BBDC
Barings BDC, Inc.
BBDC's fundamentals are mixed: revenue grew 41%, but earnings per share fell 6.2%. At 8.1x earnings, it's trading right at its usual valuation. Analysts expect earnings to hold roughly steady.
IREN
IREN Limited
There isn't enough reported data to score IREN yet.
BBDC Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
BBDC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like BBDC.
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.
BBDC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.3x | $7.69 | -11% |
| Fair | 7.9x | $8.34 | -3.1% |
| Current | 8.1x | $8.60 | — |
| Forward | 8.4x | $8.60 | — |
| Expensive | 20x | $20.87 | +143% |
Historical ranges are pointers, not guarantees.
BBDC's PE is in its fair range at 8.1x. On analysts' estimates for next year's earnings, today's price would be 8.4x, in its expensive range.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
BBDC Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| High |
Analysts expect BBDC's profitability to weaken, with its earnings and revenue holding steady.
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.
BBDC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.02 | -3.8% |
| Q3 2026 | $1.06 | -6.2% |
| Q2 2026 | $1.12 | +1.8% |
| Q1 2026 | $1.12 | -8.2% |
| Q4 2025 | $1.12 | -10% |
| Q3 2025 | $1.13 | -12% |
| Q2 2025 | $1.10 | -15% |
| Q1 2025 | $1.22 | +0.8% |
| Q4 2024 | $1.25 | +5.9% |
BBDC 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.
BBDC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $56.3M | +127% |
| Q2 2022 | $55.6M | +41% |
| Q1 2022 | $43.8M | +43% |
| Q4 2021 | $23.4M | -28% |
| Q3 2021 | $24.8M | +52% |
| Q2 2021 | $39.5M | +145% |
| Q1 2021 | $30.6M | +64% |
| Q4 2020 | $32.5M | +76% |
BBDC has the stronger quarterly revenue trend. Revenue is up 127% for BBDC versus down 5.1% for IREN.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 77% | +19 points |
| Q2 2022 | 81% | +6.6 points |
| Q1 2022 | 70% | -0.6 points |
| Q4 2021 | 49% | -21 points |
| Q3 2021 | 58% | -14 points |
| Q2 2021 | 74% | +5.1 points |
| Q1 2021 | 71% | -0.5 points |
| Q4 2020 | 70% | -4.1 points |
BBDC's operating margin was 77% last quarter, up 19 points from the same quarter a year ago.
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.
BBDC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$24.8M | -251% |
| Q2 2026 | $15.8M | +$68.5M |
| Q1 2026 | $68M | +$75.7M |
| Q4 2025 | $204.5M | +$249.7M |
| Q3 2025 | $16.5M | -32% |
| Q2 2025 | -$52.7M | -138% |
| Q1 2025 | -$7.8M | -258% |
| Q4 2024 | -$45.2M | -132% |
BBDC 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.
BBDC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -0.4% | -452K shares |
| 3 years | -1.7% | -1.8M shares |
| 5 years | +60% | +39.4M shares |
| Available history | +113% | +55.6M shares |
BBDC has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $4M |
| Q3 2025 | — |
| Q2 2025 | $888,000 |
| Q1 2025 | $1.5M |
| Q4 2024 | $1.5M |
BBDC spent $4M buying back its own shares over the past year, up 5.3% from 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 | — |
BBDC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 9.5x | High |
| Q2 2022 | 13.2x | High |
| Q1 2022 | 15.4x | High |
| Q4 2021 | 16.8x | High |
| Q3 2021 | 11.3x | High |
| Q2 2021 | 11.8x | High |
| Q1 2021 | 14.1x | High |
| Q4 2020 | 14.5x | High |
BBDC's net debt is about 9.4 years of its operating earnings (EBITDA), down from 11 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BBDC.
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.
BBDC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.0 | Neutral |
| Stochastic | 33.2 | Neutral |
BBDC's weekly RSI is 48 (neutral) and its Stochastic is 33 (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).
BBDC PE vs Financial Services Sector
| Metric | BBDC | Sector median | Relative |
|---|---|---|---|
| PE | 8.1x | 13x | 38% below |
| PE % | 60 | 63 | 3 pts below |
BBDC is trading at 8.1x earnings, a 38% discount 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.
BBDC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.56 | 0.5% above |
| 20 week MA | $8.72 | 1.4% below |
| 50 week MA | $8.71 | 1.3% below |
| 100 week MA | $9.01 | 4.6% below |
| 200 week MA | $9.01 | 4.6% below |
BBDC has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 4.6% below its 200-week average.
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.
BBDC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.3 | $9.10 | -12% |
| 2021 | $9.10 | $11.0 | +21% |
| 2022 | $11.0 | $8.25 | -25% |
| 2023 | $8.25 | $8.58 | +4% |
| 2024 | $8.58 | $9.52 | +11% |
| 2025 | $9.52 | $8.97 | -5.8% |
| 2026 YTD | $8.97 | $8.60 | -4.1% |
BBDC 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.