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Side-by-side financial comparison of IREN Ltd (IREN) and MOVADO GROUP INC (MOV). Click either name above to swap in a different company.
MOVADO GROUP INC is the larger business by last-quarter revenue ($186.1M vs $184.7M, roughly 1.0× IREN Ltd). MOVADO GROUP INC runs the higher net margin — 5.1% vs -84.1%, a 89.3% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 1.9%). MOVADO GROUP INC produced more free cash flow last quarter ($11.6M 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.
Movado is a luxury American watch brand originally founded in 1881 in Switzerland. Movado means "movement" in Esperanto. The watches are known for their signature metallic dot at 12 o'clock and minimalist style; the company is best known for its Museum Watch.
IREN vs MOV — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $186.1M |
| Net Profit | $-155.4M | $9.6M |
| Gross Margin | 64.4% | 54.3% |
| Operating Margin | -63.0% | 6.3% |
| Net Margin | -84.1% | 5.1% |
| Revenue YoY | 59.0% | 1.9% |
| Net Profit YoY | -610.0% | 89.8% |
| EPS (diluted) | $-0.52 | $0.42 |
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 | $186.1M | ||
| Q3 25 | $240.3M | $161.8M | ||
| Q2 25 | — | $131.8M | ||
| Q1 25 | — | $181.5M | ||
| Q4 24 | $116.1M | $180.5M | ||
| Q3 24 | $52.8M | $157.0M | ||
| Q2 24 | — | $134.4M | ||
| Q1 24 | $54.3M | $175.8M |
| Q4 25 | $-155.4M | $9.6M | ||
| Q3 25 | $384.6M | $3.0M | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | $8.1M | ||
| Q4 24 | $-21.9M | $4.8M | ||
| Q3 24 | $-51.7M | $3.5M | ||
| Q2 24 | — | $2.0M | ||
| Q1 24 | $8.6M | $9.8M |
| Q4 25 | 64.4% | 54.3% | ||
| Q3 25 | 66.4% | 54.1% | ||
| Q2 25 | — | 54.1% | ||
| Q1 25 | — | 54.2% | ||
| Q4 24 | 72.2% | 53.5% | ||
| Q3 24 | 39.6% | 54.3% | ||
| Q2 24 | — | 54.3% | ||
| Q1 24 | — | 53.5% |
| Q4 25 | -63.0% | 6.3% | ||
| Q3 25 | -31.8% | 2.5% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | 14.9% | 3.3% | ||
| Q3 24 | -89.2% | 1.7% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | 11.1% | 6.1% |
| Q4 25 | -84.1% | 5.1% | ||
| Q3 25 | 160.1% | 1.8% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 4.4% | ||
| Q4 24 | -18.8% | 2.7% | ||
| Q3 24 | -98.0% | 2.2% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | 15.9% | 5.6% |
| Q4 25 | $-0.52 | $0.42 | ||
| Q3 25 | $1.08 | $0.13 | ||
| Q2 25 | — | $0.06 | ||
| Q1 25 | — | $0.36 | ||
| Q4 24 | $-0.10 | $0.21 | ||
| Q3 24 | $-0.27 | $0.15 | ||
| Q2 24 | — | $0.09 | ||
| Q1 24 | $0.00 | $0.44 |
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 | $183.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $497.5M |
| Total Assets | $7.0B | $751.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $183.9M | ||
| Q3 25 | $1.0B | $180.5M | ||
| Q2 25 | — | $203.1M | ||
| Q1 25 | — | $208.5M | ||
| Q4 24 | $427.3M | $181.5M | ||
| Q3 24 | $98.6M | $198.3M | ||
| Q2 24 | — | $225.4M | ||
| Q1 24 | $259.7M | $262.1M |
| Q4 25 | $2.5B | $497.5M | ||
| Q3 25 | $2.9B | $489.9M | ||
| Q2 25 | — | $493.2M | ||
| Q1 25 | — | $481.3M | ||
| Q4 24 | $1.2B | $491.3M | ||
| Q3 24 | $1.1B | $492.0M | ||
| Q2 24 | — | $489.6M | ||
| Q1 24 | $677.2M | $505.9M |
| Q4 25 | $7.0B | $751.9M | ||
| Q3 25 | $4.3B | $748.7M | ||
| Q2 25 | — | $747.2M | ||
| Q1 25 | — | $729.2M | ||
| Q4 24 | $1.9B | $747.2M | ||
| Q3 24 | $1.3B | $742.5M | ||
| Q2 24 | — | $736.0M | ||
| Q1 24 | $723.6M | $756.5M |
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 | $12.3M |
| Free Cash FlowOCF − Capex | $-468.0M | $11.6M |
| FCF MarginFCF / Revenue | -253.4% | 6.2% |
| Capex IntensityCapex / Revenue | 292.2% | 0.4% |
| Cash ConversionOCF / Net Profit | — | 1.28× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $35.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $12.3M | ||
| Q3 25 | $142.4M | $-3.8M | ||
| Q2 25 | — | $-7.2M | ||
| Q1 25 | — | $39.1M | ||
| Q4 24 | $53.6M | $-4.7M | ||
| Q3 24 | $-3.9M | $-17.8M | ||
| Q2 24 | — | $-18.1M | ||
| Q1 24 | $-27.1M | $69.4M |
| Q4 25 | $-468.0M | $11.6M | ||
| Q3 25 | $-38.0M | $-5.1M | ||
| Q2 25 | — | $-8.7M | ||
| Q1 25 | — | $37.5M | ||
| Q4 24 | $-85.5M | $-7.2M | ||
| Q3 24 | $-109.7M | $-20.1M | ||
| Q2 24 | — | $-19.7M | ||
| Q1 24 | $-108.3M | $67.8M |
| Q4 25 | -253.4% | 6.2% | ||
| Q3 25 | -15.8% | -3.1% | ||
| Q2 25 | — | -6.6% | ||
| Q1 25 | — | 20.7% | ||
| Q4 24 | -73.6% | -4.0% | ||
| Q3 24 | -208.0% | -12.8% | ||
| Q2 24 | — | -14.7% | ||
| Q1 24 | -199.4% | 38.6% |
| Q4 25 | 292.2% | 0.4% | ||
| Q3 25 | 75.0% | 0.8% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | 119.7% | 1.4% | ||
| Q3 24 | 200.6% | 1.5% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | 149.5% | 0.9% |
| Q4 25 | — | 1.28× | ||
| Q3 25 | 0.37× | -1.27× | ||
| Q2 25 | — | -5.08× | ||
| Q1 25 | — | 4.86× | ||
| Q4 24 | — | -0.98× | ||
| Q3 24 | — | -5.14× | ||
| Q2 24 | — | -8.97× | ||
| Q1 24 | -3.13× | 7.06× |
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% |
MOV
| Other | $81.4M | 44% |
| Owned Brands Category | $46.0M | 25% |
| Sales Channel Directly To Consumer | $35.3M | 19% |
| Company Stores | $23.4M | 13% |
