IREN
IREN Limited
There isn't enough reported data to score IREN yet.
PLMR
Palomar Holdings, Inc.
PLMR's fundamentals are mixed, but it looks cheap: trading at 20x earnings, below its usual 27x. Analysts expect strong 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.
PLMR Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
PLMR's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like PLMR.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
PLMR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $158 | — |
| Cheap | 20x | $163 | +2.7% |
| Current | 20x | $158 | — |
| Fair | 27x | $217 | +37% |
| Expensive | 89x | $710 | +349% |
Historical ranges are pointers, not guarantees.
PLMR's PE is in its cheap range at 20x. If earnings grow as analysts expect, today's price would be 14x next year's earnings.
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.
PLMR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for PLMR, 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.
PLMR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.23 | +41% |
| Q3 2026 | $7.98 | +24% |
| Q2 2026 | $7.43 | +31% |
| Q1 2026 | $7.17 | +43% |
| Q4 2025 | $7.17 | +60% |
| Q3 2025 | $6.41 | +52% |
| Q2 2025 | $5.69 | +50% |
| Q1 2025 | $5.01 | +44% |
| Q4 2024 | $4.48 | +43% |
PLMR 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.
PLMR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $386.6M | +58% |
| Q2 2026 | $314.4M | +55% |
| Q1 2026 | $278.9M | +60% |
| Q4 2025 | $253.4M | +63% |
| Q3 2025 | $244.7M | +65% |
| Q2 2025 | $203.3M | +55% |
| Q1 2025 | $174.6M | +47% |
| Q4 2024 | $155.8M | +48% |
PLMR's revenue has grown year over year every quarter since late 2020: $387M last quarter, up 58% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 22% | -5.5 points |
| Q2 2026 | 22% | -7.3 points |
| Q1 2026 | 19% | -12 points |
| Q4 2025 | 29% | -0.2 points |
| Q3 2025 | 27% | +1.5 points |
| Q2 2025 | 29% | +4 points |
| Q1 2025 | 31% | +1.8 points |
| Q4 2024 | 29% | -2.9 points |
PLMR 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.
PLMR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $120.5M | +44% |
| Q2 2026 | $166.8M | +38% |
| Q1 2026 | $47M | -46% |
| Q4 2025 | $117.4M | +62% |
| Q3 2025 | $83.6M | -16% |
| Q1 2025 | $87.1M | +163% |
| Q4 2024 | $72.6M | +226% |
| Q3 2024 | $100.1M | +42% |
PLMR 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 | — |
PLMR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -61K shares |
| 1 year | -1.6% | -451K shares |
| 3 years | +6.9% | +1.8M shares |
| 5 years | +3.7% | +952K shares |
| Available history | +24% | +5.2M shares |
PLMR has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $8.9M |
| Q2 2026 | $41M |
| Q1 2026 | $23.1M |
| Q4 2025 | $7,000 |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
PLMR spent $73M 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.
PLMR 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).
PLMR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.6 | Neutral |
| Stochastic | 84.4 | Overbought |
PLMR's weekly RSI is 69 (neutral) and its Stochastic is 84 (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.
PLMR PE vs Financial Services Sector
| Metric | PLMR | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 13x | 52% above |
| PE % | 13 | 63 | 50 pts below |
PLMR is trading at 20x earnings, a 52% 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.
PLMR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $139.6 | 13% above |
| 20 week MA | $136.4 | 16% above |
| 50 week MA | $127.9 | 24% above |
| 100 week MA | $128.9 | 23% above |
| 200 week MA | $99.5 | 59% above |
PLMR 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.
PLMR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $50.6 | $91.2 | +80% |
| 2021 | $91.2 | $64.7 | -29% |
| 2022 | $64.7 | $46.2 | -29% |
| 2023 | $46.2 | $55.5 | +20% |
| 2024 | $55.5 | $104.4 | +88% |
| 2025 | $104.4 | $134.8 | +29% |
| 2026 YTD | $134.8 | $158.3 | +17% |
PLMR has the edge over IREN on returns for 2026, with the stronger performance.