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Side-by-side financial comparison of Amphastar Pharmaceuticals, Inc. (AMPH) and IREN Ltd (IREN). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $183.1M, roughly 1.0× Amphastar Pharmaceuticals, Inc.). Amphastar Pharmaceuticals, Inc. runs the higher net margin — 13.3% vs -84.1%, a 97.5% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -1.8%). Amphastar Pharmaceuticals, Inc. produced more free cash flow last quarter ($24.6M vs $-468.0M).
Amphastar Pharmaceuticals is a publicly traded American speciality pharmaceutical company. It was incorporated in May 2004 and primarily develops, manufactures, and sells inhalation and intranasal products.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
AMPH vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $183.1M | $184.7M |
| Net Profit | $24.4M | $-155.4M |
| Gross Margin | 46.8% | 64.4% |
| Operating Margin | 19.4% | -63.0% |
| Net Margin | 13.3% | -84.1% |
| Revenue YoY | -1.8% | 59.0% |
| Net Profit YoY | -35.7% | -610.0% |
| EPS (diluted) | $0.51 | $-0.52 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $183.1M | $184.7M | ||
| Q3 25 | $191.8M | $240.3M | ||
| Q2 25 | $174.4M | — | ||
| Q1 25 | $170.5M | — | ||
| Q4 24 | $186.5M | $116.1M | ||
| Q3 24 | $191.2M | $52.8M | ||
| Q2 24 | $182.4M | — | ||
| Q1 24 | $171.8M | $54.3M |
| Q4 25 | $24.4M | $-155.4M | ||
| Q3 25 | $17.4M | $384.6M | ||
| Q2 25 | $31.0M | — | ||
| Q1 25 | $25.3M | — | ||
| Q4 24 | $38.0M | $-21.9M | ||
| Q3 24 | $40.4M | $-51.7M | ||
| Q2 24 | $37.9M | — | ||
| Q1 24 | $43.2M | $8.6M |
| Q4 25 | 46.8% | 64.4% | ||
| Q3 25 | 51.4% | 66.4% | ||
| Q2 25 | 49.6% | — | ||
| Q1 25 | 50.0% | — | ||
| Q4 24 | 46.5% | 72.2% | ||
| Q3 24 | 53.3% | 39.6% | ||
| Q2 24 | 52.2% | — | ||
| Q1 24 | 52.4% | — |
| Q4 25 | 19.4% | -63.0% | ||
| Q3 25 | 13.2% | -31.8% | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 21.9% | — | ||
| Q4 24 | 24.2% | 14.9% | ||
| Q3 24 | 29.8% | -89.2% | ||
| Q2 24 | 30.3% | — | ||
| Q1 24 | 27.9% | 11.1% |
| Q4 25 | 13.3% | -84.1% | ||
| Q3 25 | 9.0% | 160.1% | ||
| Q2 25 | 17.8% | — | ||
| Q1 25 | 14.8% | — | ||
| Q4 24 | 20.4% | -18.8% | ||
| Q3 24 | 21.1% | -98.0% | ||
| Q2 24 | 20.8% | — | ||
| Q1 24 | 25.1% | 15.9% |
| Q4 25 | $0.51 | $-0.52 | ||
| Q3 25 | $0.37 | $1.08 | ||
| Q2 25 | $0.64 | — | ||
| Q1 25 | $0.51 | — | ||
| Q4 24 | $0.74 | $-0.10 | ||
| Q3 24 | $0.78 | $-0.27 | ||
| Q2 24 | $0.73 | — | ||
| Q1 24 | $0.81 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $282.8M | $3.3B |
| Total DebtLower is stronger | $608.7M | — |
| Stockholders' EquityBook value | $788.8M | $2.5B |
| Total Assets | $1.6B | $7.0B |
| Debt / EquityLower = less leverage | 0.77× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.8M | $3.3B | ||
| Q3 25 | $276.2M | $1.0B | ||
