IREN
IREN Limited
There isn't enough reported data to score IREN yet.
OBDC
Blue Owl Capital Corporation
OBDC's fundamentals are mixed, but it looks expensive: trading at 16x earnings, above its usual 9.4x. 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.
OBDC Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
OBDC's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like OBDC.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
OBDC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.8x | $5.31 | -51% |
| Forward | 8.1x | $10.90 | — |
| Fair | 9.4x | $6.39 | -41% |
| Expensive | 16x | $11.04 | +1.3% |
| Current | 16x | $10.90 | — |
Historical ranges are pointers, not guarantees.
OBDC's PE is in its expensive range at 16x. On analysts' estimates for next year's earnings, today's price would be 8.1x, 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.
OBDC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Improving | |
| Limited | |
| High |
Analysts expect OBDC's profitability to improve, 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.
OBDC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.34 | +97% |
| Q3 2026 | $0.68 | -52% |
| Q2 2026 | $0.56 | -63% |
| Q1 2026 | $0.70 | -55% |
| Q4 2025 | $1.24 | -19% |
| Q3 2025 | $1.41 | -12% |
| Q2 2025 | $1.51 | -16% |
| Q1 2025 | $1.55 | -22% |
| Q4 2024 | $1.53 | -25% |
OBDC 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 81% for OBDC.
| 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.
OBDC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $39.8M | -81% |
| Q1 2022 | $112.4M | -48% |
| Q4 2021 | $241.8M | +6% |
| Q3 2021 | $212.7M | -2% |
| Q2 2021 | $212.4M | -31% |
| Q4 2020 | $228M | +64% |
OBDC's revenue has slid since its 2020 peak: $40M last quarter, down 81% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | -84% | -155 points |
| Q1 2022 | 40% | -35 points |
| Q4 2021 | 72% | -9.2 points |
| Q3 2021 | 70% | -29 points |
| Q2 2021 | 72% | -27 points |
| Q1 2021 | 75% | N/A |
| Q4 2020 | 82% | -19 points |
| Q3 2020 | 99% | N/A |
OBDC's operating margin was −84% last quarter, down 155 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 |
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.
OBDC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $62.6M | +$193.5M |
| Q2 2026 | $547.3M | -46% |
| Q1 2026 | $967.4M | +2384% |
| Q4 2025 | $822.9M | +85% |
| Q3 2025 | -$131M | -$127.4M |
| Q2 2025 | $1B | +$1.7B |
| Q1 2025 | $38.9M | -91% |
| Q4 2024 | $446M | +7.8% |
OBDC 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 | — |
OBDC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -3.1M shares |
| 1 year | -3.7% | -18.8M shares |
| 3 years | +26% | +102M shares |
| 5 years | +26% | +100M shares |
| Available history | +26% | +103M shares |
OBDC has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $35.2M |
| Q2 2026 | $35.1M |
| Q1 2026 | $35.2M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
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.
OBDC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 19.9x | High |
| Q1 2022 | 12.8x | High |
| Q4 2021 | 10.3x | High |
| Q3 2021 | 9.5x | High |
| Q2 2021 | 8.1x | High |
| Q1 2021 | 6.1x | High |
| Q4 2020 | 12.6x | High |
| Q3 2020 | 11.8x | High |
OBDC's net debt is about 20 years of its operating earnings (EBITDA), up from 8.1 years a year ago. Net leverage isn't a meaningful measure for financial services companies like OBDC.
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).
OBDC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.1 | Neutral |
| Stochastic | 42.9 | Neutral |
OBDC's weekly RSI is 49 (neutral) and its Stochastic is 43 (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.
OBDC PE vs Financial Services Sector
| Metric | OBDC | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 23% above |
| PE % | 82 | 63 | 19 pts above |
OBDC is trading at 16x earnings, a 23% 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 fallen below most of its moving averages, though it's still 2.1% above its 200-week average.
OBDC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.5 | 4.3% above |
| 20 week MA | $10.9 | 0.2% above |
| 50 week MA | $11.3 | 3.9% below |
| 100 week MA | $12.8 | 15% below |
| 200 week MA | $13.6 | 20% below |
OBDC 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.
OBDC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.1 | $13.0 | -32% |
| 2021 | $13.0 | $14.4 | +11% |
| 2022 | $14.4 | $11.9 | -18% |
| 2023 | $11.9 | $14.8 | +24% |
| 2024 | $14.8 | $15.5 | +4.8% |
| 2025 | $15.5 | $12.7 | -18% |
| 2026 YTD | $12.7 | $10.9 | -14% |
OBDC has the edge over IREN on returns for 2026, with the stronger performance.