IREN
IREN Limited
There isn't enough reported data to score IREN yet.
MKL
Markel Corporation
MKL's fundamentals are weak and it looks expensive: trading at 14x earnings, above its usual 10x. 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.
MKL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
MKL's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like MKL.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
MKL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.7x | $1,086 | -45% |
| Fair | 10x | $1,458 | -26% |
| Current | 14x | $1,962 | — |
| Forward | 17x | $1,962 | — |
| Expensive | 30x | $4,191 | +114% |
Historical ranges are pointers, not guarantees.
MKL's PE is in its expensive range at 14x. On analysts' estimates for next year's earnings, today's price would be 17x.
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.
MKL Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect MKL's earnings to grow and its profitability to improve, with its revenue holding steady.
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.
MKL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $118.42 | -16% |
| Q3 2026 | $140.23 | -12% |
| Q2 2026 | $181.33 | +8.6% |
| Q1 2026 | $138.24 | +1.7% |
| Q4 2025 | $169.22 | -15% |
| Q3 2025 | $160.02 | -26% |
| Q2 2025 | $167.02 | +8.7% |
| Q1 2025 | $135.97 | -27% |
| Q4 2024 | $199.32 | +36% |
MKL 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 edge over MKL 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.
MKL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.2B | +5.7% |
| Q2 2026 | $4B | -13% |
| Q1 2026 | $3.6B | +4.5% |
| Q4 2025 | $4B | +4.3% |
| Q3 2025 | $3.9B | -15% |
| Q2 2025 | $4.6B | +24% |
| Q1 2025 | $3.4B | -24% |
| Q4 2024 | $3.8B | -17% |
MKL's revenue grew through 2024 and has held roughly level since: $4.2B last quarter, up 5.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 9.2% | -17 points |
| Q2 2026 | 39% | +15 points |
| Q1 2026 | -7.7% | -16 points |
| Q4 2025 | 20% | +4.3 points |
| Q3 2025 | 26% | -4.1 points |
| Q2 2025 | 24% | +13 points |
| Q1 2025 | 8.3% | -22 points |
| Q4 2024 | 16% | -8.9 points |
MKL 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.
MKL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $849.5M | -27% |
| Q2 2026 | $384.5M | -15% |
| Q1 2026 | -$31.4M | -109% |
| Q4 2025 | $599.1M | +43% |
| Q3 2025 | $1.2B | +39% |
| Q2 2025 | $453.8M | -13% |
| Q1 2025 | $335.5M | -40% |
| Q4 2024 | $420M | -42% |
MKL 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 | — |
MKL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -145K shares |
| 1 year | -1.2% | -155K shares |
| 3 years | -6.7% | -898K shares |
| 5 years | -9.7% | -1.3M shares |
| Available history | -10% | -1.4M shares |
MKL has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $314.7M |
| Q2 2026 | $236.7M |
| Q1 2026 | $133.9M |
| Q4 2025 | $85.5M |
| Q3 2025 | $74.4M |
| Q2 2025 | $99.4M |
| Q1 2025 | $170.3M |
| Q4 2024 | $183.6M |
MKL spent $771M buying back its own shares over the past year, up 46% from 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.
MKL 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).
MKL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 60.1 | Neutral |
| Stochastic | 71.7 | Neutral |
MKL's weekly RSI is 60 (neutral) and its Stochastic is 72 (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.
MKL PE vs Financial Services Sector
| Metric | MKL | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 7.5% above |
| PE % | 72 | 63 | 9 pts above |
MKL is trading at 14x 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.
MKL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,839.6 | 6.7% above |
| 20 week MA | $1,861.0 | 5.4% above |
| 50 week MA | $1,928.6 | 1.7% above |
| 100 week MA | $1,914.7 | 2.5% above |
| 200 week MA | $1,694.0 | 16% above |
MKL 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.
MKL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1,122.4 | $990.9 | -12% |
| 2021 | $990.9 | $1,208.7 | +22% |
| 2022 | $1,208.7 | $1,307.6 | +8.2% |
| 2023 | $1,307.6 | $1,419.9 | +8.6% |
| 2024 | $1,419.9 | $1,740.4 | +23% |
| 2025 | $1,740.4 | $2,181.5 | +25% |
| 2026 YTD | $2,181.5 | $1,962.1 | -10% |
MKL has the edge over IREN on returns for 2026, with the stronger performance.