itself at the intersection of digital infrastructure, financial services, and information technology. Incorporated in 2018 and headquartered in Sydney, Australia, the company plays a notable role in supplying sustainable infrastructure for emerging compute-intensive industries.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 9 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was May 8, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
+3.7%
Oct '25
-92.9%
Nov '25
+66.7%
Dec '25
+88.0%
Feb '26
+52.9%
May '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| May 8, 2026 | $-0.34 | $-0.16 +52.9% | — | — |
| Feb 5, 2026 | $-0.25 | $-0.03 +88.0% | — | — |
| Dec 3, 2025 | $0.27 | $0.45 +66.7% | — | — |
| Nov 6, 2025 | $0.14 | $0.01 -92.9% | — | — |
| Oct 6, 2025 | $0.82 | $0.85 +3.7% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 4, 2026 | 424B7 | View |
| Aug 4, 2026 | 8-K | View |
| Aug 3, 2026 | SCHEDULE 13G | View |
| Jul 20, 2026 | 8-K | View |
| Jul 9, 2026 | DEFA14A | View |
| Jul 1, 2026 | 4 | View |
| Jul 1, 2026 | 4 | View |
| Jul 1, 2026 | 4 | View |
| Jul 1, 2026 | 4 | View |
| Jul 1, 2026 | 4 | View |
| Jul 1, 2026 | 4 | View |
| Jul 1, 2026 | 4 | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Price Overview
Last updated: Aug 9, 2026 4:18am (just now)
Current data · timestamped when a report runs
$41.23
Change · Aug 9
+3.30 (+8.70%)
Day Range
$37.30 – $41.30
52-Week Range
$17.22 – $76.87
50-Day MA
$47.17
200-Day MA
$47.49
Volume
32,273,600.00
Share Structure
Outstanding
340,979,966.00
Float
308,885,962.00
Free Float
90.6%
High free float
— 90.6% of shares trade freely, ~9.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
122.46
Stock Price: $41.23
EPS (Diluted): 0.34
EPS (Diluted): 0.34
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
5.86
Stock Price: $41.23
Total Equity: $1.82B
Shares: 258,224,998
Total Equity: $1.82B
Shares: 258,224,998
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
62.37
Market Cap: $14.73B
Total Debt: $0.00
Cash: $564.53M
EBITDA: $211.58M
Total Debt: $0.00
Cash: $564.53M
EBITDA: $211.58M
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$13.2B
Market Cap: $14.73B
Total Debt: $0.00
Cash: $564.53M
Total Debt: $0.00
Cash: $564.53M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
68.3%
Gross Profit: $342.03M
Revenue: $501.02M
Revenue: $501.02M
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
4.4%
Operating Income: $22.12M
Revenue: $501.02M
Revenue: $501.02M
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
17.4%
Net Income: $86.94M
Revenue: $501.02M
Revenue: $501.02M
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
4.8%
Net Income: $86.94M
Total Equity: $1.82B
Total Equity: $1.82B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
1.6%
Operating Income: $22.12M
Tax Rate: 7.0%
Equity: $1.82B
Total Debt: $0.00
Cash: $564.53M
Tax Rate: 7.0%
Equity: $1.82B
Total Debt: $0.00
Cash: $564.53M
Zero debt — invested capital = equity minus cash (very efficient)
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
4.29
Current Assets: $641.17M
Current Liabilities: $149.35M
Current Liabilities: $149.35M
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
0.00
Short-Term Debt: $0.00
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $1.82B
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $1.82B
Zero debt — this company carries no debt obligations. Strongest possible score.
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$1.94
Revenue: $501.02M
Shares: 258,224,998
Shares: 258,224,998
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$7.04
Total Equity: $1.82B
Shares: 258,224,998
Shares: 258,224,998
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$-1.27
Operating CF: $245.89M
CapEx: -$573.46M
Shares: 258,224,998
CapEx: -$573.46M
Shares: 258,224,998
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
—
Last Dividend: $0.00
Stock Price: $41.23
Stock Price: $41.23
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $86.94M
Net Income: $86.94M
Dividends paid not available in cash flow statement
Income Statement (Annual)
Last updated: Aug 5, 2026 8:41am (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.0M | $59.0M | $75.5M | $188.8M | $501.0M |
| Cost of Revenue | $1.4M | $7.4M | $17.9M | $22.2M | $159.0M |
| Gross Profit | $3.6M | $51.6M | $57.6M | $166.6M | $342.0M |
| Operating Expenses | $3.8M | $51.1M | $106.1M | $193.7M | $319.9M |
| Operating Income | $-199,993 | $462,000 | -$48.4M | -$27.2M | $22.1M |
| Net Income | -$38.3M | -$419.8M | -$171.9M | -$29.0M | $86.9M |
| EBITDA | $-646,328 | $5.8M | -$14.6M | $29.3M | $211.6M |
| EPS | $-0.12 | $-1.28 | $-0.52 | $-0.29 | $0.34 |
| EPS (Diluted) | $-0.19 | $-1.28 | $-0.52 | $-0.29 | $0.34 |
Balance Sheet (Annual)
Last updated: Aug 6, 2026 2:38pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | — | — | — | $404.6M | $564.5M |
| Total Current Assets | — | — | — | $452.4M | $641.2M |
| Total Assets | — | — | — | $1.2B | $2.9B |
| Current Liabilities | — | — | — | $51.1M | $149.3M |
| Long-Term Debt | $11.8M | $47.8M | $1.3M | — | — |
| Total Liabilities | — | — | — | $55.3M | $1.1B |
| Total Equity | — | $437.4M | $305.4M | $1.1B | $1.8B |
| Retained Earnings | — | — | — | -$683.1M | -$596.2M |
Cash Flow (Annual)
Last updated: Aug 6, 2026 2:38pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | — | — | $5.7M | $52.2M | $245.9M |
| Capital Expenditure | — | — | -$116.1M | -$141.9M | -$573.5M |
| Free Cash Flow | — | — | -$110.3M | -$89.6M | -$327.6M |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | $17.1M | $65.2M | -$9.4M | $0 | $0 |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | — | — | — | — | — |
| Net Change in Cash | $38.4M | $75.5M | -$37.2M | $336.4M | — |
Growth Trends (YoY %)
Last updated: Aug 5, 2026 8:41am (3d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +1,077.3% | +27.9% | +150.0% | +165.4% |
| Gross Profit Growth | +1,331.3% | +11.7% | +189.1% | +105.4% |
| Operating Income Growth | +331.0% | -10,586.1% | +43.9% | +181.5% |
| Net Income Growth | -994.8% | +59.1% | +83.2% | +400.3% |
| EBITDA Growth | +995.2% | -351.8% | +301.3% | +621.5% |
Industry Benchmarks
Compares IREN against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
Not applicable for this companies
4b
Earnings Power Value
— Floor value — worth with zero growth
Not applicable for this companies
4c
Anchored PE
— Industry PE adjusted for growth differential
Not applicable for this companies
4d
Reverse DCF
— What growth is the market pricing in?
Not applicable for this companies
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
Not applicable for this companies
4i
Book Value Analysis
— For deep value / turnaround stocks only
Not applicable for this companies
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
Not applicable for this companies
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for IREN — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for IREN — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for IREN — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for IREN — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · three lenses
Character & Durability Scorecard
Ten long-horizon business-character traits the Quality / Value / Sentiment lenses don’t break out, scored 1–10.
No scorecard yet for IREN — the ten traits are scored by the
pipeline (
ext-scorecard step) when a report is run on this ticker.
No community reviews yet for IREN.
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.515 · 9f7cac68 · 2026-08-08 13:09:58