IREN
Daily closes · 1Y (252 sessions) · +40.2% · range 26.13–76.41
The Businesswhat the company reports
Business & cash flow
| FCF / assets | -11.1% |
|---|---|
| OCF / assets | 8.4% |
| FCF / revenue | 49.1% |
| Gross margin | 68.9% |
| ROIC | 3.7% |
| Forward P/E | -181.1 |
FCF/assets and OCF/assets are the cash-flow measures Brown Bear's own testing found to survive; FCF/revenue is shown alongside for context. Assets are from the latest annual filing (FY2025).
What the company does
IREN is a vertically integrated AI Cloud Services platform, delivering data centers, compute and software for AI training and inference. . We own and operate all three layers of the AI Cloud Services stack: the data center layer, the compute layer and the software layer. • The data center layer includes the land, power, substations, buildings and cooling that form the physical foundation of our AI Cloud Services platform. • The compute layer includes the GPUs, CPUs, storage, servers and networking deployed within that data center infrastructure. • The software layer includes the managed services and enterprise support that enables customers to deploy, operate and manage AI workloads. Each of these layers is described in more detail below. We believe that owning and operating all three layers of the AI Cloud Services stack allows us to bring compute online quickly and at scale, optimize performance and reliability, and provide customers with greater certainty and flexibility than AI Cloud Services platforms that are more dependent on third-parties for one or more of those layers.
From the company's most recent annual report filed with the SEC, shown as filed — this is the company describing its own business, not a Brown Bear assessment. Read the filing.
Price vs Earnings growth
Trailing EPS is negative (-2.33) and forward EPS is not positive, so a growth percentage does not exist
Confidence 35.0/100
Drivers
| Trailing price return (1y) | +40.2% |
|---|
Figures
| Trailing EPS | -2.33 |
|---|---|
| Forward EPS | -0.20 |
| Forward P/E | -181.05 |
Revisions
Strongly Improving (+78.2%, 10 dates)
Takeaway Low data confidence (limited analyst coverage) — treat this section as informational only.
Valuation: dearer or cheaper than usual
Brown Bear holds too few quarterly filings for this company to measure a valuation range.
Dividends: what it pays you
IREN pays no dividend. Any return from owning it has to come from the share price. That is an ordinary choice rather than a fault — a company keeping its profit is reinvesting it, buying back shares, or holding it.
Reported earnings
Revenue Net income Derived Q4
6 quarters to Q1 26. Revenue and net income share one scale, so the gap between them is the margin. The baseline is zero — bars below it are losses.
EPS (GAAP) -0.74 to 1.06, own scale
Same 6 quarters as the chart above, on their own axis — EPS is dollars per share, not dollars, so it cannot share a scale with revenue or net income without disappearing next to them.
| Quarter ending | Revenue | YoY | Net income | EPS (GAAP) | EPS reported | vs consensus | Filed |
|---|---|---|---|---|---|---|---|
| 2026-03-31 | 144.79m | -0.0% | -247.83m | -0.74 | -0.74 | -283.0% | 2026-05-08 |
| 2025-12-31 | 184.69m | +59.0% | -155.41m | -0.52 | -0.15 | -35.5% | 2026-02-05 |
| 2025-09-30 | 240.29m | +355.4% | 384.61m | 1.06 | 1.08 | +561.8% | 2025-11-06 |
| 2025-03-31 | 144.82m | — | -16.14m | -0.07 | — | — | 2026-05-08 |
| 2024-12-31 | 116.14m | — | -21.89m | -0.10 | — | — | 2026-02-05 |
| 2024-09-30 | 52.76m | — | -51.70m | -0.27 | — | — | 2025-11-06 |
How similar companies reacted to their last report
| Peers with a recent report | 4 |
|---|---|
| Direction | 2 up, 2 down on their own last report |
| Typical move | ±2.7% |
Revenue up year on year Revenue down Price rose around the report Price fell around the report separate scales — a crossing means nothing
| Ticker | Quarter ending | Reported | Move around report | Next 20 sessions vs SPY |
|---|---|---|---|---|
| HOOD Robinhood Markets, Inc. | 2026-06-30 | 2026-07-30 (filing date) | -3.7% | +17.5% |
| MARA MARA Holdings, Inc. | 2026-03-31 | 2026-05-11 (filing date) | -1.7% | +0.9% |
| RIOT Riot Platforms, Inc. | 2026-03-31 | 2026-04-30 (filing date) | +15.8% | +47.4% |
| CLSK CleanSpark | 2024-09-30 (derived) | 2024-12-03 (filing date) | +1.1% | -24.2% |
Peers are same-sector names closest to IREN by revenue — a coarse comp set, not a hand-picked one.
