IREN
IREN Limited
There isn't enough reported data to score IREN yet.
NTRS
Northern Trust Corporation
NTRS's fundamentals are strong: its operating margin rose 5 points to 34% and revenue grew 18%. At 14x earnings, it's trading in line with its usual 15x. Analysts expect strong earnings growth.
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.
NTRS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
NTRS's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like NTRS.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
NTRS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $155 | -13% |
| Current | 14x | $178 | — |
| Forward | 14x | $178 | — |
| Fair | 15x | $188 | +6% |
| Expensive | 18x | $235 | +32% |
Historical ranges are pointers, not guarantees.
NTRS's PE is in its fair range at 13.9x. On analysts' estimates for next year's earnings, today's price would be 14.1x.
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.
NTRS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect NTRS's earnings to grow and its profitability to improve, with its 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.
NTRS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $12.59 | -1.3% |
| Q3 2026 | $12.76 | +49% |
| Q2 2026 | $11.65 | +37% |
| Q1 2026 | $9.55 | -11% |
| Q4 2025 | $8.74 | -11% |
| Q3 2025 | $8.57 | +6.6% |
| Q2 2025 | $8.50 | +16% |
| Q1 2025 | $10.71 | +136% |
| Q4 2024 | $9.77 | +92% |
NTRS 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.
NTRS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.3B | +13% |
| Q2 2026 | $2.7B | +35% |
| Q1 2026 | $2.2B | +14% |
| Q4 2025 | $2.1B | +8.3% |
| Q3 2025 | $2B | +2.9% |
| Q2 2025 | $2B | -26% |
| Q1 2025 | $1.9B | +18% |
| Q4 2024 | $2B | +27% |
NTRS's revenue is recovering but still below its 2024 peak: $2.3B last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | +4.1 points |
| Q2 2026 | 39% | +11 points |
| Q1 2026 | 32% | +4.9 points |
| Q4 2025 | 30% | -0.5 points |
| Q3 2025 | 31% | +0.1 points |
| Q2 2025 | 28% | -15 points |
| Q1 2025 | 27% | +9.2 points |
| Q4 2024 | 30% | +21 points |
NTRS 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.
NTRS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.8B | +254% |
| Q2 2026 | -$90.3M | -105% |
| Q1 2026 | -$329.4M | -112% |
| Q4 2025 | $355.6M | +$3B |
| Q3 2025 | $509.4M | -13% |
| Q2 2025 | $1.9B | -37% |
| Q1 2025 | $2.7B | +$4.2B |
| Q4 2024 | -$2.7B | -198% |
NTRS 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 | — |
NTRS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -1.7M shares |
| 1 year | -4.1% | -7.8M shares |
| 3 years | -12% | -24.1M shares |
| 5 years | -12% | -25.7M shares |
| Available history | -15% | -32.4M shares |
NTRS has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $352.3M |
| Q2 2026 | $350.6M |
| Q1 2026 | $358.9M |
| Q4 2025 | $369.9M |
| Q3 2025 | $277M |
| Q2 2025 | $339.4M |
| Q1 2025 | $287.2M |
| Q4 2024 | $253.6M |
NTRS spent $1.4B buying back its own shares over the past year, up 24% 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.
NTRS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.6x | Healthy |
| Q1 2026 | 1.6x | Healthy |
| Q4 2025 | 2.2x | Moderate |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.0x | Very low |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 2.0x | Healthy |
NTRS's net debt is about 1.4 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for financial services companies like NTRS.
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).
NTRS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.4 | Neutral |
| Stochastic | 37.9 | Neutral |
NTRS's weekly RSI is 56 (neutral) and its Stochastic is 38 (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.
NTRS PE vs Financial Services Sector
| Metric | NTRS | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 7% above |
| PE % | 42 | 63 | 21 pts below |
NTRS is trading at 14x earnings, in line with 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 fallen below most of its moving averages, though it's still 2.1% above its 200-week average.
NTRS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $171.1 | 3.9% above |
| 20 week MA | $178.9 | 0.7% below |
| 50 week MA | $162.4 | 9.4% above |
| 100 week MA | $138.6 | 28% above |
| 200 week MA | $111.2 | 60% above |
NTRS 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.
NTRS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $107.0 | $91.6 | -14% |
| 2021 | $91.6 | $118.2 | +29% |
| 2022 | $118.2 | $88.0 | -26% |
| 2023 | $88.0 | $84.4 | -4.1% |
| 2024 | $84.4 | $103.8 | +23% |
| 2025 | $103.8 | $140.1 | +35% |
| 2026 YTD | $140.1 | $177.7 | +27% |
NTRS has the edge over IREN on returns for 2026, with the stronger performance.