IRSA Inversiones y Representaciones Sociedad Anónima

IRS

Real Estate - Diversified · Real Estate

Price

$14.94

+0.16 (+1.08%)

Market Cap

$1.15B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+32.5% over 4y

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

Diluted shares outstanding: 57.8M (2021) → 76.5M (2025)

IRSA Inversiones y Representaciones is Argentina's largest publicly traded real estate company. It owns and operates shopping malls, office buildings, and hotels across Argentina, serving retail tenants, corporate office renters, and hotel guests. The company also has a stake in IDB Group, giving it exposure to real estate assets in Israel.

IRSA makes money by collecting rent from tenants in its malls and office properties, as well as from hotel operations and occasional property sales. It is headquartered in Buenos Aires and is the dominant player in Argentine commercial real estate, with a portfolio that includes some of the country's most recognized shopping centers. The biggest risk the company faces is Argentina's chronic economic instability — high inflation, currency controls, and peso devaluation can erode the real value of rental income and make financial results difficult to predict for international investors.

Winston Score History

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

+33.9% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-103.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.4%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$767.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

IRSA Inversiones y Representaciones Sociedad Anónima grew revenue 34% 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

59.2%

Premium pricing power — 59.2% gross margin

Operating Margin

41.5%

Excellent — 41.5% operating margin

ROCE

2.1%

Weak — 2.1% 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

+9.8%

Steady sales growth (+9.8% YoY)

EPS YoY

-76.7%

Earnings shrinking (-76.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

13%

Weak — only 13% of profit becomes cash

FCF Margin

5.8%

Thin free cash flow (5.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.47

Conservative — low debt load (0.47)

Interest Cover

4.93x

Adequate interest coverage (4.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

0.0x

Attractive valuation — P/E 0.0

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-0.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

9.45%

Healthy income — 9.45% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+85.6%

Dividend growing fast (85.6% YoY)

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