IREN
IREN Limited
There isn't enough reported data to score IREN yet.
MAIN
Main Street Capital Corporation
MAIN's fundamentals are mixed: earnings per share grew 20%, but its operating margin fell 6 points to 72%. At 12x earnings, it's trading right at its usual valuation. Analysts expect earnings to hold roughly steady.
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.
MAIN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
MAIN's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like MAIN.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
MAIN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.3x | $44.46 | -21% |
| Fair | 12x | $56.85 | +1.1% |
| Current | 12x | $56.23 | — |
| Expensive | 15x | $70.68 | +26% |
| Forward | 15x | $56.23 | — |
Historical ranges are pointers, not guarantees.
MAIN's PE is in its fair range at 12x. On analysts' estimates for next year's earnings, today's price would be 15x, in its expensive range.
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.
MAIN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect MAIN's revenue to grow, but its profitability to weaken.
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.
MAIN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.76 | -21% |
| Q3 2026 | $4.78 | +20% |
| Q2 2026 | $4.50 | +12% |
| Q1 2026 | $3.91 | -3.5% |
| Q4 2025 | $3.99 | -2.4% |
| Q3 2025 | $4.00 | -3.1% |
| Q2 2025 | $4.03 | -2.2% |
| Q1 2025 | $4.05 | -2.9% |
| Q4 2024 | $4.09 | -1.2% |
MAIN has the edge over IREN on earnings quality, reporting a profit while its opponent remains loss making.
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 stronger quarterly revenue trend. Revenue is down 5.1% for IREN versus down 57% for MAIN.
| 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.
MAIN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $55.5M | -57% |
| Q1 2022 | $97.5M | +20% |
| Q4 2021 | $135.5M | +32% |
| Q3 2021 | $123.7M | +22% |
| Q2 2021 | $129.7M | +129% |
| Q4 2020 | $102.8M | +183% |
MAIN's revenue has held roughly level: $56M last quarter, down 57% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | 45% | -36 points |
| Q1 2022 | 72% | +0.6 points |
| Q4 2021 | 77% | -0.6 points |
| Q3 2021 | 78% | -1 points |
| Q2 2021 | 81% | +17 points |
| Q1 2021 | 72% | N/A |
| Q4 2020 | 78% | +37 points |
| Q3 2020 | 79% | N/A |
MAIN's operating margin was 45% last quarter, down 36 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
MAIN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $71.5M | -21% |
| Q2 2026 | $116.6M | +14% |
| Q1 2026 | -$138.5M | -$118.1M |
| Q4 2025 | -$218.5M | -251% |
| Q3 2025 | $90.6M | +25% |
| Q2 2025 | $102.5M | +$289M |
| Q1 2025 | -$20.4M | +$97.7M |
| Q4 2024 | $145M | -5.6% |
MAIN has the edge over IREN on cash flow, with more consistent year-over-year improvement.
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 | — |
MAIN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +503K shares |
| 1 year | +4.6% | +4.1M shares |
| 3 years | +13% | +10.8M shares |
| 5 years | +36% | +24.7M shares |
| Available history | +47% | +30M shares |
MAIN has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | $256,000 |
| Q3 2021 | $575,000 |
| Q2 2021 | $4.5M |
| Q1 2021 | $7,000 |
| Q4 2020 | $124,000 |
| Q3 2020 | — |
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.
MAIN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 6.1x | High |
| Q1 2022 | 4.8x | High |
| Q4 2021 | 4.8x | High |
| Q3 2021 | 4.1x | High |
| Q2 2021 | 4.2x | High |
| Q1 2021 | 4.9x | High |
| Q4 2020 | 71.9x | High |
| Q4 2019 | 8.0x | High |
MAIN's net debt is about 6.1 years of its operating earnings (EBITDA), up from 4.2 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MAIN.
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).
MAIN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.8 | Neutral |
| Stochastic | 52.2 | Neutral |
MAIN's weekly RSI is 53 (neutral) and its Stochastic is 52 (neutral).
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.
MAIN PE vs Financial Services Sector
| Metric | MAIN | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 9.7% below |
| PE % | 46 | 63 | 17 pts below |
MAIN is trading at 12x earnings, in line with the Financial Services sector's median of 13x.
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.
MAIN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $55.0 | 2.3% above |
| 20 week MA | $55.6 | 1.1% above |
| 50 week MA | $56.1 | 0.2% above |
| 100 week MA | $57.8 | 2.7% below |
| 200 week MA | $51.3 | 9.7% above |
MAIN has the edge over IREN on trend strength, trading above more of its moving averages.
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.
MAIN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $43.4 | $31.1 | -28% |
| 2021 | $31.1 | $44.0 | +41% |
| 2022 | $44.0 | $36.8 | -16% |
| 2023 | $36.8 | $43.2 | +18% |
| 2024 | $43.2 | $57.9 | +34% |
| 2025 | $57.9 | $60.8 | +5% |
| 2026 YTD | $60.8 | $56.2 | -7.5% |
MAIN has the edge over IREN on returns for 2026, with the stronger performance.