IREN Limited

NasdaqGS:IREN Stock Report

Market Cap: US$16.9b

IREN Valuation

Is IREN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IREN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

US$43.25
Fair Value
40.4% overvalued intrinsic discount
12
Number of Analysts

Below Fair Value: IREN ($60.72) is trading above our estimate of fair value ($43.25)

Significantly Below Fair Value: IREN is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IREN?

Key metric: As IREN is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for IREN. This is calculated by dividing IREN's market cap by their current revenue.
What is IREN's PS Ratio?
PS Ratio33.2x
SalesUS$501.02m
Market CapUS$16.94b

Price to Sales Ratio vs Peers

How does IREN's PS Ratio compare to its peers?

The above table shows the PS ratio for IREN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average27.4x
CIFR Cipher Mining
46.4x34.08%US$7.4b
MARA MARA Holdings
9.1x17.55%US$7.5b
IOT Samsara
14.7x16.74%US$20.9b
WULF TeraWulf
39.4x51.33%US$5.7b
IREN IREN
33.2x29.73%US$16.9b

Price-To-Sales vs Peers: IREN is expensive based on its Price-To-Sales Ratio (33.2x) compared to the peer average (27.4x).

Price to Sales Ratio vs Industry

How does IREN's PS Ratio compare vs other companies in the US Software Industry?

89 CompaniesPrice / SalesEstimated GrowthMarket Cap
RNG RingCentral
1x4.83%US$2.43b
TDC Teradata
1.2x-0.58%US$1.97b
VYX NCR Voyix
0.6x-13.01%US$1.56b
VRNT Verint Systems
1.4x7.13%US$1.22b
IREN 33.2xIndustry Avg. 5.0xNo. of Companies89PS0612182430+
89 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IREN is expensive based on its Price-To-Sales Ratio (33.2x) compared to the US Software industry average (5x).

Price to Sales Ratio vs Fair Ratio

What is IREN's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IREN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio33.2x
Fair PS Ratio18.1x

Price-To-Sales vs Fair Ratio: IREN is expensive based on its Price-To-Sales Ratio (33.2x) compared to the estimated Fair Price-To-Sales Ratio (18.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IREN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$60.72
US$56.42
-7.09%
44.56%US$100.00US$24.00n/a12
Oct ’26US$47.08
US$48.00
+1.95%
41.61%US$82.00US$24.00n/a12
Sep ’26US$26.48
US$28.73
+8.49%
27.13%US$41.00US$16.00n/a11
Aug ’26US$15.40
US$22.00
+42.86%
11.95%US$26.00US$16.00n/a11
Jul ’26US$15.23
US$18.70
+22.81%
21.33%US$24.00US$12.00n/a11
Jun ’26US$8.39
US$18.52
+120.77%
20.43%US$23.00US$12.00n/a11
May ’26US$6.37
US$18.84
+195.78%
22.46%US$25.00US$12.00n/a11
Apr ’26US$6.64
US$20.77
+212.84%
18.40%US$26.00US$12.00n/a11
Mar ’26US$8.24
US$22.18
+169.20%
13.70%US$26.00US$15.00n/a11
Feb ’26US$10.22
US$20.55
+101.03%
18.95%US$26.00US$15.00n/a11
Jan ’26US$9.82
US$20.45
+108.29%
19.60%US$26.00US$15.00n/a11
Dec ’25US$13.51
US$17.33
+28.30%
27.16%US$26.00US$9.50n/a9
Nov ’25US$9.05
US$15.44
+70.66%
29.88%US$26.00US$9.50n/a9
Oct ’25US$7.73
US$15.44
+99.80%
29.88%US$26.00US$9.50US$47.089
Sep ’25US$7.91
US$16.25
+105.44%
28.78%US$26.00US$9.50US$26.488
Aug ’25US$9.29
US$17.13
+84.39%
28.32%US$26.00US$11.00US$15.408
Jul ’25US$12.62
US$14.87
+17.85%
30.28%US$23.00US$10.00US$15.237
Jun ’25US$7.79
US$11.71
+50.38%
24.98%US$18.50US$9.50US$8.397
May ’25US$4.33
US$11.00
+154.04%
28.02%US$18.50US$9.00US$6.377
Apr ’25US$6.47
US$11.07
+71.12%
27.67%US$18.50US$9.00US$6.647
Mar ’25US$5.99
US$11.14
+86.02%
27.21%US$18.50US$9.00US$8.247
Feb ’25US$3.75
US$10.29
+174.29%
33.66%US$18.50US$8.00US$10.227
Jan ’25US$7.15
US$9.64
+34.87%
20.50%US$14.00US$8.00US$9.827
Dec ’24US$5.57
US$9.57
+71.84%
20.79%US$14.00US$8.00US$13.517
Nov ’24US$3.04
US$9.50
+212.50%
23.03%US$14.00US$7.50US$9.057
Oct ’24US$3.71
US$10.71
+188.79%
52.49%US$24.00US$6.00US$7.737
US$56.42
Fair Value
7.6% overvalued intrinsic discount
12
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/17 18:09
End of Day Share Price 2025/10/17 00:00
Earnings2025/06/30
Annual Earnings2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

IREN Limited is covered by 15 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Andrew Charles BealeArete Research Services LLP
Nicholas GilesB. Riley Securities, Inc.
Gregory LewisBTIG