Quality
Return on equity
-16.8% Computed
From the FY2026 filing
ValueScreener company report
IREN Limited (IREN)
NASDAQ / Financial Services / Financial - Capital Markets
Share price
30.39 USD Market dataClose of Oct 15, 2026Market capitalisation
11.96B USD Market dataClose of Oct 15, 2026- Market data
- Oct 15, 2026
- Filed accounts
- FY2026, filed Aug 27, 2026
- Ratios computed
- Oct 15, 2026
- Filed years
- 4, FY2023 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
- SEC filingFiled with the SEC
- Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
- Company statementCompany statement
- What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
- Market dataMarket data
- Prices, market value and what analysts publish, with the date they are as of.
- ComputedComputed by ValueScreener
- Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading
1 of 10
Overview
What the business is, what it costs, and how it reads on four questions.
Market dataSEC filingComputed
Four questions, at a glance
Financial strength
Debt to equity
1.87 Computed
From the FY2026 filing
Valuation
Price to book
2.30x Computed
FY2026 accounts, priced at the latest close
Cash generation
Free cash flow yield
n/m Computed
FY2026 accounts, priced at the latest close
Why n/m
For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
Revenue and net income, by fiscal year
- Named tests met
- 0 of 30 Which tests
The business, and the score behind its five axes
The reading, in brief
- Is it good
Return on equity was -16.8% in FY2026, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.
Today, against the Financial - Capital Markets industry (64 companies), -16.8% sits at the 32nd percentile; the middle half of that group runs from -23.4% to 16.4%.
- Is it safe
Debt to equity was 1.87 in FY2026, in the band labelled "Leveraged" (1.00 to 2.00), on lines anchored on Graham's defensive-investor criteria.
Today, against the Financial Services sector (80 companies), 1.87 sits at the 87th percentile; the middle half of that group runs from 0.21 to 1.42.
- Year by year against peers
- Whether IREN Limited's gross margin stayed above the median of the Financial Services sector, year by year. (FY2021 to FY2025, 5 fiscal years of IREN Limited with a comparable figure)
- The direction
- Which way IREN Limited's operating margin has moved, and how steadily. (FY2019 to FY2026, 7 filed years of IREN Limited)
- What could explain it
- What in IREN Limited's filed statements could explain the movements. (6 readings drawn from the statement lines IREN Limited filed)
- What to check next
- What to check next on IREN Limited, and where in its filings. (4 questions for IREN Limited)
- In one paragraph
- One paragraph on IREN Limited's returns, cash, balance sheet and price. (7 of sixteen figures read for IREN Limited)
These are IREN’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.
Research IRENPart of Serious. New accounts start with 30 days of Professional, free, no card.
2 of 10
What changed
The newest filing, what it moved, and when the next one is due.
SEC filingCompany statement
The newest accounts on file are the FY2026 annual report: 10-K, filed Aug 27, 2026, accession 0001878848-26-000052.
3 of 10
Quality
The returns the business earns on its capital, and the margins behind them.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Return on invested capital, after taxWhy n/mInvested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business. | n/m ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Return on equity | -16.8% ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Return on capital employed, pre-taxWhy n/mInvested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business. | n/m ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Return on assets | -4.5% ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Gross margin | 68.9% ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Operating margin | -148.1% ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Net margin | -99.4% ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
IREN -99.4%
-99.4%49.6%
4 of 10
Financial strength
What it owes against what it owns, and whether it can meet what falls due.
SEC filingComputedCompany statement
| Figure | Value, source and document |
|---|---|
| Debt to equity | 1.87 ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Current ratio | 3.55 ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Quick ratio | 3.55 ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Interest coverageWhy n/mOperating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m). | n/m ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Altman Z-scoreWhy n/mAltman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials. | n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Net debt | 1.94B ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
The balance sheet, line by line
Financial health
What IREN Limited owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Aug 27, 2026, 0001878848-26-000052).
| Total assets | 15.79B FiledFY2026 10-K, filed Aug 27, 2026 |
|---|---|
| Total liabilities | 11.60B FiledFY2026 10-K, filed Aug 27, 2026 |
| Shareholders' equity | 4.19B FiledFY2026 10-K, filed Aug 27, 2026 |
| Cash | 5.90B FiledFY2026 10-K, filed Aug 27, 2026 |
| Total debt | 7.84B FiledFY2026 10-K, filed Aug 27, 2026 |
| Net debt | 1.94B |
| Current ratio | 3.55 |
| Debt to equity | 1.87 |
- Interest cover: FY2026: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.
