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Side-by-side financial comparison of IREN Ltd (IREN) and Enpro Inc. (NPO). Click either name above to swap in a different company.
Enpro Inc. is the larger business by last-quarter revenue ($295.4M vs $184.7M, roughly 1.6× IREN Ltd). Enpro Inc. runs the higher net margin — -10.8% vs -84.1%, a 73.3% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 14.3%).
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.
Enpro is a US-based industrial technology company that designs and manufactures products and materials for technology-intensive sectors. The company serves industries such as semiconductors, aerospace, power generation, heavy-duty trucking, agricultural machinery, chemical processing, pulp and paper, and life sciences from 61 primary manufacturing facilities located in 12 countries, worldwide. It is organized under three segments: Sealing Technologies, Advanced Surface Technologies, and Engin...
IREN vs NPO — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $295.4M |
| Net Profit | $-155.4M | $-32.0M |
| Gross Margin | 64.4% | 42.1% |
| Operating Margin | -63.0% | 11.2% |
| Net Margin | -84.1% | -10.8% |
| Revenue YoY | 59.0% | 14.3% |
| Net Profit YoY | -610.0% | -330.2% |
| EPS (diluted) | $-0.52 | $-1.50 |
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 | $295.4M | ||
| Q3 25 | $240.3M | $286.6M | ||
| Q2 25 | — | $288.1M | ||
| Q1 25 | — | $273.2M | ||
| Q4 24 | $116.1M | $258.4M | ||
| Q3 24 | $52.8M | $260.9M | ||
| Q2 24 | — | $271.9M | ||
| Q1 24 | $54.3M | $257.5M |
| Q4 25 | $-155.4M | $-32.0M | ||
| Q3 25 | $384.6M | $21.6M | ||
| Q2 25 | — | $26.4M | ||
| Q1 25 | — | $24.5M | ||
| Q4 24 | $-21.9M | $13.9M | ||
| Q3 24 | $-51.7M | $19.8M | ||
| Q2 24 | — | $26.7M | ||
| Q1 24 | $8.6M | $12.5M |
| Q4 25 | 64.4% | 42.1% | ||
| Q3 25 | 66.4% | 41.9% | ||
| Q2 25 | — | 43.3% | ||
| Q1 25 | — | 43.3% | ||
| Q4 24 | 72.2% | 42.3% | ||
| Q3 24 | 39.6% | 42.3% | ||
| Q2 24 | — | 43.8% | ||
| Q1 24 | — | 41.2% |
| Q4 25 | -63.0% | 11.2% | ||
| Q3 25 | -31.8% | 14.3% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | — | 15.3% | ||
| Q4 24 | 14.9% | 12.5% | ||
| Q3 24 | -89.2% | 13.1% | ||
| Q2 24 | — | 17.7% | ||
| Q1 24 | 11.1% | 10.9% |
| Q4 25 | -84.1% | -10.8% | ||
| Q3 25 | 160.1% | 7.5% | ||
| Q2 25 | — | 9.2% | ||
| Q1 25 | — | 9.0% | ||
| Q4 24 | -18.8% | 5.4% | ||
| Q3 24 | -98.0% | 7.6% | ||
| Q2 24 | — | 9.8% | ||
| Q1 24 | 15.9% | 4.9% |
| Q4 25 | $-0.52 | $-1.50 | ||
| Q3 25 | $1.08 | $1.01 | ||
| Q2 25 | — | $1.25 | ||
| Q1 25 | — | $1.15 | ||
| Q4 24 | $-0.10 | $0.65 | ||
| Q3 24 | $-0.27 | $0.94 | ||
| Q2 24 | — | $1.27 | ||
| Q1 24 | $0.00 | $0.59 |
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 | $114.7M |
| Total DebtLower is stronger | — | $655.3M |
| Stockholders' EquityBook value | $2.5B | $1.5B |
| Total Assets | $7.0B | $2.7B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $114.7M | ||
| Q3 25 | $1.0B | $132.9M | ||
| Q2 25 | — | $107.1M | ||
| Q1 25 | — | $240.3M | ||
| Q4 24 | $427.3M | $236.3M | ||
| Q3 24 | $98.6M | $206.9M | ||
| Q2 24 | — | $175.9M | ||
| Q1 24 | $259.7M | $163.9M |
| Q4 25 | — | $655.3M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $640.1M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $644.9M |
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $2.9B | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | $677.2M | $1.4B |
| Q4 25 | $7.0B | $2.7B | ||
| Q3 25 | $4.3B | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $1.9B | $2.5B | ||
| Q3 24 | $1.3B | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | $723.6M | $2.5B |
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.46× |
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 | — |
| Free Cash FlowOCF − Capex | $-468.0M | — |
| FCF MarginFCF / Revenue | -253.4% | — |
| Capex IntensityCapex / Revenue | 292.2% | 4.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | $65.3M | ||
| Q2 25 | — | $52.2M | ||
| Q1 25 | — | $21.0M | ||
| Q4 24 | $53.6M | $59.4M | ||
| Q3 24 | $-3.9M | $54.0M | ||
| Q2 24 | — | $43.2M | ||
| Q1 24 | $-27.1M | $6.3M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | $53.4M | ||
| Q2 25 | — | $42.3M | ||
| Q1 25 | — | $13.0M | ||
| Q4 24 | $-85.5M | $49.1M | ||
| Q3 24 | $-109.7M | $48.3M | ||
| Q2 24 | — | $38.3M | ||
| Q1 24 | $-108.3M | $-1.9M |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | 18.6% | ||
| Q2 25 | — | 14.7% | ||
| Q1 25 | — | 4.8% | ||
| Q4 24 | -73.6% | 19.0% | ||
| Q3 24 | -208.0% | 18.5% | ||
| Q2 24 | — | 14.1% | ||
| Q1 24 | -199.4% | -0.7% |
| Q4 25 | 292.2% | 4.1% | ||
| Q3 25 | 75.0% | 4.2% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | 119.7% | 4.0% | ||
| Q3 24 | 200.6% | 2.2% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | 149.5% | 3.2% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | 3.02× | ||
| Q2 25 | — | 1.98× | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | — | 4.27× | ||
| Q3 24 | — | 2.73× | ||
| Q2 24 | — | 1.62× | ||
| Q1 24 | -3.13× | 0.50× |
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% |
NPO
| Sealing Technologies Segment | $187.0M | 63% |
| General Industrial | $71.3M | 24% |
| Power Generation | $19.9M | 7% |
| Oiland Gas Market | $15.0M | 5% |
| Semiconductors | $2.2M | 1% |
