IRSA Inversiones y Representaciones S.A.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The caution applies not to the business but to the yardstick. Whoever buys today is betting that the malls stay full and real tenant sales start rising again (they have slipped two years running), that the peso does not make the $657.95 million of dollar debt more expensive, and that the land reserves holding almost a third of assets eventually turn into cash. Above all, they are betting on reading a valuation metric correctly whose numerator consists largely of appraisals and of the tax line — a price-earnings ratio below five is not a price tag here. Whoever waits checks three things in every filing: how are occupancy and real tenant sales developing? How large is the fair-value adjustment relative to revenue? And how much dollar debt stands against how much dollar-denominated assets? The unreadability of the profit figure is the dominant risk and the reason for caution. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
IRSA is a real, fully leased property business in a country whose accounting makes the results unreadable: 16 shopping malls at 97.7 percent occupancy, a price below book value and a dividend that actually flows on one side — on the other a profit that a revaluation of ARS 488,794 million pushed into a loss in fiscal 2024 and that the same line, near zero, lifted back to a gain of ARS 196,118 million in 2025, while revenue rose 1.3 percent over three years. Add a measuring unit that keeps shifting (the same balance sheet plus 25.1 percent in nine months) and $657.95 million of debt against peso rents. Whoever buys here buys square meters and leases, not a profit figure. Not investment advice.
Operating business
The 16 shopping malls were 97.7 percent leased as of June 30, 2025 and the offices 96.2 percent; the mall segment earned a gross profit of 92.4 percent of its revenue on ARS 270,531 million. Group revenue was ARS 468,526 million, and ARS 464,366 million in the nine months to March 31, 2026.
Meaning of the profit
The reported profit is driven by entries without cash flow. The revaluation of investment properties cost ARS 488,794 million in fiscal 2024 — more than the year's revenue — and stood at −2,500 million in 2025; in the third quarter of fiscal 2026 it alone tore 173,016 million out of the result. The company itself writes that these adjustments do not reflect actual cash flow.
Comparability of the series
Under IAS 29 all peso figures are lifted into the measuring unit of the respective reporting date. That is why the same balance sheet as of June 30, 2025 shows ARS 3,362,069 million in the annual report and ARS 4,205,471 million in the interim report as of March 31, 2026; the filing puts the price variation of those nine months at 25 percent. Inside one filing the series are clean, across two filings they are not.
Currency & leverage
As of March 31, 2026, $657.95 million of financial debt stood against foreign-currency assets of roughly $188 million, while rents come in mostly in pesos. The exchange rate moved from 912 (July 2024) through 1,205 (June 2025) and 1,484.50 (October 2025) to 1,373 pesos per dollar (March 2026). The annual report explicitly calls this high currency exposure.
Asset structure
The shopping malls carry 53.4 percent of operating assets and the bulk of revenue. The land reserves and development segment, by contrast, holds 29.2 percent of assets on 2.7 percent of revenue with a negative gross result; "Ramblas del Plata" alone sits in the books at ARS 419,278 million. That is a genuine option on Buenos Aires — and an item that pays no rent for now.
Shareholders & distributions
CRESUD held roughly 54.1 percent as of June 30, 2025 and Eduardo S. Elsztain beneficially 57.4 percent — minority holders have no influence. In exchange, money is distributed: most recently a cash dividend on November 4, 2025, approved at up to ARS 164 billion. Dilution from the 2021 warrant program ended on May 12, 2026, but it raised the share count by 97,818,015 shares, or 13.1 percent.
Worth Noting
IRSA reached our research list through the 13F-HR of London-based Helikon Investments Ltd as of March 31, 2026 (filed May 8, 2026): 4,428,706 ADRs worth $71,789,324 — the only one of the 17 positions increased four quarters in a row (from 2,367,181 shares). In the Schedule 13G/A of July 9, 2026 the fund reports 4,906,222 ADRs and 6.35 percent, up from 5.25 percent as of December 31, 2025. A 13F shows only U.S.-listed long positions, appears with a 35 to 45 day delay and contains no short sales or derivatives — a rear-view mirror, not a road map.
