IREN
IREN Limited
There isn't enough reported data to score IREN yet.
PIPR
Piper Sandler Companies
PIPR's fundamentals are strong and it looks cheap: trading at 16x earnings, below its usual 21x. 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.
PIPR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
PIPR's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like PIPR.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
PIPR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 12x | $48.99 | -26% |
| Forward | 15x | $66.09 | — |
| Current | 16x | $66.09 | — |
| Fair | 21x | $88.71 | +34% |
| Expensive | 36x | $153 | +132% |
Historical ranges are pointers, not guarantees.
PIPR's PE is in its fair range at 16x. If earnings grow as analysts expect, today's price would be 15x 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.
PIPR Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for PIPR, with profitability 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.
PIPR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.52 | +6.4% |
| Q3 2026 | $4.25 | +28% |
| Q2 2026 | $4.32 | +46% |
| Q1 2026 | $3.96 | +38% |
| Q4 2025 | $3.95 | +54% |
| Q3 2025 | $3.32 | +42% |
| Q2 2025 | $2.96 | +55% |
| Q1 2025 | $2.86 | +95% |
| Q4 2024 | $2.56 | +106% |
PIPR 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.
PIPR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $443M | -7.6% |
| Q2 2026 | $495.5M | +25% |
| Q1 2026 | $474.4M | +33% |
| Q4 2025 | $666.1M | +38% |
| Q3 2025 | $479.3M | +33% |
| Q2 2025 | $396.8M | +17% |
| Q1 2025 | $357.3M | +4.1% |
| Q4 2024 | $484.1M | +2.6% |
PIPR's revenue is growing: $443M last quarter, down 7.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -7.4 points |
| Q2 2026 | 20% | +7.9 points |
| Q1 2026 | 19% | +10 points |
| Q4 2025 | 28% | +11 points |
| Q3 2025 | 22% | +6.9 points |
| Q2 2025 | 12% | +4 points |
| Q1 2025 | 8.2% | -7 points |
| Q4 2024 | 17% | -1.2 points |
PIPR 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.
PIPR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $349.9M | +997% |
| Q2 2026 | $36.3M | +13% |
| Q1 2026 | -$291.7M | -$84.5M |
| Q4 2025 | $729.8M | +345% |
| Q3 2025 | $31.9M | -60% |
| Q2 2025 | $32.1M | -88% |
| Q1 2025 | -$207.2M | -$10M |
| Q4 2024 | $163.8M | -61% |
PIPR 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 | — |
PIPR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.8% | -574K shares |
| 1 year | -0.8% | -565K shares |
| 3 years | +2.4% | +1.6M shares |
| 5 years | +3.6% | +2.5M shares |
| Available history | +25% | +14.3M shares |
PIPR has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $39.4M |
| Q2 2026 | $31M |
| Q1 2026 | $69.9M |
| Q4 2025 | $19.8M |
| Q3 2025 | $3.7M |
| Q2 2025 | $20.9M |
| Q1 2025 | $80.6M |
| Q4 2024 | $6.5M |
PIPR spent $160M buying back its own shares over the past year, up 43% 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.
PIPR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -0.6x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -2.0x | Net Cash |
| Q3 2025 | -0.3x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | -0.5x | Net Cash |
| Q4 2024 | -1.9x | Net Cash |
PIPR has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like PIPR.
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).
PIPR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.8 | Neutral |
| Stochastic | 22.5 | Neutral |
PIPR's weekly RSI is 38 (neutral) and its Stochastic is 22 (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.
PIPR PE vs Financial Services Sector
| Metric | PIPR | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 13x | 19% above |
| PE % | 34 | 63 | 29 pts below |
PIPR is trading at 16x earnings, a 19% 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.
PIPR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $66.0 | 0.1% above |
| 20 week MA | $71.4 | 7.4% below |
| 50 week MA | $77.9 | 15% below |
| 100 week MA | $75.9 | 13% below |
| 200 week MA | $61.9 | 6.8% above |
PIPR 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.
PIPR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.9 | $25.0 | +26% |
| 2021 | $25.0 | $45.0 | +80% |
| 2022 | $45.0 | $33.5 | -26% |
| 2023 | $33.5 | $43.7 | +31% |
| 2024 | $43.7 | $75.3 | +72% |
| 2025 | $75.3 | $87.5 | +16% |
| 2026 YTD | $87.5 | $66.1 | -24% |
PIPR has the edge over IREN on returns for 2026, with the stronger performance.