IRSA Inversiones y Representaciones Sociedad Anónima
- Open
- 15.18
- Day high
- 15.18
- Day low
- 14.87
- Prev close
- 15.08
- Volume
- 17K
- Mkt cap
- $1.3B
- P/E (TTM)
- 4.8
- EPS (TTM)
- $3.11
- P/B
- 1.0
- P/S
- 3.5
- Yield
- 9.29%
- Per share
- $1.40
- ▼Insiders net selling -$47K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions reducing (13F)
IRSA Inversiones y Representaciones Sociedad Anónima (IRS) is a Industrials company listed on NYSE. The stock is up 2% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4). Drillr has 1 published research article covering IRS.
IRSA Inversiones y Representaciones Sociedad Anónima (IRS) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IRS earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Feb 4, 2026 | — | $0.58 | — | $113M | — |
| Nov 5, 2025 | — | $1.42 | — | $91M | — |
| Sep 2, 2025 | — | $1.74 | — | $93M | — |
| Feb 7, 2025 | — | $0.92 | — | $112M | — |
| Sep 3, 2024 | — | $1.26 | — | $126M | — |
| Sep 6, 2023 | — | $1.58 | — | $126M | +110.9% |
| Feb 9, 2023 | — | $1.01 | — | $322M | +353.4% |
| Nov 9, 2022 | — | $0.11 | — | $180M | +234.2% |
| Sep 6, 2022 | — | $2.24 | — | $97M | +110.9% |
| Feb 11, 2022 | — | $0.07 | — | $114M | — |
| Nov 10, 2021 | — | $-0.10 | — | $79M | +66.1% |
| Sep 6, 2021 | — | $-1.97 | — | $-13M | — |
IRS insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 30, 2026 | Elsztain Fernando Adriandirector | Sell | 5,524 | $1.69 |
| Jun 30, 2026 | Cruces Jorge Albertoofficer: Chief Investment Officer | Sell | 24,913 | $1.53 |
| Mar 19, 2026 | ELSZTAIN EDUARDO Sdirector, 10 percent owner: | Sell | 10,428 | $2156.03 |
| Mar 19, 2026 | ELSZTAIN EDUARDO Sdirector, 10 percent owner: | Sell | 20,000 | $2115.00 |
Source: IRS SEC Form 4 filings, latest Jul 30, 2026. For informational purposes only — not investment advice.
See the full IRS insider & 13F page →IRSA Inversiones y Representaciones Sociedad Anónima company profile
Overview
IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) is Argentina's leading diversified real estate company, founded in 1943 and headquartered in Buenos Aires. The company went public in 1994 and operates as a subsidiary of Cresud Sociedad Anónima Comercial. IRSA has established itself as the dominant player in Argentina's commercial real estate market, with a portfolio spanning shopping malls, office buildings, luxury hotels, and residential developments. The company has weathered multiple economic crises in Argentina while maintaining its position as the country's premier real estate investment and development platform.
Business
IRSA operates in Argentina's commercial real estate sector through four primary business segments. The company's core business involves acquiring, developing, and operating income-producing properties, primarily for rental purposes. Shopping Malls represent IRSA's largest and most profitable segment, contributing approximately 70% of total EBITDA. The company owns and operates a portfolio of shopping centers throughout Argentina, including flagship properties like Alto Palermo. These malls generate revenue through tenant rent, common area maintenance charges, and percentage rent based on tenant sales. The shopping mall business benefits from Argentina's growing middle class and urbanization trends, though it faces challenges from economic volatility affecting consumer spending. Office Buildings constitute the second major segment, where IRSA owns and leases premium office space primarily in Buenos Aires. The company has been strategically reducing its office portfolio from over 80,000 square meters to approximately 58,000 square meters, focusing on higher-quality properties while divesting non-core assets. Office rents are typically denominated in US dollars, providing some hedge against Argentina's currency volatility. Luxury Hotels form a smaller but strategically important segment, including properties in Buenos Aires and the renowned Llao Llao resort in Bariloche. The hotel business generates revenue through room rates, food and beverage services, and event hosting. This segment is particularly sensitive to tourism trends and economic conditions affecting discretionary spending. Sales and Development involves acquiring undeveloped land, developing residential and commercial projects, and selling completed properties. The company's major development project is Ramblas del Plata (formerly Costa Urbana), an 87-hectare mixed-use development that represents a potential 15-year, $1.3-1.4 billion investment opportunity. This segment provides capital gains and helps recycle capital for other investments.
