IREN
IREN Limited
There isn't enough reported data to score IREN yet.
KTWO
K2 Capital Acquisition Corporation
There isn't enough reported data to score KTWO yet.
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.
KTWO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| N/A | |
| N/A |
KTWO's revenue is currently healthy, but its profitability is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like KTWO.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
KTWO PE Valuation
KTWO has no meaningful PE right now: it lost money over the past year.
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.
KTWO Forward outlook
There aren't enough analyst estimates for KTWO to show an outlook.
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 |
KTWO has the stronger earnings trend. Trailing diluted EPS is down 347% for IREN versus KTWO down 210%.
KTWO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2018 | -$1.07 | -$0.10 |
| Q2 2018 | -$0.91 | +$0.05 |
| Q1 2018 | -$0.87 | +$0.15 |
| Q4 2017 | -$0.87 | +$0.14 |
| Q3 2017 | -$0.97 | -$0.05 |
| Q2 2017 | -$0.96 | +$0.02 |
| Q1 2017 | -$1.02 | -$0.15 |
| Q4 2016 | -$1.01 | -$0.02 |
KTWO is still losing money, but far less than before: $1.07 per share over the past year, against $2.14 at its worst in late 2014.
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% |
KTWO has the stronger quarterly revenue trend. Revenue is down 5.1% for IREN versus up 14% for KTWO.
| 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.
KTWO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2018 | $71.4M | +14% |
| Q2 2018 | $73.6M | +12% |
| Q1 2018 | $67.9M | +9.7% |
| Q4 2017 | $67.8M | +9.7% |
| Q3 2017 | $62.7M | +5.6% |
| Q2 2017 | $65.7M | +11% |
| Q1 2017 | $61.9M | +9.9% |
| Q4 2016 | $61.8M | +14% |
KTWO's revenue has grown year over year every quarter since early 2014: $71M last quarter, up 14% from the same quarter a year ago.
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.
KTWO Free Cash Flow
KTWO and IREN do not have enough comparable growth data to identify a winner.
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 | — |
KTWO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +186K shares |
| 1 year | +0.8% | +337K shares |
| 3 years | +5.5% | +2.3M shares |
| 5 years | +92% | +20.8M shares |
KTWO has the edge over IREN on shareholder dilution, with a more favorable share count trend.
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.
KTWO Net Leverage
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).
KTWO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.8 | Neutral |
| Stochastic | 91.2 | Overbought |
KTWO's weekly RSI is 66 (neutral) and its Stochastic is 91 (overbought).
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.
KTWO PE vs Financial Services Sector
KTWO has no meaningful PE right now: it lost money over the past year.
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 |
KTWO has stronger trend alignment. IREN is above 1 of 5 weekly averages versus KTWO above 2 of 2.
KTWO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.1 | 0.3% above |
| 20 week MA | $10.1 | 0.7% above |
KTWO is in an uptrend: it's above all two of its weekly moving averages, and 0.7% above its 20-week average.
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.
KTWO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2026 YTD | $9.86 | $10.1 | +2.6% |
KTWO has the edge over IREN on returns for 2026, with the stronger performance.