IREN
IREN Limited
There isn't enough reported data to score IREN yet.
MRVL
Marvell Technology, Inc.
MRVL's fundamentals are strong, but it looks expensive: trading at 54x earnings, about twice its usual 25x. Analysts expect strong 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.
MRVL Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Healthy |
MRVL's revenue, profitability, cash flow and balance sheet are all currently healthy.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
MRVL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $51.02 | -69% |
| Fair | 25x | $75.19 | -54% |
| Forward | 25x | $164 | — |
| Current | 54x | $164 | — |
| Expensive | 71x | $215 | +31% |
Historical ranges are pointers, not guarantees.
MRVL's PE is in its expensive range at 54x. If earnings grow as analysts expect, today's price would be 25x next year's earnings, in its fair 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.
MRVL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
MRVL has the edge over IREN on the outlook, with more favorable earnings expectations.
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.
MRVL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.51 | +116% |
| Q3 2026 | $3.02 | +$3.15 |
| Q2 2026 | $2.91 | +$3.48 |
| Q1 2026 | $3.07 | +$4.09 |
| Q4 2025 | $2.85 | +$4.55 |
| Q3 2025 | -$0.13 | +$0.98 |
| Q2 2025 | -$0.57 | +$0.56 |
| Q1 2025 | -$1.02 | +$0.06 |
| Q4 2024 | -$1.70 | -$1.05 |
MRVL 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.
MRVL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.7B | +37% |
| Q2 2026 | $2.4B | +28% |
| Q1 2026 | $2.2B | +22% |
| Q4 2025 | $2.1B | +37% |
| Q3 2025 | $2B | +58% |
| Q2 2025 | $1.9B | +63% |
| Q1 2025 | $1.8B | +27% |
| Q4 2024 | $1.5B | +6.9% |
MRVL's revenue has grown year over year for eight quarters in a row: $2.7B last quarter, up 37% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +2.3 points |
| Q2 2026 | 14% | -0.2 points |
| Q1 2026 | 18% | +5.3 points |
| Q4 2025 | 17% | +64 points |
| Q3 2025 | 14% | +22 points |
| Q2 2025 | 14% | +27 points |
| Q1 2025 | 13% | +15 points |
| Q4 2024 | -46% | -36 points |
MRVL 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.
MRVL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $478.8M | +16% |
| Q2 2026 | $483.1M | +126% |
| Q1 2026 | $259.4M | -42% |
| Q4 2025 | $508.8M | +10% |
| Q3 2025 | $414.1M | +60% |
| Q2 2025 | $214.1M | -8.1% |
| Q1 2025 | $444.1M | -6.6% |
| Q4 2024 | $461.3M | +2.8% |
MRVL 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 | — |
MRVL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.1% | +27.9M shares |
| 1 year | +5.8% | +50.8M shares |
| 3 years | +7% | +60.3M shares |
| 5 years | +12% | +100M shares |
| Available history | +38% | +253M shares |
MRVL has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $200M |
| Q2 2026 | $200M |
| Q1 2026 | $200.1M |
| Q4 2025 | $1.3B |
| Q3 2025 | $200M |
| Q2 2025 | $340M |
| Q1 2025 | $200M |
| Q4 2024 | $200M |
MRVL spent $1.9B buying back its own shares over the past year, up 102% 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.
MRVL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2021 | 1.5x | Healthy |
| Q4 2020 | 0.5x | Very low |
| Q3 2020 | 0.6x | Very low |
| Q2 2020 | 0.7x | Very low |
| Q1 2020 | 0.7x | Very low |
| Q4 2019 | 5.3x | High |
MRVL's net debt is about 1.5 years of its operating earnings (EBITDA), up from less than a year a year ago.
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).
MRVL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.9 | Neutral |
| Stochastic | 16.1 | Oversold |
MRVL's weekly RSI is 42 (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.
MRVL PE vs Technology Sector
| Metric | MRVL | Sector median | Relative |
|---|---|---|---|
| PE | 54x | 28x | 95% above |
| PE % | 75 | 35 | 40 pts above |
MRVL is trading at 54x earnings, a 95% premium to the Technology sector's median of 28x.
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.
MRVL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $221.0 | 26% below |
| 20 week MA | $220.9 | 26% below |
| 50 week MA | $168.8 | 2.5% below |
| 100 week MA | $124.8 | 32% above |
| 200 week MA | $93.8 | 75% above |
MRVL 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.
MRVL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $26.7 | $47.1 | +76% |
| 2021 | $47.1 | $87.7 | +86% |
| 2022 | $87.7 | $37.2 | -58% |
| 2023 | $37.2 | $60.3 | +62% |
| 2024 | $60.3 | $113.6 | +88% |
| 2025 | $113.6 | $86.3 | -24% |
| 2026 YTD | $86.3 | $164.5 | +90% |
MRVL has the edge over IREN on returns for 2026, with the stronger performance.