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Side-by-side financial comparison of Clearwater Paper Corp (CLW) and IREN Ltd (IREN). Click either name above to swap in a different company.
Clearwater Paper Corp is the larger business by last-quarter revenue ($360.3M vs $184.7M, roughly 2.0× IREN Ltd). Clearwater Paper Corp runs the higher net margin — -3.6% vs -84.1%, a 80.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -4.7%).
Clearwater Paper Corporation is an American pulp and paperboard manufacturer. The company was created on December 9, 2008, via a spin-off from Potlatch Corporation and is headquartered in Spokane, Washington.
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.
CLW vs IREN — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $360.3M | $184.7M |
| Net Profit | $-12.8M | $-155.4M |
| Gross Margin | -0.2% | 64.4% |
| Operating Margin | — | -63.0% |
| Net Margin | -3.6% | -84.1% |
| Revenue YoY | -4.7% | 59.0% |
| Net Profit YoY | -103.2% | -610.0% |
| EPS (diluted) | — | $-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.
| Q1 26 | $360.3M | — | ||
| Q4 25 | $386.4M | $184.7M | ||
| Q3 25 | $399.0M | $240.3M | ||
| Q2 25 | $391.8M | — | ||
| Q1 25 | $378.2M | — | ||
| Q4 24 | $387.1M | $116.1M | ||
| Q3 24 | $393.3M | $52.8M | ||
| Q2 24 | $344.4M | — |
| Q1 26 | $-12.8M | — | ||
| Q4 25 | $38.3M | $-155.4M | ||
| Q3 25 | $-53.3M | $384.6M | ||
| Q2 25 | $2.7M | — | ||
| Q1 25 | $-6.3M | — | ||
| Q4 24 | $199.1M | $-21.9M | ||
| Q3 24 | $5.8M | $-51.7M | ||
| Q2 24 | $-25.8M | — |
| Q1 26 | -0.2% | — | ||
| Q4 25 | 4.5% | 64.4% | ||
| Q3 25 | 4.7% | 66.4% | ||
| Q2 25 | 11.0% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 3.8% | 72.2% | ||
| Q3 24 | 7.7% | 39.6% | ||
| Q2 24 | -0.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | -63.0% | ||
| Q3 25 | -13.9% | -31.8% | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | -1.1% | — | ||
| Q4 24 | -4.0% | 14.9% | ||
| Q3 24 | -0.3% | -89.2% | ||
| Q2 24 | -13.6% | — |
| Q1 26 | -3.6% | — | ||
| Q4 25 | 9.9% | -84.1% | ||
| Q3 25 | -13.4% | 160.1% | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | -1.7% | — | ||
| Q4 24 | 51.4% | -18.8% | ||
| Q3 24 | 1.5% | -98.0% | ||
| Q2 24 | -7.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.36 | $-0.52 | ||
| Q3 25 | $-3.30 | $1.08 | ||
| Q2 25 | $0.17 | — | ||
| Q1 25 | $-0.38 | — | ||
| Q4 24 | $11.87 | $-0.10 | ||
| Q3 24 | $0.35 | $-0.27 | ||
| Q2 24 | $-1.55 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.5M | $3.3B |
| Total DebtLower is stronger | $361.1M | — |
| Stockholders' EquityBook value | $813.8M | $2.5B |
| Total Assets | $1.6B | $7.0B |
| Debt / EquityLower = less leverage | 0.44× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.5M | — | ||
| Q4 25 | $30.7M | $3.3B | ||
| Q3 25 | $34.4M | $1.0B | ||
| Q2 25 | $46.7M | — | ||
| Q1 25 | $44.0M | — | ||
| Q4 24 | $79.6M | $427.3M | ||
| Q3 24 | $35.5M | $98.6M | ||
| Q2 24 | $39.6M | — |
| Q1 26 | $361.1M | — | ||
| Q4 25 | $346.8M | — | ||
| Q3 25 | $337.0M | — | ||
| Q2 25 | $330.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $283.4M | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.1B | — |
| Q1 26 | $813.8M | — | ||
| Q4 25 | $825.3M | $2.5B | ||
| Q3 25 | $783.0M | $2.9B | ||
| Q2 25 | $836.8M | — | ||
| Q1 25 | $836.6M | — | ||
| Q4 24 | $854.6M | $1.2B | ||
| Q3 24 | $664.6M | $1.1B | ||
| Q2 24 | $658.6M | — |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $7.0B | ||
| Q3 25 | $1.6B | $4.3B | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.7B | $1.9B | ||
| Q3 24 | $2.5B | $1.3B | ||
| Q2 24 | $2.5B | — |
| Q1 26 | 0.44× | — | ||
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.43× | — | ||
| Q2 25 | 0.39× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.33× | — | ||
| Q3 24 | 1.73× | — | ||
| Q2 24 | 1.74× | — |
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 | — | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | — | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $5.0M | $71.7M | ||
| Q3 25 | $34.0M | $142.4M | ||
| Q2 25 | $-28.2M | — | ||
| Q1 25 | $1.5M | — | ||
| Q4 24 | $-35.1M | $53.6M | ||
| Q3 24 | $16.2M | $-3.9M | ||
| Q2 24 | $21.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-9.9M | $-468.0M | ||
| Q3 25 | $15.7M | $-38.0M | ||
| Q2 25 | $-51.1M | — | ||
| Q1 25 | $-31.2M | — | ||
| Q4 24 | $-68.1M | $-85.5M | ||
| Q3 24 | $-30.8M | $-109.7M | ||
| Q2 24 | $3.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | -2.6% | -253.4% | ||
| Q3 25 | 3.9% | -15.8% | ||
| Q2 25 | -13.0% | — | ||
| Q1 25 | -8.2% | — | ||
| Q4 24 | -17.6% | -73.6% | ||
| Q3 24 | -7.8% | -208.0% | ||
| Q2 24 | 0.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.9% | 292.2% | ||
| Q3 25 | 4.6% | 75.0% | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 8.5% | 119.7% | ||
| Q3 24 | 12.0% | 200.6% | ||
| Q2 24 | 5.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.13× | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | -10.44× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.18× | — | ||
| Q3 24 | 2.79× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CLW
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
