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Side-by-side financial comparison of IREN Ltd (IREN) and UNIVERSAL DISPLAY CORP \PA\ (OLED). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $142.2M, roughly 1.3× UNIVERSAL DISPLAY CORP \PA\). UNIVERSAL DISPLAY CORP \PA\ runs the higher net margin — 25.2% vs -84.1%, a 109.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -14.5%).
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.
Universal Display Corporation is a developer and manufacturer of organic light emitting diode (OLED) technologies and materials, and it is a provider of services to the display and lighting industries.
IREN vs OLED — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $142.2M |
| Net Profit | $-155.4M | $35.9M |
| Gross Margin | 64.4% | 74.6% |
| Operating Margin | -63.0% | 30.1% |
| Net Margin | -84.1% | 25.2% |
| Revenue YoY | 59.0% | -14.5% |
| Net Profit YoY | -610.0% | -44.3% |
| EPS (diluted) | $-0.52 | $0.76 |
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.
| Q1 26 | — | $142.2M | ||
| Q4 25 | $184.7M | $172.9M | ||
| Q3 25 | $240.3M | $139.6M | ||
| Q2 25 | — | $171.8M | ||
| Q1 25 | — | $166.3M | ||
| Q4 24 | $116.1M | $162.3M | ||
| Q3 24 | $52.8M | $161.6M | ||
| Q2 24 | — | $158.5M |
| Q1 26 | — | $35.9M | ||
| Q4 25 | $-155.4M | $66.3M | ||
| Q3 25 | $384.6M | $44.0M | ||
| Q2 25 | — | $67.3M | ||
| Q1 25 | — | $64.4M | ||
| Q4 24 | $-21.9M | $46.0M | ||
| Q3 24 | $-51.7M | $66.9M | ||
| Q2 24 | — | $52.3M |
| Q1 26 | — | 74.6% | ||
| Q4 25 | 64.4% | 76.1% | ||
| Q3 25 | 66.4% | 74.6% | ||
| Q2 25 | — | 77.2% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | 72.2% | 77.0% | ||
| Q3 24 | 39.6% | 77.8% | ||
| Q2 24 | — | 75.8% |
| Q1 26 | — | 30.1% | ||
| Q4 25 | -63.0% | 38.9% | ||
| Q3 25 | -31.8% | 30.9% | ||
| Q2 25 | — | 39.9% | ||
| Q1 25 | — | 41.9% | ||
| Q4 24 | 14.9% | 32.3% | ||
| Q3 24 | -89.2% | 41.5% | ||
| Q2 24 | — | 35.6% |
| Q1 26 | — | 25.2% | ||
| Q4 25 | -84.1% | 38.4% | ||
| Q3 25 | 160.1% | 31.5% | ||
| Q2 25 | — | 39.2% | ||
| Q1 25 | — | 38.8% | ||
| Q4 24 | -18.8% | 28.4% | ||
| Q3 24 | -98.0% | 41.4% | ||
| Q2 24 | — | 33.0% |
| Q1 26 | — | $0.76 | ||
| Q4 25 | $-0.52 | $1.40 | ||
| Q3 25 | $1.08 | $0.92 | ||
| Q2 25 | — | $1.41 | ||
| Q1 25 | — | $1.35 | ||
| Q4 24 | $-0.10 | $0.96 | ||
| Q3 24 | $-0.27 | $1.40 | ||
| Q2 24 | — | $1.10 |
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 | $516.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | — |
| Total Assets | $7.0B | $1.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $516.4M | ||
| Q4 25 | $3.3B | $602.4M | ||
| Q3 25 | $1.0B | $603.0M | ||
| Q2 25 | — | $525.2M | ||
| Q1 25 | — | $571.3M | ||
| Q4 24 | $427.3M | $492.7M | ||
| Q3 24 | $98.6M | $551.6M | ||
| Q2 24 | — | $530.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.9B | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | — | $1.5B |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $7.0B | $2.0B | ||
| Q3 25 | $4.3B | $1.9B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $1.9B | $1.8B | ||
| Q3 24 | $1.3B | $1.8B | ||
| Q2 24 | — | $1.8B |
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 | $108.9M |
| Free Cash FlowOCF − Capex | $-468.0M | — |
| FCF MarginFCF / Revenue | -253.4% | — |
| Capex IntensityCapex / Revenue | 292.2% | — |
| Cash ConversionOCF / Net Profit | — | 3.03× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $108.9M | ||
| Q4 25 | $71.7M | $31.1M | ||
| Q3 25 | $142.4M | $97.2M | ||
| Q2 25 | — | $51.9M | ||
| Q1 25 | — | $30.6M | ||
| Q4 24 | $53.6M | $34.7M | ||
| Q3 24 | $-3.9M | $79.9M | ||
| Q2 24 | — | $67.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-468.0M | $15.1M | ||
| Q3 25 | $-38.0M | $84.3M | ||
| Q2 25 | — | $37.5M | ||
| Q1 25 | — | $17.5M | ||
| Q4 24 | $-85.5M | $22.0M | ||
| Q3 24 | $-109.7M | $66.2M | ||
| Q2 24 | — | $57.9M |
| Q1 26 | — | — | ||
| Q4 25 | -253.4% | 8.7% | ||
| Q3 25 | -15.8% | 60.4% | ||
| Q2 25 | — | 21.8% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | -73.6% | 13.6% | ||
| Q3 24 | -208.0% | 41.0% | ||
| Q2 24 | — | 36.5% |
| Q1 26 | — | — | ||
| Q4 25 | 292.2% | 9.3% | ||
| Q3 25 | 75.0% | 9.2% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | 119.7% | 7.8% | ||
| Q3 24 | 200.6% | 8.4% | ||
| Q2 24 | — | 5.8% |
| Q1 26 | — | 3.03× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | 0.37× | 2.21× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | — | 0.47× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | — | 1.28× |
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% |
OLED
| Material sales | $83.7M | 59% |
| Royalty and license fees | $54.2M | 38% |
| Contract research services | $4.3M | 3% |
