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Side-by-side financial comparison of HUTCHMED (China) Ltd (HCM) and IREN Ltd (IREN). Click either name above to swap in a different company.
HUTCHMED (China) Ltd is the larger business by last-quarter revenue ($270.8M vs $184.7M, roughly 1.5× IREN Ltd). HUTCHMED (China) Ltd runs the higher net margin — 0.7% vs -84.1%, a 84.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -16.5%). HUTCHMED (China) Ltd produced more free cash flow last quarter ($3.4M vs $-468.0M).
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
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.
HCM vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $270.8M | $184.7M |
| Net Profit | $2.0M | $-155.4M |
| Gross Margin | 37.7% | 64.4% |
| Operating Margin | -13.2% | -63.0% |
| Net Margin | 0.7% | -84.1% |
| Revenue YoY | -16.5% | 59.0% |
| Net Profit YoY | -83.6% | -610.0% |
| EPS (diluted) | $0.00 | $-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 | $270.8M | $184.7M | ||
| Q3 25 | — | $240.3M | ||
| Q2 25 | $277.7M | — | ||
| Q1 25 | $324.5M | — | ||
| Q4 24 | — | $116.1M | ||
| Q3 24 | — | $52.8M | ||
| Q2 24 | $305.7M | — | ||
| Q1 24 | — | $54.3M |
| Q4 25 | $2.0M | $-155.4M | ||
| Q3 25 | — | $384.6M | ||
| Q2 25 | $455.0M | — | ||
| Q1 25 | $11.9M | — | ||
| Q4 24 | — | $-21.9M | ||
| Q3 24 | — | $-51.7M | ||
| Q2 24 | $25.8M | — | ||
| Q1 24 | — | $8.6M |
| Q4 25 | 37.7% | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 48.0% | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | 41.1% | — | ||
| Q1 24 | — | — |
| Q4 25 | -13.2% | -63.0% | ||
| Q3 25 | — | -31.8% | ||
| Q2 25 | -1.3% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | — | 14.9% | ||
| Q3 24 | — | -89.2% | ||
| Q2 24 | -9.0% | — | ||
| Q1 24 | — | 11.1% |
| Q4 25 | 0.7% | -84.1% | ||
| Q3 25 | — | 160.1% | ||
| Q2 25 | 163.8% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | — | -18.8% | ||
| Q3 24 | — | -98.0% | ||
| Q2 24 | 8.4% | — | ||
| Q1 24 | — | 15.9% |
| Q4 25 | $0.00 | $-0.52 | ||
| Q3 25 | — | $1.08 | ||
| Q2 25 | $0.52 | — | ||
| Q1 25 | $0.01 | — | ||
| Q4 24 | — | $-0.10 | ||
| Q3 24 | — | $-0.27 | ||
| Q2 24 | $0.03 | — | ||
| Q1 24 | — | $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 | $1.4B | $3.3B |
| Total DebtLower is stronger | $93.2M | — |
| Stockholders' EquityBook value | $1.2B | $2.5B |
| Total Assets | $1.8B | $7.0B |
| Debt / EquityLower = less leverage | 0.08× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | $3.3B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $836.1M | — | ||
| Q4 24 | — | $427.3M | ||
| Q3 24 | — | $98.6M | ||
| Q2 24 | $802.5M | — | ||
| Q1 24 | — | $259.7M |
| Q4 25 | $93.2M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $93.4M | — | ||
| Q1 25 | $82.8M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $82.1M | — | ||
| Q1 24 | — | — |
| Q4 25 | $1.2B | $2.5B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $759.9M | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $740.1M | — | ||
| Q1 24 | — | $677.2M |
| Q4 25 | $1.8B | $7.0B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | — | $723.6M |
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.11× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.11× | — | ||
| 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 | $8.2M | $71.7M |
| Free Cash FlowOCF − Capex | $3.4M | $-468.0M |
| FCF MarginFCF / Revenue | 1.2% | -253.4% |
| Capex IntensityCapex / Revenue | 1.8% | 292.2% |
| Cash ConversionOCF / Net Profit | 4.21× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-96.2M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $71.7M | ||
| Q3 25 | — | $142.4M | ||
| Q2 25 | $-72.9M | — | ||
| Q1 25 | $40.3M | — | ||
| Q4 24 | — | $53.6M | ||
| Q3 24 | — | $-3.9M | ||
| Q2 24 | $-39.8M | — | ||
| Q1 24 | — | $-27.1M |
| Q4 25 | $3.4M | $-468.0M | ||
| Q3 25 | — | $-38.0M | ||
| Q2 25 | $-82.2M | — | ||
| Q1 25 | $32.5M | — | ||
| Q4 24 | — | $-85.5M | ||
| Q3 24 | — | $-109.7M | ||
| Q2 24 | $-49.9M | — | ||
| Q1 24 | — | $-108.3M |
| Q4 25 | 1.2% | -253.4% | ||
| Q3 25 | — | -15.8% | ||
| Q2 25 | -29.6% | — | ||
| Q1 25 | 10.0% | — | ||
| Q4 24 | — | -73.6% | ||
| Q3 24 | — | -208.0% | ||
| Q2 24 | -16.3% | — | ||
| Q1 24 | — | -199.4% |
| Q4 25 | 1.8% | 292.2% | ||
| Q3 25 | — | 75.0% | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | — | 119.7% | ||
| Q3 24 | — | 200.6% | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | — | 149.5% |
| Q4 25 | 4.21× | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | -0.16× | — | ||
| Q1 25 | 3.38× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.54× | — | ||
| Q1 24 | — | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCM
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
