IREN
IREN Limited
There isn't enough reported data to score IREN yet.
PWP
Perella Weinberg Partners
PWP's fundamentals are mixed: revenue grew only 2.5%, but earnings per share fell 61%. At 34x earnings, it's trading in line with its usual 36x. Analysts expect strong earnings growth, though they disagree widely on how much.
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.
PWP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| N/A | |
| N/A |
PWP's revenue is currently healthy, and its profitability is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like PWP.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
PWP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.5x | $13.45 | — |
| Cheap | 18x | $7.12 | -47% |
| Current | 34x | $13.45 | — |
| Fair | 36x | $14.42 | +7.2% |
| Expensive | 63x | $25.28 | +88% |
Historical ranges are pointers, not guarantees.
PWP's PE is in its fair range at 34x. If earnings grow as analysts expect, today's price would be 9.5x 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.
PWP Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
PWP has the edge over IREN on the outlook, with more favorable earnings expectations.
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.
PWP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.42 | +255% |
| Q3 2026 | $0.40 | -61% |
| Q2 2026 | $0.27 | -77% |
| Q1 2026 | $0.25 | +$0.32 |
| Q4 2025 | $0.47 | +$1.69 |
PWP 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 edge over PWP on sales, with more consistent year-over-year improvement.
| 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.
PWP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $251.4M | +53% |
| Q2 2026 | $156.5M | +0.8% |
| Q1 2026 | $148.9M | -30% |
| Q4 2025 | $219.2M | -2.9% |
| Q3 2025 | $164.6M | -41% |
| Q2 2025 | $155.3M | -43% |
| Q1 2025 | $211.8M | +107% |
| Q4 2024 | $225.7M | +6.1% |
PWP's revenue has held roughly level: $251M last quarter, up 53% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +8.5 points |
| Q2 2026 | 3.2% | -2.5 points |
| Q1 2026 | -8.7% | -14 points |
| Q4 2025 | 8.4% | -1 points |
| Q3 2025 | 5.4% | -7.5 points |
| Q2 2025 | 5.8% | +36 points |
| Q1 2025 | 5.5% | +58 points |
| Q4 2024 | 9.5% | +30 points |
PWP 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.
PWP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $71M | +23% |
| Q2 2026 | $47.2M | -15% |
| Q1 2026 | -$111.8M | +$65.8M |
| Q4 2025 | $95.1M | -31% |
| Q3 2025 | $57.6M | -71% |
| Q2 2025 | $55.3M | -34% |
| Q1 2025 | -$177.6M | +$37.2M |
| Q4 2024 | $138.8M | -5.1% |
PWP 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 | — |
PWP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.5% | +1.6M shares |
| 1 year | +3.1% | +3.1M shares |
| 3 years | +15% | +13.5M shares |
PWP has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2M |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | $1.9M |
| Q2 2025 | $17.3M |
| Q1 2025 | $14.4M |
| Q4 2024 | — |
PWP spent $2M buying back its own shares over the past year, down 94% 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.
PWP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.2x | Net Cash |
| Q2 2026 | -2.8x | Net Cash |
| Q1 2026 | -1.7x | Net Cash |
| Q4 2025 | -3.7x | Net Cash |
| Q3 2025 | -2.6x | Net Cash |
| Q2 2025 | -1.5x | Net Cash |
| Q1 2025 | -15.9x | Net Cash |
PWP has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like PWP.
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).
PWP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.8 | Neutral |
| Stochastic | 27.4 | Neutral |
PWP's weekly RSI is 42 (neutral) and its Stochastic is 27 (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.
PWP PE vs Financial Services Sector
| Metric | PWP | Sector median | Relative |
|---|---|---|---|
| PE | 34x | 13x | 158% above |
| PE % | 45 | 61 | 16 pts below |
PWP is trading at 34x earnings, a 158% 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 the edge over PWP on trend strength, trading above more of its moving averages.
PWP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $14.2 | 5.1% below |
| 20 week MA | $15.4 | 12% below |
| 50 week MA | $17.4 | 23% below |
| 100 week MA | $18.9 | 29% below |
| 200 week MA | $16.2 | 17% below |
PWP is in a downtrend: it's below all five of its weekly moving averages, and 17% 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.
PWP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $9.90 | $10.9 | +10% |
| 2021 | $10.9 | $12.8 | +18% |
| 2022 | $12.8 | $9.41 | -27% |
| 2023 | $9.41 | $12.2 | +30% |
| 2024 | $12.2 | $24.0 | +96% |
| 2025 | $24.0 | $17.7 | -26% |
| 2026 YTD | $17.7 | $13.5 | -24% |
PWP has the edge over IREN on returns for 2026, with the stronger performance.