MeritValue

IREN Ltd

IRENdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'dividendsPaid'

The thesis, from the filings

IREN Ltd earns about -27% on invested capital, but has diluted owners by 672% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$59M1$75.5M2$187.2M3$501M3$707M3
Net income−$419.8M4−$171.8M5−$28.9M6$86.9M6−$702.6M6
Operating cash flow−$37.5M7$5.73M8$52.2M9$245.9M9$2.1B9
Capital expenditure$83.7M10$116.1M11$141.9M12$573.5M12$3B12
Free cash flow (derived)−$121.1M7−$110.3M8−$89.6M9−$327.6M9−$897.6M9
Total debt$108.3M13$1.45M13—$1.93B14$15.2B14
Cash & equivalents$110M15$68.9M16$404.6M17$564.5M18$5.9B18
Diluted shares40.9M54.8M99.6M223.2M316.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$132.4
your share of equity
Profit it earned you last year
−$22.23
Free cash flow it threw off
−$28.39
Debt you’d be carrying
$480.38

10 shares is a claim on $132.4 of net worth that earned you −$22.23 and generated −$28.39 of cash last year, against $480.38 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-27% avg · 5y
FY22 -76%FY23 -56%FY24 -3%FY25 3%FY26 -4%

It earned an average -27% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+672% shares · 5y

Share count is up 672% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 13924% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-06-30 · accession 0001140361-23-043816 (Revenue)
  2. 10-K · period ending 2023-06-30 · accession 0001878848-25-000063 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-06-30 · accession 0001878848-26-000052 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F/A · period ending 2022-06-30 · accession 0001878848-25-000020 (ProfitLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001878848-25-000063 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001878848-26-000052 (NetIncomeLoss)
  7. 20-F/A · period ending 2022-06-30 · accession 0001878848-25-000020 (CashFlowsFromUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001878848-25-000063 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-06-30 · accession 0001878848-26-000052 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F/A · period ending 2022-06-30 · accession 0001878848-25-000020 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 10-K · period ending 2023-06-30 · accession 0001878848-25-000063 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-06-30 · accession 0001878848-26-000052 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2022-06-30 · accession 0001140361-23-043816 (Borrowings)
  14. 10-K · period ending 2025-06-30 · accession 0001878848-26-000052 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2022-06-30 · accession 0001878848-25-000063 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2023-06-30 · accession 0001878848-26-000052 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  17. 10-K · period ending 2024-06-30 · accession 0001878848-25-000063 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2025-06-30 · accession 0001878848-26-000052 (CashAndCashEquivalentsAtCarryingValue)