IREN Limited

IREN

Information Technology Services · Technology

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Good

Stability

Weak

Valuation

Good

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Winston Score History

The full picture

IREN Limited is a technology infrastructure company that builds and operates large data centers powered by renewable energy. The company focuses on two main businesses: mining Bitcoin (a digital currency) and providing computing power for artificial intelligence workloads. Its customers include crypto miners and companies that need powerful computers to run AI programs.

IREN makes money by earning Bitcoin through its mining operations and by charging fees to customers who rent its computing infrastructure. The company operates primarily in North America and is headquartered in Australia, with a market cap around $13 billion. Its competitive edge comes from access to low-cost, renewable electricity, which keeps operating costs down in an energy-intensive industry. The main risk is that Bitcoin's price is highly volatile, and a sharp drop could quickly make mining unprofitable — the company's negative operating margin shows it is still spending heavily to grow its infrastructure before reaching consistent profitability.

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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

-0.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

Insider Activity

13.4%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~7 months

$2.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

IREN Limited has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

Profit per sale

Gross Margin

64.6%

Premium pricing power — 64.6% gross margin

Profit after running costs

Operating Margin

-64.5%

Losing money on operations — -64.5%

Return on the money invested

ROCE

-3.5%

Weak — -3.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+104.3%

Fast-growing sales (+104.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

693%

Turns 693% of profit into real cash

Spare cash per sale

FCF Margin

-238.7%

Burning cash (-238.7%)

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

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Stability

What it owes vs what it owns

Debt / Equity

1.38

Elevated debt (1.38)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

194.3x

no trend

Expensive — P/E 194.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+178.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (194.3 → 16.2)

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Dividends

Not applicable for this business.

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