Does IREN Limited have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores IREN Limited (IREN) 43.7 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 63, pricing power 84, returns on capital 0, balance-sheet safety 28, capital allocation 44.

How has IREN's Moat Score changed over time?

The record logs 1 reading since Sep 4, 2026; the latest reads 43.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

IREN Limited

IREN · Other · $13.9B mkt cap · FY2026 filings · as of Sep 4, 2026 · Shallow moat ·

Doesn't clear the bar

Shallow moat

The five investor questions

2023–2026 (latest 4 aligned FYs; v3 window cap 5): revenue $75.5M to $707M, increasing; diluted EPS -3.14 to -2.22, increasing.

Median gross margin 60.9% over 4y, stable.

Median ROIC -8.6%, above the 12% hurdle in 0% of years.

Net debt/EBITDA n/ax, interest coverage -18x.

Owner earnings changed trend unclear over up to the ten most recent annual observations, share count n/a.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today

No price data

: Not reported
: Unavailable — insufficient owner-earnings data
: Unavailable — insufficient growth-model data
: $43.86
: No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 238% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Sep 4, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

5 years of fundamentals

The business, in plain English

IREN Limited booked $707M of revenue in FY2026 in the Other sector and kept 68.9% of it as gross profit — a high-margin business by that measure. After every other cost, −99.4% of each revenue dollar reached the bottom line.

It earned −14.1% on invested capital in the latest filed year, FY2026. Across the full 4-year measurable filed record, median ROIC was −8.6%. Over the v3 recent window (4 measurable filed years), median ROIC was −8.6%. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $7.6B of total debt in FY2026. Balance-Sheet Safety scores it 28/100.

Put together: Pricing Power is the strongest of the five filters (84/100) and Returns on Capital the weakest (0/100), which is how IREN lands at 44/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

Sales, as filed$707M FY2026

Revenue kept after cost of goods68.9% FY2026

Standard ROIC or separately labeled Operating ROICStandard ROIC −25.6% FY2026

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out−$703M FY2026

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How IREN Limited makes its money

Start with a dollar of revenue and follow what the filing says remains.

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed line	Value	% of revenue	Source
	$707M	100%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
Cost of revenue	$220M	31%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
	$487M	69%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
	−$1.0B	−148%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
Income before tax	−$709M	−100%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
Income tax	−$6.1M	−1%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
	−$703M	−99%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026

· event Jun 30, 2026 · retrieved Sep 4, 2026 · annual-row source set

Embed this chart

Flagship explainer

What IREN Limited owns — and owes

IREN Limited's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed line	Value	% of assets	Source
Total assets	$15.8B	100%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
Cash and equivalents	$5.9B	37%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
	$7.6B	48%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
Stockholders’ equity	$4.2B	27%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026

· event Jun 30, 2026 · retrieved Sep 4, 2026 · annual-row source set

Flagship explainer

What drives IREN Limited’s return on equity?

ROE is five filed business factors multiplied together.

DuPont source inputs
Input	Value	Fiscal year	Source
	−$703M	FY2026	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
Income before tax	−$709M	FY2026	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
Operating income	−$1.0B	FY2026	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
	$707M	FY2026	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
Ending assets	$15.8B	FY2026	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
Beginning assets	$2.9B	FY2025	10-K · FY 2025Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
	$4.2B	FY2026	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
	$1.8B	FY2025	10-K · FY 2025Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026

Source:

10-K · filed Aug 27, 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026

· event Jun 30, 2026 · retrieved Sep 4, 2026 · annual-row source set

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Flagship explainer

Where IREN Limited's cash went

IREN Limited’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed line	Value	% of cash from operations	Source
Cash from operations	$2.1B	100%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026
Depreciation and amortization	$418M	20%	10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026

Source:

10-K · FY 2026Filing detailsAccession 0001878848-26-000052 · filed Aug 27, 2026

· event Jun 30, 2026 · retrieved Sep 4, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding IREN Limited

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
Manager	Reported position	Quarter-over-quarter	Filing accession
Abrams Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Akre Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Baupost Group	Not retrieved	Comparison not retrieved	Filing not retrieved
Berkshire Hathaway	Not retrieved	Comparison not retrieved	Filing not retrieved
Brave Warrior Advisors	Not retrieved	Comparison not retrieved	Filing not retrieved
Dodge & Cox	Not retrieved	Comparison not retrieved	Filing not retrieved
First Eagle	Not retrieved	Comparison not retrieved	Filing not retrieved
Fundsmith	Not retrieved	Comparison not retrieved	Filing not retrieved
Gardner Russo & Quinn	Not retrieved	Comparison not retrieved	Filing not retrieved
Gates Foundation Trust	Not retrieved	Comparison not retrieved	Filing not retrieved
Mairs & Power	Not retrieved	Comparison not retrieved	Filing not retrieved
Markel / Markel-Gayner	Not retrieved	Comparison not retrieved	Filing not retrieved
Oakmark / Harris Associates	Not retrieved	Comparison not retrieved	Filing not retrieved
Pershing Square	Not retrieved	Comparison not retrieved	Filing not retrieved
Polen Capital	Not retrieved	Comparison not retrieved	Filing not retrieved
Sequoia / Ruane Cunniff	Not retrieved	Comparison not retrieved	Filing not retrieved
Southeastern Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved
Tweedy, Browne	Not retrieved	Comparison not retrieved	Filing not retrieved
Yacktman Asset Management	Not retrieved	Comparison not retrieved	Filing not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Sep 4, 2026

Flagship explainer

What IREN Limited insiders reported

Records still being gathered — partial as of retrieval Sep 5, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale43.7 / 100

Score history begins Sep 4, 2026 — the record builds forward from here.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

None yet — IREN has read Shallow moat for every logged capture since Sep 4, 2026.

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Sep 5, 2026.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

No reported Form 4 rows were captured for IREN; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.

A filing source-event date will appear when a Form 4 row is captured.

Retrieved Sep 5, 2026.

Other context

#50 of 99 scored Other companies, ranked by Moat Score.

Nearest peers by Moat Score

#48MVNC MARVION INC.44.2 out of 100, Shallow moatShallow moat
#49DFDV DEFI DEVELOPMENT CORP.44.0 out of 100, Shallow moatShallow moat
#51HIVE HIVE DIGITAL TECHNOLOGIES LTD.43.6 out of 100, Shallow moatShallow moat
#52CRSF Crisp Momentum Inc.42.4 out of 100, Shallow moatShallow moat

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Common questions about IREN

Does IREN Limited have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores IREN Limited (IREN) 43.7 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 63, pricing power 84, returns on capital 0, balance-sheet safety 28, capital allocation 44.
How has IREN's Moat Score changed over time?: The record logs 1 reading since Sep 4, 2026; the latest reads 43.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell IREN. See the disclaimer.