IREN
IREN Limited
There isn't enough reported data to score IREN yet.
RWAY
Runway Growth Finance Corp.
RWAY's fundamentals are mixed, but it looks expensive: trading at 42x earnings, about four times its usual 11x. 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.
RWAY Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
RWAY's profitability is currently healthy, but its revenue is weak. Free cash flow and net leverage aren't meaningful measures for financial services companies like RWAY.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
RWAY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.9x | $6.66 | — |
| Cheap | 6.4x | $1.02 | -85% |
| Fair | 11x | $1.76 | -74% |
| Expensive | 15x | $2.45 | -63% |
| Current | 42x | $6.66 | — |
Historical ranges are pointers, not guarantees.
RWAY's PE is in its expensive range at 42x. If earnings grow as analysts expect, today's price would be 4.9x 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.
RWAY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for RWAY, but weaker profitability.
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.
RWAY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.35 | +745% |
| Q3 2026 | $0.16 | -89% |
| Q2 2026 | $0.12 | -94% |
| Q1 2026 | -$0.08 | -105% |
| Q4 2025 | $0.93 | -51% |
| Q3 2025 | $1.45 | +41% |
| Q2 2025 | $1.88 | +151% |
| Q1 2025 | $1.64 | +50% |
| Q4 2024 | $1.89 | +73% |
RWAY 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 64% for RWAY.
| 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.
RWAY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $3.2M | -64% |
| Q1 2022 | $5.7M | -49% |
| Q4 2021 | $20.9M | -6.4% |
| Q3 2021 | $13.1M | +7.2% |
| Q2 2021 | $9M | -39% |
| Q1 2021 | $11.3M | +267% |
RWAY's revenue has slid since its 2020 peak: $3M last quarter, down 64% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | -25% | -100 points |
| Q1 2022 | 50% | -33 points |
| Q4 2021 | 92% | -0.6 points |
| Q3 2021 | 78% | -11 points |
| Q2 2021 | 75% | -17 points |
| Q1 2021 | 83% | N/A |
| Q4 2020 | 93% | +36 points |
| Q3 2020 | 89% | N/A |
RWAY's operating margin was −25% last quarter, down 100 points from the same quarter a year ago, near the bottom of its range since 2020.
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.
RWAY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $150.2M | +63% |
| Q2 2026 | -$194.3M | -$194.1M |
| Q1 2026 | $5.9M | -92% |
| Q4 2025 | $20.6M | +49% |
| Q3 2025 | $92.4M | +257% |
| Q2 2025 | -$297K | +$38.3M |
| Q1 2025 | $73.6M | +7.2% |
| Q4 2024 | $13.9M | +$75.5M |
RWAY has the edge over IREN on cash flow, with more consistent year-over-year improvement.
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 the edge over RWAY on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
RWAY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -188K shares |
| 1 year | +16% | +5.7M shares |
| 3 years | +3.4% | +1.4M shares |
| 5 years | +26% | +8.7M shares |
| Available history | +1.2% | +506K shares |
RWAY has 42M diluted shares, up 16% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.8M |
| Q4 2025 | — |
| Q3 2025 | $4.4M |
| Q4 2024 | $5.8M |
| Q3 2024 | $6.7M |
| Q2 2024 | $12.8M |
| Q1 2024 | $10.6M |
| Q4 2022 | $1.5M |
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.
RWAY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 5.4x | High |
| Q1 2022 | 3.1x | Elevated |
| Q4 2021 | 1.5x | Healthy |
| Q3 2021 | 1.7x | Healthy |
| Q2 2021 | 2.4x | Moderate |
| Q1 2021 | 2.5x | Moderate |
RWAY's net debt is about 5.4 years of its operating earnings (EBITDA), up from 2.4 years a year ago. Net leverage isn't a meaningful measure for financial services companies like RWAY.
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).
RWAY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 72.1 | Neutral |
RWAY's weekly RSI is 51 (neutral) and its Stochastic is 72 (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.
RWAY PE vs Financial Services Sector
| Metric | RWAY | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 13x | 220% above |
| PE % | 94 | 64 | 30 pts above |
RWAY is trading at 42x earnings, a 220% 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.
RWAY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.55 | 1.7% above |
| 20 week MA | $6.33 | 5.2% above |
| 50 week MA | $7.06 | 5.7% below |
| 100 week MA | $8.74 | 24% below |
| 200 week MA | $10.4 | 36% below |
RWAY 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.
RWAY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $12.5 | $13.4 | +7.3% |
| 2022 | $13.4 | $12.2 | -9.4% |
| 2023 | $12.2 | $12.6 | +3.6% |
| 2024 | $12.6 | $10.9 | -13% |
| 2025 | $10.9 | $8.93 | -18% |
| 2026 YTD | $8.93 | $6.66 | -25% |
RWAY has the edge over IREN on returns for 2026, with the stronger performance.