Debt levels
| Total debt | $7.6B |
|---|---|
| Cash & equivalents | $5.9B |
| Net debt | $1.7B |
| Debt / equity | 1.81x |
From the balance sheet in the company's most recent SEC filing (as of 2026-06-30) — not scored or gauged. "Healthy" debt varies hugely by industry: a utility or a REIT normally carries far more leverage than a software company as a matter of course, so this is context to weigh against the rest of the page, not a pass/fail reading.
The Pricewhat the chart is doingTop ↑
Price Levels
| Strategy | Fair Value Anchor |
|---|---|
| Reference band | 36.64 — 37.75 |
| Protective stop | 29.87 (Atr, 19.7% risk) |
| Support | — (0 touches, — away) |
| Resistance | 43.96 (18.4% away) |
Takeaway The shares are about 18.4% below 43.96, where sellers have turned up before. There is no floor to point to in the recent record. If someone bought at today's price and sold if it dropped through the level below, they would be about 19.7% out of pocket. That is all this figure means — an illustration of the risk, not a price to sell at.
Levels are computed from price structure. They describe where the engine locates support and extension — they are not targets, and not advice.
Ichimoku Cloud (Adaptive)
| Daily cloud | Price BELOW the cloud | periods 7/20/40 (76% of classic 9/26/52) |
|---|---|
| Lines | Tenkan/Kijun BEAR | cloud twist BULL (fresh up, 6d ago) |
| Cloud event | Fresh down breakout 1d ago |
| Cloud thickness | 11% percentile (thin — little structure to fight through) |
| Chikou span | Not clear of price from 26 periods ago |
| Weekly cloud | Price BELOW the weekly cloud (context only, not scored) |
Takeaway The stock is trading below its cloud — a shaded band drawn from several of its own moving averages, currently 39.06 to 39.71. Being below it means the medium-term picture is pointing downwards, and that band is the first hurdle it would have to climb back through. Its shorter-term averages agree with that.
Trailing returns
| 21 days | +0.9% |
|---|---|
| 63 days | -43.2% |
| 126 days | -10.3% |
| 252 days | +61.1% |
| Below 252d high | 51.4% |
Trend context
| Position | At trend |
|---|---|
| Extension | Normal |
| Trend slope | Rising |
| Direction of travel | Converging back to trend |
Takeaway Price is near a rising Kalman fair trend, consistent with a healthy trend setup.
Volatility
| State | In a squeeze |
|---|---|
| Current band width | 25.1% of price |
| Recent tightest | 22.1% (2 sessions ago, narrower than 94.0% of its history) |
| Expansion since | 1.13× |
| Band | 35.81 — 46.07 |
Takeaway Lately this share price has been swinging around inside a range roughly 25% wide, and it recently went unusually quiet — calmer than it has been 94% of the time. When a stock goes quiet like this, its next move tends to look big by comparison. But quiet says nothing about which way it will go: Brown Bear tested calm-before-a-move as a reason to buy, and it did not work.
Historical trends
History begins when the site started recording, not when the company listed, so a short line means a short record and nothing more.
Repair Pathway
- Nearest Trigger MACD bullish crossover repair trigger repair engine identifies this as the nearest technical repair catalyst · Broadly stable
- Trigger 2 Volume confirmation above 1.2x +0.20x volume confirmation would improve confidence in the pathway · Broadly stable
- Trigger 3 MACD histogram acceleration turns positive secondary repair secondary repair catalyst could add confirmation if the primary trigger develops · Broadly stable
- Trigger 4 RSI recovery above 45 +0.1 pts gap is broadly stable · Broadly stable
- Trigger 5 Relative strength stabilisation state change relative momentum rank supports RS stabilisation · Broadly stable
Who's Tradingthe flow behind the priceTop ↑
Insider activity
| Activity | Insider selling |
|---|---|
| Buy filings | 0 |
| Sell filings | 1 |
| Shares sold | 11,958 |
| Value sold | $434.3k |
| Latest sell | 2025-09-16 |
| Filed | Insider | Shares | Value |
|---|---|---|---|
| 2025-09-16 | Sold Guzowski ChristopherDirector | 11,958 | $434,315 |
Open-market Form 4 purchases and sales over the last 75 days, read from SEC EDGAR Form 4. Grants, option exercises, gifts and shares withheld for tax are excluded — they are compensation mechanics, not a decision to buy or sell. Reported Form 4 activity. Brown Bear tested insider cluster-buying as a return signal and rejected it as era-unstable; shown as fact, not signal.
