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Side-by-side financial comparison of Civeo Corp (CVEO) 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 $161.6M, roughly 1.1× Civeo Corp). Civeo Corp runs the higher net margin — -4.0% vs -84.1%, a 80.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 7.1%). Civeo Corp produced more free cash flow last quarter ($14.5M vs $-468.0M).
The Civeo Corporation is an American accommodation services multinational corporation. It is a spin-off of Oil States International. It is a public company listed on the New York Stock Exchange.
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.
CVEO vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $161.6M | $184.7M |
| Net Profit | $-6.5M | $-155.4M |
| Gross Margin | 22.7% | 64.4% |
| Operating Margin | -0.1% | -63.0% |
| Net Margin | -4.0% | -84.1% |
| Revenue YoY | 7.1% | 59.0% |
| Net Profit YoY | 58.1% | -610.0% |
| EPS (diluted) | $-0.58 | $-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 | $161.6M | $184.7M | ||
| Q3 25 | $170.5M | $240.3M | ||
| Q2 25 | $162.7M | — | ||
| Q1 25 | $144.0M | — | ||
| Q4 24 | $151.0M | $116.1M | ||
| Q3 24 | $176.3M | $52.8M | ||
| Q2 24 | $188.7M | — | ||
| Q1 24 | $166.1M | $54.3M |
| Q4 25 | $-6.5M | $-155.4M | ||
| Q3 25 | $-455.0K | $384.6M | ||
| Q2 25 | $-3.3M | — | ||
| Q1 25 | $-9.8M | — | ||
| Q4 24 | $-15.4M | $-21.9M | ||
| Q3 24 | $-5.1M | $-51.7M | ||
| Q2 24 | $8.2M | — | ||
| Q1 24 | $-5.1M | $8.6M |
| Q4 25 | 22.7% | 64.4% | ||
| Q3 25 | 25.7% | 66.4% | ||
| Q2 25 | 25.3% | — | ||
| Q1 25 | 20.4% | — | ||
| Q4 24 | 18.6% | 72.2% | ||
| Q3 24 | 21.4% | 39.6% | ||
| Q2 24 | 25.4% | — | ||
| Q1 24 | 21.5% | — |
| Q4 25 | -0.1% | -63.0% | ||
| Q3 25 | 4.1% | -31.8% | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | -3.8% | — | ||
| Q4 24 | -6.7% | 14.9% | ||
| Q3 24 | 0.0% | -89.2% | ||
| Q2 24 | 6.9% | — | ||
| Q1 24 | -1.1% | 11.1% |
| Q4 25 | -4.0% | -84.1% | ||
| Q3 25 | -0.3% | 160.1% | ||
| Q2 25 | -2.0% | — | ||
| Q1 25 | -6.8% | — | ||
| Q4 24 | -10.2% | -18.8% | ||
| Q3 24 | -2.9% | -98.0% | ||
| Q2 24 | 4.4% | — | ||
| Q1 24 | -3.1% | 15.9% |
| Q4 25 | $-0.58 | $-0.52 | ||
| Q3 25 | $-0.04 | $1.08 | ||
| Q2 25 | $-0.25 | — | ||
| Q1 25 | $-0.72 | — | ||
| Q4 24 | $-1.04 | $-0.10 | ||
| Q3 24 | $-0.36 | $-0.27 | ||
| Q2 24 | $0.56 | — | ||
| Q1 24 | $-0.35 | $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 | $14.4M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $174.4M | $2.5B |
| Total Assets | $477.4M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.4M | $3.3B | ||
| Q3 25 | $12.0M | $1.0B | ||
| Q2 25 | $14.6M | — | ||
| Q1 25 | $28.4M | — | ||
| Q4 24 | $5.2M | $427.3M | ||
| Q3 24 | $17.9M | $98.6M | ||
| Q2 24 | $7.4M | — | ||
| Q1 24 | $16.8M | $259.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $43.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $174.4M | $2.5B | ||
| Q3 25 | $182.5M | $2.9B | ||
| Q2 25 | $209.4M | — | ||
| Q1 25 | $220.7M | — | ||
| Q4 24 | $236.4M | $1.2B | ||
| Q3 24 | $282.2M | $1.1B | ||
| Q2 24 | $297.4M | — | ||
| Q1 24 | $297.4M | $677.2M |
| Q4 25 | $477.4M | $7.0B | ||
| Q3 25 | $491.1M | $4.3B | ||
| Q2 25 | $508.8M | — | ||
| Q1 25 | $423.8M | — | ||
| Q4 24 | $405.1M | $1.9B | ||
| Q3 24 | $477.6M | $1.3B | ||
| Q2 24 | $483.2M | — | ||
| Q1 24 | $513.1M | $723.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $19.3M | $71.7M |
| Free Cash FlowOCF − Capex | $14.5M | $-468.0M |
| FCF MarginFCF / Revenue | 8.9% | -253.4% |
| Capex IntensityCapex / Revenue | 3.0% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.1M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.3M | $71.7M | ||
| Q3 25 | $13.8M | $142.4M | ||
| Q2 25 | $-2.3M | — | ||
| Q1 25 | $-8.4M | — | ||
| Q4 24 | $9.5M | $53.6M | ||
| Q3 24 | $35.7M | $-3.9M | ||
| Q2 24 | $32.4M | — | ||
| Q1 24 | $6.0M | $-27.1M |
| Q4 25 | $14.5M | $-468.0M | ||
| Q3 25 | $8.2M | $-38.0M | ||
| Q2 25 | $-6.8M | — | ||
| Q1 25 | $-13.7M | — | ||
| Q4 24 | $1.8M | $-85.5M | ||
| Q3 24 | $28.2M | $-109.7M | ||
| Q2 24 | $27.0M | — | ||
| Q1 24 | $372.0K | $-108.3M |
| Q4 25 | 8.9% | -253.4% | ||
| Q3 25 | 4.8% | -15.8% | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -9.5% | — | ||
| Q4 24 | 1.2% | -73.6% | ||
| Q3 24 | 16.0% | -208.0% | ||
| Q2 24 | 14.3% | — | ||
| Q1 24 | 0.2% | -199.4% |
| Q4 25 | 3.0% | 292.2% | ||
| Q3 25 | 3.3% | 75.0% | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 5.1% | 119.7% | ||
| Q3 24 | 4.2% | 200.6% | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 3.4% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.93× | — | ||
| Q1 24 | — | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CVEO
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