IRSA is a foreign private issuer: there is no 10-K and no 10-Q, and the fiscal year ends June 30. The evidence chain of this analysis is the 20-F annual report for the year ended June 30, 2025 (filed October 24, 2025) plus the interim reports and notices filed as 6-K (statements as of March 31, 2026 filed May 26, 2026; warrant notices of September 30, 2025, December 4, 2025, April 28, 2026 and May 19, 2026) and the NYSE Form 25-NSE of May 12, 2026.
A note on metrics: our in-house stock scanner shows a Piotroski F-Score of 3 of 9, an equity ratio of 0.462 and a P/E of 4.86 for IRSA (data as of July 24, 2026). Altman Z, NCAV and the cash position are deliberately left blank because the balance sheet is in Argentine pesos while the listing is in U.S. dollars — such metrics would mix two currencies in one formula. Likewise, peso figures from different filings are not directly comparable because of IAS 29; occupancy, leasable area, real tenant sales and foreign-currency debt are the sturdier measures. The valuation anchor of $16.21 per ADR comes from the market value of the Helikon position in the 13F as of March 31, 2026 and is not a daily price.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at IRS since then.
Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.
Price history
Chart
Interactive price chart (TradingView).
52-week range: 11.30 $ to 18.40 $ · Last price: 16.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Real Estate Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| IRSA Inversiones y Representaciones S.A. IRS | 1.4 | 5.1 | 3.7 | 64.6 | 44.4 | 7.1 | 46.2 |
| CBRE Group Inc Class A CBRE | 40.6 | 33.0 | 24.3 | 18.6 | 2.7 | 13.4 | -14.9 |
| Ke Holdings Inc BEKE | 17.6 | 38.0 | 14.1 | 24.0 | 6.7 | 1.2 | -18.6 |
| Jones Lang LaSalle Incorporated JLL | 15.4 | 19.2 | 11.8 | 51.2 | 3.3 | 11.5 | 6.3 |
| CoStar Group Inc CSGP | 12.0 | 453.4 | 32.3 | 78.7 | 0.3 | 18.7 | -66.7 |
| Compass Inc COMP | 7.8 | 522.4 | 106.4 | 14.2 | -5.7 | 23.7 | 10.8 |
| Real Brokerage Inc REAX | 3.7 | – | -13.7 | 8.2 | – | 55.7 | -65.1 |
| Newmark Group Inc NMRK | 3.4 | 17.4 | 9.9 | 100.0 | 3.5 | 21.9 | -27.1 |
| Cushman & Wakefield plc CWK | 2.9 | 42.2 | 10.1 | 18.1 | 2.3 | 8.9 | -24.9 |
| Median of companies shown | 7.8 | 35.5 | 11.8 | 24.0 | 3.0 | 13.4 | -18.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year ARS m
Revenue Operating income Net income
| Fiscal Year | Revenue (ARS m) | EBIT (ARS m) | Net Income (ARS m) | EPS (ARS) | Operating Cash Flow (ARS m) | Equity (ARS m) | Total Assets (ARS m) |
|---|---|---|---|---|---|---|---|
| 2017 | 50,859 | 3,385 | -1,120 | -19.23 | 13,244 | 25,864 | 231,242 |
| 2018 | 78,187 | 29,098 | 21,047 | 358.85 | 20,419 | 74,541 | 335,773 |
| 2019 | 28,004 | -46,863 | -54,988 | -102.92 | 40,616 | 85,819 | 474,634 |
| 2020 | 45,880 | -21,031 | -105,800 | -1,978.29 | 5,150 | 101,394 | 365,325 |
| 2021 | 45,880 | -21,031 | -105,800 | -194.80 | 5,150 | 82,724 | 222,782 |
| 2022 | 256,980 | 209,574 | 276,741 | 3,963.09 | 101,535 | 342,457 | 803,667 |
| 2023 | 462,486 | -112,346 | 312,051 | 4,516.55 | 36,494 | 1,355,879 | 2,643,849 |
| 2024 | 458,059 | -285,036 | -40,607 | -547.26 | 144,309 | 1,078,645 | 2,241,765 |
| 2025 | 490,528 | 32,403 | 109,569 | 1,432.06 | 235 | 1,156,469 | 2,501,806 |
