FDUS
Fidus Investment Corporation
FDUS's fundamentals are mixed: earnings per share grew 5.2%, but revenue fell 11%. At 8.7x 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.
FDUS Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
FDUS's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like FDUS.
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.
FDUS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 4.9x | $10.88 | -44% |
| Fair | 8.6x | $19.02 | -1.5% |
| Current | 8.7x | $19.32 | — |
| Forward | 9.4x | $19.32 | — |
| Expensive | 11x | $23.21 | +20% |
Historical ranges are pointers, not guarantees.
FDUS's PE is in its fair range at 8.7x. On analysts' estimates for next year's earnings, today's price would be 9.4x, in its expensive range.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
FDUS Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect FDUS's revenue to grow, but its profitability to weaken.
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.
FDUS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.07 | -6.5% |
| Q3 2026 | $2.21 | +5.2% |
| Q2 2026 | $2.16 | -4% |
| Q1 2026 | $2.20 | -2.2% |
| Q4 2025 | $2.08 | -9.2% |
| Q3 2025 | $2.10 | -9.5% |
| Q2 2025 | $2.25 | -2.6% |
| Q1 2025 | $2.25 | -8.2% |
| Q4 2024 | $2.29 | -7.3% |
FDUS 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.
FDUS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $17.2M | -50% |
| Q2 2022 | $14.1M | -56% |
| Q1 2022 | $17.4M | -13% |
| Q4 2021 | $60.3M | +67% |
| Q3 2021 | $34.5M | +29% |
| Q2 2021 | $31.6M | +124% |
| Q4 2020 | $36.1M | +38% |
IREN has the stronger quarterly revenue trend. Revenue is down 50% for FDUS versus down 5.1% for IREN.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 66% | -16 points |
| Q2 2022 | 58% | -24 points |
| Q1 2022 | 67% | +9.2 points |
| Q4 2021 | 88% | +5.3 points |
| Q3 2021 | 82% | +4.4 points |
| Q2 2021 | 82% | +24 points |
| Q1 2021 | 58% | N/A |
| Q4 2020 | 82% | +4.7 points |
FDUS's operating margin was 66% last quarter, down 16 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.
FDUS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $5.8M | +$37.7M |
| Q2 2026 | -$41.9M | -205% |
| Q1 2026 | -$32.6M | +$17.6M |
| Q4 2025 | -$104.8M | -611% |
| Q3 2025 | -$31.9M | -782% |
| Q2 2025 | $39.9M | +$42.6M |
| Q1 2025 | -$50.2M | +$27.6M |
| Q4 2024 | $20.5M | +512% |
FDUS has the edge over IREN on cash flow, with more consistent year-over-year improvement.
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.
FDUS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.5% | +949K shares |
| 1 year | +8.9% | +3.2M shares |
| 3 years | +46% | +12.3M shares |
| 5 years | +59% | +14.5M shares |
| Available history | +59% | +14.4M shares |
FDUS has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 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 | — |
FDUS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 4.1x | High |
| Q2 2022 | 3.1x | Elevated |
| Q1 2022 | 2.5x | Moderate |
| Q4 2021 | 1.7x | Healthy |
| Q3 2021 | 2.6x | Moderate |
| Q2 2021 | 3.3x | Elevated |
| Q1 2021 | 4.1x | High |
| Q4 2020 | 9.6x | High |
FDUS's net debt is about 4.1 years of its operating earnings (EBITDA), up from 2.6 years a year ago. Net leverage isn't a meaningful measure for financial services companies like FDUS.
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.
FDUS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.5 | Neutral |
| Stochastic | 49.6 | Neutral |
FDUS's weekly RSI is 51 (neutral) and its Stochastic is 50 (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).
FDUS PE vs Financial Services Sector
| Metric | FDUS | Sector median | Relative |
|---|---|---|---|
| PE | 8.7x | 13x | 33% below |
| PE % | 53 | 63 | 10 pts below |
FDUS is trading at 8.7x earnings, a 33% 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.
FDUS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $19.2 | 0.8% above |
| 20 week MA | $19.5 | 1% below |
| 50 week MA | $19.1 | 1.4% above |
| 100 week MA | $19.9 | 2.8% below |
| 200 week MA | $19.8 | 2.2% below |
FDUS 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.
FDUS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $15.0 | $12.6 | -16% |
| 2021 | $12.6 | $17.9 | +42% |
| 2022 | $17.9 | $19.0 | +6% |
| 2023 | $19.0 | $19.7 | +3.7% |
| 2024 | $19.7 | $20.9 | +5.9% |
| 2025 | $20.9 | $19.4 | -6.8% |
| 2026 YTD | $19.4 | $19.3 | -0.6% |
FDUS 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.