IREN
IREN Limited
There isn't enough reported data to score IREN yet.
RAND
Rand Capital Corporation
There isn't enough reported data to score RAND 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.
RAND Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| N/A | |
| N/A |
RAND's profitability is currently healthy, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like RAND.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
RAND PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 3.4x | $3.55 | -63% |
| Fair | 5.5x | $5.69 | -41% |
| Current | 9.4x | $9.65 | — |
| Expensive | 11x | $11.63 | +21% |
Historical ranges are pointers, not guarantees.
RAND's PE is 9.4x, 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.
RAND Forward outlook
There aren't enough analyst estimates for RAND 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.
RAND Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $1.03 | +$5.23 |
| Q2 2026 | -$0.04 | +$2.39 |
| Q1 2026 | -$3.10 | -198% |
| Q4 2025 | -$2.69 | -179% |
| Q3 2025 | -$4.20 | -184% |
| Q2 2025 | -$2.43 | -158% |
| Q1 2025 | $3.17 | +42% |
| Q4 2024 | $3.42 | +35% |
RAND 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 stronger quarterly revenue trend. Revenue is down 5.1% for IREN versus down 35% for RAND.
| 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.
RAND Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2022 | $868.6K | -35% |
| Q3 2022 | $1.4M | -46% |
| Q3 2021 | $2.6M | +358% |
| Q2 2021 | $4.8M | +540% |
| Q1 2021 | $1.3M | -49% |
RAND's revenue has slid since its 2021 peak: $868,583 last quarter, down 35% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2022 | 64% | +9.1 points |
| Q3 2022 | 82% | -7.3 points |
| Q4 2021 | 55% | N/A |
| Q3 2021 | 89% | +43 points |
| Q2 2021 | 93% | +37 points |
| Q1 2021 | 614% | +529 points |
| Q3 2020 | 46% | N/A |
| Q2 2020 | 56% | N/A |
RAND's operating margin was 64% last quarter, down 28 points from the same quarter a year ago.
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 has the edge over RAND on cash flow, with more consistent year-over-year improvement.
RAND Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $754.5K | -87% |
| Q2 2026 | -$3.6M | -1147% |
| Q1 2026 | -$3.5M | -146% |
| Q4 2025 | -$2.8M | -453% |
| Q3 2025 | $5.9M | -61% |
| Q2 2025 | $347.7K | -92% |
| Q1 2025 | $7.7M | +$12.6M |
| Q4 2024 | $782.1K | +$1.8M |
RAND's free cash flow was −$9M over the past year, against $15M the year before. Free cash flow isn't a meaningful measure for financial services companies like RAND.
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 | — |
RAND Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | 0% | -- |
| 3 years | +15% | +389K shares |
| 5 years | +15% | +388K shares |
| Available history | +82% | +1.3M shares |
RAND has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | $20,771 |
| Q2 2021 | — |
| Q1 2021 | — |
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.
RAND Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | -1.3x | Net Cash |
| Q1 2022 | -0.1x | Net Cash |
| Q4 2021 | -0.1x | Net Cash |
| Q3 2021 | -0.2x | Net Cash |
| Q2 2021 | -0.2x | Net Cash |
| Q1 2021 | -0.5x | Net Cash |
| Q4 2020 | -3.8x | Net Cash |
| Q3 2020 | -1.8x | Net Cash |
RAND has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like RAND.
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).
RAND Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.0 | Neutral |
| Stochastic | 21.8 | Neutral |
RAND's weekly RSI is 41 (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.
RAND PE vs Financial Services Sector
| Metric | RAND | Sector median | Relative |
|---|---|---|---|
| PE | 9.4x | 13x | 28% below |
| PE % | 79 | 63 | 16 pts above |
RAND is trading at 9.4x earnings, a 28% discount 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 |
IREN has the edge over RAND on trend strength, trading above more of its moving averages.
RAND Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.80 | 1.5% below |
| 20 week MA | $10.1 | 4.7% below |
| 50 week MA | $10.9 | 12% below |
| 100 week MA | $14.3 | 33% below |
| 200 week MA | $14.4 | 33% below |
RAND is in a downtrend: it's below all five of its weekly moving averages, and 33% 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.
RAND Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.1 | $15.6 | -38% |
| 2021 | $15.6 | $16.8 | +7.8% |
| 2022 | $16.8 | $14.0 | -17% |
| 2023 | $14.0 | $13.0 | -6.9% |
| 2024 | $13.0 | $18.2 | +40% |
| 2025 | $18.2 | $11.2 | -39% |
| 2026 YTD | $11.2 | $9.65 | -14% |
RAND has the edge over IREN on returns for 2026, with the stronger performance.