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Side-by-side financial comparison of IREN Ltd (IREN) and DOUGLAS DYNAMICS, INC (PLOW). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $184.5M, roughly 1.0× DOUGLAS DYNAMICS, INC). DOUGLAS DYNAMICS, INC runs the higher net margin — 7.0% vs -84.1%, a 91.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 28.6%). DOUGLAS DYNAMICS, INC produced more free cash flow last quarter ($92.8M 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.
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government...
IREN vs PLOW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $184.5M |
| Net Profit | $-155.4M | $12.8M |
| Gross Margin | 64.4% | 26.1% |
| Operating Margin | -63.0% | 10.5% |
| Net Margin | -84.1% | 7.0% |
| Revenue YoY | 59.0% | 28.6% |
| Net Profit YoY | -610.0% | 62.3% |
| EPS (diluted) | $-0.52 | $0.54 |
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 | $184.5M | ||
| Q3 25 | $240.3M | $162.1M | ||
| Q2 25 | — | $194.3M | ||
| Q1 25 | — | $115.1M | ||
| Q4 24 | $116.1M | $143.5M | ||
| Q3 24 | $52.8M | $129.4M | ||
| Q2 24 | — | $199.9M | ||
| Q1 24 | $54.3M | $95.7M |
| Q4 25 | $-155.4M | $12.8M | ||
| Q3 25 | $384.6M | $8.0M | ||
| Q2 25 | — | $26.0M | ||
| Q1 25 | — | $148.0K | ||
| Q4 24 | $-21.9M | $7.9M | ||
| Q3 24 | $-51.7M | $32.3M | ||
| Q2 24 | — | $24.3M | ||
| Q1 24 | $8.6M | $-8.4M |
| Q4 25 | 64.4% | 26.1% | ||
| Q3 25 | 66.4% | 23.5% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 24.5% | ||
| Q4 24 | 72.2% | 24.9% | ||
| Q3 24 | 39.6% | 23.9% | ||
| Q2 24 | — | 30.7% | ||
| Q1 24 | — | 19.8% |
| Q4 25 | -63.0% | 10.5% | ||
| Q3 25 | -31.8% | 8.7% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | 14.9% | 9.0% | ||
| Q3 24 | -89.2% | 35.4% | ||
| Q2 24 | — | 18.2% | ||
| Q1 24 | 11.1% | -6.7% |
| Q4 25 | -84.1% | 7.0% | ||
| Q3 25 | 160.1% | 4.9% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | -18.8% | 5.5% | ||
| Q3 24 | -98.0% | 24.9% | ||
| Q2 24 | — | 12.2% | ||
| Q1 24 | 15.9% | -8.7% |
| Q4 25 | $-0.52 | $0.54 | ||
| Q3 25 | $1.08 | $0.33 | ||
| Q2 25 | — | $1.09 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | $-0.10 | $0.35 | ||
| Q3 24 | $-0.27 | $1.36 | ||
| Q2 24 | — | $1.02 | ||
| Q1 24 | $0.00 | $-0.37 |
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 | — |
| Total DebtLower is stronger | — | $144.0M |
| Stockholders' EquityBook value | $2.5B | $281.4M |
| Total Assets | $7.0B | $626.7M |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $427.3M | — | ||
| Q3 24 | $98.6M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $259.7M | — |
| Q4 25 | — | $144.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $147.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $281.4M | ||
| Q3 25 | $2.9B | $275.3M | ||
| Q2 25 | — | $273.3M | ||
| Q1 25 | — | $258.9M | ||
| Q4 24 | $1.2B | $264.2M | ||
| Q3 24 | $1.1B | $260.8M | ||
| Q2 24 | — | $236.7M | ||
| Q1 24 | $677.2M | $217.2M |
| Q4 25 | $7.0B | $626.7M | ||
| Q3 25 | $4.3B | $694.9M | ||
| Q2 25 | — | $671.5M | ||
| Q1 25 | — | $621.0M | ||
| Q4 24 | $1.9B | $590.0M | ||
| Q3 24 | $1.3B | $665.6M | ||
| Q2 24 | — | $617.0M | ||
| Q1 24 | $723.6M | $577.1M |
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.56× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $95.9M |
| Free Cash FlowOCF − Capex | $-468.0M | $92.8M |
| FCF MarginFCF / Revenue | -253.4% | 50.3% |
| Capex IntensityCapex / Revenue | 292.2% | 1.7% |
| Cash ConversionOCF / Net Profit | — | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $95.9M | ||
| Q3 25 | $142.4M | $-8.5M | ||
| Q2 25 | — | $-11.4M | ||
| Q1 25 | — | $-1.3M | ||
| Q4 24 | $53.6M | $74.4M | ||
| Q3 24 | $-3.9M | $-14.2M | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | $-27.1M | $-21.6M |
| Q4 25 | $-468.0M | $92.8M | ||
| Q3 25 | $-38.0M | $-11.4M | ||
| Q2 25 | — | $-14.3M | ||
| Q1 25 | — | $-3.5M | ||
| Q4 24 | $-85.5M | $70.2M | ||
| Q3 24 | $-109.7M | $-15.2M | ||
| Q2 24 | — | $836.0K | ||
| Q1 24 | $-108.3M | $-22.4M |
| Q4 25 | -253.4% | 50.3% | ||
| Q3 25 | -15.8% | -7.1% | ||
| Q2 25 | — | -7.4% | ||
| Q1 25 | — | -3.0% | ||
| Q4 24 | -73.6% | 48.9% | ||
| Q3 24 | -208.0% | -11.8% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | -199.4% | -23.4% |
| Q4 25 | 292.2% | 1.7% | ||
| Q3 25 | 75.0% | 1.8% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 119.7% | 2.9% | ||
| Q3 24 | 200.6% | 0.8% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | 149.5% | 0.8% |
| Q4 25 | — | 7.47× | ||
| Q3 25 | 0.37× | -1.07× | ||
| Q2 25 | — | -0.44× | ||
| Q1 25 | — | -9.03× | ||
| Q4 24 | — | 9.41× | ||
| Q3 24 | — | -0.44× | ||
| Q2 24 | — | 0.10× | ||
| Q1 24 | -3.13× | — |
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% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