| Q2 25 | $231.8M | — | ||
| Q1 25 | $236.9M | — | ||
| Q4 24 | $221.6M | $427.3M | ||
| Q3 24 | $250.5M | $98.6M | ||
| Q2 24 | $217.8M | — | ||
| Q1 24 | $289.6M | $259.7M |
| Q4 25 | $608.7M | — | ||
| Q3 25 | $608.6M | — | ||
| Q2 25 | $607.7M | — | ||
| Q1 25 | $603.9M | — | ||
| Q4 24 | $601.6M | — | ||
| Q3 24 | $596.4M | — | ||
| Q2 24 | $586.9M | — | ||
| Q1 24 | $594.0M | — |
| Q4 25 | $788.8M | $2.5B | ||
| Q3 25 | $776.7M | $2.9B | ||
| Q2 25 | $757.5M | — | ||
| Q1 25 | $751.3M | — | ||
| Q4 24 | $732.3M | $1.2B | ||
| Q3 24 | $727.7M | $1.1B | ||
| Q2 24 | $713.3M | — | ||
| Q1 24 | $672.4M | $677.2M |
| Q4 25 | $1.6B | $7.0B | ||
| Q3 25 | $1.7B | $4.3B | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | $1.9B | ||
| Q3 24 | $1.5B | $1.3B | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.6B | $723.6M |
| Q4 25 | 0.77× | — | ||
| Q3 25 | 0.78× | — | ||
| Q2 25 | 0.80× | — | ||
| Q1 25 | 0.80× | — | ||
| Q4 24 | 0.82× | — | ||
| Q3 24 | 0.82× | — | ||
| Q2 24 | 0.82× | — | ||
| Q1 24 | 0.88× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $32.9M | $71.7M |
| Free Cash FlowOCF − Capex | $24.6M | $-468.0M |
| FCF MarginFCF / Revenue | 13.4% | -253.4% |
| Capex IntensityCapex / Revenue | 4.5% | 292.2% |
| Cash ConversionOCF / Net Profit | 1.35× | — |
| TTM Free Cash FlowTrailing 4 quarters | $121.2M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.9M | $71.7M | ||
| Q3 25 | $52.6M | $142.4M | ||
| Q2 25 | $35.6M | — | ||
| Q1 25 | $35.1M | — | ||
| Q4 24 | $29.0M | $53.6M | ||
| Q3 24 | $60.0M | $-3.9M | ||
| Q2 24 | $69.1M | — | ||
| Q1 24 | $55.3M | $-27.1M |
| Q4 25 | $24.6M | $-468.0M | ||
| Q3 25 | $47.2M | $-38.0M | ||
| Q2 25 | $25.0M | — | ||
| Q1 25 | $24.4M | — | ||
| Q4 24 | $16.6M | $-85.5M | ||
| Q3 24 | $46.2M | $-109.7M | ||
| Q2 24 | $63.1M | — | ||
| Q1 24 | $46.5M | $-108.3M |
| Q4 25 | 13.4% | -253.4% | ||
| Q3 25 | 24.6% | -15.8% | ||
| Q2 25 | 14.3% | — | ||
| Q1 25 | 14.3% | — | ||
| Q4 24 | 8.9% | -73.6% | ||
| Q3 24 | 24.1% | -208.0% | ||
| Q2 24 | 34.6% | — | ||
| Q1 24 | 27.1% | -199.4% |
| Q4 25 | 4.5% | 292.2% | ||
| Q3 25 | 2.8% | 75.0% | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 6.3% | — | ||
| Q4 24 | 6.7% | 119.7% | ||
| Q3 24 | 7.2% | 200.6% | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | 5.1% | 149.5% |
| Q4 25 | 1.35× | — | ||
| Q3 25 | 3.03× | 0.37× | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.39× | — | ||
| Q4 24 | 0.76× | — | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 1.82× | — | ||
| Q1 24 | 1.28× | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMPH
| Other Products | $62.4M | 34% |
| Baqsimi | $46.7M | 26% |
| Primatenemist | $27.9M | 15% |
| Epinephrine | $17.1M | 9% |
| Lidocaine | $14.9M | 8% |
| Glucagon | $14.1M | 8% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
