IREN
IREN Limited
There isn't enough reported data to score IREN yet.
NCDL
Nuveen Churchill Direct Lending Corp.
NCDL's fundamentals are mixed, but it looks expensive: trading at 12x earnings, above its usual 7.5x. 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.
NCDL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
NCDL's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like NCDL.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
NCDL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.9x | $6.95 | -41% |
| Fair | 7.5x | $7.58 | -35% |
| Forward | 7.6x | $11.75 | — |
| Expensive | 9x | $9.13 | -22% |
| Current | 12x | $11.75 | — |
Historical ranges are pointers, not guarantees.
NCDL's PE is in its expensive range at 12x. On analysts' estimates for next year's earnings, today's price would be 7.6x, 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.
NCDL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Weakening | |
| Limited | |
| High |
Analysts expect NCDL's profitability to weaken, 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.
NCDL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.56 | +54% |
| Q3 2026 | $1.01 | -49% |
| Q2 2026 | $1.12 | -47% |
| Q1 2026 | $1.51 | -32% |
| Q4 2025 | $1.86 | -18% |
| Q3 2023 | $2.07 | +111% |
| Q2 2023 | $1.69 | +26% |
| Q1 2023 | $0.97 | -51% |
| Q4 2022 | $0.70 | -66% |
NCDL 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% |
NCDL has the stronger quarterly revenue trend. Revenue is down 5.1% for IREN versus up 54% for NCDL.
| 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.
NCDL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2022 | $20.1M | +54% |
| Q3 2022 | $14.2M | +38% |
| Q2 2022 | $16.5M | +120% |
| Q1 2022 | $14.2M | +125% |
| Q4 2021 | $13M | +162% |
| Q3 2021 | $10.3M | +232% |
| Q2 2021 | $7.5M | +175% |
| Q1 2021 | $6.3M | +116% |
NCDL's revenue has grown year over year every quarter since early 2021: $20M last quarter, up 54% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2022 | 36% | -57 points |
| Q3 2022 | 42% | -66 points |
| Q2 2022 | 9.2% | -94 points |
| Q1 2022 | 69% | -27 points |
| Q4 2021 | 93% | -3.2 points |
| Q3 2021 | 108% | -68 points |
| Q2 2021 | 104% | +161 points |
| Q1 2021 | 96% | +167 points |
NCDL's operating margin was 36% last quarter, down 57 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.
NCDL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $63.6M | +71% |
| Q2 2026 | $61M | -56% |
| Q1 2026 | -$13.7M | -$4.9M |
| Q4 2025 | $28.6M | +138% |
| Q3 2025 | $37.3M | +$79.5M |
| Q2 2025 | $137.1M | +$306.5M |
| Q1 2025 | -$8.8M | +$88.7M |
| Q4 2024 | $12M | +$146.7M |
NCDL 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 | — |
NCDL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -16.6K shares |
| 3 years | +122% | +27.2M shares |
| 5 years | +1148% | +45.4M shares |
NCDL has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $2.7M |
| Q2 2025 | $26M |
| Q1 2025 | $37.1M |
| Q4 2024 | $22.5M |
NCDL hasn't bought back shares in 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.
NCDL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2022 | 26.9x | High |
| Q3 2022 | 21.1x | High |
| Q2 2022 | 15.9x | High |
| Q1 2022 | 10.2x | High |
| Q4 2021 | 10.0x | High |
| Q3 2021 | 11.5x | High |
| Q2 2021 | 10.8x | High |
| Q1 2021 | 12.8x | High |
NCDL's net debt is more than 20 years of its operating earnings (EBITDA), up from 10 years a year ago. Net leverage isn't a meaningful measure for financial services companies like NCDL.
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).
NCDL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.8 | Neutral |
| Stochastic | 47.6 | Neutral |
NCDL's weekly RSI is 46 (neutral) and its Stochastic is 48 (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.
NCDL PE vs Financial Services Sector
| Metric | NCDL | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 11% below |
| PE % | 99 | 36 | 63 pts above |
NCDL is trading at 12x earnings, a 11% 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 |
NCDL has stronger trend alignment. IREN is above 1 of 5 weekly averages versus NCDL above 1 of 4.
NCDL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.2 | 5.1% above |
| 20 week MA | $11.9 | 1.5% below |
| 50 week MA | $12.9 | 8.6% below |
| 100 week MA | $14.4 | 19% below |
NCDL 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.
NCDL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $17.9 | $17.1 | -4.4% |
| 2025 | $17.1 | $13.8 | -19% |
| 2026 YTD | $13.8 | $11.8 | -15% |
NCDL has the edge over IREN on returns for 2026, with the stronger performance.