IREN
IREN Limited
There isn't enough reported data to score IREN yet.
SII
Sprott Inc.
SII's fundamentals are strong and it looks cheap: trading at 26x earnings, below its usual 37x. 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.
SII Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
SII's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like SII.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
SII PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 24x | $108 | — |
| Cheap | 25x | $100 | -6.6% |
| Current | 26x | $108 | — |
| Fair | 37x | $150 | +40% |
| Expensive | 62x | $252 | +134% |
Historical ranges are pointers, not guarantees.
SII's PE is in its cheap range at 26x. If earnings grow as analysts expect, today's price would be 24x 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.
SII Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect SII's earnings to grow and its profitability to improve, with its revenue 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.
SII Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.51 | +10% |
| Q2 2026 | $4.09 | +112% |
| Q1 2026 | $3.29 | +72% |
| Q4 2025 | $2.63 | +39% |
| Q3 2025 | $1.95 | +7.1% |
| Q2 2025 | $1.93 | +21% |
| Q1 2025 | $1.91 | +8.5% |
| Q4 2024 | $1.89 | +17% |
| Q3 2024 | $1.82 | +21% |
SII 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.
SII Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $79.5M | +28% |
| Q1 2026 | $141.9M | +240% |
| Q4 2025 | $107M | +187% |
| Q3 2025 | $57.9M | +28% |
| Q2 2025 | $62.2M | +34% |
| Q1 2025 | $41.7M | +5.6% |
| Q4 2024 | $37.3M | -0.6% |
| Q3 2024 | $45.2M | +27% |
SII's revenue has grown year over year for six quarters in a row: $79M last quarter, up 28% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 56% | +25 points |
| Q1 2026 | 29% | -7 points |
| Q4 2025 | 33% | +8.9 points |
| Q3 2025 | 17% | -26 points |
| Q2 2025 | 31% | -6.5 points |
| Q1 2025 | 36% | -0.3 points |
| Q4 2024 | 24% | -12 points |
| Q3 2024 | 42% | +11 points |
SII 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.
SII Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $34.7M | +64% |
| Q1 2026 | $43.2M | +219% |
| Q4 2025 | $51.6M | +95% |
| Q3 2025 | $9.6M | -54% |
| Q2 2025 | $21.1M | +135% |
| Q1 2025 | $13.5M | +24% |
| Q4 2024 | $26.5M | +139% |
| Q3 2024 | $20.9M | +$21.4M |
SII 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 | — |
SII Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -31K shares |
| 1 year | -0.2% | -52K shares |
| 3 years | -1.8% | -464K shares |
| 5 years | -0.8% | -208K shares |
| Available history | +4.1% | +1M shares |
SII has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $6M |
| Q1 2026 | $493,074 |
| Q4 2025 | $896 |
| Q3 2025 | $1M |
| Q2 2025 | — |
| Q1 2025 | $552,000 |
| Q4 2024 | $2M |
| Q3 2024 | $212 |
SII spent $7M buying back its own shares over the past year, up 191% 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.
SII Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -1.3x | Net Cash |
| Q1 2026 | -1.4x | Net Cash |
| Q4 2025 | -1.3x | Net Cash |
| Q3 2025 | -1.1x | Net Cash |
| Q2 2025 | -1.0x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -0.6x | Net Cash |
| Q3 2024 | -0.4x | Net Cash |
SII has the edge over IREN on leverage, with a lower net debt burden relative to earnings.
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).
SII Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.9 | Neutral |
| Stochastic | 21.2 | Neutral |
SII's weekly RSI is 44 (neutral) and its Stochastic is 21 (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.
SII PE vs Financial Services Sector
| Metric | SII | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 13x | 102% above |
| PE % | 25 | 63 | 38 pts below |
SII is trading at 26x earnings, a 102% 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.
SII Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $111.5 | 3.6% below |
| 20 week MA | $115.8 | 7.2% below |
| 50 week MA | $122.0 | 12% below |
| 100 week MA | $91.5 | 17% above |
| 200 week MA | $64.5 | 67% above |
SII 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.
SII Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $22.5 | $29.1 | +29% |
| 2021 | $29.1 | $44.9 | +54% |
| 2022 | $44.9 | $33.4 | -26% |
| 2023 | $33.4 | $34.0 | +1.8% |
| 2024 | $34.0 | $42.0 | +24% |
| 2025 | $42.0 | $100.5 | +139% |
| 2026 YTD | $100.5 | $107.5 | +7% |
SII has the edge over IREN on returns for 2026, with the stronger performance.