IREN
IREN Limited
There isn't enough reported data to score IREN yet.
VIRT
Virtu Financial, Inc.
VIRT's fundamentals are strong: revenue grew 26% and its operating margin rose 5 points to 32%. At 8.8x 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.
VIRT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
VIRT's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like VIRT.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
VIRT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.6x | $45.25 | -24% |
| Forward | 8.2x | $59.61 | — |
| Current | 8.8x | $59.61 | — |
| Fair | 8.9x | $60.51 | +1.5% |
| Expensive | 15x | $103 | +72% |
Historical ranges are pointers, not guarantees.
VIRT's PE is in its fair range at 8.8x. If earnings grow as analysts expect, today's price would be 8.2x 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.
VIRT Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Strong growth | |
| Weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for VIRT, but weaker profitability.
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.
VIRT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.30 | +7.1% |
| Q3 2026 | $6.81 | +47% |
| Q2 2026 | $6.02 | +37% |
| Q1 2026 | $6.04 | +75% |
| Q4 2025 | $5.13 | +73% |
| Q3 2025 | $4.62 | +130% |
| Q2 2025 | $4.40 | +120% |
| Q1 2025 | $3.46 | +139% |
| Q4 2024 | $2.97 | +109% |
VIRT 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.
VIRT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | +40% |
| Q2 2026 | $1.2B | +19% |
| Q1 2026 | $1.1B | +31% |
| Q4 2025 | $969.9M | +16% |
| Q3 2025 | $824.8M | +17% |
| Q2 2025 | $999.6M | +44% |
| Q1 2025 | $837.9M | +30% |
| Q4 2024 | $834.3M | +56% |
VIRT's revenue has grown year over year for 13 quarters in a row: $1.2B last quarter, up 40% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 29% | +6.9 points |
| Q2 2026 | 29% | -5.9 points |
| Q1 2026 | 37% | +11 points |
| Q4 2025 | 35% | +11 points |
| Q3 2025 | 22% | +1 points |
| Q2 2025 | 35% | +12 points |
| Q1 2025 | 27% | +4.9 points |
| Q4 2024 | 24% | +21 points |
VIRT 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.
VIRT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $281M | +$357.7M |
| Q2 2026 | $98.1M | +70% |
| Q1 2026 | -$5.8M | -162% |
| Q4 2025 | $505.5M | +29% |
| Q3 2025 | -$76.7M | -172% |
| Q2 2025 | $57.6M | -88% |
| Q1 2025 | $9.2M | +$407.5M |
| Q4 2024 | $391.7M | +17% |
VIRT 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 | — |
VIRT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +861K shares |
| 1 year | +4.3% | +3.7M shares |
| 3 years | -5.3% | -4.9M shares |
| 5 years | -24% | -28.2M shares |
| Available history | -22% | -25.5M shares |
VIRT has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $1.6M |
| Q2 2024 | — |
VIRT hasn't bought back shares in the past year.
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.
VIRT 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).
VIRT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 24.4 | Neutral |
VIRT's weekly RSI is 55 (neutral) and its Stochastic is 24 (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.
VIRT PE vs Financial Services Sector
| Metric | VIRT | Sector median | Relative |
|---|---|---|---|
| PE | 8.8x | 13x | 33% below |
| PE % | 47 | 63 | 16 pts below |
VIRT is trading at 8.8x earnings, a 33% 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.
VIRT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $56.2 | 6% above |
| 20 week MA | $59.2 | 0.6% above |
| 50 week MA | $50.2 | 19% above |
| 100 week MA | $44.3 | 34% above |
| 200 week MA | $33.2 | 80% above |
VIRT 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.
VIRT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.0 | $25.1 | +57% |
| 2021 | $25.1 | $28.4 | +13% |
| 2022 | $28.4 | $20.8 | -27% |
| 2023 | $20.8 | $20.3 | -2.8% |
| 2024 | $20.3 | $36.6 | +81% |
| 2025 | $36.6 | $34.1 | -6.8% |
| 2026 YTD | $34.1 | $59.6 | +75% |
VIRT has the edge over IREN on returns for 2026, with the stronger performance.