Question 1

What is IREN's P/S ratio?

Accepted Answer

IREN (IREN) P/S ratio is 12.3× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month revenue, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/S ratio calculated?

Accepted Answer

P/S = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Revenue, or equivalently Share Price ÷ TTM Revenue Per Share. 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 P/S ratio?

Accepted Answer

The price-to-sales (P/S) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) revenue. It is calculated as market cap ÷ TTM revenue (equivalent to share price ÷ TTM revenue per share). Because the denominator (revenue) cannot be negative, P/S is widely used to value unprofitable or pre-profit companies and to make cross-sector comparisons.

Question 4

What is a good P/S ratio for IREN?

Accepted Answer

A "good" P/S depends heavily on profit margin and growth: software and other high-margin businesses often command 5–15× sales, while low-margin retailers and commodity producers typically trade below 1×. Compare against sector peers rather than absolute thresholds. For IREN specifically, the relevant sector benchmark is the current sector median of 5.8×.

Question 5

Is IREN's P/S ratio high or low?

Accepted Answer

IREN's P/S ratio of 12.3× is below its own 5-year average of 23.8× and above the sector median of 5.8×. That places the current reading at the 73th 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 P/S ratio range?

Accepted Answer

In the available daily series, IREN (IREN) P/S ratio has ranged from a low of 1.1× in 2022 to a high of 507.2× in 2020. The 5-year average is 23.8× and the 5-year median is 6.8×.

Question 7

What was IREN's P/S ratio in 2025?

Accepted Answer

IREN (IREN) P/S ratio at the end of 2025 was 6.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month revenue figure available at that date.

Question 8

Why does IREN's P/S ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (revenue). 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	$501M	6.3×	-4.1×	Jun 30, 2025
2024	$1.95B	$187M	10.4×	+6.8×	Jun 30, 2024
2023	$263M	$74.3M	3.5×	-0.3×	Jun 30, 2023
2022	$177M	$45.9M	3.9×	-216.4×	Jun 30, 2022
2021	$1.29B	$5.88M	220.2×	+42.9×	Jun 30, 2021
2020	$390M	$2.2M	177.3×	—	Jun 30, 2020


GoDaddy (GDDY)	2.2×
Fidelity National Information Services (FIS)	2.1×
Skyworks Solutions (SWKS)	2.1×
Qorvo (QRVO)	1.9×
Zebra Technologies (ZBRA)	1.8×
Gartner (IT)	1.7×
Accenture (ACN)	1.6×
Amkor Technology (AMKR)	1.6×
Block (XYZ)	1.5×
Fiserv (FISV)	1.4×
Cognizant (CTSH)	1.4×
EPAM Systems (EPAM)	1.3×
Optical Cable (OCC)	1.2×
Leidos Holdings (LDOS)	1.2×
Jabil (JBL)	1.1×
Dell Technologies (DELL)	1.0×
Sunrun (RUN)	1.0×
Hewlett Packard Enterprise (HPE)	1.0×
Flex (FLEX)	0.9×
Lyft (LYFT)	0.8×
CDW (CDW)	0.7×
Science Applications International (SAIC)	0.6×
Super Micro Computer (SMCI)	0.4×
HP (HPQ)	0.3×
IBM (IBM)	0.0×

P/S Ratio for IREN (IREN) 2020-2026

P/S Ratio daily chart for IREN (IREN)

Historical P/S Ratio for IREN (IREN) from 2020 to 2025

About P/S Ratio at IREN (IREN)

IREN P/S Ratio by Year

IREN P/S Ratio 2025: 6.3×

IREN P/S Ratio 2024: 10.4×

IREN P/S Ratio 2023: 3.5×

IREN P/S Ratio 2022: 3.9×

IREN P/S Ratio 2021: 220.2×

Sector peers by P/S Ratio — chart

Sector peers by P/S Ratio — table

Frequently asked questions

IREN (IREN) Key Financials