FRHC
Freedom Holding Corp.
FRHC's fundamentals are strong, but it looks expensive: trading at 62x earnings, above its usual 36x. Analysts expect strong earnings growth.
IREN
IREN Limited
There isn't enough reported data to score IREN yet.
FRHC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
FRHC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FRHC.
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.
FRHC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $35.61 | -77% |
| Forward | 25x | $158 | — |
| Fair | 36x | $90.74 | -43% |
| Current | 62x | $158 | — |
| Expensive | 82x | $209 | +32% |
Historical ranges are pointers, not guarantees.
FRHC's PE is in its expensive range at 62x. If earnings grow as analysts expect, today's price would be 25x next year's earnings, in its fair range.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
FRHC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
FRHC 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.
FRHC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.30 | +149% |
| Q2 2026 | $2.53 | +90% |
| Q1 2026 | $2.51 | +79% |
| Q4 2023 | $5.35 | +302% |
| Q3 2023 | $5.08 | +512% |
| Q2 2023 | $3.57 | -6.8% |
| Q1 2023 | $3.45 | -6% |
| Q4 2022 | $1.33 | -78% |
| Q3 2022 | $0.83 | -86% |
FRHC 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.
FRHC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $732.5M | +37% |
| Q1 2026 | $503.1M | +38% |
| Q4 2025 | $628.6M | -4.1% |
| Q3 2025 | $526.1M | -9.4% |
| Q2 2025 | $533.4M | +18% |
| Q1 2025 | $363.7M | -22% |
| Q4 2024 | $655.2M | +57% |
| Q3 2024 | $580.9M | +33% |
FRHC's revenue is growing: $733M last quarter, up 37% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 5.6% | -2 points |
| Q1 2026 | 6.2% | +49 points |
| Q4 2025 | 15% | -0.1 points |
| Q3 2025 | 12% | -11 points |
| Q2 2025 | 7.6% | -1.6 points |
| Q1 2025 | -43% | -65 points |
| Q4 2024 | 15% | -12 points |
| Q3 2024 | 22% | -8.8 points |
FRHC 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 has the edge over FRHC on sales, with stronger typical year-over-year growth.
| 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.
FRHC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$420.8M | -193% |
| Q1 2026 | -$1.6B | -221% |
| Q4 2025 | $651.7M | +$744.4M |
| Q3 2025 | $456.4M | +$903.8M |
| Q2 2025 | $450M | -46% |
| Q1 2025 | $1.3B | +330% |
| Q4 2024 | -$92.7M | -$54.2M |
| Q3 2024 | -$447.5M | -$1.1M |
FRHC's free cash flow was −$884M over the past year, against $1.2B the year before. Free cash flow isn't a meaningful measure for financial services companies like FRHC.
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.
FRHC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +152K shares |
| 1 year | +0.3% | +212K shares |
| 3 years | +4.8% | +2.8M shares |
FRHC has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q1 2022 | — |
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 | — |
FRHC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 1.1x | Healthy |
| Q4 2025 | 3.2x | Elevated |
| Q3 2025 | 1.6x | Healthy |
| Q2 2025 | 0.8x | Very low |
| Q1 2025 | -2.8x | Net Cash |
| Q4 2024 | -0.3x | Net Cash |
| Q3 2024 | -0.8x | Net Cash |
FRHC 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.
FRHC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.2 | Neutral |
| Stochastic | 67.7 | Neutral |
FRHC's weekly RSI is 48 (neutral) and its Stochastic is 68 (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).
FRHC PE vs Financial Services Sector
| Metric | FRHC | Sector median | Relative |
|---|---|---|---|
| PE | 62x | 13x | 380% above |
| PE % | 75 | 63 | 12 pts above |
FRHC is trading at 62x earnings, a 380% 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.
FRHC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $173.9 | 9.1% below |
| 20 week MA | $165.5 | 4.5% below |
| 50 week MA | $147.5 | 7.1% above |
| 100 week MA | $149.1 | 6% above |
| 200 week MA | $116.0 | 36% above |
FRHC 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.
FRHC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $14.9 | $52.1 | +250% |
| 2021 | $52.1 | $69.2 | +33% |
| 2022 | $69.2 | $57.9 | -16% |
| 2023 | $57.9 | $80.6 | +39% |
| 2024 | $80.6 | $129.7 | +61% |
| 2025 | $129.7 | $131.3 | +1.2% |
| 2026 YTD | $131.3 | $158.0 | +20% |
FRHC 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.