IREN
IREN Limited
There isn't enough reported data to score IREN yet.
MBWM
Mercantile Bank Corporation
MBWM's fundamentals are mixed, but it looks expensive: trading at 11x earnings, above its usual 9.2x. Analysts expect earnings growth.
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.
MBWM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
MBWM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like MBWM.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
MBWM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.3x | $41.04 | -33% |
| Fair | 9.2x | $51.59 | -16% |
| Expensive | 11x | $59.31 | -2.9% |
| Current | 11x | $61.11 | — |
| Forward | 11x | $61.11 | — |
Historical ranges are pointers, not guarantees.
MBWM's PE is in its expensive range at 10.9x. On analysts' estimates for next year's earnings, today's price would be 10.7x.
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.
MBWM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MBWM, but weaker profitability.
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.
MBWM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.72 | +1.7% |
| Q3 2026 | $5.62 | +6.8% |
| Q2 2026 | $5.69 | +13% |
| Q1 2026 | $5.58 | +16% |
| Q4 2025 | $5.47 | +11% |
| Q3 2025 | $5.26 | +5.6% |
| Q2 2025 | $5.02 | -0.8% |
| Q1 2025 | $4.80 | -7% |
| Q4 2024 | $4.93 | -3.9% |
MBWM 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'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.
MBWM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $73.2M | +17% |
| Q2 2026 | $68.8M | +13% |
| Q1 2026 | $67.6M | +18% |
| Q4 2025 | $62.1M | +6% |
| Q3 2025 | $62.4M | +7.6% |
| Q2 2025 | $60.9M | +7.4% |
| Q1 2025 | $57.3M | -1.7% |
| Q4 2024 | $58.5M | +2.8% |
MBWM's revenue has grown year over year for six quarters in a row: $73M last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -4.4 points |
| Q2 2026 | 45% | +2.8 points |
| Q1 2026 | 40% | -1.6 points |
| Q4 2025 | 42% | +2.3 points |
| Q3 2025 | 44% | +1.6 points |
| Q2 2025 | 43% | +1.2 points |
| Q1 2025 | 42% | -4.3 points |
| Q4 2024 | 40% | -4.6 points |
MBWM has the edge over IREN on profitability, with a higher operating margin.
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.
MBWM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $47.1M | +104% |
| Q2 2026 | $15.3M | +$23.1M |
| Q1 2026 | $28.3M | +$31.3M |
| Q4 2025 | $5.6M | -91% |
| Q3 2025 | $23.1M | +$31.2M |
| Q2 2025 | -$7.8M | -186% |
| Q1 2025 | -$3M | -107% |
| Q4 2024 | $59.9M | +$67.2M |
MBWM has the edge over IREN on cash generation, producing positive trailing cash flow while its opponent burns cash.
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 | — |
MBWM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +8K shares |
| 1 year | +6.4% | +1M shares |
| 3 years | +7.9% | +1.3M shares |
| 5 years | +9% | +1.4M shares |
| Available history | +5.3% | +877K shares |
MBWM has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | $1.6M |
| Q3 2021 | $8.9M |
| Q2 2021 | $7.3M |
| Q1 2021 | $3.5M |
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.
MBWM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.5x | Net Cash |
| Q2 2026 | -0.6x | Net Cash |
| Q1 2026 | -0.4x | Net Cash |
| Q4 2025 | -0.5x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.9x | Net Cash |
| Q1 2025 | -0.7x | Net Cash |
| Q4 2024 | -0.5x | Net Cash |
MBWM has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like MBWM.
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).
MBWM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.0 | Neutral |
| Stochastic | 55.7 | Neutral |
MBWM's weekly RSI is 60 (neutral) and its Stochastic is 56 (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.
MBWM PE vs Financial Services Sector
| Metric | MBWM | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 17% below |
| PE % | 87 | 63 | 24 pts above |
MBWM is trading at 11x earnings, a 17% discount to 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.
MBWM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $59.8 | 2.2% above |
| 20 week MA | $59.8 | 2.2% above |
| 50 week MA | $54.8 | 12% above |
| 100 week MA | $50.1 | 22% above |
| 200 week MA | $43.5 | 41% above |
MBWM 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.
MBWM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $36.7 | $27.2 | -26% |
| 2021 | $27.2 | $35.1 | +29% |
| 2022 | $35.1 | $33.8 | -3.7% |
| 2023 | $33.8 | $40.4 | +20% |
| 2024 | $40.4 | $44.8 | +11% |
| 2025 | $44.8 | $48.7 | +8.8% |
| 2026 YTD | $48.7 | $61.1 | +25% |
MBWM has the edge over IREN on returns for 2026, with the stronger performance.