IREN
IREN Limited
There isn't enough reported data to score IREN yet.
XP
XP Inc.
XP's fundamentals are mixed: revenue grew 8.2%, while its operating margin held steady at 32%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
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.
XP Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
XP's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like XP.
IREN PE Valuation
IREN has no meaningful PE right now: it lost money over the past year.
XP PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 8.3x | $15.04 | — |
| Cheap | 10x | $18.35 | +22% |
| Fair | 15x | $27.61 | +84% |
| Expensive | 59x | $106 | +606% |
Historical ranges are pointers, not guarantees.
XP's PE is 8.3x, 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.
XP Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for XP, with profitability 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.
XP Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $1.81 | +11% |
| Q1 2026 | $1.76 | +14% |
| Q4 2025 | $1.74 | +18% |
| Q3 2025 | $1.68 | +17% |
| Q2 2025 | $1.63 | +17% |
| Q1 2025 | $1.55 | +15% |
| Q4 2024 | $1.48 | +16% |
| Q3 2024 | $1.43 | +20% |
XP 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.
XP Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $894.2M | +14% |
| Q1 2026 | $826.4M | +6.9% |
| Q4 2025 | $906.4M | +6.5% |
| Q3 2025 | $822.2M | +5.5% |
| Q2 2025 | $784.5M | -6% |
| Q1 2025 | $773.3M | +3.3% |
| Q4 2024 | $850.9M | +16% |
| Q3 2024 | $779.6M | +1.3% |
XP's revenue has grown year over year for four quarters in a row: $894M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 33% | -0.1 points |
| Q1 2026 | 31% | -2.3 points |
| Q4 2025 | 33% | -0.5 points |
| Q3 2025 | 31% | -0.7 points |
| Q2 2025 | 33% | -2.9 points |
| Q1 2025 | 33% | +1.7 points |
| Q4 2024 | 33% | +3.5 points |
| Q3 2024 | 32% | +0.8 points |
XP 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.
XP Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $2B | +139% |
| Q1 2026 | $124.3M | +$599.5M |
| Q4 2025 | -$437.1M | -164% |
| Q3 2025 | $2.2B | +166% |
| Q2 2025 | $832.5M | -22% |
| Q1 2025 | -$475.2M | +$132.3M |
| Q4 2024 | $679M | -9.3% |
| Q3 2024 | $818M | +$1.1B |
XP 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 | — |
XP Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -4.8M shares |
| 1 year | -2.8% | -15.3M shares |
| 3 years | -2.1% | -11M shares |
| 5 years | -9% | -51.7M shares |
| Available history | -5.7% | -31.3M shares |
XP has the edge over IREN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $147.6M |
| Q1 2026 | $34.7M |
| Q4 2025 | $152.6M |
| Q3 2025 | $23.9M |
| Q2 2025 | $74.7M |
| Q1 2025 | $89.1M |
| Q4 2024 | $18.8M |
| Q3 2024 | — |
XP spent $359M buying back its own shares over the past year, up 96% 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.
XP Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 12.9x | High |
| Q1 2026 | 12.8x | High |
| Q4 2025 | 11.9x | High |
| Q3 2025 | 9.7x | High |
| Q2 2025 | 10.2x | High |
| Q1 2025 | 8.4x | High |
| Q4 2024 | 17.6x | High |
| Q3 2024 | 8.0x | High |
XP has the edge over IREN on leverage, with a lower net debt burden relative to earnings.
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).
XP Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.4 | Neutral |
| Stochastic | 5.5 | Oversold |
XP's weekly RSI is 42 (neutral) and its Stochastic is 6 (oversold).
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.
XP PE vs Financial Services Sector
| Metric | XP | Sector median | Relative |
|---|---|---|---|
| PE | 8.3x | 13x | 36% below |
| PE % | 2 | 63 | 61 pts below |
XP is trading at 8.3x earnings, a 36% discount 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 |
IREN has the edge over XP on trend strength, trading above more of its moving averages.
XP Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $22.3 | 33% below |
| 20 week MA | $19.4 | 22% below |
| 50 week MA | $18.7 | 19% below |
| 100 week MA | $17.6 | 14% below |
| 200 week MA | $18.8 | 20% below |
XP is in a downtrend: it's below all five of its weekly moving averages, and 20% 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.
XP Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2019 | $37.7 | $38.5 | +2.1% |
| 2020 | $38.5 | $41.4 | +7.4% |
| 2021 | $41.4 | $29.8 | -28% |
| 2022 | $29.8 | $15.5 | -48% |
| 2023 | $15.5 | $26.1 | +68% |
| 2024 | $26.1 | $12.1 | -54% |
| 2025 | $12.1 | $16.4 | +36% |
| 2026 YTD | $16.4 | $15.0 | -8.5% |
XP has the edge over IREN on returns for 2026, with the stronger performance.