IREN
IREN Limited
There isn't enough reported data to score IREN yet.
TSLX
Sixth Street Specialty Lending, Inc.
TSLX's fundamentals are mixed, but it looks expensive: trading at 21x earnings, about twice its usual 10x. 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.
TSLX Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Healthy | |
| N/A | |
| N/A |
TSLX'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 TSLX.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
TSLX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.1x | $6.81 | -61% |
| Forward | 9.5x | $17.56 | — |
| Fair | 10x | $8.45 | -52% |
| Expensive | 13x | $11.26 | -36% |
| Current | 21x | $17.56 | — |
Historical ranges are pointers, not guarantees.
TSLX's PE is in its expensive range at 21x. On analysts' estimates for next year's earnings, today's price would be 9.5x, in its fair 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.
TSLX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect TSLX's profitability to weaken, with its earnings and 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.
TSLX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.86 | +121% |
| Q3 2026 | $0.84 | -59% |
| Q2 2026 | $0.95 | -53% |
| Q1 2026 | $1.15 | -39% |
| Q4 2025 | $1.81 | -11% |
| Q3 2025 | $2.04 | -1.4% |
| Q2 2025 | $2.01 | -15% |
| Q1 2025 | $1.89 | -24% |
| Q4 2024 | $2.03 | -22% |
TSLX 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 97% for TSLX.
| 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.
TSLX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2022 | $2.5M | -97% |
| Q1 2022 | $54M | -22% |
| Q4 2021 | $56.7M | -14% |
| Q3 2021 | $68.2M | -29% |
| Q2 2021 | $71.8M | -35% |
| Q4 2020 | $65.8M | +20% |
TSLX's revenue has slid since its 2020 peak: $2M last quarter, down 97% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2022 | -521% | -603 points |
| Q1 2022 | 76% | -5.8 points |
| Q4 2021 | 76% | -7.4 points |
| Q3 2021 | 81% | -7.1 points |
| Q2 2021 | 82% | -6.7 points |
| Q1 2021 | 82% | N/A |
| Q4 2020 | 84% | +14 points |
| Q3 2020 | 88% | N/A |
TSLX's operating margin was −521% last quarter, down 603 points from the same quarter a year ago, near the bottom of its range since 2019.
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.
TSLX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$97.4M | -$81.8M |
| Q2 2026 | $68.3M | -65% |
| Q1 2026 | -$23.4M | -116% |
| Q4 2025 | $74.1M | +$104.8M |
| Q3 2025 | -$15.6M | +$58.9M |
| Q2 2025 | $193.2M | +54% |
| Q1 2025 | $149.9M | +$215.5M |
| Q4 2024 | -$30.7M | +$56.1M |
TSLX 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 | — |
TSLX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +326K shares |
| 1 year | +1.2% | +1.1M shares |
| 3 years | +9.3% | +8.1M shares |
| 5 years | +18% | +14.8M shares |
| Available history | +43% | +28.7M shares |
TSLX has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q4 2022 | $3.2M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 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.
TSLX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2022 | 9.8x | High |
| Q1 2022 | 5.6x | High |
| Q4 2021 | 5.5x | High |
| Q3 2021 | 4.9x | High |
| Q2 2021 | 5.1x | High |
| Q1 2021 | 3.6x | Elevated |
| Q4 2020 | 6.0x | High |
| Q3 2020 | 5.5x | High |
TSLX's net debt is about 9.8 years of its operating earnings (EBITDA), up from 5.1 years a year ago. Net leverage isn't a meaningful measure for financial services companies like TSLX.
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).
TSLX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.7 | Neutral |
| Stochastic | 37.0 | Neutral |
TSLX's weekly RSI is 46 (neutral) and its Stochastic is 37 (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.
TSLX PE vs Financial Services Sector
| Metric | TSLX | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 13x | 61% above |
| PE % | 100 | 63 | 37 pts above |
TSLX is trading at 21x earnings, a 61% 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.
TSLX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $17.6 | 0% above |
| 20 week MA | $17.8 | 1.3% below |
| 50 week MA | $18.7 | 5.8% below |
| 100 week MA | $20.6 | 15% below |
| 200 week MA | $20.4 | 14% below |
TSLX is in a downtrend: it's below all five of its weekly moving averages, and 14% below its 200-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.
TSLX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.5 | $20.7 | -3.6% |
| 2021 | $20.7 | $23.1 | +11% |
| 2022 | $23.1 | $17.7 | -23% |
| 2023 | $17.7 | $21.6 | +22% |
| 2024 | $21.6 | $21.1 | -2.1% |
| 2025 | $21.1 | $21.7 | +2.7% |
| 2026 YTD | $21.7 | $17.6 | -19% |
TSLX has the edge over IREN on returns for 2026, with the stronger performance.