BAM
Brookfield Asset Management Ltd.
BAM's fundamentals are mixed, but it looks cheap: trading at 18x earnings, less than half its usual 45x. Analysts expect earnings growth.
IREN
IREN Limited
There isn't enough reported data to score IREN yet.
BAM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
BAM's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like BAM.
IREN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| N/A | |
| N/A |
IREN's revenue and profitability are currently under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like IREN.
BAM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 18x | $51.41 | — |
| Forward | 25x | $51.41 | — |
| Cheap | 35x | $104 | +101% |
| Fair | 45x | $132 | +157% |
| Expensive | 53x | $154 | +200% |
Historical ranges are pointers, not guarantees.
BAM's PE is in its cheap range at 18x. On analysts' estimates for next year's earnings, today's price would be 25x.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
BAM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for BAM, but weaker profitability.
IREN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect IREN's losses to grow, with revenue growing. However, they disagree widely on these estimates.
BAM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.05 | -30% |
| Q3 2026 | $2.92 | +83% |
| Q2 2026 | $1.72 | +15% |
| Q1 2026 | $1.54 | +7.7% |
| Q4 2025 | $1.52 | +13% |
| Q2 2025 | $1.50 | +33% |
| Q4 2024 | $1.35 | +19% |
| Q2 2024 | $1.13 | +77% |
| Q4 2023 | $1.13 | -62% |
BAM has the edge over IREN on earnings quality, reporting a profit while its opponent remains loss making.
IREN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$3.96 | -347% |
| Q2 2026 | -$2.22 | -988% |
| Q1 2026 | $0.51 | +$1.10 |
| Q4 2025 | $1.18 | +$1.62 |
| Q3 2025 | $1.60 | +$1.99 |
| Q2 2025 | $0.25 | +$0.45 |
| Q1 2025 | -$0.59 | -$0.43 |
| Q4 2024 | -$0.44 | -$0.15 |
IREN has swung to a loss: it lost $3.96 per share over the past year, after a profit the year before.
BAM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.1B | +89% |
| Q2 2026 | $1.7B | +57% |
| Q1 2026 | $1.3B | +22% |
| Q4 2025 | $1.2B | +16% |
| Q3 2025 | $1.1B | +2.1% |
| Q2 2025 | $1.1B | +19% |
| Q1 2025 | $1.1B | +22% |
| Q2 2022 | $924M | +25% |
BAM's revenue has grown year over year every quarter since early 2022: $2.1B last quarter, up 89% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 57% | -9.5 points |
| Q2 2026 | 54% | -7.3 points |
| Q1 2026 | 49% | -27 points |
| Q4 2025 | 77% | +4.7 points |
| Q3 2025 | 67% | -2.1 points |
| Q2 2025 | 61% | -7.1 points |
| Q1 2025 | 75% | +7.6 points |
| Q4 2024 | 72% | N/A |
BAM has the edge over IREN on profitability, with a higher operating margin.
IREN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $228M | -5.1% |
| Q2 2026 | $137.2M | -27% |
| Q1 2026 | $144.8M | 0% |
| Q4 2025 | $184.7M | +59% |
| Q3 2025 | $240.3M | +355% |
| Q2 2025 | $187.3M | +230% |
| Q1 2025 | $144.8M | +168% |
| Q4 2024 | $116.1M | +176% |
IREN's revenue has held roughly level: $228M last quarter, down 5.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -82% | -50 points |
| Q2 2026 | -452% | -461 points |
| Q1 2026 | -161% | -180 points |
| Q4 2025 | -63% | -79 points |
| Q3 2025 | -32% | +57 points |
| Q2 2025 | 9% | +49 points |
| Q1 2025 | 19% | +8 points |
| Q4 2024 | 15% | +21 points |
IREN's operating margin was −82% last quarter, down 50 points from the same quarter a year ago.
BAM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $521M | -30% |
| Q2 2026 | $392.8M | -26% |
| Q1 2026 | $339M | +28% |
| Q4 2025 | $706M | +$1.6B |
| Q3 2025 | $741M | +31% |
| Q2 2025 | $529M | +35% |
| Q1 2025 | $265M | -48% |
| Q2 2022 | $2.7B | +31% |
BAM has the edge over IREN on cash generation, producing positive trailing cash flow while its opponent burns cash.
