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Side-by-side financial comparison of CSW INDUSTRIALS, INC. (CSW) and IREN Ltd (IREN). Click either name above to swap in a different company.
CSW INDUSTRIALS, INC. is the larger business by last-quarter revenue ($233.0M vs $184.7M, roughly 1.3× IREN Ltd). CSW INDUSTRIALS, INC. runs the higher net margin — 4.4% vs -84.1%, a 88.5% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 20.3%). CSW INDUSTRIALS, INC. produced more free cash flow last quarter ($22.7M vs $-468.0M).
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.
CSW vs IREN — Head-to-Head
Income Statement — Q3 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $233.0M | $184.7M |
| Net Profit | $10.3M | $-155.4M |
| Gross Margin | 39.7% | 64.4% |
| Operating Margin | 7.4% | -63.0% |
| Net Margin | 4.4% | -84.1% |
| Revenue YoY | 20.3% | 59.0% |
| Net Profit YoY | -61.9% | -610.0% |
| EPS (diluted) | $0.62 | $-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 | $233.0M | $184.7M | ||
| Q3 25 | $277.0M | $240.3M | ||
| Q2 25 | $263.6M | — | ||
| Q1 25 | $230.5M | — | ||
| Q4 24 | $193.6M | $116.1M | ||
| Q3 24 | $227.9M | $52.8M | ||
| Q2 24 | $226.2M | — | ||
| Q1 24 | $210.9M | $54.3M |
| Q4 25 | $10.3M | $-155.4M | ||
| Q3 25 | $40.7M | $384.6M | ||
| Q2 25 | $40.9M | — | ||
| Q1 25 | $35.1M | — | ||
| Q4 24 | $26.9M | $-21.9M | ||
| Q3 24 | $36.1M | $-51.7M | ||
| Q2 24 | $38.6M | — | ||
| Q1 24 | $31.8M | $8.6M |
| Q4 25 | 39.7% | 64.4% | ||
| Q3 25 | 43.0% | 66.4% | ||
| Q2 25 | 43.8% | — | ||
| Q1 25 | 44.2% | — | ||
| Q4 24 | 41.4% | 72.2% | ||
| Q3 24 | 45.6% | 39.6% | ||
| Q2 24 | 47.5% | — | ||
| Q1 24 | 44.4% | — |
| Q4 25 | 7.4% | -63.0% | ||
| Q3 25 | 20.5% | -31.8% | ||
| Q2 25 | 20.8% | — | ||
| Q1 25 | 19.5% | — | ||
| Q4 24 | 15.3% | 14.9% | ||
| Q3 24 | 22.6% | -89.2% | ||
| Q2 24 | 24.3% | — | ||
| Q1 24 | 21.0% | 11.1% |
| Q4 25 | 4.4% | -84.1% | ||
| Q3 25 | 14.7% | 160.1% | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | 15.2% | — | ||
| Q4 24 | 13.9% | -18.8% | ||
| Q3 24 | 15.8% | -98.0% | ||
| Q2 24 | 17.1% | — | ||
| Q1 24 | 15.1% | 15.9% |
| Q4 25 | $0.62 | $-0.52 | ||
| Q3 25 | $2.41 | $1.08 | ||
| Q2 25 | $2.43 | — | ||
| Q1 25 | $2.05 | — | ||
| Q4 24 | $1.60 | $-0.10 | ||
| Q3 24 | $2.26 | $-0.27 | ||
| Q2 24 | $2.47 | — | ||
| Q1 24 | $2.03 | $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 | $40.2M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.1B | $2.5B |
| Total Assets | $2.3B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $40.2M | $3.3B | ||
| Q3 25 | $31.5M | $1.0B | ||
| Q2 25 | $38.0M | — | ||
| Q1 25 | $225.8M | — | ||
| Q4 24 | $213.8M | $427.3M | ||
| Q3 24 | $273.2M | $98.6M | ||
| Q2 24 | $18.9M | — | ||
| Q1 24 | $22.2M | $259.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $166.0M | — |
| Q4 25 | $1.1B | $2.5B | ||
| Q3 25 | $1.1B | $2.9B | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.0B | $1.2B | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $650.2M | — | ||
| Q1 24 | $615.7M | $677.2M |
| Q4 25 | $2.3B | $7.0B | ||
| Q3 25 | $1.5B | $4.3B | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $1.9B | ||
| Q3 24 | $1.4B | $1.3B | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.0B | $723.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.27× | — |
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 | $28.9M | $71.7M |
| Free Cash FlowOCF − Capex | $22.7M | $-468.0M |
| FCF MarginFCF / Revenue | 9.8% | -253.4% |
| Capex IntensityCapex / Revenue | 2.6% | 292.2% |
| Cash ConversionOCF / Net Profit | 2.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | $162.0M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.9M | $71.7M | ||
| Q3 25 | $61.8M | $142.4M | ||
| Q2 25 | $60.6M | — | ||
| Q1 25 | $27.3M | — | ||
| Q4 24 | $11.6M | $53.6M | ||
| Q3 24 | $66.8M | $-3.9M | ||
| Q2 24 | $62.7M | — | ||
| Q1 24 | $22.4M | $-27.1M |
| Q4 25 | $22.7M | $-468.0M | ||
| Q3 25 | $58.7M | $-38.0M | ||
| Q2 25 | $57.7M | — | ||
| Q1 25 | $22.8M | — | ||
| Q4 24 | $8.5M | $-85.5M | ||
| Q3 24 | $61.3M | $-109.7M | ||
| Q2 24 | $59.6M | — | ||
| Q1 24 | $17.5M | $-108.3M |
| Q4 25 | 9.8% | -253.4% | ||
| Q3 25 | 21.2% | -15.8% | ||
| Q2 25 | 21.9% | — | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 4.4% | -73.6% | ||
| Q3 24 | 26.9% | -208.0% | ||
| Q2 24 | 26.3% | — | ||
| Q1 24 | 8.3% | -199.4% |
| Q4 25 | 2.6% | 292.2% | ||
| Q3 25 | 1.1% | 75.0% | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 1.6% | 119.7% | ||
| Q3 24 | 2.4% | 200.6% | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 2.3% | 149.5% |
| Q4 25 | 2.81× | — | ||
| Q3 25 | 1.52× | 0.37× | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — | ||
| Q1 24 | 0.71× | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