Volume confirmation
| Volume-price trend | Below its signal line |
|---|---|
| Confirmation | Marginal |
No absorption or distribution event in the recent window.
Takeaway The heaviest trading has been happening on days when the price falls: when large numbers of shares change hands, the price has tended to go down rather than up. That tells you where the weight of trading has been. It does not tell you what happens next, and it is not a signal to sell.
Options Positioning
No binary-event flag
IREN: no binary-event flag. Near IV 75%, far IV 86% (ratio 0.87), implied move 10.4%.
| Implied volatility | 75% near (11d) · 86% far (81d) |
|---|---|
| Term structure | 0.87× near/far |
| Historical volatility | 89% |
| Implied vs historical | 0.84× |
| Implied move | ±10.4% by 2026-09-11 |
| Implied move vs ATR | 0.40× |
| Skew | Flat (0.98×) |
| Call wall | 60.00 (+61.7% away) |
| Put wall | 30.00 (-19.2% away) |
| Gamma pin | 60.00 |
Takeaway Insuring against a move in this stock costs less for the next few weeks than for the next few months, which is the normal state of affairs and suggests no particular date is worrying anyone. Options traders are positioned for a move of around 10.4% in either direction by 2026-09-11.
Chain as at 2026-08-31. This is a risk read on whether a specific event is being priced — not a directional view.
Context & Methodthe record, and how it was builtTop ↑
Relative Rotation
Mixed Rotation Phase
Rotation health 51.4/100; Mixed Rotation.
| Rotation health | 51.4 |
|---|---|
| Rotation strength | 65.9 |
| Leg | Quadrant | RS-Ratio | RS-Mom |
|---|---|---|---|
| Stock vs sector | Weakening | 105.2 | 87.1 |
| Stock vs SPY | Weakening | 104.5 | 86.5 |
| Sector vs SPY | Improving | 92.5 | 113.1 |
Direction of travel: South-West / deteriorating rotation
Position only. Brown Bear's RRG redesign programme is closed — five constructions, none beat an appropriate null — so this section describes where the name sits, and is not a signal.
News Headlines
- Loading headlines\u2026
Headlines are supplied by third-party feeds and are not written, ranked or interpreted by Brown Bear. They feed no score on this page.
Detailed Scoring
Positive signals
- Piotroski F-score 5/9 (+10.0)
- Altman Z-score 10.94 (+10.0)
- Insider conviction score (+3.0)
- Gross margin quality: 68.9% (+17.9)
- FCF margin quality: 49.1% (+20.0)
- Gross margin improving by 25.1 pts (+5.0)
- ROIC improving by 6.0 pts (+5.0)
- FCF margin improving by 21.2 pts (+5.0)
- High earnings quality (accrual ratio -0.054) (+5.0)
- Track 1: ADX 26.3 and flat (+3.0)
- Track 1: relative momentum rank 0.91 (+5.0)
- Track 1: Bollinger position 0.13 (+7.0)
Negative signals
- Underperforming sector over 20 days
- Relative strength versus sector deteriorating
- Track 1: bearish DI spread (-0.3)
- Track 1: price below EMA20 by 7.9%
- Track 1: EMA20 slope deteriorating -2.5%
- Track 1: MACD histogram deteriorating (-0.77)
- Track 1: weak MACD line/signal structure (-8.0)
- Track 1: MACD slope deteriorating (-3.0)
- Track 1: RSI deterioration/extension 44.9, 5-day change -2.8
- Track 1: weak VPT confirmation (-0.04)
- Track 1: price below EMA50 by 12.4%
- Track 1: EMA50 slope deteriorating -2.5%
Chase risk is not elevated for this name, so extension penalties are omitted from the negative signals above.