Question 1

What is IREN's EV/EBITDA ratio?

Accepted Answer

IREN (IREN) EV/EBITDA ratio is 23.3× as of July 22, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for IREN?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For IREN specifically, the relevant sector benchmark is the current sector median of 20.3×.

Question 5

Is IREN's EV/EBITDA ratio high or low?

Accepted Answer

IREN's EV/EBITDA ratio of 23.3× is below its own 5-year average of 52.0× and above the sector median of 20.3×. That places the current reading at the 34th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is IREN's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, IREN (IREN) EV/EBITDA ratio has ranged from a low of -0.7× in 2022 to a high of 1204.7× in 2021. The 5-year average is 52.0× and the 5-year median is 19.2×.

Question 7

What was IREN's EV/EBITDA ratio in 2025?

Accepted Answer

IREN (IREN) EV/EBITDA ratio at the end of 2025 was 18.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does IREN's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$3.16B	$196M	18.2×	-42.3×	Jun 30, 2025
2024	$1.95B	$25.4M	60.5×	—	Jun 30, 2024
2023	$263M	-$124M	—	—	Jun 30, 2023
2022	$177M	-$255M	—	—	Jun 30, 2022
2021	$1.29B	-$32.7M	—	—	Jun 30, 2021
2020	$390M	-$984K	—	—	Jun 30, 2020


Super Micro Computer (SMCI)	10.8×
Adobe (ADBE)	10.6×
Dell Technologies (DELL)	10.6×
NetApp (NTAP)	10.5×
PTC (PTC)	10.2×
Qorvo (QRVO)	10.2×
GoDaddy (GDDY)	10.1×
Gartner (IT)	10.1×
QUALCOMM (QCOM)	9.9×
Ondas Holdings (ONDS)	9.9×
EPAM Systems (EPAM)	9.6×
Accenture (ACN)	9.4×
Science Applications International (SAIC)	9.2×
Skyworks Solutions (SWKS)	9.2×
Amkor Technology (AMKR)	8.7×
Gen Digital (GEN)	8.3×
First Solar (FSLR)	8.3×
Corpay (CPAY)	8.3×
Paycom Software (PAYC)	8.1×
Zoom Communications (ZM)	7.5×
Fiserv (FISV)	7.4×
Cognizant (CTSH)	7.1×
HP (HPQ)	6.4×
Fidelity National Information Services (FIS)	4.8×
IBM (IBM)	3.8×

EV/EBITDA for IREN (IREN) 2024-2026

EV/EBITDA daily chart for IREN (IREN)

Historical EV/EBITDA for IREN (IREN) from 2020 to 2025

About EV/EBITDA at IREN (IREN)

IREN EV/EBITDA by Year

IREN EV/EBITDA 2025: 18.2×

IREN EV/EBITDA 2024: 60.5×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

IREN (IREN) Key Financials