Question 1

What is IREN's EV/EBITDA ratio?

Accepted Answer

IREN (IREN) EV/EBITDA ratio is 28.3× as of June 5, 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 9.3×.

Question 5

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

Accepted Answer

IREN's EV/EBITDA ratio of 28.3× is below its own 5-year average of 51.9× and above the sector median of 9.3×. That places the current reading at the 40th 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 51.9× and the 5-year median is 18.2×.

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	$195.90M	18.2×	-42.3×	Jun 30, 2025
2024	$1.95B	$25.40M	60.5×	—	Jun 30, 2024
2023	$263.38M	−$123.66M	—	—	Jun 30, 2023
2022	$177.50M	−$254.70M	—	—	Jun 30, 2022
2021	$1.29B	−$32.65M	—	—	Jun 30, 2021
2020	$389.65M	−$983.84K	—	—	Jun 30, 2020


Wells Fargo (WFC)	2.9×
Farmers & Merchants Bancorp (FMCB)	2.8×
JPMorgan Chase (JPM)	2.3×
AXIS Capital Holdings (AXS)	2.2×
American International Group (AIG)	1.9×
Ally Financial (ALLY)	1.7×
United Bankshares (UBSI)	1.6×
Commerce Bancshares (CBSH)	0.7×
W. R. Berkley (WRB)	-0.0×
Morgan Stanley (MS)	-0.3×
M&T Bank (MTB)	-0.6×
Capital One Financial (COF)	-0.6×
Everest Re Group (EG)	-0.7×
Travelers Companies (TRV)	-2.5×
Globe Life (GL-PD)	-2.6×
RenaissanceRe Holdings (RNR)	-3.5×
PNC Financial Services Group (PNC)	-3.8×
BancFirst (BANF)	-5.5×
U.S. Bancorp (USB)	-5.5×
KeyCorp (KEY)	-9.2×
Bank of New York Mellon (BNY)	-13.3×
Bank of New York Mellon (BK)	-13.3×
Ames National (ATLO)	-14.6×
State Street (STT)	-17.7×
MetLife (MET)	-46.3×

EV/EBITDA for IREN (IREN)

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

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

+What is IREN's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for IREN?

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

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

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

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

IREN (IREN) Key Financials