IREN
IREN Limited
There isn't enough reported data to score IREN yet.
PCAP
ProCap Acquisition Corp
There isn't enough reported data to score PCAP 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.
PCAP Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| N/A | |
| N/A |
PCAP's profitability is currently healthy. There isn't enough data to rate its revenue. Free cash flow and net leverage aren't meaningful measures for financial services companies like PCAP.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
PCAP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 33x | $10.01 | -4.2% |
| Fair | 34x | $10.07 | -3.7% |
| Current | 35x | $10.45 | — |
| Expensive | 45x | $13.41 | +28% |
Historical ranges are pointers, not guarantees.
PCAP's PE is 35x, but its earnings don't support one, so it isn't a reliable read right now.
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.
PCAP Forward outlook
There aren't enough analyst estimates for PCAP 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 |
IREN has swung to a loss: it lost $3.96 per share over the past year, after a profit the year before.
PCAP Earnings Per Share
PCAP and IREN do not have enough comparable growth data to identify a winner.
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.
PCAP Quarterly Revenue
PCAP 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.
PCAP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$182.9K | +$5.6K |
| Q1 2026 | -$183.4K | -$183.4K |
PCAP and IREN do not have enough comparable growth data to identify a winner.
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 PCAP 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 | — |
PCAP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +27% | +6.7M shares |
| 1 year | +27% | +6.7M shares |
PCAP has 32M diluted shares, up 27% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
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.
PCAP 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).
PCAP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.6 | Neutral |
| Stochastic | 90.5 | Overbought |
PCAP's weekly RSI is 66 (neutral) and its Stochastic is 90 (overbought).
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.
PCAP PE vs Financial Services Sector
| Metric | PCAP | Sector median | Relative |
|---|---|---|---|
| PE | 35x | 13x | 167% above |
| PE % | 79 | 16 | 63 pts above |
PCAP is trading at 35x earnings, a 167% premium to the Financial Services sector's median of 13x, though its earnings don't support one.
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 |
PCAP has stronger trend alignment. IREN is above 1 of 5 weekly averages versus PCAP above 3 of 3.
PCAP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.4 | 0.4% above |
| 20 week MA | $10.4 | 0.8% above |
| 50 week MA | $10.3 | 1.4% above |
PCAP is in an uptrend: it's above all three of its weekly moving averages, and 1.4% above 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.
PCAP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $10.7 | $10.3 | -4.2% |
| 2026 YTD | $10.3 | $10.5 | +1.8% |
PCAP has the edge over IREN on returns for 2026, with the stronger performance.