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Side-by-side financial comparison of IREN Ltd (IREN) and PHOTRONICS INC (PLAB). Click either name above to swap in a different company.
PHOTRONICS INC is the larger business by last-quarter revenue ($210.4M vs $184.7M, roughly 1.1× IREN Ltd). PHOTRONICS INC runs the higher net margin — 10.9% vs -84.1%, a 95.0% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -5.5%). PHOTRONICS INC produced more free cash flow last quarter ($25.2M 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.
Photronics, Inc. is an American semiconductor photomask manufacturer. It was the third largest photomask supplier globally as of 2009. Photronics is a member of the eBeam Initiative.
IREN vs PLAB — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $210.4M |
| Net Profit | $-155.4M | $22.9M |
| Gross Margin | 64.4% | 33.7% |
| Operating Margin | -63.0% | 22.9% |
| Net Margin | -84.1% | 10.9% |
| Revenue YoY | 59.0% | -5.5% |
| Net Profit YoY | -610.0% | -32.4% |
| EPS (diluted) | $-0.52 | $0.39 |
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 | $210.4M | ||
| Q2 25 | — | $211.0M | ||
| Q1 25 | — | $212.1M | ||
| Q4 24 | $116.1M | $222.6M | ||
| Q3 24 | $52.8M | $211.0M | ||
| Q2 24 | — | $217.0M | ||
| Q1 24 | $54.3M | $216.3M |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $22.9M | ||
| Q2 25 | — | $8.9M | ||
| Q1 25 | — | $42.9M | ||
| Q4 24 | $-21.9M | $33.9M | ||
| Q3 24 | $-51.7M | $34.4M | ||
| Q2 24 | — | $36.3M | ||
| Q1 24 | $8.6M | $26.2M |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | 33.7% | ||
| Q2 25 | — | 36.9% | ||
| Q1 25 | — | 35.6% | ||
| Q4 24 | 72.2% | 37.0% | ||
| Q3 24 | 39.6% | 35.6% | ||
| Q2 24 | — | 36.5% | ||
| Q1 24 | — | 36.6% |
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | 22.9% | ||
| Q2 25 | — | 26.4% | ||
| Q1 25 | — | 24.6% | ||
| Q4 24 | 14.9% | 25.1% | ||
| Q3 24 | -89.2% | 24.7% | ||
| Q2 24 | — | 25.8% | ||
| Q1 24 | 11.1% | 26.6% |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | 10.9% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | 20.2% | ||
| Q4 24 | -18.8% | 15.2% | ||
| Q3 24 | -98.0% | 16.3% | ||
| Q2 24 | — | 16.7% | ||
| Q1 24 | 15.9% | 12.1% |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | $0.39 | ||
| Q2 25 | — | $0.15 | ||
| Q1 25 | — | $0.68 | ||
| Q4 24 | $-0.10 | $0.54 | ||
| Q3 24 | $-0.27 | $0.55 | ||
| Q2 24 | — | $0.58 | ||
| Q1 24 | $0.00 | $0.42 |
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 | $575.8M |
| Total DebtLower is stronger | — | $16.0K |
| Stockholders' EquityBook value | $2.5B | $1.1B |
| Total Assets | $7.0B | $1.8B |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | $575.8M | ||
| Q2 25 | — | $558.4M | ||
| Q1 25 | — | $642.2M | ||
| Q4 24 | $427.3M | $640.7M | ||
| Q3 24 | $98.6M | $606.4M | ||
| Q2 24 | — | $559.9M | ||
| Q1 24 | $259.7M | $521.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $16.0K | ||
| Q2 25 | — | $19.0K | ||
| Q1 25 | — | $21.0K | ||
| Q4 24 | — | $25.0K | ||
| Q3 24 | — | $28.0K | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | — | $2.7M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | $677.2M | $1.0B |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | $1.8B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $1.3B | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | $723.6M | $1.6B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
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 | $50.1M |
| Free Cash FlowOCF − Capex | $-468.0M | $25.2M |
| FCF MarginFCF / Revenue | -253.4% | 12.0% |
| Capex IntensityCapex / Revenue | 292.2% | 11.8% |
| Cash ConversionOCF / Net Profit | — | 2.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $64.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | $50.1M | ||
| Q2 25 | — | $31.5M | ||
| Q1 25 | — | $78.5M | ||
| Q4 24 | $53.6M | $68.4M | ||
| Q3 24 | $-3.9M | $75.1M | ||
| Q2 24 | — | $76.5M | ||
| Q1 24 | $-27.1M | $41.5M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | $25.2M | ||
| Q2 25 | — | $-29.1M | ||
| Q1 25 | — | $43.3M | ||
| Q4 24 | $-85.5M | $25.2M | ||
| Q3 24 | $-109.7M | $50.7M | ||
| Q2 24 | — | $56.5M | ||
| Q1 24 | $-108.3M | $-1.8M |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | 12.0% | ||
| Q2 25 | — | -13.8% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | -73.6% | 11.3% | ||
| Q3 24 | -208.0% | 24.0% | ||
| Q2 24 | — | 26.0% | ||
| Q1 24 | -199.4% | -0.8% |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | 11.8% | ||
| Q2 25 | — | 28.7% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | 119.7% | 19.4% | ||
| Q3 24 | 200.6% | 11.6% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | 149.5% | 20.0% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | 2.19× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 1.83× | ||
| Q4 24 | — | 2.02× | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | — | 2.11× | ||
| Q1 24 | -3.13× | 1.59× |
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% |
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
