IREN
IREN Limited
There isn't enough reported data to score IREN yet.
NBHC
National Bank Holdings Corporation
NBHC's fundamentals are weak and it looks expensive: trading at 29x earnings, more than twice its usual 13x. Its downside scenario is about six times its upside.
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.
NBHC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| N/A | |
| N/A |
NBHC's revenue is currently healthy, and its profitability is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like NBHC.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
NBHC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.6x | $37.04 | — |
| Cheap | 11x | $13.75 | -63% |
| Fair | 13x | $16.12 | -56% |
| Expensive | 15x | $19.14 | -48% |
| Current | 29x | $37.04 | — |
Historical ranges are pointers, not guarantees.
NBHC's PE is in its expensive range at 29x. If earnings grow as analysts expect, today's price would be 9.6x next year's earnings, 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.
NBHC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
NBHC 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.
NBHC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.87 | +207% |
| Q3 2026 | $1.26 | -60% |
| Q2 2026 | $2.38 | -23% |
| Q1 2026 | $2.68 | -7.3% |
| Q4 2025 | $2.85 | -7.5% |
| Q3 2025 | $3.15 | -2.5% |
| Q2 2025 | $3.09 | -6.6% |
| Q1 2025 | $2.89 | -17% |
| Q4 2024 | $3.08 | -17% |
NBHC 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.
NBHC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $126.4M | +16% |
| Q2 2026 | $129.1M | +24% |
| Q1 2026 | $126.8M | +24% |
| Q4 2025 | $100.6M | -0.6% |
| Q3 2025 | $108.9M | +2.7% |
| Q2 2025 | $104.5M | +7% |
| Q1 2025 | $102.1M | +0.3% |
| Q4 2024 | $101.3M | -4.1% |
NBHC's revenue has picked up after two years of holding roughly level: $126M last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -9.5% | -49 points |
| Q2 2026 | 25% | -15 points |
| Q1 2026 | 20% | -8.8 points |
| Q4 2025 | 19% | -15 points |
| Q3 2025 | 40% | +2 points |
| Q2 2025 | 40% | +7.2 points |
| Q1 2025 | 29% | -9 points |
| Q4 2024 | 34% | -2.6 points |
NBHC 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.
NBHC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $66.1M | +26% |
| Q2 2026 | $135.1M | +318% |
| Q1 2026 | -$56.8M | -243% |
| Q4 2025 | $38.1M | -18% |
| Q3 2025 | $52.4M | +12% |
| Q2 2025 | $32.3M | +1.3% |
| Q1 2025 | $39.6M | +32% |
| Q4 2024 | $46.4M | +4% |
NBHC 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 the edge over NBHC on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
NBHC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -157K shares |
| 1 year | +18% | +6.7M shares |
| 3 years | +17% | +6.6M shares |
| 5 years | +44% | +13.7M shares |
| Available history | +42% | +13.2M shares |
NBHC has 45M diluted shares, up 18% from a year ago, despite $41M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $11.9M |
| Q2 2026 | $11.1M |
| Q1 2026 | $16.1M |
| Q4 2025 | $2.1M |
| Q3 2025 | $8.8M |
| Q4 2021 | $17M |
| Q4 2020 | — |
| Q3 2020 | — |
NBHC spent $41M buying back its own shares over the past year.
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.
NBHC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.6x | Net Cash |
| Q2 2026 | -1.1x | Net Cash |
| Q1 2026 | -1.7x | Net Cash |
| Q4 2025 | -2.2x | Net Cash |
| Q3 2025 | -2.9x | Net Cash |
| Q2 2025 | -1.4x | Net Cash |
| Q1 2025 | -1.2x | Net Cash |
| Q4 2024 | -0.4x | Net Cash |
NBHC has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like NBHC.
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).
NBHC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.0 | Neutral |
| Stochastic | 6.4 | Oversold |
NBHC's weekly RSI is 36 (neutral) and its Stochastic is 6 (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.
NBHC PE vs Financial Services Sector
| Metric | NBHC | Sector median | Relative |
|---|---|---|---|
| PE | 29x | 13x | 126% above |
| PE % | 100 | 63 | 37 pts above |
NBHC is trading at 29x earnings, a 126% 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 |
IREN has the edge over NBHC on trend strength, trading above more of its moving averages.
NBHC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $38.0 | 2.6% below |
| 20 week MA | $41.0 | 9.7% below |
| 50 week MA | $41.0 | 9.6% below |
| 100 week MA | $39.8 | 7% below |
| 200 week MA | $38.2 | 2.9% below |
NBHC is in a downtrend: it's below all five of its weekly moving averages, and 2.9% below its 200-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.
NBHC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $35.3 | $33.1 | -6.3% |
| 2021 | $33.1 | $43.5 | +32% |
| 2022 | $43.5 | $42.1 | -3.3% |
| 2023 | $42.1 | $37.2 | -12% |
| 2024 | $37.2 | $43.2 | +16% |
| 2025 | $43.2 | $38.8 | -10% |
| 2026 YTD | $38.8 | $37.0 | -4.6% |
NBHC has the edge over IREN on returns for 2026, with the stronger performance.