GAIN
Gladstone Investment Corporation
GAIN's fundamentals are mixed, but it looks cheap: trading at 3.8x earnings, below its usual 5.6x. Analysts expect earnings to hold roughly steady.
IREN
IREN Limited
There isn't enough reported data to score IREN yet.
GAIN Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
GAIN's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like GAIN.
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.
GAIN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 3.8x | $14.87 | — |
| Cheap | 3.9x | $15.39 | +3.5% |
| Fair | 5.6x | $22.05 | +48% |
| Expensive | 11x | $42.09 | +183% |
| Forward | 16x | $14.87 | — |
Historical ranges are pointers, not guarantees.
GAIN's PE is in its cheap range at 3.8x. On analysts' estimates for next year's earnings, today's price would be 16x, in its expensive range.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
GAIN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect GAIN'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.
GAIN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.94 | -76% |
| Q4 2022 | $1.46 | -54% |
| Q3 2022 | $1.51 | -55% |
| Q2 2022 | $2.02 | -25% |
| Q1 2022 | $3.08 | +141% |
| Q4 2021 | $3.20 | +$3.68 |
| Q3 2021 | $3.35 | +$3.88 |
| Q2 2021 | $2.70 | +$3.09 |
| Q1 2021 | $1.28 | +$1.49 |
GAIN has the stronger earnings trend. Trailing diluted EPS is up 161% for GAIN 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.
GAIN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $15.6M | -69% |
| Q1 2022 | $19.7M | -17% |
| Q4 2021 | $10.7M | -40% |
| Q3 2021 | $31.8M | +257% |
| Q2 2021 | $50M | +1711% |
| Q4 2020 | $17.7M | +14% |
IREN has the stronger quarterly revenue trend. Revenue is down 69% for GAIN versus down 5.1% for IREN.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 77% | -17 points |
| Q1 2022 | 85% | -1.6 points |
| Q4 2021 | 97% | +11 points |
| Q3 2021 | 89% | +14 points |
| Q2 2021 | 94% | +93 points |
| Q1 2021 | 86% | N/A |
| Q4 2020 | 86% | +0.3 points |
| Q3 2020 | 74% | N/A |
GAIN's operating margin was 77% last quarter, down 17 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.
GAIN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$134.7M | -$74M |
| Q2 2026 | $8.1M | +$58.2M |
| Q1 2026 | $16.8M | -85% |
| Q4 2025 | -$7.6M | +$164.3M |
| Q3 2025 | -$60.7M | -196% |
| Q2 2025 | -$50.2M | -507% |
| Q1 2025 | $112.7M | +1850% |
| Q4 2024 | -$171.9M | -924% |
GAIN's free cash flow was −$117M over the past year, against −$170M the year before. Free cash flow isn't a meaningful measure for financial services companies like GAIN.
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.
GAIN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +3.6% | +1.4M shares |
| 3 years | +18% | +6M shares |
| 5 years | +20% | +6.6M shares |
| Available history | +21% | +7M shares |
GAIN has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2022 | — |
| Q1 2022 | $94.4M |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | $57.5M |
| 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 | — |
GAIN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 3.1x | Elevated |
| Q1 2022 | 2.3x | Moderate |
| Q4 2021 | 2.1x | Moderate |
| Q3 2021 | 2.4x | Moderate |
| Q2 2021 | 1.6x | Healthy |
| Q1 2021 | 3.5x | Elevated |
| Q4 2019 | -0.1x | Net Cash |
GAIN's net debt is about 3.1 years of its operating earnings (EBITDA), up from 1.6 years a year ago. Net leverage isn't a meaningful measure for financial services companies like GAIN.
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.
GAIN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.9 | Neutral |
| Stochastic | 20.4 | Neutral |
GAIN's weekly RSI is 42 (neutral) and its Stochastic is 20 (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).
GAIN PE vs Financial Services Sector
| Metric | GAIN | Sector median | Relative |
|---|---|---|---|
| PE | 3.8x | 13x | 71% below |
| PE % | 14 | 63 | 49 pts below |
GAIN is trading at 3.8x earnings, a 71% 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.
GAIN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $15.2 | 2% below |
| 20 week MA | $15.8 | 5.8% below |
| 50 week MA | $15.1 | 1.6% below |
| 100 week MA | $14.5 | 2.8% above |
| 200 week MA | $14.1 | 5.8% above |
GAIN 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.
GAIN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.5 | $10.1 | -25% |
| 2021 | $10.1 | $16.6 | +64% |
| 2022 | $16.6 | $12.8 | -23% |
| 2023 | $12.8 | $14.2 | +10% |
| 2024 | $14.2 | $13.2 | -7% |
| 2025 | $13.2 | $13.9 | +5.4% |
| 2026 YTD | $13.9 | $14.9 | +7.2% |
GAIN 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.