IREN
IREN Limited
There isn't enough reported data to score IREN yet.
MSDL
Morgan Stanley Direct Lending Fund
MSDL's fundamentals are mixed, but it looks expensive: trading at 277x earnings, about 31 times its usual 9.0x. 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.
MSDL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
MSDL'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 MSDL.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
MSDL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 7.5x | $13.83 | — |
| Cheap | 7.6x | $0.38 | -97% |
| Fair | 9x | $0.45 | -97% |
| Expensive | 15x | $0.76 | -94% |
| Current | 277x | $13.83 | — |
Historical ranges are pointers, not guarantees.
MSDL's PE is in its expensive range at 277x. On analysts' estimates for next year's earnings, today's price would be 7.5x, in its cheap 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.
MSDL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect MSDL's profitability to improve, with its earnings and 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.
MSDL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.85 | +3610% |
| Q3 2026 | $0.05 | -97% |
| Q2 2026 | $0.69 | -64% |
| Q1 2026 | $1.01 | -54% |
| Q4 2025 | $1.40 | -42% |
| Q3 2025 | $1.65 | -35% |
| Q2 2025 | $1.93 | -35% |
| Q1 2025 | $2.18 | -29% |
| Q4 2024 | $2.43 | -22% |
MSDL 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% |
MSDL has the stronger quarterly revenue trend. Revenue is down 5.1% for IREN versus up 26% for MSDL.
| 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.
MSDL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2022 | $40.2M | +26% |
| Q3 2022 | $24.3M | -8.5% |
| Q2 2022 | $6.6M | -72% |
| Q1 2022 | $29.1M | +72% |
| Q4 2021 | $31.9M | +179% |
| Q3 2021 | $26.6M | +312% |
| Q2 2021 | $23.3M | +343% |
| Q1 2021 | $16.9M | +1731% |
MSDL's revenue has held roughly level: $40M last quarter, up 26% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2022 | 51% | -32 points |
| Q3 2022 | 39% | -45 points |
| Q2 2022 | -49% | -135 points |
| Q1 2022 | 76% | -11 points |
| Q4 2021 | 83% | -20 points |
| Q3 2021 | 84% | -34 points |
| Q2 2021 | 85% | -28 points |
| Q1 2021 | 87% | +440 points |
MSDL's operating margin was 51% last quarter, down 32 points from the same quarter a year ago.
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.
MSDL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $128.7M | +230% |
| Q2 2026 | $103.8M | +332% |
| Q1 2026 | $86.3M | +153% |
| Q4 2025 | $53.8M | +$149.9M |
| Q3 2025 | $39M | +$156M |
| Q2 2025 | $24M | +$130.7M |
| Q1 2025 | $34.1M | +$87.8M |
| Q4 2024 | -$96.2M | -519% |
MSDL 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 | — |
MSDL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -724K shares |
| 1 year | -3.2% | -2.8M shares |
| 3 years | +17% | +12.2M shares |
| 5 years | -4.8% | -4.2M shares |
| Available history | +2618% | +80.9M shares |
MSDL has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $12.8M |
| Q2 2026 | $12.5M |
| Q1 2026 | $14.7M |
| Q4 2025 | $9.1M |
| Q3 2025 | $2.8M |
| Q2 2025 | $20.4M |
| Q1 2025 | $9.6M |
| Q4 2024 | $10.1M |
MSDL spent $49M buying back its own shares over the past year, up 14% 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.
MSDL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2022 | 29.5x | High |
| Q3 2022 | 26.4x | High |
| Q2 2022 | 20.6x | High |
| Q1 2022 | 14.5x | High |
| Q4 2021 | 14.1x | High |
| Q3 2021 | 14.6x | High |
| Q2 2021 | 12.8x | High |
| Q1 2021 | 13.2x | High |
MSDL's net debt is more than 20 years of its operating earnings (EBITDA), up from 14 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MSDL.
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).
MSDL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.1 | Neutral |
| Stochastic | 35.8 | Neutral |
MSDL's weekly RSI is 41 (neutral) and its Stochastic is 36 (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.
MSDL PE vs Financial Services Sector
| Metric | MSDL | Sector median | Relative |
|---|---|---|---|
| PE | 277x | 13x | 2,024% above |
| PE % | 100 | 36 | 64 pts above |
MSDL is trading at 277x earnings, a 2024% premium 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 |
MSDL has stronger trend alignment. IREN is above 1 of 5 weekly averages versus MSDL above 1 of 4.
MSDL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $13.6 | 1.7% above |
| 20 week MA | $14.6 | 4.9% below |
| 50 week MA | $15.2 | 8.8% below |
| 100 week MA | $17.1 | 19% below |
MSDL has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 19% below its 100-week average.
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.
MSDL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $20.5 | $21.4 | +4.4% |
| 2025 | $21.4 | $17.0 | -21% |
| 2026 YTD | $17.0 | $13.8 | -19% |
MSDL has the edge over IREN on returns for 2026, with the stronger performance.