IREN Ltd key statistics and ratios

In fiscal 2026, IREN Ltd had return on equity of -23.4%, an operating margin of -148.0%, debt equal to 184.1% of equity and a current ratio of 3.55. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

IREN Ltd: financial ratios, annual
Fiscal year	2023Jun 2023	2024Jun 2024	2025Jun 2025	2026Jun 2026
Gross margin	47.8%	53.5%	68.3%	68.9%
Operating margin	−208.2%	−14.5%	3.5%	−148.0%
Net margin	−227.6%	−15.4%	17.4%	−99.4%
Free-cash-flow margin	−146.1%	−47.9%	−65.4%	−127.0%
Return on equity	−56.3%	−4.1%	6.0%	−23.4%
Return on assets	—	−2.5%	4.2%	−7.5%
Asset turnover	—	0.16	0.24	0.08
Current ratio	—	8.86	4.29	3.55
Debt to equity	0.0%	0.0%	54.5%	184.1%
Interest cover (operating income ÷ interest)	n/m	n/m	1.6x	n/m
Effective tax rate	—	—	7.0%	—
SG&A as % of revenue	64.9%	37.6%	27.2%	63.5%
Capital spending as % of revenue	153.7%	75.8%	114.5%	424.0%
Free cash flow ÷ net income	—	—	−376.8%	—

US$ thousands unless shown otherwise. Fiscal quarters.

IREN Ltd: financial ratios, quarterly
Quarter	2025 Q1Sept 2024	2025 Q2Dec 2024	2025 Q3Mar 2025	2025 Q4Jun 2025	2026 Q1Sept 2025	2026 Q2Dec 2025	2026 Q3Mar 2026	2026 Q4Jun 2026
Gross margin	39.6%	72.2%	71.0%	71.8%	66.4%	64.4%	72.4%	75.7%
Operating margin	−89.2%	14.9%	20.2%	9.6%	−31.8%	−63.0%	−161.3%	−452.1%
Net margin	−98.0%	−18.8%	−11.1%	94.3%	160.1%	−84.1%	−171.2%	−498.5%
Free-cash-flow margin	−208.0%	−73.6%	−35.5%	−43.2%	−15.8%	−253.4%	−603.5%	351.4%
Current ratio	—	—	—	4.29	5.52	4.96	3.72	3.55
Debt to equity	—	—	—	53.0%	33.5%	146.8%	138.4%	181.4%
SG&A as % of revenue	47.7%	24.9%	20.1%	28.5%	57.6%	54.6%	56.5%	93.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from IREN Ltd's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to IREN Ltd.