Value Investor
Start free

Iren

IREN on Nasdaq. Iren sells AI cloud computing and data centers to AI labs, developers, and enterprises. Market value $14.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to June 2026.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

Nothing stands out yet.

What to watch out for

See Financial services stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to June 2026
-13.8%five-year median

Yearly profit per dollar of owners' money: -14 cents. Above 10 is good.

Price to book
quarterly report to June 2026
3.5×

What you pay for each dollar of net assets: $3.52.

Earnings yield
past 12 months to June 2026
-4.8%

Profit per $100 you pay: $-4.76.

Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$41.28 a share, 43% above its 1-year low

Over the past year the price has ranged from $28.93 to $76.87.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20222023202420252026
Revenue
n/a$76m$187m$501m$707m
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
n/a0.05bn0.10bn0.36bn0.32bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsStrong, 110.7% a year

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Over the past 12 months it spent $898 million more cash than it brought in, compared with $328 million a year earlier.

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 August 2026
Next quarterly (estimated, 10-Q)
7 August 2026

Who owns it

None of the long-term investors we follow own it. 677 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • at least 9.4%
    (filed with 1 related holder)
    Since 30 June 2026
  • 5.8%
    Since 30 June 2026
  • Kenneth Griffin
    Passive investor
    at least 4.7%−0.3 pts
    (filed with 6 related holders)
    Since 23 September 2026
  • JANE STREET GROUP, LLC
    Passive investor
    at least 4.7%−1.7 pts
    (filed with 3 related holders)
    Since 31 December 2025
  • Capital Ventures International
    Passive investor
    at least 4.2%−2.8 pts
    (filed with 5 related holders)
    Since 31 December 2025
  • The Awassi Capital Trust #1
    Passive investor
    at least 2.4%
    (filed with 2 related holders)
    Since 30 June 2025
  • The Awassi Capital Trust #2
    Passive investor
    at least 2.4%
    (filed with 2 related holders)
    Since 30 June 2025
  • HANSAINVEST Hanseatische Investment-Limited Co
    Passive investor
    Sold down below 5%
    Since 30 June 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Aug 2026, and no later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “In connection with the appointment of KPMG, on November 26, 2025, Raymond Chabot Grant Thornton LLP (“RCGT”) was dismissed as the Company’s independent registered public accounting firm.”

    From an 8-K filed 28 November 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.