IREN
IREN Limited
There isn't enough reported data to score IREN yet.
MACI
Melar Acquisition Corp. I
There isn't enough reported data to score MACI 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.
MACI Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Stable | |
| N/A | |
| N/A |
MACI's profitability is currently stable. There isn't enough data to rate its revenue. Free cash flow and net leverage aren't meaningful measures for financial services companies like MACI.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
MACI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 34x | $6.83 | -24% |
| Fair | 37x | $7.36 | -18% |
| Current | 45x | $9.00 | — |
| Expensive | 47x | $9.39 | +4.3% |
Historical ranges are pointers, not guarantees.
MACI's PE is 45x, but its earnings don't support one, so it isn't a reliable read right now.
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.
MACI Forward outlook
There aren't enough analyst estimates for MACI 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 |
IREN has swung to a loss: it lost $3.96 per share over the past year, after a profit the year before.
MACI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.20 | -46% |
| Q1 2026 | $0.23 | -23% |
| Q4 2025 | $0.27 | +17% |
MACI has the edge over IREN in the latest year-over-year earnings comparison.
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 MACI on sales, with more consistent year-over-year improvement.
| 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.
MACI Quarterly Revenue
MACI's revenue is shrinking: $0 last quarter.
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 has the edge over MACI on cash flow, with more consistent year-over-year improvement.
MACI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$232.1K | -$94.8K |
| Q1 2026 | -$92.9K | +$92.3K |
| Q4 2025 | -$236.7K | -$180.8K |
| Q3 2025 | -$215.1K | -$112.1K |
| Q2 2025 | -$137.3K | +$251.5K |
| Q1 2025 | -$185.1K | -$185.1K |
MACI's free cash flow was −$776,816 over the past year, against −$481,324 the year before. Free cash flow isn't a meaningful measure for financial services companies like MACI.
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 | — |
MACI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -12% | -2M shares |
| 1 year | -35% | -7.6M shares |
MACI has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $131.5M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
MACI spent $131M buying back its own shares over the past year, after none the year before.
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.
MACI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 0.9x | Very low |
| Q3 2025 | 0.7x | Very low |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | -0.2x | Net Cash |
MACI has the edge over IREN on leverage, with a lower net debt burden relative to earnings.
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).
MACI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.0 | Neutral |
| Stochastic | 16.5 | Oversold |
MACI's weekly RSI is 34 (neutral) and its Stochastic is 16 (oversold).
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.
MACI PE vs Financial Services Sector
| Metric | MACI | Sector median | Relative |
|---|---|---|---|
| PE | 45x | 13x | 246% above |
| PE % | 69 | 22 | 47 pts above |
MACI is trading at 45x earnings, a 246% premium to the Financial Services sector's median of 13x, though its earnings don't support one.
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 stronger trend alignment. IREN is above 1 of 5 weekly averages versus MACI above 0 of 4.
MACI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.95 | 9.5% below |
| 20 week MA | $10.5 | 15% below |
| 50 week MA | $10.7 | 16% below |
| 100 week MA | $10.5 | 14% below |
MACI is in a downtrend: it's below all four of its weekly moving averages, and 14% below its 100-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.
MACI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $9.95 | $10.1 | +1.1% |
| 2025 | $10.1 | $10.6 | +5.5% |
| 2026 YTD | $10.6 | $9.00 | -15% |
MACI has the edge over IREN on returns for 2026, with the stronger performance.