IREN
IREN Limited
There isn't enough reported data to score IREN yet.
NCPL
Netcapital Inc.
There isn't enough reported data to score NCPL yet.
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.
NCPL Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| N/A | |
| N/A |
NCPL's revenue and profitability are currently under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like NCPL.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
NCPL PE Valuation
NCPL has no meaningful PE right now: it lost money over the past year.
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.
NCPL Forward outlook
There aren't enough analyst estimates for NCPL to show an outlook.
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 |
NCPL has the stronger earnings trend. Trailing diluted EPS is down 347% for IREN versus NCPL down 160%.
NCPL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q1 2026 | -$13.41 | +$8.90 |
| Q4 2025 | -$14.66 | +$19.38 |
| Q3 2025 | -$16.56 | +$12.34 |
| Q2 2025 | -$20.39 | +$8.31 |
| Q1 2025 | -$22.31 | -1694% |
| Q4 2024 | -$34.04 | -190% |
| Q3 2024 | -$28.90 | -176% |
| Q2 2024 | -$28.70 | -165% |
NCPL is still losing money, but far less than before: $13.41 per share over the past year, against $34.04 at its worst in late 2024.
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 38% for NCPL.
| 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.
NCPL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $94.3K | -38% |
| Q4 2025 | $51.1K | -70% |
| Q3 2025 | $190.1K | +34% |
| Q2 2025 | $404K | +16% |
| Q1 2025 | $152.7K | -85% |
| Q4 2024 | $170.5K | -92% |
| Q3 2024 | $142.2K | -91% |
| Q2 2024 | $347.2K | -89% |
NCPL's revenue has slid since its 2023 peak: $94,347 last quarter, down 38% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q1 2026 | -2305% | -1199 points |
| Q4 2025 | -4150% | -2858 points |
| Q3 2025 | -1729% | +35 points |
| Q2 2025 | -476% | -32 points |
| Q1 2025 | -1105% | -990 points |
| Q4 2024 | -1292% | -1294 points |
| Q3 2024 | -1764% | -1714 points |
| Q2 2024 | -444% | -487 points |
NCPL's operating margin was −2305% last quarter, down 1199 points from the same quarter a year ago, near the bottom of its range since 2019.
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 |
NCPL has the stronger cash trend. Its trailing FCF is down 113% versus its history, compared with IREN at down 479%.
NCPL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q1 2026 | -$868.7K | +$294.8K |
| Q4 2025 | -$2.6M | -$1.1M |
| Q3 2025 | -$4.2M | -$2.3M |
| Q2 2025 | -$724.6K | +$589.3K |
| Q1 2025 | -$1.2M | +$456.6K |
| Q4 2024 | -$1.5M | -$1M |
| Q3 2024 | -$2M | -$499.6K |
| Q2 2024 | -$1.3M | -$111.4K |
NCPL's free cash flow was −$8M over the past year, against −$6M the year before. Free cash flow isn't a meaningful measure for financial services companies like NCPL.
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 NCPL 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 | — |
NCPL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +17% | +802K shares |
| 1 year | +492% | +4.7M shares |
| 3 years | +12288% | +5.6M shares |
| 5 years | +94496% | +5.6M shares |
NCPL has 6M diluted shares, up 492% from a year ago.
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.
NCPL Net Leverage
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).
NCPL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.6 | Neutral |
| Stochastic | 54.1 | Neutral |
NCPL's weekly RSI is 60 (neutral) and its Stochastic is 54 (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.
NCPL PE vs Financial Services Sector
| Metric | NCPL | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 13x | — |
NCPL has no meaningful PE right now: it lost money over the past year.
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.
NCPL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.50 | 17% above |
| 20 week MA | $0.88 | 99% above |
| 50 week MA | $0.73 | 140% above |
| 100 week MA | $1.58 | 11% above |
| 200 week MA | $17.7 | 90% below |
NCPL 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.
NCPL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $966.0 | $546.0 | -43% |
| 2021 | $546.0 | $1,050.0 | +92% |
| 2022 | $1,050.0 | $86.8 | -92% |
| 2023 | $86.8 | $14.9 | -83% |
| 2024 | $14.9 | $2.14 | -86% |
| 2025 | $2.14 | $0.77 | -64% |
| 2026 YTD | $0.77 | $1.75 | +127% |
NCPL has the edge over IREN on returns for 2026, with the stronger performance.