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Side-by-side financial comparison of IREN Ltd (IREN) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $121.0M, roughly 1.5× Ramaco Resources, Inc.). Ramaco Resources, Inc. runs the higher net margin — -11.0% vs -84.1%, a 73.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -27.7%). Ramaco Resources, Inc. produced more free cash flow last quarter ($-17.5M 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.
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
IREN vs METC — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $121.0M |
| Net Profit | $-155.4M | $-13.3M |
| Gross Margin | 64.4% | 15.8% |
| Operating Margin | -63.0% | -12.0% |
| Net Margin | -84.1% | -11.0% |
| Revenue YoY | 59.0% | -27.7% |
| Net Profit YoY | -610.0% | -5468.2% |
| 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.
| Q4 25 | $184.7M | — | ||
| Q3 25 | $240.3M | $121.0M | ||
| Q2 25 | — | $153.0M | ||
| Q1 25 | — | $134.7M | ||
| Q4 24 | $116.1M | $170.9M | ||
| Q3 24 | $52.8M | $167.4M | ||
| Q2 24 | — | $155.3M | ||
| Q1 24 | $54.3M | $172.7M |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $-13.3M | ||
| Q2 25 | — | $-14.0M | ||
| Q1 25 | — | $-9.5M | ||
| Q4 24 | $-21.9M | $3.9M | ||
| Q3 24 | $-51.7M | $-239.0K | ||
| Q2 24 | — | $5.5M | ||
| Q1 24 | $8.6M | $2.0M |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | 15.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 15.2% | ||
| Q4 24 | 72.2% | 20.4% | ||
| Q3 24 | 39.6% | 19.5% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 19.1% |
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | -12.0% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | 14.9% | 3.7% | ||
| Q3 24 | -89.2% | 1.0% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | 11.1% | 1.9% |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | -11.0% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | — | -7.0% | ||
| Q4 24 | -18.8% | 2.3% | ||
| Q3 24 | -98.0% | -0.1% | ||
| Q2 24 | — | 3.6% | ||
| Q1 24 | 15.9% | 1.2% |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-0.10 | $0.06 | ||
| Q3 24 | $-0.27 | $-0.03 | ||
| Q2 24 | — | $0.08 | ||
| Q1 24 | $0.00 | $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 | $3.3B | $193.8M |
| Total DebtLower is stronger | — | $116.3M |
| Stockholders' EquityBook value | $2.5B | $526.9M |
| Total Assets | $7.0B | $849.7M |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | $193.8M | ||
| Q2 25 | — | $28.1M | ||
| Q1 25 | — | $43.5M | ||
| Q4 24 | $427.3M | $33.0M | ||
| Q3 24 | $98.6M | $22.9M | ||
| Q2 24 | — | $27.6M | ||
| Q1 24 | $259.7M | $30.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $116.3M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $88.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | $526.9M | ||
| Q2 25 | — | $347.4M | ||
| Q1 25 | — | $355.2M | ||
| Q4 24 | $1.2B | $362.8M | ||
| Q3 24 | $1.1B | $361.8M | ||
| Q2 24 | — | $366.1M | ||
| Q1 24 | $677.2M | $372.3M |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | $849.7M | ||
| Q2 25 | — | $674.6M | ||
| Q1 25 | — | $685.7M | ||
| Q4 24 | $1.9B | $674.7M | ||
| Q3 24 | $1.3B | $645.4M | ||
| Q2 24 | — | $659.2M | ||
| Q1 24 | $723.6M | $674.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.24× | ||
| 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 | $71.7M | $-1.4M |
| Free Cash FlowOCF − Capex | $-468.0M | $-17.5M |
| FCF MarginFCF / Revenue | -253.4% | -14.5% |
| Capex IntensityCapex / Revenue | 292.2% | 13.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | $-1.4M | ||
| Q2 25 | — | $-4.3M | ||
| Q1 25 | — | $26.0M | ||
| Q4 24 | $53.6M | $15.7M | ||
| Q3 24 | $-3.9M | $37.4M | ||
| Q2 24 | — | $34.4M | ||
| Q1 24 | $-27.1M | $25.2M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | $-17.5M | ||
| Q2 25 | — | $-19.8M | ||
| Q1 25 | — | $7.6M | ||
| Q4 24 | $-85.5M | $5.1M | ||
| Q3 24 | $-109.7M | $25.6M | ||
| Q2 24 | — | $20.3M | ||
| Q1 24 | $-108.3M | $6.5M |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | -14.5% | ||
| Q2 25 | — | -13.0% | ||
| Q1 25 | — | 5.6% | ||
| Q4 24 | -73.6% | 3.0% | ||
| Q3 24 | -208.0% | 15.3% | ||
| Q2 24 | — | 13.1% | ||
| Q1 24 | -199.4% | 3.7% |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | 13.3% | ||
| Q2 25 | — | 10.2% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | 119.7% | 6.2% | ||
| Q3 24 | 200.6% | 7.0% | ||
| Q2 24 | — | 9.1% | ||
| Q1 24 | 149.5% | 10.8% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 6.21× | ||
| Q1 24 | -3.13× | 12.40× |
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% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
