BCSF
Bain Capital Specialty Finance, Inc.
BCSF's fundamentals are mixed, but it looks expensive: trading at 12x earnings, above its usual 8.5x. Analysts expect earnings to fall sharply, though they disagree widely on how much.
IREN
IREN Limited
There isn't enough reported data to score IREN yet.
BCSF Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| N/A | |
| N/A |
BCSF's profitability is currently healthy, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like BCSF.
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.
BCSF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.3x | $7.02 | -37% |
| Forward | 8.1x | $11.06 | — |
| Fair | 8.5x | $8.15 | -26% |
| Expensive | 10x | $9.56 | -14% |
| Current | 12x | $11.06 | — |
Historical ranges are pointers, not guarantees.
BCSF's PE is in its expensive range at 12x. On analysts' estimates for next year's earnings, today's price would be 8.1x, in its cheap range.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
BCSF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong decline | |
| Decline | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect BCSF's earnings and revenue to decline, with profitability weakening. However, they disagree widely on these estimates.
IREN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
IREN has the edge over BCSF on the outlook, with more favorable revenue and profitability expectations.
BCSF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.37 | +43% |
| Q3 2026 | $0.96 | -33% |
| Q2 2026 | $0.99 | -40% |
| Q1 2026 | $1.14 | -34% |
| Q4 2025 | $1.53 | -17% |
| Q3 2025 | $1.44 | -28% |
| Q2 2025 | $1.66 | -17% |
| Q1 2025 | $1.74 | -13% |
| Q4 2024 | $1.85 | -2.6% |
BCSF 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.
BCSF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $30.4M | -40% |
| Q1 2022 | $46.3M | +5.3% |
| Q4 2021 | $40.7M | -22% |
| Q3 2021 | $40.4M | -41% |
| Q2 2021 | $50.3M | +23% |
| Q4 2020 | $52.5M | +27% |
IREN has the stronger quarterly revenue trend. Revenue is down 40% for BCSF versus down 5.1% for IREN.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 57% | -28 points |
| Q1 2022 | 73% | +0.5 points |
| Q4 2021 | 55% | -21 points |
| Q3 2021 | 58% | -18 points |
| Q2 2021 | 84% | +31 points |
| Q1 2021 | 72% | N/A |
| Q4 2020 | 76% | +24 points |
| Q3 2020 | 76% | N/A |
BCSF's operating margin was 57% last quarter, down 28 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.
BCSF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $137.9M | +1433% |
| Q2 2026 | $70.8M | +10858% |
| Q1 2026 | $26.6M | +$33.9M |
| Q4 2025 | $27.2M | +$47.1M |
| Q3 2025 | $9M | +$144.8M |
| Q2 2025 | $646K | -100% |
| Q1 2025 | -$7.3M | +$56.4M |
| Q4 2024 | -$20M | -107% |
BCSF 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.
BCSF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | +0.5% | +306K shares |
| 5 years | +0.5% | +306K shares |
| Available history | +26% | +13.2M shares |
BCSF has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
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 | — |
BCSF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 12.4x | High |
| Q1 2022 | 8.3x | High |
| Q4 2021 | 10.8x | High |
| Q3 2021 | 9.6x | High |
| Q2 2021 | 7.7x | High |
| Q1 2021 | 9.0x | High |
| Q4 2020 | 165.0x | High |
| Q4 2019 | 10.6x | High |
BCSF's net debt is about 12 years of its operating earnings (EBITDA), up from 7.7 years a year ago. Net leverage isn't a meaningful measure for financial services companies like BCSF.
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.
BCSF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.0 | Neutral |
| Stochastic | 31.3 | Neutral |
BCSF's weekly RSI is 41 (neutral) and its Stochastic is 31 (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).
BCSF PE vs Financial Services Sector
| Metric | BCSF | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 12% below |
| PE % | 93 | 63 | 30 pts above |
BCSF is trading at 12x earnings, a 12% 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.
BCSF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.8 | 2.8% above |
| 20 week MA | $11.7 | 5.1% below |
| 50 week MA | $12.6 | 12% below |
| 100 week MA | $14.2 | 22% below |
| 200 week MA | $14.7 | 25% below |
BCSF has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 25% 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.
BCSF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $20.2 | $12.4 | -38% |
| 2021 | $12.4 | $15.6 | +25% |
| 2022 | $15.6 | $12.5 | -19% |
| 2023 | $12.5 | $15.1 | +20% |
| 2024 | $15.1 | $17.7 | +17% |
| 2025 | $17.7 | $13.9 | -21% |
| 2026 YTD | $13.9 | $11.1 | -21% |
BCSF 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.