IREN
IREN Limited
There isn't enough reported data to score IREN yet.
TDAC
Translational Development Acquisition Corp.
There isn't enough reported data to score TDAC 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.
TDAC Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Stable | |
| N/A | |
| N/A |
TDAC's profitability is currently stable. There isn't enough data to rate its revenue. Free cash flow and net leverage aren't meaningful measures for financial services companies like TDAC.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
TDAC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 20x | $5.21 | -52% |
| Fair | 24x | $6.34 | -42% |
| Expensive | 38x | $9.79 | -10% |
| Current | 42x | $10.88 | — |
Historical ranges are pointers, not guarantees.
TDAC's PE is 42x, 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.
TDAC Forward outlook
There aren't enough analyst estimates for TDAC 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.
TDAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.26 | -40% |
| Q1 2026 | $0.29 | -17% |
| Q4 2025 | $0.60 | +$0.62 |
TDAC has the edge over IREN in the latest year-over-year earnings comparison.
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 edge over TDAC on sales, with more consistent year-over-year improvement.
| 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.
TDAC Quarterly Revenue
TDAC's revenue is shrinking: $0 last quarter.
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 TDAC on cash flow, with more consistent year-over-year improvement.
TDAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$338.8K | -$167.4K |
| Q1 2026 | -$305.2K | -$73.6K |
| Q4 2025 | -$117.4K | +$693.6K |
| Q3 2025 | -$88.1K | -$47.6K |
| Q2 2025 | -$171.3K | -$171.3K |
| Q1 2025 | -$231.6K | -$231.6K |
| Q4 2024 | -$811K | -$811K |
| Q3 2024 | -$40.5K | -$40.5K |
TDAC's free cash flow was −$849,378 over the past year, against −$1M the year before. Free cash flow isn't a meaningful measure for financial services companies like TDAC.
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 | — |
TDAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.3% | -400K shares |
| 1 year | -2.3% | -400K shares |
| 3 years | +316% | +12.8M shares |
TDAC has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $27.8M |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
TDAC spent $28M buying back its own shares over the past year, after none 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.
TDAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2024 | 1,065.0x | High |
TDAC's net debt is more than 20 years of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like TDAC.
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).
TDAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 67.5 | Neutral |
| Stochastic | 43.8 | Neutral |
TDAC's weekly RSI is 68 (neutral) and its Stochastic is 44 (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.
TDAC PE vs Financial Services Sector
| Metric | TDAC | Sector median | Relative |
|---|---|---|---|
| PE | 42x | 13x | 224% above |
| PE % | 100 | 24 | 76 pts above |
TDAC is trading at 42x earnings, a 224% premium 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 |
TDAC has stronger trend alignment. IREN is above 1 of 5 weekly averages versus TDAC above 3 of 3.
TDAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.8 | 0.4% above |
| 20 week MA | $10.8 | 0.6% above |
| 50 week MA | $10.7 | 2% above |
TDAC is in an uptrend: it's above all three of its weekly moving averages, and 2% above its 50-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.
TDAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $10.0 | $10.5 | +4.6% |
| 2026 YTD | $10.5 | $10.9 | +4% |
TDAC has the edge over IREN on returns for 2026, with the stronger performance.