GSBD
Goldman Sachs BDC, Inc.
GSBD's fundamentals are mixed, but it looks expensive: trading at 33x earnings, more than twice its usual 14x. Analysts expect earnings to decline.
IREN
IREN Limited
There isn't enough reported data to score IREN yet.
GSBD Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
GSBD'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 GSBD.
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.
GSBD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 7.1x | $8.30 | — |
| Cheap | 7.8x | $1.96 | -76% |
| Fair | 13x | $3.37 | -59% |
| Expensive | 26x | $6.43 | -23% |
| Current | 33x | $8.30 | — |
Historical ranges are pointers, not guarantees.
GSBD's PE is in its expensive range at 33x. On analysts' estimates for next year's earnings, today's price would be 7.1x, in its cheap range.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
GSBD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Decline | |
| Weakening | |
| Limited | |
| High |
Analysts expect GSBD's earnings and revenue to decline, with profitability weakening.
IREN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
IREN has the edge over GSBD on the outlook, with more favorable revenue and profitability expectations.
GSBD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.16 | +366% |
| Q3 2026 | $0.25 | -78% |
| Q2 2026 | $0.51 | -59% |
| Q1 2026 | $0.64 | +49% |
| Q4 2025 | $1.03 | +87% |
| Q3 2025 | $1.14 | +61% |
| Q2 2025 | $1.24 | +44% |
| Q1 2025 | $0.43 | -78% |
| Q4 2024 | $0.55 | -70% |
GSBD 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.
GSBD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $33.6M | -45% |
| Q1 2022 | $51.5M | -21% |
| Q4 2021 | $49M | -68% |
| Q3 2021 | $53.2M | +29% |
| Q2 2021 | $61.6M | +41% |
| Q4 2020 | $155.3M | +713% |
IREN has the stronger quarterly revenue trend. Revenue is down 45% for GSBD versus down 5.1% for IREN.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 58% | -32 points |
| Q1 2022 | 80% | -13 points |
| Q4 2021 | 80% | -31 points |
| Q3 2021 | 72% | -7.1 points |
| Q2 2021 | 90% | +9.3 points |
| Q1 2021 | 93% | N/A |
| Q4 2020 | 111% | +62 points |
| Q3 2020 | 79% | N/A |
GSBD's operating margin was 58% last quarter, down 32 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
GSBD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $267.2M | +466% |
| Q2 2026 | $53.6M | -69% |
| Q1 2026 | $10.4M | -92% |
| Q4 2025 | -$29.9M | -328% |
| Q3 2025 | $47.2M | -55% |
| Q2 2025 | $174.5M | +$296.2M |
| Q1 2025 | $133.9M | +1802% |
| Q4 2024 | $13.1M | -84% |
GSBD 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.
GSBD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -500K shares |
| 1 year | -2% | -2.3M shares |
| 3 years | +2.3% | +2.5M shares |
| 5 years | +10% | +10.3M shares |
| Available history | +178% | +71.8M shares |
GSBD has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | $15M |
| Q3 2025 | $26.5M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
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 | — |
GSBD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 14.3x | High |
| Q1 2022 | 10.5x | High |
| Q4 2021 | 9.4x | High |
| Q3 2021 | 4.4x | High |
| Q2 2021 | 4.5x | High |
| Q1 2021 | 5.1x | High |
| Q4 2020 | 9.0x | High |
| Q3 2020 | 64.1x | High |
GSBD's net debt is about 14 years of its operating earnings (EBITDA), up from 4.5 years a year ago. Net leverage isn't a meaningful measure for financial services companies like GSBD.
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.
GSBD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.7 | Neutral |
| Stochastic | 12.0 | Oversold |
GSBD's weekly RSI is 37 (neutral) and its Stochastic is 12 (oversold).
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).
GSBD PE vs Financial Services Sector
| Metric | GSBD | Sector median | Relative |
|---|---|---|---|
| PE | 33x | 13x | 155% above |
| PE % | 92 | 63 | 29 pts above |
GSBD is trading at 33x earnings, a 155% 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.
GSBD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.82 | 5.9% below |
| 20 week MA | $9.20 | 9.8% below |
| 50 week MA | $9.26 | 10% below |
| 100 week MA | $10.3 | 19% below |
| 200 week MA | $12.4 | 33% below |
GSBD is in a downtrend: it's below all five of its weekly moving averages, and 33% 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 the edge over GSBD on trend strength, trading above more of its moving averages.
GSBD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.9 | $19.3 | -12% |
| 2021 | $19.3 | $19.4 | +0.6% |
| 2022 | $19.4 | $14.6 | -25% |
| 2023 | $14.6 | $14.7 | +0.5% |
| 2024 | $14.7 | $12.8 | -13% |
| 2025 | $12.8 | $9.63 | -25% |
| 2026 YTD | $9.63 | $8.30 | -14% |
GSBD 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.