IREN
IREN Limited
There isn't enough reported data to score IREN yet.
VCTR
Victory Capital Holdings, Inc.
VCTR's fundamentals are strong, but it looks expensive: trading at 23x earnings, about twice its usual 11x. 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.
VCTR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
VCTR's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like VCTR.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
VCTR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.9x | $43.06 | -65% |
| Fair | 11x | $59.64 | -52% |
| Forward | 15x | $124 | — |
| Expensive | 17x | $92.20 | -26% |
| Current | 23x | $124 | — |
Historical ranges are pointers, not guarantees.
VCTR's PE is in its expensive range at 23x. If earnings grow as analysts expect, today's price would be 15x 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.
VCTR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
VCTR has the edge over IREN on the outlook, with more favorable earnings expectations.
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.
VCTR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $8.47 | +55% |
| Q3 2026 | $5.45 | +39% |
| Q2 2026 | $5.45 | +34% |
| Q1 2026 | $4.45 | -1.1% |
| Q4 2025 | $4.08 | -6.8% |
| Q3 2025 | $3.93 | -2% |
| Q2 2025 | $4.06 | +15% |
| Q1 2025 | $4.50 | +38% |
| Q4 2024 | $4.38 | +40% |
VCTR 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.
VCTR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $396.6M | +9.8% |
| Q2 2026 | $435.4M | +24% |
| Q1 2026 | $388M | +77% |
| Q4 2025 | $374.1M | +61% |
| Q3 2025 | $361.2M | +60% |
| Q2 2025 | $351.2M | +60% |
| Q1 2025 | $219.6M | +1.7% |
| Q4 2024 | $232.4M | +13% |
VCTR's revenue has grown year over year for 13 quarters in a row: $397M last quarter, up 9.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | -3.5 points |
| Q2 2026 | 45% | +18 points |
| Q1 2026 | 41% | -1.3 points |
| Q4 2025 | 41% | -7.2 points |
| Q3 2025 | 38% | -15 points |
| Q2 2025 | 27% | -24 points |
| Q1 2025 | 42% | +3 points |
| Q4 2024 | 48% | +6.2 points |
VCTR 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.
VCTR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $222.4M | +35% |
| Q2 2026 | $134.2M | +$141.7M |
| Q1 2026 | $120.1M | +51% |
| Q4 2025 | $144.5M | +58% |
| Q3 2025 | $164.8M | +66% |
| Q2 2025 | -$7.5M | -109% |
| Q1 2025 | $79.5M | +17% |
| Q4 2024 | $91.7M | -4.8% |
VCTR 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 | — |
VCTR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -311K shares |
| 1 year | -6.7% | -4.5M shares |
| 3 years | -7.7% | -5.2M shares |
| 5 years | -16% | -11.6M shares |
| Available history | -15% | -11M shares |
VCTR has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $6.5M |
| Q2 2026 | $91.4M |
| Q1 2026 | $127.2M |
| Q4 2025 | $50.7M |
| Q3 2025 | $118.5M |
| Q2 2025 | $26M |
| Q1 2025 | $451,000 |
| Q4 2024 | $96.9M |
VCTR spent $276M buying back its own shares over the past year, up 14% 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.
VCTR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Healthy |
| Q2 2026 | 1.2x | Healthy |
| Q1 2026 | 1.4x | Healthy |
| Q4 2025 | 1.5x | Healthy |
| Q3 2025 | 1.7x | Healthy |
| Q2 2025 | 1.9x | Healthy |
| Q1 2025 | 1.7x | Healthy |
| Q4 2024 | 1.8x | Healthy |
VCTR's net debt is about a year of its operating earnings (EBITDA), down from 1.7 years a year ago. Net leverage isn't a meaningful measure for financial services companies like VCTR.
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).
VCTR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.9 | Overbought |
| Stochastic | 72.5 | Neutral |
VCTR's weekly RSI is 72 (overbought) and its Stochastic is 72 (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.
VCTR PE vs Financial Services Sector
| Metric | VCTR | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 13x | 75% above |
| PE % | 99 | 63 | 36 pts above |
VCTR is trading at 23x earnings, a 75% 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.
VCTR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $113.1 | 10% above |
| 20 week MA | $108.5 | 15% above |
| 50 week MA | $87.3 | 43% above |
| 100 week MA | $75.7 | 64% above |
| 200 week MA | $58.3 | 114% above |
VCTR 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.
VCTR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $20.9 | $23.8 | +14% |
| 2021 | $23.8 | $36.7 | +54% |
| 2022 | $36.7 | $27.2 | -26% |
| 2023 | $27.2 | $34.4 | +27% |
| 2024 | $34.4 | $66.3 | +92% |
| 2025 | $66.3 | $64.3 | -3% |
| 2026 YTD | $64.3 | $124.4 | +94% |
VCTR has the edge over IREN on returns for 2026, with the stronger performance.