vs
Side-by-side financial comparison of IREN Ltd (IREN) and ONTO INNOVATION INC. (ONTO). Click either name above to swap in a different company.
ONTO INNOVATION INC. is the larger business by last-quarter revenue ($218.2M vs $184.7M, roughly 1.2× IREN Ltd). ONTO INNOVATION INC. runs the higher net margin — 12.9% vs -84.1%, a 97.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -13.5%). ONTO INNOVATION INC. produced more free cash flow last quarter ($82.0M 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.
Onto Innovation Inc. is an American semiconductor company formed in 2019 from the merger of Rudolph Technologies, Inc. and Nanometrics Incorporated. It is a provider of process and process control equipment and software for microelectronic manufacturing industries.
IREN vs ONTO — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $218.2M |
| Net Profit | $-155.4M | $28.2M |
| Gross Margin | 64.4% | 50.7% |
| Operating Margin | -63.0% | 10.9% |
| Net Margin | -84.1% | 12.9% |
| Revenue YoY | 59.0% | -13.5% |
| Net Profit YoY | -610.0% | -46.8% |
| EPS (diluted) | $-0.52 | $0.57 |
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 | $218.2M | ||
| Q2 25 | — | $253.6M | ||
| Q1 25 | — | $266.6M | ||
| Q4 24 | $116.1M | $263.9M | ||
| Q3 24 | $52.8M | $252.2M | ||
| Q2 24 | — | $242.3M | ||
| Q1 24 | $54.3M | $228.8M |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $28.2M | ||
| Q2 25 | — | $33.9M | ||
| Q1 25 | — | $64.1M | ||
| Q4 24 | $-21.9M | $48.8M | ||
| Q3 24 | $-51.7M | $53.1M | ||
| Q2 24 | — | $52.9M | ||
| Q1 24 | $8.6M | $46.9M |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | 50.7% | ||
| Q2 25 | — | 48.2% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | 72.2% | 50.2% | ||
| Q3 24 | 39.6% | 54.1% | ||
| Q2 24 | — | 52.9% | ||
| Q1 24 | — | 51.7% |
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | 10.9% | ||
| Q2 25 | — | 12.7% | ||
| Q1 25 | — | 23.7% | ||
| Q4 24 | 14.9% | 16.1% | ||
| Q3 24 | -89.2% | 21.0% | ||
| Q2 24 | — | 20.2% | ||
| Q1 24 | 11.1% | 18.7% |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | 12.9% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 24.0% | ||
| Q4 24 | -18.8% | 18.5% | ||
| Q3 24 | -98.0% | 21.0% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | 15.9% | 20.5% |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | $0.57 | ||
| Q2 25 | — | $0.69 | ||
| Q1 25 | — | $1.30 | ||
| Q4 24 | $-0.10 | $0.98 | ||
| Q3 24 | $-0.27 | $1.07 | ||
| Q2 24 | — | $1.07 | ||
| Q1 24 | $0.00 | $0.94 |
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 | $603.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $2.0B |
| Total Assets | $7.0B | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | $603.1M | ||
| Q2 25 | — | $217.5M | ||
| Q1 25 | — | $203.7M | ||
| Q4 24 | $427.3M | $212.9M | ||
| Q3 24 | $98.6M | $188.7M | ||
| Q2 24 | — | $172.6M | ||
| Q1 24 | $259.7M | $190.9M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | $2.0B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $1.1B | $1.9B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | $677.2M | $1.8B |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | $2.2B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | $1.9B | $2.1B | ||
| Q3 24 | $1.3B | $2.1B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | $723.6M | $2.0B |
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 | $83.4M |
| Free Cash FlowOCF − Capex | $-468.0M | $82.0M |
| FCF MarginFCF / Revenue | -253.4% | 37.6% |
| Capex IntensityCapex / Revenue | 292.2% | 0.6% |
| Cash ConversionOCF / Net Profit | — | 2.95× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $261.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | $83.4M | ||
| Q2 25 | — | $57.9M | ||
| Q1 25 | — | $92.0M | ||
| Q4 24 | $53.6M | $56.0M | ||
| Q3 24 | $-3.9M | $67.2M | ||
| Q2 24 | — | $65.3M | ||
| Q1 24 | $-27.1M | $57.1M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | $82.0M | ||
| Q2 25 | — | $44.2M | ||
| Q1 25 | — | $83.7M | ||
| Q4 24 | $-85.5M | $51.4M | ||
| Q3 24 | $-109.7M | $59.2M | ||
| Q2 24 | — | $53.0M | ||
| Q1 24 | $-108.3M | $50.2M |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | 37.6% | ||
| Q2 25 | — | 17.4% | ||
| Q1 25 | — | 31.4% | ||
| Q4 24 | -73.6% | 19.5% | ||
| Q3 24 | -208.0% | 23.5% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | -199.4% | 21.9% |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | 0.6% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | 119.7% | 1.8% | ||
| Q3 24 | 200.6% | 3.2% | ||
| Q2 24 | — | 5.1% | ||
| Q1 24 | 149.5% | 3.0% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | 2.95× | ||
| Q2 25 | — | 1.71× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 1.23× | ||
| Q1 24 | -3.13× | 1.22× |
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% |
ONTO
| Systems And Software Revenue | $173.8M | 80% |
| Parts Revenue | $23.9M | 11% |
| Service Revenue | $20.5M | 9% |
