WallStSmart

IREN Ltd (IREN)vsMorgan Stanley (MS)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Morgan Stanley generates 9185% more annual revenue ($70.30B vs $757.10M). IREN leads profitability with a 51.5% profit margin vs 24.0%. MS appears more attractively valued with a PEG of 1.78. MS earns a higher WallStSmart Score of 76/100 (B+).

IREN

Buy

57

out of 100

Grade: C

Growth: 10.0Profit: 5.5Value: 7.3Quality: 7.5
Piotroski: 4/9Altman Z: 1.08

MS

Strong Buy

76

out of 100

Grade: B+

Growth: 8.0Profit: 9.0Value: 10.0Quality: 4.8
Piotroski: 3/9
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

IRENUndervalued (+42.4%)

Margin of Safety

+42.4%

Fair Value

$67.39

Current Price

$41.29

$26.10 discount

UndervaluedFair: $67.39Overvalued
MSUndervalued (+61.6%)

Margin of Safety

+61.6%

Fair Value

$413.17

Current Price

$161.47

$251.70 discount

UndervaluedFair: $413.17Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

IREN4 strengths · Avg: 9.3/10
Profit MarginProfitability
51.5%10/10

Keeps 52 of every $100 in revenue as profit

Revenue GrowthGrowth
59.0%10/10

Revenue surging 59.0% year-over-year

Return on EquityProfitability
20.5%9/10

Every $100 of equity generates 21 in profit

EPS GrowthGrowth
42.9%8/10

Earnings expanding 42.9% YoY

MS6 strengths · Avg: 8.8/10
Market CapQuality
$250.61B10/10

Mega-cap, among the largest globally

Operating MarginProfitability
38.6%10/10

Strong operational efficiency at 38.6%

Profit MarginProfitability
24.0%9/10

Keeps 24 of every $100 in revenue as profit

P/E RatioValuation
15.3x8/10

Attractively priced relative to earnings

Price/BookValuation
2.5x8/10

Reasonable price relative to book value

EPS GrowthGrowth
20.7%8/10

Earnings expanding 20.7% YoY

Areas to Watch

IREN4 concerns · Avg: 2.8/10
P/E RatioValuation
31.2x4/10

Premium valuation, high expectations priced in

Debt/EquityHealth
1.533/10

Elevated debt levels

PEG RatioValuation
4.062/10

Expensive relative to growth rate

Free Cash FlowQuality
$-208.96M2/10

Negative free cash flow — burning cash

MS3 concerns · Avg: 3.0/10
PEG RatioValuation
1.784/10

Expensive relative to growth rate

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

Free Cash FlowQuality
$-4.60B2/10

Negative free cash flow — burning cash

Comparative Analysis Report

WallStSmart Research

Bull Case : IREN

The strongest argument for IREN centers on Profit Margin, Revenue Growth, Return on Equity. Profitability is solid with margins at 51.5% and operating margin at -45.8%. Revenue growth of 59.0% demonstrates continued momentum.

Bull Case : MS

The strongest argument for MS centers on Market Cap, Operating Margin, Profit Margin. Profitability is solid with margins at 24.0% and operating margin at 38.6%. Revenue growth of 11.0% demonstrates continued momentum.

Bear Case : IREN

The primary concerns for IREN are P/E Ratio, Debt/Equity, PEG Ratio. Debt-to-equity of 1.53 is elevated, increasing financial risk.

Bear Case : MS

The primary concerns for MS are PEG Ratio, Piotroski F-Score, Free Cash Flow.

Key Dynamics to Monitor

IREN profiles as a growth stock while MS is a mature play — different risk/reward profiles.

IREN carries more volatility with a beta of 4.32 — expect wider price swings.

IREN is growing revenue faster at 59.0% — sustainability is the question.

IREN generates stronger free cash flow (-209M), providing more financial flexibility.

Bottom Line

MS scores higher overall (76/100 vs 57/100), backed by strong 24.0% margins and 11.0% revenue growth. IREN offers better value entry with a 42.4% margin of safety. Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

IREN Ltd

FINANCIAL SERVICES · CAPITAL MARKETS · USA

IREN Limited (Ticker: IREN) is a vertically integrated data-center and digital infrastructure company traded on the Nasdaq. Headquartered in Sydney, Australia, it develops, owns and operates large-scale, renewable-powered data centers across North America that support Bitcoin mining, AI cloud services, and high-performance computing workloads. Originally known as Iris Energy Limited before rebranding in 2024, IREN combines its energy infrastructure and computing platforms to generate revenue from cryptocurrency mining and increasingly from GPU-powered AI cloud offerings. The company has secured significant power capacity and major customer contracts as it pivots toward AI data-center growth while maintaining its legacy mining business.

Visit Website →

Morgan Stanley

FINANCIAL SERVICES · CAPITAL MARKETS · USA

Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in the Morgan Stanley Building, Midtown Manhattan, New York City.

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