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Side-by-side financial comparison of IREN Ltd (IREN) and STURM RUGER & CO INC (RGR). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $151.1M, roughly 1.2× STURM RUGER & CO INC). On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 3.6%). STURM RUGER & CO INC produced more free cash flow last quarter ($12.3M 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.
Sturm, Ruger & Company, Inc., better known by the shortened name Ruger, is an American firearm manufacturing company based in Southport, Connecticut, with production facilities also in Newport, New Hampshire; Mayodan, North Carolina; and Prescott, Arizona. The company was founded in 1949 by Alexander McCormick Sturm and William B. Ruger and has been publicly traded since 1969.
IREN vs RGR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $151.1M |
| Net Profit | $-155.4M | — |
| Gross Margin | 64.4% | 17.8% |
| Operating Margin | -63.0% | 2.3% |
| Net Margin | -84.1% | — |
| Revenue YoY | 59.0% | 3.6% |
| Net Profit YoY | -610.0% | — |
| EPS (diluted) | $-0.52 | $0.22 |
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 | $151.1M | ||
| Q3 25 | $240.3M | $126.8M | ||
| Q2 25 | — | $132.5M | ||
| Q1 25 | — | $135.7M | ||
| Q4 24 | $116.1M | $145.8M | ||
| Q3 24 | $52.8M | $122.3M | ||
| Q2 24 | — | $130.8M | ||
| Q1 24 | $54.3M | $136.8M |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $1.6M | ||
| Q2 25 | — | $-17.2M | ||
| Q1 25 | — | $7.8M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | $4.7M | ||
| Q2 24 | — | $8.3M | ||
| Q1 24 | $8.6M | $7.1M |
| Q4 25 | 64.4% | 17.8% | ||
| Q3 25 | 66.4% | 15.1% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | 22.0% | ||
| Q4 24 | 72.2% | 22.8% | ||
| Q3 24 | 39.6% | 18.5% | ||
| Q2 24 | — | 22.3% | ||
| Q1 24 | — | 21.5% |
| Q4 25 | -63.0% | 2.3% | ||
| Q3 25 | -31.8% | -2.7% | ||
| Q2 25 | — | -15.6% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | 14.9% | 7.8% | ||
| Q3 24 | -89.2% | 3.1% | ||
| Q2 24 | — | 6.9% | ||
| Q1 24 | 11.1% | 5.5% |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | 1.2% | ||
| Q2 25 | — | -13.0% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | 3.9% | ||
| Q2 24 | — | 6.3% | ||
| Q1 24 | 15.9% | 5.2% |
| Q4 25 | $-0.52 | $0.22 | ||
| Q3 25 | $1.08 | $0.10 | ||
| Q2 25 | — | $-1.05 | ||
| Q1 25 | — | $0.46 | ||
| Q4 24 | $-0.10 | $0.62 | ||
| Q3 24 | $-0.27 | $0.28 | ||
| Q2 24 | — | $0.47 | ||
| Q1 24 | $0.00 | $0.40 |
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 | $92.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $283.8M |
| Total Assets | $7.0B | $342.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $92.5M | ||
| Q3 25 | $1.0B | $80.8M | ||
| Q2 25 | — | $101.4M | ||
| Q1 25 | — | $108.3M | ||
| Q4 24 | $427.3M | $105.5M | ||
| Q3 24 | $98.6M | $96.0M | ||
| Q2 24 | — | $105.6M | ||
| Q1 24 | $259.7M | $115.3M |
| Q4 25 | $2.5B | $283.8M | ||
| Q3 25 | $2.9B | $279.6M | ||
| Q2 25 | — | $289.3M | ||
| Q1 25 | — | $321.5M | ||
| Q4 24 | $1.2B | $319.6M | ||
| Q3 24 | $1.1B | $314.9M | ||
| Q2 24 | — | $321.5M | ||
| Q1 24 | $677.2M | $332.0M |
| Q4 25 | $7.0B | $342.0M | ||
| Q3 25 | $4.3B | $342.3M | ||
| Q2 25 | — | $349.5M | ||
| Q1 25 | — | $379.0M | ||
| Q4 24 | $1.9B | $384.0M | ||
| Q3 24 | $1.3B | $373.5M | ||
| Q2 24 | — | $376.7M | ||
| Q1 24 | $723.6M | $385.0M |
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 | $15.5M |
| Free Cash FlowOCF − Capex | $-468.0M | $12.3M |
| FCF MarginFCF / Revenue | -253.4% | 8.2% |
| Capex IntensityCapex / Revenue | 292.2% | 2.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $38.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $15.5M | ||
| Q3 25 | $142.4M | $12.9M | ||
| Q2 25 | — | $14.7M | ||
| Q1 25 | — | $11.1M | ||
| Q4 24 | $53.6M | $20.0M | ||
| Q3 24 | $-3.9M | $9.4M | ||
| Q2 24 | — | $18.7M | ||
| Q1 24 | $-27.1M | $7.3M |
| Q4 25 | $-468.0M | $12.3M | ||
| Q3 25 | $-38.0M | $7.0M | ||
| Q2 25 | — | $9.1M | ||
| Q1 25 | — | $10.0M | ||
| Q4 24 | $-85.5M | $16.4M | ||
| Q3 24 | $-109.7M | $2.6M | ||
| Q2 24 | — | $10.1M | ||
| Q1 24 | $-108.3M | $5.6M |
| Q4 25 | -253.4% | 8.2% | ||
| Q3 25 | -15.8% | 5.5% | ||
| Q2 25 | — | 6.9% | ||
| Q1 25 | — | 7.4% | ||
| Q4 24 | -73.6% | 11.2% | ||
| Q3 24 | -208.0% | 2.1% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | -199.4% | 4.1% |
| Q4 25 | 292.2% | 2.1% | ||
| Q3 25 | 75.0% | 4.6% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | 119.7% | 2.5% | ||
| Q3 24 | 200.6% | 5.5% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | 149.5% | 1.3% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | 8.15× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.98× | ||
| Q2 24 | — | 2.27× | ||
| Q1 24 | -3.13× | 1.04× |
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% |
RGR
| Firearms | $150.6M | 100% |
| Castings | $7.3M | 5% |