IREN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$1.6B | -$1.6B |
| Q2 2026 | $482.2M | +2895% |
| Q1 2026 | -$873.8M | -$523.1M |
| Q4 2025 | -$468M | -$334M |
| Q3 2025 | -$38M | +$349.4M |
| Q2 2025 | $16.1M | +$179M |
| Q1 2025 | -$350.7M | -$128.7M |
| Q4 2024 | -$134M | -$105.2M |
IREN's free cash flow was −$2.5B over the past year, against −$507M the year before. Free cash flow isn't a meaningful measure for financial services companies like IREN.
BAM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -21.4M shares |
| 1 year | -2.9% | -47.6M shares |
| 3 years | +300% | +1.2B shares |
BAM has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $10M |
| Q2 2026 | $103M |
| Q1 2026 | $376M |
| Q4 2025 | $227M |
| Q3 2025 | $69M |
| Q2 2025 | — |
| Q1 2025 | $116M |
| Q4 2024 | — |
BAM spent $716M buying back its own shares over the past year, about four times what it spent the year before.
IREN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +26% | +82.4M shares |
| 1 year | +10% | +36.9M shares |
| 3 years | +511% | +333M shares |
| 5 years | +624% | +344M shares |
| Available history | +2346% | +382M shares |
IREN has 399M diluted shares, up 10% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
BAM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.1x | Very low |
| Q4 2024 | 0.1x | Very low |
BAM's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like BAM.
IREN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2026 | 157.6x | High |
| Q4 2025 | 22.2x | High |
| Q3 2025 | 4.1x | High |
| Q2 2025 | 2.0x | Moderate |
| Q1 2025 | 3.3x | Elevated |
| Q4 2024 | -4.6x | Net Cash |
| Q3 2024 | -16.7x | Net Cash |
| Q2 2024 | -15.9x | Net Cash |
IREN's net debt is more than 20 years of its operating earnings (EBITDA), up from 3.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like IREN.
BAM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.6 | Neutral |
| Stochastic | 58.7 | Neutral |
BAM's weekly RSI is 57 (neutral) and its Stochastic is 59 (neutral).
IREN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 33.3 | Neutral |
| Stochastic | 8.2 | Oversold |
IREN's weekly RSI is 33 (neutral) and its Stochastic is 8 (oversold).
BAM PE vs Financial Services Sector
| Metric | BAM | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 13x | 35% above |
| PE % | 10 | 54 | 44 pts below |
BAM is trading at 18x earnings, a 35% premium to the Financial Services sector's median of 13x.
IREN PE vs Financial Services Sector
| Metric | IREN | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
IREN has no meaningful PE right now: it lost money over the past year.
BAM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $47.5 | 8.1% above |
| 20 week MA | $48.6 | 5.9% above |
| 50 week MA | $48.7 | 5.6% above |
| 100 week MA | $52.1 | 1.2% below |
| 200 week MA | $45.2 | 14% above |
BAM has the edge over IREN on trend strength, trading above more of its moving averages.
IREN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.8 | 35% below |
| 20 week MA | $36.2 | 46% below |
| 50 week MA | $42.8 | 54% below |
| 100 week MA | $32.0 | 39% below |
| 200 week MA | $19.1 | 2.1% above |
IREN has fallen below most of its moving averages, though it's still 2.1% above its 200-week average.
BAM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $33.0 | $28.0 | -15% |
| 2023 | $28.0 | $40.2 | +43% |
| 2024 | $40.2 | $54.6 | +36% |
| 2025 | $54.6 | $53.4 | -2.3% |
| 2026 YTD | $53.4 | $51.4 | -3.7% |
BAM has the edge over IREN on returns for 2026, with the stronger performance.
IREN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $24.8 | $17.2 | -31% |
| 2022 | $17.2 | $1.19 | -93% |
| 2023 | $1.19 | $7.15 | +501% |
| 2024 | $7.15 | $10.7 | +50% |
| 2025 | $10.7 | $40.3 | +276% |
| 2026 YTD | $40.3 | $19.5 | -52% |
IREN's yearly returns have swung widely, from +501% in 2023 to −93% in 2022. It's down 52% so far in 2026.