IREN
IREN Limited
There isn't enough reported data to score IREN yet.
OCSL
Oaktree Specialty Lending Corporation
OCSL's fundamentals are mixed, but it looks expensive: trading at 25x earnings, above its usual 19x. Analysts expect earnings to decline.
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.
OCSL Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Stable | |
| N/A | |
| N/A |
OCSL's profitability is currently stable, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like OCSL.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
OCSL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.8x | $2.79 | -77% |
| Forward | 8.9x | $12.16 | — |
| Fair | 19x | $8.88 | -27% |
| Current | 25x | $12.16 | — |
| Expensive | 34x | $16.42 | +35% |
Historical ranges are pointers, not guarantees.
OCSL's PE is in its expensive range at 25x. On analysts' estimates for next year's earnings, today's price would be 8.9x, in its cheap range.
IREN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
IREN has the edge over OCSL on the outlook, with more favorable revenue and profitability expectations.
OCSL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect OCSL's earnings and profitability to decline, 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.
OCSL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.36 | +184% |
| Q2 2026 | $0.48 | -14% |
| Q1 2026 | $0.57 | +338% |
| Q4 2025 | $0.36 | -46% |
| Q3 2025 | $0.39 | -46% |
| Q2 2025 | $0.56 | -38% |
| Q1 2025 | $0.13 | -91% |
| Q4 2024 | $0.67 | -57% |
| Q3 2024 | $0.72 | -56% |
OCSL 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 32% for OCSL.
| 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.
OCSL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2022 | $32.8M | -32% |
| Q1 2022 | $25.6M | -74% |
| Q4 2021 | $51.5M | -30% |
| Q3 2021 | $48M | -39% |
| Q2 2021 | $59.2M | -54% |
| Q4 2020 | $73.7M | +168% |
| Q3 2020 | $78.3M | +227% |
OCSL's revenue has slid since its 2020 peak: $33M last quarter, down 32% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2022 | 46% | -31 points |
| Q1 2022 | 56% | -35 points |
| Q4 2021 | 78% | -11 points |
| Q3 2021 | 77% | -13 points |
| Q2 2021 | 82% | -11 points |
| Q1 2021 | 91% | N/A |
| Q4 2020 | 89% | +38 points |
| Q3 2020 | 90% | +30 points |
OCSL's operating margin was 46% last quarter, down 36 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.
OCSL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $57.6M | +173% |
| Q1 2026 | $130.7M | +111% |
| Q4 2025 | -$83.5M | -158% |
| Q3 2025 | $1.3M | -99% |
| Q2 2025 | $21.1M | +$81M |
| Q1 2025 | $62M | +$79.6M |
| Q4 2024 | $144M | +12696% |
| Q3 2024 | $95.5M | -61% |
OCSL 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 | — |
OCSL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | +14% | +11M shares |
| 5 years | +47% | +28M shares |
| Available history | +87% | +41.1M shares |
OCSL has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $1.1M |
| Q1 2026 | $1.1M |
| Q4 2025 | $1.1M |
| Q3 2025 | $1.2M |
| Q2 2025 | $3.8M |
| Q1 2025 | $4.3M |
| Q4 2024 | $1.5M |
| Q3 2024 | $1.6M |
OCSL spent $5M buying back its own shares over the past year, down 59% 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.
OCSL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2022 | 38.9x | High |
| Q2 2022 | 24.2x | High |
| Q1 2022 | 9.4x | High |
| Q4 2021 | 5.8x | High |
| Q3 2021 | 5.2x | High |
| Q2 2021 | 3.7x | Elevated |
| Q1 2021 | 3.1x | Elevated |
| Q4 2020 | 2.7x | Moderate |
OCSL's net debt is more than 20 years of its operating earnings (EBITDA), up from 5.2 years a year ago. Net leverage isn't a meaningful measure for financial services companies like OCSL.
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).
OCSL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.4 | Neutral |
| Stochastic | 50.3 | Neutral |
OCSL's weekly RSI is 49 (neutral) and its Stochastic is 50 (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.
OCSL PE vs Financial Services Sector
| Metric | OCSL | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 13x | 95% above |
| PE % | 75 | 63 | 12 pts above |
OCSL is trading at 25x earnings, a 95% 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.
OCSL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.9 | 1.9% above |
| 20 week MA | $12.3 | 0.8% below |
| 50 week MA | $12.2 | 0.4% below |
| 100 week MA | $13.3 | 8.5% below |
| 200 week MA | $16.1 | 24% below |
OCSL has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 24% 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.
OCSL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.4 | $16.7 | +1.6% |
| 2021 | $16.7 | $22.5 | +35% |
| 2022 | $22.5 | $20.6 | -8.7% |
| 2023 | $20.6 | $20.4 | -0.6% |
| 2024 | $20.4 | $15.3 | -25% |
| 2025 | $15.3 | $12.8 | -16% |
| 2026 YTD | $12.8 | $12.2 | -4.9% |
OCSL has the edge over IREN on returns for 2026, with the stronger performance.