| 2026 | 657,599 | 269,941 | 393,510 | 50,514.76 | 136,333 | 2,279,754 | 4,854,653 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (ARS m) | Sales YoY (%) | Net Margin (%) | OCF (ARS m) | FCF (ARS m) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 1.37 | -7.10 | 114,981 | 224.70 | 75.30 | 92,633 | 88,577 |
| 2024: Q3 | -1.54 | -152.30 | 118,414 | 31.80 | -117.60 | 49 | 48 |
| 2024: Q4 | 0.88 | 23.10 | 151,352 | 31.50 | 64.60 | 13 | 11 |
| 2025: Q1 | 0.86 | 116.00 | 105,708 | 0.00 | 72.50 | 38 | 35 |
| 2025: Q2 | 238.90 | 17,287.20 | 122,446 | 6.50 | 132.10 | 137,978 | 128,211 |
| 2025: Q3 | 1.42 | 192.40 | 129,259 | 9.20 | 119.00 | 58 | 57 |
| 2025: Q4 | 0.58 | -33.80 | 152,667 | 0.90 | 45.60 | 51 | 49 |
| 2026: Q1 | -0.28 | -132.40 | 141,517 | 33.90 | -20.90 | 34,532 | 31,065 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 2 of our scanner strategies — each hit links to the scanner.
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (ARS) | EPS Range (ARS) | Revenue Estimate (ARS m) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 0.12 | 0.12 – 0.12 | 599,395 | – | 1 |
| 06/30/2028 | 0.26 | 0.26 – 0.26 | 613,643 | 114.1% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Geprüft am 24.07.2026 gegen die verfügbare SEC-Belegkette von IRSA Inversiones y Representaciones S.A. (Foreign Private Issuer, CIK 0000933267 — es gibt kein 10-K und kein 10-Q): Jahresbericht 20-F für das Geschäftsjahr zum 30.06.2025 (eingereicht 24.10.2025) sowie die Zwischen- und Meldungs-6-K vom 30.09.2025 (Warrant-Ausübung), 26.05.2026 (Zwischenabschluss zum 31.03.2026) und 19.05.2026 (letzte Warrant-Ausübung). Befund: Der Konzern belegt operativen KI-Einsatz, aber keine KI-Umsatzquelle. Im Kapitel „Information technology“ des 20-F heißt es ausdrücklich, man habe begonnen, künstliche Intelligenz zur Steigerung der Arbeitseffizienz der Beschäftigten einzusetzen; die Erneuerung der Videoüberwachung wird mit der künftigen KI-Nutzung begründet. Die zu 93,63 % gehaltene Tochter „We are appa S.A.“ (42 Beschäftigte zum 30.06.2025) beschreibt ihre Mission als Veränderung des stationären Einkaufserlebnisses „through the use of artificial intelligence and data science“ — verkauft aber ein Loyalty- und Bezahl-App-Angebot für die eigenen Einkaufszentren, keine KI-Produkte; das gesamte Segment „Sonstiges“, in dem sie steckt, trug im Geschäftsjahr 2025 nur 6.709 Mio. ARS oder 1,4 % zum Konzernumsatz bei. Ein „Bedroht“-Beleg liegt nicht vor: KI taucht in den Risikoangaben allein als neuer Schulungsinhalt im Cybersicherheits-Abschnitt auf, ohne konkreten Bezug zum eigenen Geschäftsmodell (Vermietung von Einkaufszentren, Büros, Hotels und Landreserven). Nach der Vorrang-Regel (verkauft > bedroht > nutzt > neutral) bleibt es damit bei „nutzt“.
View the full file — quotes, sources, reviewed filings
„We started using artificial intelligence to improve the work efficiency of our employees."
Wir haben begonnen, künstliche Intelligenz einzusetzen, um die Arbeitseffizienz unserer Beschäftigten zu verbessern.
20-F · 2025-10-24 · View SEC filing
„The mission of “We are appa’s” is to transform the physical in-store shopping experience through the use of artificial intelligence and data science, connecting brands and consumers."
Die Mission von „We are appa“ ist es, das physische Einkaufserlebnis im Laden durch den Einsatz von künstlicher Intelligenz und Datenwissenschaft zu verändern und Marken mit Verbrauchern zu verbinden.
