IREN Limited Ordinary Shares (IREN)

FairStock Score: 27/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach IREN with Graham's caution and Buffett's preference for understandable, consistently profitable businesses. The screen puts it in Financial Services/Capital Markets, but the business described is a vertically integrated AI cloud and data-center platform. Either way, the numbers are volatile. Filed revenue grew from $187.2M in FY2024 to $501.0M in FY2025 to $707.0M in FY2026, which is real top-line momentum. But the bottom line flipped from $86.9M net income in FY2025 to a $702.6M net loss in FY2026, or EPS -$2.22. In fiscal Q1 2026, ended 2025-09-30, IREN earned $384.6M; by fiscal Q3 2026, ended 2026-03-31, it lost $247.8M on $144.8M of revenue. That inconsistency is the opposite of a moat-backed compounder. FairStock's price-based metrics at the 2026-10-13 close of $34.80 show a negative P/E of -15.68 and P/B of 3.16; ROE is -23.41%, ROCE -2.53%, D/E 1.87, beta 4.29, Piotroski 3/9, and FairStock score 27/100. The Lynch category is a TURNAROUND because the latest year lost money after an earlier profit. Without CET1, NIM or combined ratio data, I judge financial health on leverage and earnings consistency, both weak. The market cap of $12.4B is a big price for unsteady profits. I would need evidence that AI cloud demand turns into durable net income before calling this a bargain.

In plain English: IREN runs AI cloud services and data centers in Australia and Canada. Its sales are growing quickly, but it swung to a large loss in the latest fiscal year and again in a recent quarter, so the business looks unsteady. At $34.80, the shares look expensive compared with those losses and its book value, even though they sit below the past year's high.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q3 2026 10-Q (period ended 2026-03-31) · fiscal Q2 2026 10-Q (period ended 2025-12-31) · fiscal Q1 2026 10-Q (period ended 2025-09-30) · fiscal Q3 2025 10-Q (period ended 2025-03-31) · FY2026 10-K (period ended 2026-06-30) · FY2025 10-K (period ended 2025-06-30) · FY2024 10-K (period ended 2024-06-30)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer