IREN
IREN Limited
There isn't enough reported data to score IREN yet.
OTF
Blue Owl Technology Finance Corp.
OTF's fundamentals are mixed, but it looks expensive: trading at 11x earnings, above its usual 9.4x. Analysts expect 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.
OTF Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Stable | |
| N/A | |
| N/A |
OTF's profitability is currently stable. There isn't enough data to rate its revenue. Free cash flow and net leverage aren't meaningful measures for financial services companies like OTF.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
OTF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7x | $5.86 | -38% |
| Forward | 7.2x | $9.46 | — |
| Fair | 8.9x | $7.48 | -21% |
| Current | 11x | $9.46 | — |
| Expensive | 12x | $9.77 | +3.3% |
Historical ranges are pointers, not guarantees.
OTF's PE is in its expensive range at 11x. If earnings grow as analysts expect, today's price would be 7.2x next year's earnings, 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.
OTF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for OTF, but weaker profitability.
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.
OTF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.32 | +57% |
| Q3 2026 | $0.84 | -51% |
| Q2 2026 | $0.86 | -52% |
| Q1 2026 | $0.96 | -32% |
| Q4 2025 | $1.76 | +16% |
| Q3 2025 | $1.73 | +13% |
| Q2 2025 | $1.80 | +45% |
| Q1 2025 | $1.41 | -20% |
| Q4 2024 | $1.52 | -16% |
OTF 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.
OTF Quarterly Revenue
OTF and IREN do not have enough comparable growth data to identify a winner.
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.
OTF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $181.6M | +14% |
| Q2 2026 | -$316.7M | +$93.5M |
| Q1 2026 | -$197.3M | -136% |
| Q4 2025 | -$1.2B | -846% |
| Q3 2025 | $158.7M | +$312.3M |
| Q2 2025 | -$410.2M | -$387.2M |
| Q1 2025 | $542.2M | +586% |
| Q4 2024 | $161.7M | -36% |
OTF has the edge over IREN on cash flow, with more consistent year-over-year improvement.
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 | — |
OTF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -4.7M shares |
| 1 year | -2.3% | -10.5M shares |
| 3 years | +122% | +251M shares |
OTF has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $55.2M |
| Q2 2026 | $55.1M |
| Q1 2026 | $50.2M |
| Q4 2025 | $64.6M |
OTF spent $225M buying back its own shares over 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.
OTF 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).
OTF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.6 | Neutral |
| Stochastic | 24.0 | Neutral |
OTF's weekly RSI is 38 (neutral) and its Stochastic is 24 (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.
OTF PE vs Financial Services Sector
| Metric | OTF | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 13x | 13% below |
| PE % | 75 | 12 | 63 pts above |
OTF is trading at 11x earnings, a 13% 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 |
IREN has stronger trend alignment. IREN is above 1 of 5 weekly averages versus OTF above 0 of 3.
OTF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.50 | 0.4% below |
| 20 week MA | $10.3 | 7.7% below |
| 50 week MA | $11.4 | 17% below |
OTF is in a downtrend: it's below all three of its weekly moving averages, and 17% below its 50-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.
OTF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $16.0 | $14.1 | -12% |
| 2026 YTD | $14.1 | $9.46 | -33% |
OTF has the edge over IREN on returns for 2026, with the stronger performance.