20-F · 2025-10-24 · View SEC filing
„We continue renewing our CCTV system, to improve security and enable future capabilities, such as the use of artificial intelligence."
Wir erneuern weiterhin unser Videoüberwachungssystem, um die Sicherheit zu verbessern und künftige Fähigkeiten wie den Einsatz von künstlicher Intelligenz zu ermöglichen.
20-F · 2025-10-24 · View SEC filing
Filings Reviewed: 20-F 2025-10-24 · 6-K 2026-05-26 · 6-K 2026-05-19 · 6-K 2026-04-28 · 6-K 2025-09-30
Rated on July 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 12.5%
- More than 10% revenue growth is expected for the coming year 11.6%
- Share count grows by less than 3% a year -51.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 53.1%
- Gross margin at 40% or higher and without meaningful erosion 60.7%
- Goodwill from acquisitions does not grow faster than revenue 0.2%
- Net debt below twice EBITDA 0.7 x EBITDA
- Operating cash flow covers the profits of the last three years -181,595 m
- Return on capital at 15% or higher, or up versus two years ago 6.1%
- Insiders hold at least 10% or are net buyers 0.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 32.9%
- Exp. sales growth 3Y > 5% -3.4%
- EBIT growth 10Y > 5% 62.7%
- Exp. EBIT growth 3Y > 5% -99.8%
- Net debt < 4x EBIT 1.7x
- EBIT positive, 10Y straight 5
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 17.5%
- ROCE > 15% 6.1%
- Expected return > 10% -99.8%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Apr 9, 2026 | Elsztain Fernando Adrian | Director | Sell | 5,524 | 1.69 | 9,336 |
The company
About the Company
IRSA Inversiones y Representaciones Sociedad Anónima, together with its subsidiaries, engages in the diversified real estate activities in Argentina. It operates through five segments: Shopping Malls, Offices, Sales and Developments, Hotels, and Others. The company is involved in the acquisition, development, and operation of shopping malls, office buildings, and other non-shopping mall properties primarily for rental purposes; and lease and service related to rental of commercial space and other spaces. It also acquires and operates luxury hotels and resorts under the Intercontinental, Libertador, and Llao Llao names; develops, constructs, and sells residential properties, including apartment tower complexes; and acquires undeveloped land reserves for future development or sale. In addition, the company engages in the development and operation of stadium; and provision of ¡appa!, a digital customer loyalty system platform, for consumption in shopping malls, use of parking spaces, and redemption of corporate benefits. Further, it is involved in development, maintenance and sales of undeveloped parcels of land and/or trading properties; room, catering and restaurant services. The company was incorporated in 1943 and is headquartered in Buenos Aires, Argentina. IRSA Inversiones y Representaciones Sociedad Anónima operates as a subsidiary of Cresud S.A.C.I.F. y A.
- Headquarters
- Buenos Aires, Argentina
- Address
- Carlos M. Della Paolera 261, C1001ADA Buenos Aires, Argentina
- Phone
- 54 11 4323 7400
- Website
- irsa.com.ar
- IPO Date
- 12/19/1994
- ISIN
- US4500473032
- Stock Split
- 907:1000 on 10/03/2023
- Stock Split
- 1022:1000 on 12/18/2002
- Stock Split
- 11084:10000 on 11/07/2000
Management
| Name | Title | Birth Year |
|---|---|---|
| Eduardo Sergio Elsztain | Chairman, CEO, President & GM | 1960 |
| Alejandro Gustavo Elsztain | Second Vice-Chairman & Vice President II | 1966 |
| Saul Zang J.D. | First Vice Chairman & Vice President I | 1945 |
| Matias Ivan Gaivironsky | Chief Financial & Administrative Officer | 1976 |
| Arnaldo Jawerbaum | Chief Operating Officer | 1966 |
| Jorge Cruces | Chief Investment Officer | 1966 |
| Santiago Donato | Investor Relations Officer | – |
| Fernando Adrian Elsztain | Executive Director | 1961 |
| Daniel Ricardo Elsztain | Executive Director | 1972 |
| Eran Saar | Chief Executive Officer of Israel | 1972 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.