Revenue model
IRSA generates revenue through multiple streams within its diversified real estate platform. The primary revenue model is rental income from its shopping malls, office buildings, and hotels, which provides steady recurring cash flows. Shopping mall tenants pay base rent plus percentage rent tied to their sales performance, creating upside participation in tenant success. Office tenants typically sign multi-year leases with rents often denominated in US dollars or indexed to inflation, providing some protection against Argentina's currency devaluation. The company also generates revenue through property sales in its development segment, where it acquires land, develops residential and commercial projects, and sells completed units or parcels. Recent examples include selling parcels from the Ramblas del Plata project for $23.4 million and various office floor sales totaling over $300 million in recent years. Hotel operations contribute revenue through room rates, food and beverage services, and event hosting, though this represents the smallest segment by revenue contribution. Several factors significantly impact IRSA's margins and profitability. Currency devaluation in Argentina creates both opportunities and challenges - while many contracts are dollar-denominated or inflation-indexed, providing some protection, the broader economic instability affects consumer spending and tenant demand. Interest rates and inflation directly impact both operating costs and the attractiveness of real estate investments relative to other asset classes. Economic cycles strongly influence tenant sales in shopping malls, hotel occupancy rates, and demand for office space. Government policies regarding urban planning, taxation, and foreign exchange controls can significantly impact operations and capital allocation decisions. The company's margins also benefit from its market-leading position in Argentina's commercial real estate sector, allowing it to command premium rents and maintain high occupancy rates even during challenging economic periods.
Competitive moat
IRSA possesses a strong competitive moat built primarily on its dominant market position and scarce, high-quality real estate assets in Argentina's major urban centers. The company's shopping malls occupy prime locations that would be extremely difficult and expensive for competitors to replicate, particularly given Argentina's complex regulatory environment and limited availability of suitable development sites. This creates significant barriers to entry for potential competitors. The company's scale advantages are substantial in Argentina's relatively small commercial real estate market. IRSA's size allows it to negotiate better terms with tenants, contractors, and lenders, while its diversified portfolio provides stability during economic downturns. The company has also built strong relationships with local developers, government officials, and financial institutions over its 80-year history, creating valuable network effects. However, IRSA's moat faces several challenges. The company's geographic concentration in Argentina exposes it to significant country-specific risks, including currency devaluation, political instability, and economic volatility. Unlike global REITs that can diversify across markets, IRSA's performance is closely tied to Argentina's economic fortunes. Regulatory risks are substantial, as changes in urban planning codes, tax policies, or foreign exchange controls can significantly impact operations and profitability. Potential disruption could come from e-commerce growth affecting shopping mall demand, remote work trends reducing office space needs, or economic crisis leading to widespread tenant defaults. Additionally, if Argentina's economy stabilizes and foreign investment increases, international real estate companies might enter the market with superior capital resources and expertise, potentially challenging IRSA's dominance. Despite these risks, the company's entrenched market position and irreplaceable assets provide meaningful protection against most competitive threats.
Risks & safety
IRSA presents a moderate margin of safety with some attractive valuation metrics offset by operational and country-specific risks. • Debt and Solvency: Net debt of $255 million appears manageable given the company's asset base of $2.3 billion. Debt-to-equity ratio of 0.39 is conservative. The company has demonstrated ability to reduce debt through asset sales and maintains sufficient liquidity for upcoming maturities. • Valuation Metrics: Extremely attractive valuation with P/E ratio of 0.38, P/B ratio of 0.10, and EV/EBITDA of 3.3. These metrics suggest significant undervaluation, though they reflect market skepticism about Argentina's economic prospects. • Cash Generation: Positive free cash flow of $28 million with operating cash flow of $29 million demonstrates the business generates cash despite challenging conditions. The company maintains an 8% dividend yield. • Other Considerations: Current ratio of 0.71 indicates some short-term liquidity pressure, though this is partially offset by the company's ability to monetize real estate assets. The Graham net-net value is negative, reflecting the capital-intensive nature of the business. Country risk remains the primary concern, as Argentina's economic instability could significantly impact asset values and cash flows.
Recent development
Over the past few years, IRSA has executed several strategic initiatives to strengthen its portfolio and prepare for future growth. The company has pursued an asset rotation strategy, systematically selling non-core office properties while retaining premium assets. Since 2022, IRSA has sold over $300 million worth of office floors and buildings, including the República building ($131 million) and multiple floors in the Della Paolera building, reducing its office portfolio from over 80,000 to 58,000 square meters. The company's most significant development is the Ramblas del Plata project (formerly Costa Urbana), an 87-hectare mixed-use development that received environmental approval after 20 years of regulatory efforts. This project represents IRSA's largest growth opportunity, with potential for 870,000 buildable square meters and an estimated total investment of $1.3-1.4 billion over 15 years. The company has already begun selling land parcels, generating $23.4 million from two recent sales, and is commencing infrastructure development. IRSA has also strengthened its financial position through aggressive debt reduction, lowering net debt by 67% to $247 million by 2023, and maintaining strong dividend distributions totaling over $200 million in recent years. The company has implemented share buyback programs, repurchasing approximately 4% of outstanding shares, demonstrating confidence in its undervaluation. Operational improvements include the launch of the ¡appa! loyalty app for shopping malls, continued ESG initiatives with LEED certifications, and strategic acquisitions such as the Terrazas De Mayo mall and land adjacent to existing properties. The company has also extended its La Rural concession until 2037, securing long-term cash flows from this important asset.
IRS company profile · for informational purposes only — not investment advice.
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