BNS
The Bank of Nova Scotia
BNS's fundamentals are mixed: its operating margin rose 7 points to 18%, but revenue fell 5.6%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
IREN
IREN Limited
There isn't enough reported data to score IREN yet.
BNS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
BNS's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like BNS.
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.
BNS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.8x | $44.63 | -52% |
| Fair | 12x | $58.69 | -37% |
| Expensive | 16x | $79.47 | -14% |
| Current | 18x | $92.66 | — |
Historical ranges are pointers, not guarantees.
BNS's PE is 18x, but its earnings don't support one, so it isn't a reliable read right now.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
BNS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
BNS has the edge over IREN on the outlook, with more favorable earnings expectations.
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.
BNS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $5.08 | +52% |
| Q1 2026 | $4.71 | +38% |
| Q4 2025 | $3.96 | -4.1% |
| Q3 2025 | $3.66 | -8.5% |
| Q2 2025 | $3.35 | -21% |
| Q1 2025 | $3.42 | -20% |
| Q4 2024 | $4.13 | +1.2% |
| Q3 2024 | $4.00 | -10% |
BNS has the stronger earnings trend. Trailing diluted EPS is up 52% for BNS versus IREN down 347%.
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.
BNS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $12.1B | -4.2% |
| Q1 2026 | $12.4B | -7.5% |
| Q4 2025 | $12.8B | -3.6% |
| Q3 2025 | $12.6B | -6.8% |
| Q2 2025 | $12.6B | -3.3% |
| Q1 2025 | $13.4B | +127% |
| Q4 2024 | $13.3B | +138% |
| Q3 2024 | $13.6B | +140% |
BNS has the stronger quarterly revenue trend. Revenue is down 4.2% for BNS versus down 5.1% for IREN.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 20% | +5.6 points |
| Q1 2026 | 18% | +9 points |
| Q4 2025 | 16% | +4.1 points |
| Q3 2025 | 19% | +7.9 points |
| Q2 2025 | 14% | +14 points |
| Q1 2025 | 9% | -23 points |
| Q4 2024 | 12% | -7.2 points |
| Q3 2024 | 11% | -23 points |
BNS's operating margin was 20% last quarter, up 5.6 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.
BNS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $11.9B | +619% |
| Q1 2026 | $8.9B | +168% |
| Q4 2025 | -$4.5B | -190% |
| Q3 2025 | $3B | -38% |
| Q2 2025 | $1.7B | +$2.6B |
| Q1 2025 | $3.3B | +120% |
| Q4 2024 | $5B | +54% |
| Q3 2024 | $4.9B | -70% |
BNS has the stronger cash trend. Its trailing FCF is up 49% versus its history, compared with IREN at down 479%.
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.
BNS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -15M shares |
| 1 year | -1.3% | -16M shares |
| 3 years | +2.8% | +33M shares |
| 5 years | +0.6% | +7M shares |
| Available history | -1.7% | -21M shares |
BNS has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $451.3M |
| Q1 2026 | $341M |
| Q4 2025 | $460.5M |
| Q3 2025 | $168.7M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
BNS spent $1.4B buying back its own shares over the past year, after none 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 | — |
BNS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 34.6x | High |
| Q1 2026 | 33.3x | High |
| Q4 2025 | 36.2x | High |
| Q3 2025 | 35.9x | High |
| Q2 2025 | 39.4x | High |
| Q1 2025 | 39.5x | High |
| Q4 2024 | 20.4x | High |
| Q3 2024 | 21.9x | High |
BNS has the edge over IREN on leverage, with a lower net debt burden relative to earnings.
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.
BNS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.4 | Neutral |
| Stochastic | 63.5 | Neutral |
BNS's weekly RSI is 60 (neutral) and its Stochastic is 63 (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).
BNS PE vs Financial Services Sector
| Metric | BNS | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 13x | 40% above |
| PE % | 98 | 63 | 35 pts above |
BNS is trading at 18x earnings, a 40% premium to the Financial Services sector's median of 13x, though its earnings don't support one.
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.
BNS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $92.0 | 0.8% above |
| 20 week MA | $90.7 | 2.1% above |
| 50 week MA | $81.7 | 13% above |
| 100 week MA | $68.7 | 35% above |
| 200 week MA | $58.7 | 58% above |
BNS 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.
BNS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $56.1 | $53.5 | -4.7% |
| 2021 | $53.5 | $69.8 | +30% |
| 2022 | $69.8 | $48.8 | -30% |
| 2023 | $48.8 | $48.7 | -0.3% |
| 2024 | $48.7 | $53.8 | +10% |
| 2025 | $53.8 | $74.2 | +38% |
| 2026 YTD | $74.2 | $92.7 | +25% |
BNS 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.