IREN
IREN Limited
There isn't enough reported data to score IREN yet.
SKWD
Skyward Specialty Insurance Group, Inc.
SKWD's fundamentals are mixed: revenue grew 35%, while its operating margin held steady at 14%. At 15x earnings, it's trading right at its usual valuation. 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.
SKWD Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| N/A | |
| N/A |
SKWD's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like SKWD.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
SKWD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $62.67 | — |
| Cheap | 13x | $56.39 | -10% |
| Fair | 15x | $63.66 | +1.6% |
| Current | 15x | $62.67 | — |
| Expensive | 18x | $78.45 | +25% |
Historical ranges are pointers, not guarantees.
SKWD'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.
SKWD Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for SKWD, with profitability 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.
SKWD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.32 | +24% |
| Q3 2026 | $4.28 | +27% |
| Q2 2026 | $4.29 | +36% |
| Q1 2026 | $4.15 | +39% |
| Q4 2025 | $4.07 | +42% |
| Q3 2025 | $3.37 | +2.7% |
| Q2 2025 | $3.16 | +6.8% |
| Q1 2025 | $2.98 | +9.6% |
| Q4 2024 | $2.87 | +28% |
SKWD 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.
SKWD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $455.3M | +19% |
| Q2 2026 | $489.5M | +53% |
| Q1 2026 | $475.9M | +45% |
| Q4 2025 | $385.6M | +27% |
| Q3 2025 | $382.5M | +27% |
| Q2 2025 | $319.9M | +14% |
| Q1 2025 | $328.5M | +24% |
| Q4 2024 | $304.4M | +24% |
SKWD's revenue has grown year over year every quarter since early 2021: $455M last quarter, up 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | -1.8 points |
| Q2 2026 | 13% | -2.6 points |
| Q1 2026 | 13% | -2.6 points |
| Q4 2025 | 14% | +8.1 points |
| Q3 2025 | 16% | +0.3 points |
| Q2 2025 | 16% | +1.2 points |
| Q1 2025 | 16% | -2.1 points |
| Q4 2024 | 6.1% | -9.2 points |
SKWD 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 |
SKWD has the stronger cash trend. Its trailing FCF is up 76% versus its history, compared with IREN at down 479%.
SKWD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | $50.1M | +140% |
| Q3 2025 | $168.9M | +0.8% |
| Q2 2025 | $87.1M | +372% |
| Q1 2025 | $96.6M | +2.7% |
| Q3 2024 | $167.6M | +52% |
| Q2 2024 | $18.4M | +2589% |
| Q1 2024 | $94M | -12% |
| Q3 2023 | $110.1M | +82% |
SKWD's free cash flow was $403M over the past year, up 34% from the year before. Free cash flow isn't a meaningful measure for financial services companies like SKWD.
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 | — |
SKWD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +107K shares |
| 1 year | +9.4% | +3.9M shares |
| 3 years | +19% | +7.4M shares |
| 5 years | +26% | +9.5M shares |
| Available history | +22% | +8.2M shares |
SKWD has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $125,000 |
| Q2 2026 | $10.8M |
| Q1 2026 | $8.7M |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 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.
SKWD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2022 | 1.4x | Healthy |
| Q3 2022 | 3.0x | Elevated |
| Q2 2022 | 0.7x | Very low |
| Q1 2022 | 0.6x | Very low |
| Q4 2021 | 1.6x | Healthy |
| Q3 2021 | 0.7x | Very low |
SKWD's net debt is about 1.4 years of its operating earnings (EBITDA), down from 1.6 years a year ago. Net leverage isn't a meaningful measure for financial services companies like SKWD.
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).
SKWD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.2 | Neutral |
| Stochastic | 64.5 | Neutral |
SKWD's weekly RSI is 63 (neutral) and its Stochastic is 64 (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.
SKWD PE vs Financial Services Sector
| Metric | SKWD | Sector median | Relative |
|---|---|---|---|
| PE | 15x | 13x | 12% above |
| PE % | 43 | 53 | 10 pts below |
SKWD 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.
SKWD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $59.0 | 6.3% above |
| 20 week MA | $59.1 | 6.1% above |
| 50 week MA | $51.8 | 21% above |
| 100 week MA | $51.4 | 22% above |
| 200 week MA | $41.7 | 50% above |
SKWD 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.
SKWD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $19.1 | $33.9 | +77% |
| 2024 | $33.9 | $50.8 | +50% |
| 2025 | $50.8 | $51.9 | +2.1% |
| 2026 YTD | $51.9 | $62.7 | +21% |
SKWD has the edge over IREN on returns for 2026, with the stronger performance.