IREN
IREN Limited
There isn't enough reported data to score IREN yet.
RJF
Raymond James Financial, Inc.
RJF's fundamentals are mixed: revenue grew 10%, but its operating margin fell 1 points to 19%. At 15x earnings, it's trading right at its usual valuation. 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.
RJF Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
RJF's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like RJF.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
RJF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $167 | — |
| Cheap | 13x | $145 | -13% |
| Fair | 15x | $169 | +0.8% |
| Current | 15x | $167 | — |
| Expensive | 17x | $190 | +14% |
Historical ranges are pointers, not guarantees.
RJF's PE is in its fair range at 15x. If earnings grow as analysts expect, today's price would be 12x 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.
RJF Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
RJF 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.
RJF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $14.31 | +25% |
| Q2 2026 | $11.48 | +13% |
| Q1 2026 | $10.59 | +2% |
| Q4 2025 | $10.23 | -0.1% |
| Q3 2025 | $10.30 | +6.2% |
| Q2 2025 | $10.19 | +15% |
| Q1 2025 | $10.38 | +25% |
| Q4 2024 | $10.24 | +28% |
| Q3 2024 | $9.70 | +22% |
RJF 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.
RJF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $3.9B | +16% |
| Q1 2026 | $3.9B | +13% |
| Q4 2025 | $3.7B | +5.6% |
| Q3 2025 | $3.7B | +7.7% |
| Q2 2025 | $3.4B | +5.3% |
| Q1 2025 | $3.4B | +9.1% |
| Q4 2024 | $3.5B | +17% |
| Q3 2024 | $3.5B | +13% |
RJF's revenue has grown year over year every quarter since late 2020: $3.9B last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2025 | 17% | -2 points |
| Q2 2025 | 17% | -3.4 points |
| Q1 2025 | 20% | +0.2 points |
| Q4 2024 | 21% | +0.3 points |
| Q3 2024 | 19% | -0.4 points |
| Q2 2024 | 20% | +3.2 points |
| Q1 2024 | 20% | +0.1 points |
| Q4 2023 | 21% | -2.5 points |
RJF's operating margin was 17% last quarter, down 2 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'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.
RJF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$308M | -149% |
| Q1 2026 | $1.1B | +1385% |
| Q4 2025 | -$56M | -107% |
| Q3 2025 | $752M | +63% |
| Q2 2025 | $634M | -3.2% |
| Q1 2025 | $71M | -79% |
| Q4 2024 | $789M | +60% |
| Q3 2024 | $460M | +20% |
RJF 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 | — |
RJF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -2M shares |
| 1 year | -4% | -8.3M shares |
| 3 years | -8.2% | -17.6M shares |
| 5 years | -6.8% | -14.4M shares |
| Available history | -8.7% | -18.8M shares |
RJF has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2023 | $302M |
| Q1 2023 | $369M |
| Q4 2022 | $189M |
| Q2 2022 | $101M |
| Q1 2022 | $8M |
| Q4 2021 | $51M |
| Q3 2021 | $1M |
| Q2 2021 | $48M |
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.
RJF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | -2.3x | Net Cash |
| Q2 2025 | -2.0x | Net Cash |
| Q1 2025 | -2.1x | Net Cash |
| Q4 2024 | -2.1x | Net Cash |
| Q3 2024 | -2.5x | Net Cash |
| Q2 2024 | -1.9x | Net Cash |
| Q1 2024 | -2.3x | Net Cash |
| Q4 2023 | -2.5x | Net Cash |
RJF has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like RJF.
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).
RJF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.7 | Neutral |
| Stochastic | 32.1 | Neutral |
RJF's weekly RSI is 55 (neutral) and its Stochastic is 32 (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.
RJF PE vs Financial Services Sector
| Metric | RJF | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 12% above |
| PE % | 47 | 63 | 16 pts below |
RJF is trading at 15x earnings, a 12% 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.
RJF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $159.8 | 4.7% above |
| 20 week MA | $167.6 | 0.2% below |
| 50 week MA | $160.7 | 4.1% above |
| 100 week MA | $158.2 | 5.7% above |
| 200 week MA | $136.0 | 23% above |
RJF 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.
RJF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $60.2 | $62.0 | +2.9% |
| 2021 | $62.0 | $99.4 | +60% |
| 2022 | $99.4 | $107.4 | +8% |
| 2023 | $107.4 | $111.5 | +3.9% |
| 2024 | $111.5 | $156.9 | +41% |
| 2025 | $156.9 | $165.3 | +5.3% |
| 2026 YTD | $165.3 | $167.3 | +1.2% |
RJF has the edge over IREN on returns for 2026, with the stronger performance.