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Side-by-side financial comparison of IREN Ltd (IREN) and National Energy Services Reunited Corp. (NESR). Click either name above to swap in a different company.
National Energy Services Reunited Corp. is the larger business by last-quarter revenue ($295.3M vs $184.7M, roughly 1.6× IREN Ltd). National Energy Services Reunited Corp. runs the higher net margin — 6.0% vs -84.1%, a 90.2% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -12.2%). National Energy Services Reunited Corp. produced more free cash flow last quarter ($-34.1M 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.
National Energy Services Reunited Corp. is a leading integrated oilfield services provider offering a full suite of solutions covering well construction, completion, production, and intervention services for upstream oil and gas operators. Its core markets cover the Middle East, North Africa, and East Asia, serving both national oil companies and international energy clients.
IREN vs NESR — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $295.3M |
| Net Profit | $-155.4M | $17.7M |
| Gross Margin | 64.4% | 12.0% |
| Operating Margin | -63.0% | 6.6% |
| Net Margin | -84.1% | 6.0% |
| Revenue YoY | 59.0% | -12.2% |
| Net Profit YoY | -610.0% | -14.0% |
| EPS (diluted) | $-0.52 | $0.18 |
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 | $295.3M | ||
| Q2 25 | — | $327.4M | ||
| Q1 25 | — | $303.1M | ||
| Q4 24 | $116.1M | — | ||
| Q3 24 | $52.8M | $336.2M | ||
| Q2 24 | — | $325.0M | ||
| Q1 24 | $54.3M | — |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $17.7M | ||
| Q2 25 | — | $15.2M | ||
| Q1 25 | — | $10.4M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | $20.6M | ||
| Q2 24 | — | $18.9M | ||
| Q1 24 | $8.6M | — |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | 12.0% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 12.4% | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | 15.9% | ||
| Q2 24 | — | 16.4% | ||
| Q1 24 | — | — |
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | 6.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | -89.2% | 10.5% | ||
| Q2 24 | — | 10.5% | ||
| Q1 24 | 11.1% | — |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | 6.0% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | 6.1% | ||
| Q2 24 | — | 5.8% | ||
| Q1 24 | 15.9% | — |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | $0.18 | ||
| Q2 25 | — | $0.16 | ||
| Q1 25 | — | $0.11 | ||
| Q4 24 | $-0.10 | — | ||
| Q3 24 | $-0.27 | $0.22 | ||
| Q2 24 | — | $0.20 | ||
| 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 | $3.3B | $69.7M |
| Total DebtLower is stronger | — | $274.1M |
| Stockholders' EquityBook value | $2.5B | $956.7M |
| Total Assets | $7.0B | $1.8B |
| Debt / EquityLower = less leverage | — | 0.29× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | $69.7M | ||
| Q2 25 | — | $131.8M | ||
| Q1 25 | — | $78.7M | ||
| Q4 24 | $427.3M | — | ||
| Q3 24 | $98.6M | $118.2M | ||
| Q2 24 | — | $75.0M | ||
| Q1 24 | $259.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $274.1M | ||
| Q2 25 | — | $291.7M | ||
| Q1 25 | — | $309.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $358.7M | ||
| Q2 24 | — | $376.7M | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | $956.7M | ||
| Q2 25 | — | $936.9M | ||
| Q1 25 | — | $920.5M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | $873.5M | ||
| Q2 24 | — | $851.4M | ||
| Q1 24 | $677.2M | — |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | $723.6M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.29× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.41× | ||
| Q2 24 | — | 0.44× | ||
| 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 | $6.7M |
| Free Cash FlowOCF − Capex | $-468.0M | $-34.1M |
| FCF MarginFCF / Revenue | -253.4% | -11.5% |
| Capex IntensityCapex / Revenue | 292.2% | 13.8% |
| Cash ConversionOCF / Net Profit | — | 0.38× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $68.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | $6.7M | ||
| Q2 25 | — | $98.5M | ||
| Q1 25 | — | $20.5M | ||
| Q4 24 | $53.6M | — | ||
| Q3 24 | $-3.9M | $70.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | $-27.1M | — |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | $-34.1M | ||
| Q2 25 | — | $68.7M | ||
| Q1 25 | — | $-9.6M | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | $43.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | $-108.3M | — |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | -11.5% | ||
| Q2 25 | — | 21.0% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | 12.9% | ||
| Q2 24 | — | — | ||
| Q1 24 | -199.4% | — |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | 13.8% | ||
| Q2 25 | — | 9.1% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | 8.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | 149.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | 0.38× | ||
| Q2 25 | — | 6.48× | ||
| Q1 25 | — | 1.97× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.43× | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | — |
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% |
NESR
| Production Services | $174.4M | 59% |
| Drilling And Evaluation Services | $120.9M | 41% |
