IREN
IREN Limited
There isn't enough reported data to score IREN yet.
TRIN
Trinity Capital Inc.
TRIN's fundamentals are weak and it looks expensive: trading at 9.7x earnings, above its usual 7.1x. Analysts expect earnings to hold roughly steady.
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.
TRIN Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| N/A | |
| N/A |
TRIN's profitability is currently stable, but its revenue is under pressure. Free cash flow and net leverage aren't meaningful measures for financial services companies like TRIN.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
TRIN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.3x | $9.73 | -46% |
| Fair | 7.1x | $13.17 | -26% |
| Forward | 8.6x | $17.87 | — |
| Expensive | 8.9x | $16.54 | -7.5% |
| Current | 9.7x | $17.87 | — |
Historical ranges are pointers, not guarantees.
TRIN's PE is in its expensive range at 9.7x. On analysts' estimates for next year's earnings, today's price would be 8.6x.
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.
TRIN Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Strong growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect TRIN's revenue to grow, but its profitability to weaken.
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.
TRIN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.09 | +13% |
| Q3 2026 | $1.85 | -17% |
| Q2 2026 | $1.75 | -23% |
| Q1 2026 | $1.89 | -15% |
| Q4 2025 | $1.96 | -6.7% |
| Q3 2025 | $2.23 | +32% |
| Q2 2025 | $2.27 | +37% |
| Q1 2025 | $2.23 | +40% |
| Q4 2024 | $2.10 | +11% |
TRIN 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 edge over TRIN 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.
TRIN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1M | +43% |
| Q2 2026 | $1.1M | -27% |
| Q1 2026 | $900K | -40% |
| Q4 2025 | $1.2M | -29% |
| Q3 2025 | $700K | -56% |
| Q2 2025 | $1.5M | 0% |
| Q1 2025 | $1.5M | -63% |
| Q4 2024 | $1.7M | -35% |
TRIN's revenue is recovering but still below its 2024 peak: $1M last quarter, up 43% 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.
TRIN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$66.3M | +$117.3M |
| Q2 2026 | -$198.6M | -$75.1M |
| Q1 2026 | -$45.8M | +$17.6M |
| Q4 2025 | -$165M | -996% |
| Q3 2025 | -$183.6M | +$48.4M |
| Q2 2025 | -$123.5M | -$101.6M |
| Q1 2025 | -$63.3M | +$18.1M |
| Q4 2024 | $18.4M | +$154.8M |
TRIN 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 TRIN 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 | — |
TRIN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +5.1% | +4.6M shares |
| 1 year | +33% | +23.6M shares |
| 3 years | +117% | +51.3M shares |
TRIN has 95M diluted shares, up 33% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.2M |
| Q2 2026 | $943,000 |
| Q1 2026 | $1.6M |
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.
TRIN Net Leverage
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).
TRIN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.3 | Neutral |
| Stochastic | 57.2 | Neutral |
TRIN's weekly RSI is 57 (neutral) and its Stochastic is 57 (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.
TRIN PE vs Financial Services Sector
| Metric | TRIN | Sector median | Relative |
|---|---|---|---|
| PE | 9.7x | 13x | 26% below |
| PE % | 95 | 62 | 33 pts above |
TRIN is trading at 9.7x earnings, a 26% discount 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.
TRIN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $17.2 | 4% above |
| 20 week MA | $17.6 | 1.5% above |
| 50 week MA | $16.5 | 8.2% above |
| 100 week MA | $15.8 | 13% above |
| 200 week MA | $14.9 | 20% above |
TRIN 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.
TRIN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $15.0 | $17.3 | +15% |
| 2022 | $17.3 | $11.7 | -33% |
| 2023 | $11.7 | $14.5 | +25% |
| 2024 | $14.5 | $14.8 | +1.8% |
| 2025 | $14.8 | $15.2 | +2.8% |
| 2026 YTD | $15.2 | $17.9 | +18% |
TRIN has the edge over IREN on returns for 2026, with the stronger performance.