5 of 10
Valuation context
What the market charges for it, against its own record and companies like it.
Market dataSEC filingComputed
| Figure | Value, source and document |
|---|---|
Price to earningsWhy n/mEarnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one. | n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| P/E on trailing twelve months | 157.92x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings |
| Price to book | 2.30x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Price to sales | 13.59x ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Enterprise value to EBITWhy n/mEnterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning. | n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Enterprise value to EBITDAWhy n/mEnterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning. | n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Price to earnings over growthWhy n/mEarnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one. | n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Diluted earnings per share | -2.22 USD FiledFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Graham numberWhy n/mEarnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one. | n/m ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
We publish no fair value or price target of our own. Value IREN on your own assumptions in the DCF workbench, starting from the filed figures.
Its own record, and companies like it
Valuation
What the market charges for IREN Limited today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.
| Share price | 30.39 USD |
|---|---|
| Market capitalisation | 11.96B USD |
| Enterprise value to EBITDA | n/m |
| Graham number | n/m |
| Diluted earnings per share, FY2026 | -2.22 USD |
Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Nov 6, 2025: low 24.66x, median 94.69x, high 169.39x, latest 157.92x. 125 trading days with a meaningful ratio, 110 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.
Companies like IREN Limited
- Futu Holdings Limited (FUTU)Market cap 15.39B USD
- Circle Internet Group (CRCL)Market cap 22.14B USD
- Robinhood Markets, Inc. (HOOD)Market cap 93.50B USD
Same industry (Financial - Capital Markets) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.
6 of 10
Cash generation
Whether profit arrives as cash, and what is paid back to shareholders.
SEC filingComputed
| Figure | Value, source and document |
|---|---|
Free cash flow yieldWhy n/mFor a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy. | n/m ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Free cash flow | -897.6M USD ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Free cash flow marginWhy n/mFor a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy. | n/m ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Dividend yieldWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedClose of Oct 15, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Payout ratioWhy n/aWe do not hold this figure for this company, so there is nothing to show. | n/a ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
7 of 10
Filings
Every figure, the year it is for and the document it was read from.
SEC filingMarket data
The filed figures
Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.
| Figure | Value | Year | As of |
|---|---|---|---|
| n/m | FY2026 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itIncome statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| 2.30x | FY2026 | Oct 15, 2026 | |
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| n/m | FY2026 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itIncome statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tabForm10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| n/m | FY2026 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| n/m | FY2026 | Aug 27, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2026. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itIncome statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tabForm10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| n/a | FY2026 | Oct 15, 2026 | |
| n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one. | |||
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| 1.87 | FY2026 | Aug 27, 2026 | |
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2026. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| 3.55 | FY2026 | Aug 27, 2026 | |
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2026. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| 13.59x | FY2026 | Oct 15, 2026 | |
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itIncome statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| n/m | FY2026 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itIncome statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| n/m | FY2026 | Oct 15, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2026: a price is in this figure, and it moved after the filing. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itIncome statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tabForm10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| n/m | FY2026 | Aug 27, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2026. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itIncome statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tabForm10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tabForm10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
| n/m | FY2026 | Aug 27, 2026 | |
| n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT. | |||
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2026. Form10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itIncome statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tabForm10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itBalance sheetFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tabForm10-KFiledAug 27, 2026PeriodFY2026Accession0001878848-26-000052What we read from itCash flow statementFY2026Open on SEC.gov, accession 0001878848-26-000052, leaves this page and opens in a new tab | |||
The figures are computed from the accounts for fiscal 2026, the newest full year on file. 4 filed fiscal years on record, FY2023 to FY2026, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.
The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.
