IREN Limited (IREN) Stock Analysis
Over the past 5 years, IREN (IREN) earnings per share (EPS) declined 0.4% a year, revenue grew 160.2% a year and free cash flow declined 10787.3% a year, with a 10-year average return on invested capital (ROIC) of -5.4%. IREN stock trades at $35.19. Analysts' average 12-month price target is $81.00 (+130.2%).
IREN Limited, established in 2018 and based in Sydney, Australia, operates a comprehensive, vertically integrated data center business spanning Australia and Canada.
Exhibit A Growth Dossier
| Metric | 10yr | 5yr | 1yr | Grade |
|---|---|---|---|---|
| Book Value/Share GrowthBV/S | — | 167.1% | 63.6% | B+ |
| EPS GrowthEPS Still negative | — | -0.4% | -451.6% | F |
| Revenue GrowthRevenue | — | 160.2% | 41.1% | B+ |
| Cash Flow GrowthCash Flow Still negative | — | -10787.3% | -132.5% | F |
| ROICROIC | -5.4% | -5.0% | -7.5% | F |
Exhibit B Valuation Ledger
- Current EPS
- -$2.18
- Historical Avg P/E
- 36.0
- Future P/E (used for sticker price)
- Projected EPS (10yr)
- Sticker Price (10yr)
- Price for 15% Annual Return
- Expected Annual Return
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Not investment advice — a structured read of historical fundamentals, not a forecast or recommendation. Always do your own research.
Exhibit C Raw Data (last 10 years)
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / ShareBV/S | $0.11 | $0.11 | -$1.80 | $10.68 | $5.57 | $11.01 | $8.14 | $13.24 | $11.56 | |
| Basic EPSEPS | -$0.01 | -$0.04 | -$2.18 | -$7.44 | -$3.14 | -$0.29 | $0.41 | -$2.22 | -$2.18 | |
| RevenueRevenue | $1,053 | $1,506,360 | $5,929,713 | $59,037,000 | $75,509,000 | $187,192,000 | $501,023,000 | $707,000,000 | $706,982,000 | |
| Free Cash FlowCash Flow | $-2,532,644 | $-5,322,302 | $-4,131,789 | $-272,690,000 | $-110,019,000 | $-427,193,000 | $-1,126,741,000 | $-2,232,669,000 | $-1,990,213,090 | |
| ROIC (%)ROIC | -6.5% | -10.6% | -0.9% | 0.1% | -15.8% | -2.5% | 0.7% | -7.5% | — |
The exact underlying data used to compute the growth rates and grades above. The highlighted TTM column is the trailing twelve months through the most recently reported quarter.
Ticker INVESTigator Price Target
Analyst Data
Price Target
Where the stock trades today vs. the range of 12-month price targets from covering analysts.
15 firms rate it — 12 buy, 3 hold · Most recent Sep 2026
IREN Stock FAQ
What is IREN's stock price target?
The average 12-month analyst price target for IREN is $81.00, with a range of $40.00 to $100.00. That is +130.2% from the current price of $35.19.
Do analysts rate IREN a buy?
Most rate it a buy. Of 15 firms covering IREN, the ratings are 12 buy or strong buy, 3 hold and 0 sell or strong sell.
How fast is IREN growing?
Annual growth rates for IREN. EPS: -0.4% over 5 years, -451.6% over 1 year. Revenue: 160.2% over 5 years, 41.1% over 1 year. Free cash flow: -10787.3% over 5 years, -132.5% over 1 year. Book value per share: 167.1% over 5 years, 63.6% over 1 year.
What is IREN's ROIC?
IREN's return on invested capital (ROIC) was -7.5% in fiscal 2026. Its 10-year average ROIC is -5.4%. ROIC above 10% is generally a sign of a business with a durable competitive advantage.
What is IREN's P/E ratio?
IREN has no meaningful P/E ratio right now because its earnings are negative. Trailing earnings per share are -$2.18.
What is IREN's market cap and stock price?
IREN last traded at $35.19 as of October 11, 2026. Its 52-week range is $28.93 to $76.87. IREN has a market cap of $12.56B.
Exhibit D Related Coverage
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Data as of October 11, 2026. Findings are derived from historical fundamentals — not a forecast, not advice. Cross-examine before you invest.
Grades are produced by Ticker INVESTigator's own model from public financial data and are for informational and educational purposes only. They are not investment advice or a recommendation to buy or sell any security. Do your own research.