IREN
IREN Limited
There isn't enough reported data to score IREN yet.
MSBI
Midland States Bancorp, Inc.
MSBI's fundamentals are mixed, but it looks expensive: trading at 14x earnings, above its usual 8.8x. 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.
MSBI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
MSBI'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 MSBI.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
MSBI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.7x | $15.25 | -52% |
| Fair | 8.8x | $20.08 | -37% |
| Forward | 9.1x | $31.72 | — |
| Current | 14x | $31.72 | — |
| Expensive | 16x | $36.37 | +15% |
Historical ranges are pointers, not guarantees.
MSBI's PE is in its expensive range at 14x. If earnings grow as analysts expect, today's price would be 9.1x 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.
MSBI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
MSBI 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 |
MSBI has the stronger earnings trend. Trailing diluted EPS is down 347% for IREN versus MSBI up 14%.
MSBI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.47 | +51% |
| Q3 2024 | $2.01 | -46% |
| Q2 2024 | $1.98 | -51% |
| Q1 2024 | $2.64 | -37% |
| Q4 2023 | $2.97 | -30% |
| Q3 2023 | $3.73 | -5.6% |
| Q2 2023 | $4.06 | +7.7% |
| Q1 2023 | $4.17 | +13% |
| Q4 2022 | $4.23 | +18% |
MSBI's earnings per share have fallen from their peak: $2.29 over the past year, against $4.23 in late 2022.
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.
MSBI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $86M | +5.9% |
| Q2 2026 | $83.4M | +1.4% |
| Q1 2026 | $79.5M | +4.6% |
| Q4 2025 | $85.6M | -8.9% |
| Q3 2025 | $81.1M | +9.2% |
| Q2 2025 | $82.2M | +13% |
| Q1 2025 | $76.1M | -1.4% |
| Q4 2024 | $93.9M | +31% |
MSBI's revenue grew through 2024 and has held roughly level since: $86M last quarter, up 5.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | +20 points |
| Q2 2026 | 31% | +13 points |
| Q1 2026 | 30% | +212 points |
| Q4 2025 | -3.8% | +38 points |
| Q3 2025 | 14% | -16 points |
| Q2 2025 | 18% | +6.5 points |
| Q1 2025 | -181% | -205 points |
| Q4 2024 | -41% | -70 points |
MSBI 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.
MSBI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $37.9M | -52% |
| Q2 2026 | $29.2M | +9.5% |
| Q1 2026 | $16.3M | -28% |
| Q4 2025 | -$7.8M | -115% |
| Q3 2025 | $78.6M | +153% |
| Q2 2025 | $26.7M | +61% |
| Q1 2025 | $22.9M | -13% |
| Q4 2024 | $52.8M | -38% |
MSBI 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 | — |
MSBI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +65.5K shares |
| 1 year | -3.3% | -724K shares |
| 3 years | -3.8% | -837K shares |
| 5 years | -6.4% | -1.4M shares |
| Available history | -14% | -3.4M shares |
MSBI has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $11,000 |
| Q2 2026 | $2.7M |
| Q1 2026 | $7.9M |
| Q4 2025 | $9.7M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $29,000 |
MSBI spent $20M buying back its own shares over the past year, more than ten times what it spent 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.
MSBI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.2x | High |
| Q2 2026 | -0.1x | Net Cash |
| Q1 2026 | 5.6x | High |
| Q4 2024 | 16.1x | High |
| Q3 2024 | 5.1x | High |
| Q2 2024 | 6.7x | High |
| Q1 2024 | 3.7x | Elevated |
| Q4 2023 | 4.0x | High |
MSBI's net debt is about 5.2 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for financial services companies like MSBI.
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).
MSBI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.6 | Neutral |
| Stochastic | 23.0 | Neutral |
MSBI's weekly RSI is 56 (neutral) and its Stochastic is 23 (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.
MSBI PE vs Financial Services Sector
| Metric | MSBI | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 6.4% above |
| PE % | 79 | 63 | 16 pts above |
MSBI 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.
MSBI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $32.5 | 2.4% below |
| 20 week MA | $32.6 | 2.6% below |
| 50 week MA | $27.5 | 15% above |
| 100 week MA | $22.8 | 39% above |
| 200 week MA | $23.0 | 38% above |
MSBI 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.
MSBI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.0 | $17.5 | -40% |
| 2021 | $17.5 | $25.0 | +43% |
| 2022 | $25.0 | $26.5 | +6.2% |
| 2023 | $26.5 | $27.6 | +3.9% |
| 2024 | $27.6 | $24.4 | -11% |
| 2025 | $24.4 | $21.2 | -13% |
| 2026 YTD | $21.2 | $31.7 | +50% |
MSBI has the edge over IREN on returns for 2026, with the stronger performance.