IREN Limited

IREN

Financial - Capital Markets · Financial Services

Price

$33.62

-1.21 (-3.47%)

Market Cap

$12.00B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+293.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 56.7M (2021) → 223.2M (2025)

IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers. It also mines Bitcoin, a scarce digital asset that is created and transmitted through the operation of a peer-to-peer network of computers running the Bitcoin software. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024. The company was inco

Winston Score History

Politician Trades

4 trades / 12mo

3 Congressional buys and 1 sell on IREN in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+235.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+344.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

8.5%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$565M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

IREN Limited grew revenue 235% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

26.9%

Modest — 26.9% gross margin

Operating Margin

2.4%

Thin — 2.4% operating margin

ROCE

0.2%

Weak — 0.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+146.7%

Fast-growing sales (146.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

140%

Turns 140% of profit into real cash

FCF Margin

-117.8%

Burning cash (-117.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.53

Conservative — low debt load (0.53)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

23.2x

Growth-priced — P/E 23.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+6.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.2 → 17.1)

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Dividends

Not applicable for this business.

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