IREN
IREN Limited
There isn't enough reported data to score IREN yet.
MSIF
MSC Income Fund, Inc.
MSIF's fundamentals are mixed: earnings per share grew 5.7%, but revenue fell 37%. At 7.4x earnings, it's trading below its usual 8.9x. 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.
MSIF Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| N/A | |
| N/A |
MSIF's profitability is currently strong, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like MSIF.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
MSIF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 7.4x | $12.44 | — |
| Cheap | 7.8x | $13.06 | +5% |
| Fair | 8.9x | $14.90 | +20% |
| Forward | 8.9x | $12.44 | — |
| Expensive | 10x | $16.73 | +34% |
Historical ranges are pointers, not guarantees.
MSIF's PE is in its cheap range at 7.4x. On analysts' estimates for next year's earnings, today's price would be 8.9x, 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.
MSIF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect MSIF's revenue to grow, but its profitability to weaken.
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.
MSIF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.39 | -17% |
| Q3 2026 | $1.68 | +5.7% |
| Q2 2026 | $1.63 | +15% |
| Q1 2026 | $1.33 | +6.4% |
| Q4 2025 | $1.36 | +30% |
| Q3 2025 | $1.59 | +121% |
| Q2 2025 | $1.42 | +97% |
| Q1 2025 | $1.25 | +74% |
| Q4 2024 | $1.05 | +46% |
MSIF 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 stronger quarterly revenue trend. Revenue is down 5.1% for IREN versus down 43% for MSIF.
| 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.
MSIF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2022 | $13.1M | -43% |
| Q3 2022 | $17.1M | -6.1% |
| Q2 2022 | $3.7M | -85% |
| Q1 2022 | $17.9M | +8.9% |
| Q4 2021 | $23.1M | +42% |
| Q3 2021 | $18.2M | -55% |
| Q2 2021 | $24.7M | +7.4% |
| Q4 2020 | $16.3M | +230% |
MSIF's revenue has slid since its 2020 peak: $13M last quarter, down 43% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2022 | 92% | -2.3 points |
| Q3 2022 | 94% | +1.3 points |
| Q2 2022 | 68% | -29 points |
| Q1 2022 | 93% | +14 points |
| Q4 2021 | 94% | +5.4 points |
| Q3 2021 | 92% | -5.7 points |
| Q2 2021 | 97% | +2.6 points |
| Q1 2021 | 80% | N/A |
MSIF's operating margin was 92% last quarter, down 2.3 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.
MSIF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $31.9M | +117% |
| Q2 2026 | $16.9M | -49% |
| Q1 2026 | -$18.4M | +$54.1M |
| Q4 2025 | -$45.5M | -$30.8M |
| Q3 2025 | $14.7M | -44% |
| Q2 2025 | $32.9M | +$61.2M |
| Q1 2025 | -$72.5M | -$60.9M |
| Q4 2024 | -$14.7M | -136% |
MSIF's free cash flow was −$15M over the past year, against −$40M the year before. Free cash flow isn't a meaningful measure for financial services companies like MSIF.
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 | — |
MSIF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -7.9K shares |
| 1 year | -4.2% | -2M shares |
| 3 years | -44% | -35M shares |
| 5 years | +13% | +5.4M shares |
| Available history | +15% | +5.8M shares |
MSIF has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $671,000 |
| Q2 2026 | — |
| Q1 2026 | $16M |
| Q4 2025 | $9M |
| Q3 2025 | $2.5M |
| Q2 2025 | $146,000 |
| Q1 2025 | — |
| Q4 2024 | $4M |
MSIF spent $26M buying back its own shares over the past year, about four 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.
MSIF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2022 | 8,292.9x | High |
| Q4 2021 | 8,673.8x | High |
| Q3 2021 | 7,131.8x | High |
| Q2 2021 | 6,517.7x | High |
MSIF's net debt is more than 20 years of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like MSIF.
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).
MSIF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.4 | Neutral |
| Stochastic | 61.7 | Neutral |
MSIF's weekly RSI is 53 (neutral) and its Stochastic is 62 (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.
MSIF PE vs Financial Services Sector
| Metric | MSIF | Sector median | Relative |
|---|---|---|---|
| PE | 7.4x | 13x | 43% below |
| PE % | 7 | 24 | 17 pts below |
MSIF is trading at 7.4x earnings, a 43% 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 |
MSIF has stronger trend alignment. IREN is above 1 of 5 weekly averages versus MSIF above 3 of 3.
MSIF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $12.0 | 3.9% above |
| 20 week MA | $12.0 | 3.5% above |
| 50 week MA | $12.4 | 0% above |
MSIF has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 0% above its 50-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.
MSIF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $16.3 | $13.6 | -16% |
| 2026 YTD | $13.6 | $12.4 | -8.8% |
MSIF has the edge over IREN on returns for 2026, with the stronger performance.