WallStSmart

IREN Ltd (IREN)vsMorgan Stanley (MS)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Morgan Stanley generates 9565% more annual revenue ($73.17B vs $757.07M). MS leads profitability with a 24.7% profit margin vs 0.2%. MS appears more attractively valued with a PEG of 2.32. MS earns a higher WallStSmart Score of 73/100 (B).

IREN

Hold

43

out of 100

Grade: D

Growth: 6.0Profit: 3.0Value: 3.0Quality: 6.0
Piotroski: 4/9Altman Z: 1.08

MS

Strong Buy

73

out of 100

Grade: B

Growth: 9.3Profit: 7.5Value: 5.7Quality: 4.8
Piotroski: 3/9

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

IREN0 strengths · Avg: 0/10

No standout strengths identified

MS6 strengths · Avg: 8.8/10
Market CapQuality
$305.73B10/10

Mega-cap, among the largest globally

Operating MarginProfitability
40.6%10/10

Strong operational efficiency at 40.6%

Profit MarginProfitability
24.7%9/10

Keeps 25 of every $100 in revenue as profit

P/E RatioValuation
17.5x8/10

Attractively priced relative to earnings

Price/BookValuation
2.9x8/10

Reasonable price relative to book value

Revenue GrowthGrowth
16.3%8/10

16.3% revenue growth

Areas to Watch

IREN4 concerns · Avg: 3.5/10
Revenue GrowthGrowth
0.0%4/10

0.0% revenue growth

EPS GrowthGrowth
0.4%4/10

0.4% earnings growth

Return on EquityProfitability
0.1%3/10

ROE of 0.1% — below average capital efficiency

Profit MarginProfitability
0.2%3/10

0.2% margin — thin

MS3 concerns · Avg: 3.0/10
PEG RatioValuation
2.324/10

Expensive relative to growth rate

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

Free Cash FlowQuality
$-7.85B2/10

Negative free cash flow — burning cash

Comparative Analysis Report

WallStSmart Research

Bull Case : IREN

IREN has a balanced fundamental profile.

Bull Case : MS

The strongest argument for MS centers on Market Cap, Operating Margin, Profit Margin. Profitability is solid with margins at 24.7% and operating margin at 40.6%. Revenue growth of 16.3% demonstrates continued momentum.

Bear Case : IREN

The primary concerns for IREN are Revenue Growth, EPS Growth, Return on Equity. A P/E of 70.5x leaves little room for execution misses. 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 value stock while MS is a growth play — different risk/reward profiles.

IREN carries more volatility with a beta of 4.18 — expect wider price swings.

MS is growing revenue faster at 16.3% — sustainability is the question.

IREN generates stronger free cash flow (-920M), providing more financial flexibility.

Bottom Line

MS scores higher overall (73/100 vs 43/100), backed by strong 24.7% margins and 16.3% revenue growth. Both earn "Strong Buy" and "Hold" 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.

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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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