Ten years of filed figures, year by year
Ten years of filed figures
7 fiscal years, FY2019 to FY2026. 4 read from the annual reports IREN Limited filed with the SEC, each naming its filing; the rest from statements that name none, which are market data. Amounts in USD, as reported.
| Year | Revenue | Operating income | Net income | EPS, diluted | Free cash flow | Operating margin | Return on equity | Filing |
|---|---|---|---|---|---|---|---|---|
| FY2026 | 707.0M | -1.05B | -702.6M | -2.22 | -897.6M | -148.1% | -16.8% | 10-K, Aug 27, 20260001878848-26-000052 |
| FY2025 | 501.0M | 17.3M | 86.9M | 0.39 | -327.6M | 3.5% | 4.8% | 10-K, Aug 28, 20250001878848-25-000063 |
| FY2024 | 187.2M | -27.2M | -28.9M | -0.29 | -89.6M | -14.6% | -2.6% | 10-K, Aug 28, 20250001878848-25-000063 |
| FY2023 | 75.5M | -157.2M | -171.8M | -3.14 | -110.3M | -208.2% | n/a | 10-K, Aug 28, 20250001878848-25-000063 |
| FY2022 | 59.0M | 462.0K | -419.8M | -7.44 | -272.7M | 0.8% | -96.0% | Market data, supplied Oct 15, 2026accession n/a |
| FY2021 | 5.9M | -236.5K | -45.3M | -2.18 | -4.1M | -4.0% | n/m | Market data, supplied Oct 15, 2026accession n/a |
| FY2019 | 1.1K | -112.7K | -161.1K | -0.01 | -2.5M | -10700.8% | -9.2% | Market data, supplied Oct 15, 2026accession n/a |
- Revenue, compound annual growth FY2019 to FY2026: 579.9%
- Earnings: Earnings was not positive in both 2019 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
- Earnings per share: Earnings per share was not positive in both 2019 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
- Free cash flow: Free cash flow was not positive in both 2019 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.
8 of 10
Risks and guardrails
The accounting screens, the published tests, and the lines you can set to be told.
ComputedCompany statement
| Figure | Value, source and document |
|---|---|
Beneish M-scoreWhy n/mThe Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here. | n/m ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
Piotroski F-scoreWhy n/m2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name. | n/m ComputedFY2026 10-K, filed Aug 27, 2026, 0001878848-26-000052 |
| Named tests met | 0 of 30 Computed |
| Beta | 2.66 ComputedClose of Oct 15, 2026 |
The named tests
Of 30 tests value investors published: 0 met, 17 not met, 13 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.
Which tests, by name(all 30)
- Meets
- None of the named tests.
- Does not
- Defensive investor (Benjamin Graham); Deep value; High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; Low beta, profitable; Z-score and coverage (Edward Altman); High returns, low debt; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
- Not measured
- Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); Three forensic scores; EV/EBITDA and coverage; ROIC at or above WACC; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); Owner earnings yield; Cash-covered dividend; Cash-flow yield and ROIC; Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(21)
- Current Ratio: Graham set this test for industrial companies.
- Piotroski F-Score: 2 of the nine Piotroski signals are undefined for a capital markets firm: signal 6 (rising current ratio), signal 8 (rising gross margin). We do not publish a partial score under the full score's name.
- P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
- EV/EBIT: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
- Return on Invested Capital: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
- Altman Z-Score: Altman's Z-Score was estimated on manufacturers and explicitly excludes financial firms. A financial company scores in the distress zone by construction, so the number would be wrong rather than alarming. Not applicable to financials.
- Beneish M-Score: The Beneish M-Score is built on gross margin, receivables and asset quality indices estimated on non-financial firms. Those inputs are not defined here.
- PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
- Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
- EV/EBITDA: Enterprise value adds debt and subtracts cash. For a financial company both are the business itself, so the resulting multiple has no economic meaning.
- Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
- Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
- Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
- Free Cash Flow Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
- ROIC-WACC Spread: Invested capital is equity plus debt less cash. A financial company's debt and cash are operating positions, so returns measured against that base are not comparable to an operating business.
- Price To Ncav: Net current asset value needs current assets, which an unclassified balance sheet does not report.
- Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
- Owner Earnings Yield: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
- Capex To Ocf: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
- Dividend Coverage Ratio: For a bank, an insurer, a broker or investment firm, or a mortgage trust, operating cash flow swings with the size of the loan, trading and funding book rather than with operating performance, so free cash flow is not the measure of the business. Look at earnings and capital adequacy.
- Dividend Streak: We do not hold this figure for this company, so there is nothing to show.
9 of 10
Declared positions
Whether anybody here owns this company.
Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.
10 of 10
Next step
What to do with what you have read.
A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.
What this cannot tell you
- 21 figures could not be read on this company, among them Current Ratio, Piotroski F-Score, P/E Ratio. Each blank in the table above names the rest, with its reason. 13 named tests come back incomplete because of them, which is neither met nor missed.
- We hold 4 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.
And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.
Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.
No card. 30 free days, and nothing is charged unless you choose a plan.
ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.