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Side-by-side financial comparison of IREN Ltd (IREN) and Natural Grocers by Vitamin Cottage, Inc. (NGVC). Click either name above to swap in a different company.
Natural Grocers by Vitamin Cottage, Inc. is the larger business by last-quarter revenue ($335.6M vs $184.7M, roughly 1.8× IREN Ltd). Natural Grocers by Vitamin Cottage, Inc. runs the higher net margin — 3.4% vs -84.1%, a 87.5% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 1.6%). Natural Grocers by Vitamin Cottage, 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.
Natural Grocers by Vitamin Cottage, Inc. is a U.S.-based specialty retail chain that offers certified organic groceries, dietary supplements, natural personal care items, and eco-friendly household products. It serves health-conscious consumers across multiple U.S. states, following strict quality standards that exclude artificial preservatives, colors, flavors and harmful additives.
IREN vs NGVC — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $335.6M |
| Net Profit | $-155.4M | $11.3M |
| Gross Margin | 64.4% | 29.5% |
| Operating Margin | -63.0% | 4.4% |
| Net Margin | -84.1% | 3.4% |
| Revenue YoY | 59.0% | 1.6% |
| Net Profit YoY | -610.0% | 14.0% |
| EPS (diluted) | $-0.52 | $0.49 |
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 | $335.6M | ||
| Q3 25 | $240.3M | $336.1M | ||
| Q2 25 | — | $328.7M | ||
| Q1 25 | — | $335.8M | ||
| Q4 24 | $116.1M | $330.2M | ||
| Q3 24 | $52.8M | $322.7M | ||
| Q2 24 | — | $309.1M | ||
| Q1 24 | $54.3M | $308.1M |
| Q4 25 | $-155.4M | $11.3M | ||
| Q3 25 | $384.6M | $11.8M | ||
| Q2 25 | — | $11.6M | ||
| Q1 25 | — | $13.1M | ||
| Q4 24 | $-21.9M | $9.9M | ||
| Q3 24 | $-51.7M | $9.0M | ||
| Q2 24 | — | $9.2M | ||
| Q1 24 | $8.6M | $8.0M |
| Q4 25 | 64.4% | 29.5% | ||
| Q3 25 | 66.4% | 29.5% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | 72.2% | 29.9% | ||
| Q3 24 | 39.6% | 29.6% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 29.3% |
| Q4 25 | -63.0% | 4.4% | ||
| Q3 25 | -31.8% | 4.6% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | 14.9% | 4.0% | ||
| Q3 24 | -89.2% | 3.7% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | 11.1% | 3.7% |
| Q4 25 | -84.1% | 3.4% | ||
| Q3 25 | 160.1% | 3.5% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | -18.8% | 3.0% | ||
| Q3 24 | -98.0% | 2.8% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | 15.9% | 2.6% |
| Q4 25 | $-0.52 | $0.49 | ||
| Q3 25 | $1.08 | $0.51 | ||
| Q2 25 | — | $0.50 | ||
| Q1 25 | — | $0.56 | ||
| Q4 24 | $-0.10 | $0.43 | ||
| Q3 24 | $-0.27 | $0.38 | ||
| Q2 24 | — | $0.40 | ||
| Q1 24 | $0.00 | $0.35 |
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 | $23.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $220.0M |
| Total Assets | $7.0B | $668.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $23.2M | ||
| Q3 25 | $1.0B | $17.1M | ||
| Q2 25 | — | $13.2M | ||
| Q1 25 | — | $21.2M | ||
| Q4 24 | $427.3M | $6.3M | ||
| Q3 24 | $98.6M | $8.9M | ||
| Q2 24 | — | $13.9M | ||
| Q1 24 | $259.7M | $11.0M |
| Q4 25 | $2.5B | $220.0M | ||
| Q3 25 | $2.9B | $212.4M | ||
| Q2 25 | — | $202.5M | ||
| Q1 25 | — | $193.0M | ||
| Q4 24 | $1.2B | $181.9M | ||
| Q3 24 | $1.1B | $174.3M | ||
| Q2 24 | — | $167.8M | ||
| Q1 24 | $677.2M | $160.0M |
| Q4 25 | $7.0B | $668.6M | ||
| Q3 25 | $4.3B | $670.5M | ||
| Q2 25 | — | $659.0M | ||
| Q1 25 | — | $664.6M | ||
| Q4 24 | $1.9B | $648.9M | ||
| Q3 24 | $1.3B | $655.5M | ||
| Q2 24 | — | $654.4M | ||
| Q1 24 | $723.6M | $656.6M |
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 | $21.1M |
| Free Cash FlowOCF − Capex | $-468.0M | $11.6M |
| FCF MarginFCF / Revenue | -253.4% | 3.4% |
| Capex IntensityCapex / Revenue | 292.2% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 1.86× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $42.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $21.1M | ||
| Q3 25 | $142.4M | $15.6M | ||
| Q2 25 | — | $2.9M | ||
| Q1 25 | — | $34.1M | ||
| Q4 24 | $53.6M | $2.7M | ||
| Q3 24 | $-3.9M | $24.5M | ||
| Q2 24 | — | $12.4M | ||
| Q1 24 | $-27.1M | $20.2M |
| Q4 25 | $-468.0M | $11.6M | ||
| Q3 25 | $-38.0M | $7.5M | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $27.6M | ||
| Q4 24 | $-85.5M | $-6.9M | ||
| Q3 24 | $-109.7M | $18.0M | ||
| Q2 24 | — | $3.6M | ||
| Q1 24 | $-108.3M | $9.8M |
| Q4 25 | -253.4% | 3.4% | ||
| Q3 25 | -15.8% | 2.2% | ||
| Q2 25 | — | -1.3% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | -73.6% | -2.1% | ||
| Q3 24 | -208.0% | 5.6% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | -199.4% | 3.2% |
| Q4 25 | 292.2% | 2.9% | ||
| Q3 25 | 75.0% | 2.4% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 119.7% | 2.9% | ||
| Q3 24 | 200.6% | 2.0% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | 149.5% | 3.4% |
| Q4 25 | — | 1.86× | ||
| Q3 25 | 0.37× | 1.32× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 2.60× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 2.72× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | -3.13× | 2.54× |
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% |
NGVC
| Grocery | $243.8M | 73% |
| Dietary Supplements | $60.7M | 18% |
| Manufactured Product Other | $31.0M | 9% |
