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Side-by-side financial comparison of IREN Ltd (IREN) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $134.3M, roughly 1.4× Mayville Engineering Company, Inc.). Mayville Engineering Company, Inc. runs the higher net margin — -3.2% vs -84.1%, a 80.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 10.7%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M 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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
IREN vs MEC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $134.3M |
| Net Profit | $-155.4M | $-4.4M |
| Gross Margin | 64.4% | 6.8% |
| Operating Margin | -63.0% | -4.1% |
| Net Margin | -84.1% | -3.2% |
| Revenue YoY | 59.0% | 10.7% |
| Net Profit YoY | -610.0% | -127.3% |
| EPS (diluted) | $-0.52 | $-0.22 |
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 | $184.7M | $134.3M | ||
| Q3 25 | $240.3M | $144.3M | ||
| Q2 25 | — | $132.3M | ||
| Q1 25 | — | $135.6M | ||
| Q4 24 | $116.1M | $121.3M | ||
| Q3 24 | $52.8M | $135.4M | ||
| Q2 24 | — | $163.6M | ||
| Q1 24 | $54.3M | $161.3M |
| Q4 25 | $-155.4M | $-4.4M | ||
| Q3 25 | $384.6M | $-2.7M | ||
| Q2 25 | — | $-1.1M | ||
| Q1 25 | — | $20.0K | ||
| Q4 24 | $-21.9M | $16.0M | ||
| Q3 24 | $-51.7M | $3.0M | ||
| Q2 24 | — | $3.8M | ||
| Q1 24 | $8.6M | $3.2M |
| Q4 25 | 64.4% | 6.8% | ||
| Q3 25 | 66.4% | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | 72.2% | 8.9% | ||
| Q3 24 | 39.6% | 12.6% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 13.0% |
| Q4 25 | -63.0% | -4.1% | ||
| Q3 25 | -31.8% | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | 14.9% | 19.0% | ||
| Q3 24 | -89.2% | 4.2% | ||
| Q2 24 | — | 5.0% | ||
| Q1 24 | 11.1% | 4.7% |
| Q4 25 | -84.1% | -3.2% | ||
| Q3 25 | 160.1% | -1.9% | ||
| Q2 25 | — | -0.8% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | -18.8% | 13.2% | ||
| Q3 24 | -98.0% | 2.2% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | 15.9% | 2.0% |
| Q4 25 | $-0.52 | $-0.22 | ||
| Q3 25 | $1.08 | $-0.13 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | $-0.10 | $0.76 | ||
| Q3 24 | $-0.27 | $0.14 | ||
| Q2 24 | — | $0.18 | ||
| Q1 24 | $0.00 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.3B | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $240.7M |
| Total Assets | $7.0B | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $1.5M | ||
| Q3 25 | $1.0B | $1.2M | ||
| Q2 25 | — | $206.0K | ||
| Q1 25 | — | $183.0K | ||
| Q4 24 | $427.3M | $206.0K | ||
| Q3 24 | $98.6M | $178.0K | ||
| Q2 24 | — | $314.0K | ||
| Q1 24 | $259.7M | $314.0K |
| Q4 25 | $2.5B | $240.7M | ||
| Q3 25 | $2.9B | $244.8M | ||
| Q2 25 | — | $246.8M | ||
| Q1 25 | — | $250.0M | ||
| Q4 24 | $1.2B | $251.8M | ||
| Q3 24 | $1.1B | $238.4M | ||
| Q2 24 | — | $238.1M | ||
| Q1 24 | $677.2M | $234.0M |
| Q4 25 | $7.0B | $563.6M | ||
| Q3 25 | $4.3B | $585.6M | ||
| Q2 25 | — | $433.7M | ||
| Q1 25 | — | $447.7M | ||
| Q4 24 | $1.9B | $445.6M | ||
| Q3 24 | $1.3B | $466.0M | ||
| Q2 24 | — | $488.2M | ||
| Q1 24 | $723.6M | $499.9M |
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 | $13.4M |
| Free Cash FlowOCF − Capex | $-468.0M | $10.2M |
| FCF MarginFCF / Revenue | -253.4% | 7.6% |
| Capex IntensityCapex / Revenue | 292.2% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $13.4M | ||
| Q3 25 | $142.4M | $1.9M | ||
| Q2 25 | — | $15.0M | ||
| Q1 25 | — | $8.3M | ||
| Q4 24 | $53.6M | $38.0M | ||
| Q3 24 | $-3.9M | $17.9M | ||
| Q2 24 | — | $23.3M | ||
| Q1 24 | $-27.1M | $10.6M |
| Q4 25 | $-468.0M | $10.2M | ||
| Q3 25 | $-38.0M | $-1.1M | ||
| Q2 25 | — | $12.5M | ||
| Q1 25 | — | $5.4M | ||
| Q4 24 | $-85.5M | $35.6M | ||
| Q3 24 | $-109.7M | $15.1M | ||
| Q2 24 | — | $19.2M | ||
| Q1 24 | $-108.3M | $7.8M |
| Q4 25 | -253.4% | 7.6% | ||
| Q3 25 | -15.8% | -0.8% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | -73.6% | 29.4% | ||
| Q3 24 | -208.0% | 11.1% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | -199.4% | 4.9% |
| Q4 25 | 292.2% | 2.4% | ||
| Q3 25 | 75.0% | 2.1% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | 119.7% | 1.9% | ||
| Q3 24 | 200.6% | 2.1% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | 149.5% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | -3.13× | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
