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Side-by-side financial comparison of IREN Ltd (IREN) and Smith Douglas Homes Corp. (SDHC). Click either name above to swap in a different company.
Smith Douglas Homes Corp. is the larger business by last-quarter revenue ($260.4M vs $184.7M, roughly 1.4× IREN Ltd). Smith Douglas Homes Corp. runs the higher net margin — 1.4% vs -84.1%, a 85.5% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -9.4%). Smith Douglas Homes Corp. produced more free cash flow last quarter ($8.7M 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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
IREN vs SDHC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $260.4M |
| Net Profit | $-155.4M | $3.5M |
| Gross Margin | 64.4% | 19.9% |
| Operating Margin | -63.0% | 6.5% |
| Net Margin | -84.1% | 1.4% |
| Revenue YoY | 59.0% | -9.4% |
| Net Profit YoY | -610.0% | -14.3% |
| 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 | $260.4M | ||
| Q3 25 | $240.3M | $262.0M | ||
| Q2 25 | — | $223.9M | ||
| Q1 25 | — | $224.7M | ||
| Q4 24 | $116.1M | $287.5M | ||
| Q3 24 | $52.8M | $277.8M | ||
| Q2 24 | — | $220.9M | ||
| Q1 24 | $54.3M | $189.2M |
| Q4 25 | $-155.4M | $3.5M | ||
| Q3 25 | $384.6M | $2.1M | ||
| Q2 25 | — | $2.4M | ||
| Q1 25 | — | $2.7M | ||
| Q4 24 | $-21.9M | $4.1M | ||
| Q3 24 | $-51.7M | $5.3M | ||
| Q2 24 | — | $3.6M | ||
| Q1 24 | $8.6M | $3.0M |
| Q4 25 | 64.4% | 19.9% | ||
| Q3 25 | 66.4% | 21.0% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 23.8% | ||
| Q4 24 | 72.2% | 25.5% | ||
| Q3 24 | 39.6% | 26.5% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | -63.0% | 6.5% | ||
| Q3 25 | -31.8% | 6.6% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 8.7% | ||
| Q4 24 | 14.9% | 10.4% | ||
| Q3 24 | -89.2% | 14.2% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | 11.1% | 11.3% |
| Q4 25 | -84.1% | 1.4% | ||
| Q3 25 | 160.1% | 0.8% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | -18.8% | 1.4% | ||
| Q3 24 | -98.0% | 1.9% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | 15.9% | 1.6% |
| Q4 25 | $-0.52 | $0.39 | ||
| Q3 25 | $1.08 | $0.24 | ||
| Q2 25 | — | $0.26 | ||
| Q1 25 | — | $0.30 | ||
| Q4 24 | $-0.10 | $0.50 | ||
| Q3 24 | $-0.27 | $0.58 | ||
| Q2 24 | — | $0.40 | ||
| Q1 24 | $0.00 | $0.33 |
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 | $12.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $86.7M |
| Total Assets | $7.0B | $557.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $12.7M | ||
| Q3 25 | $1.0B | $14.8M | ||
| Q2 25 | — | $16.8M | ||
| Q1 25 | — | $12.7M | ||
| Q4 24 | $427.3M | $22.4M | ||
| Q3 24 | $98.6M | $23.7M | ||
| Q2 24 | — | $17.3M | ||
| Q1 24 | $259.7M | $32.8M |
| Q4 25 | $2.5B | $86.7M | ||
| Q3 25 | $2.9B | $82.2M | ||
| Q2 25 | — | $80.0M | ||
| Q1 25 | — | $76.9M | ||
| Q4 24 | $1.2B | $73.6M | ||
| Q3 24 | $1.1B | $68.4M | ||
| Q2 24 | — | $62.1M | ||
| Q1 24 | $677.2M | $59.7M |
| Q4 25 | $7.0B | $557.6M | ||
| Q3 25 | $4.3B | $571.6M | ||
| Q2 25 | — | $570.2M | ||
| Q1 25 | — | $513.9M | ||
| Q4 24 | $1.9B | $475.9M | ||
| Q3 24 | $1.3B | $460.1M | ||
| Q2 24 | — | $429.3M | ||
| Q1 24 | $723.6M | $401.3M |
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 | $9.8M |
| Free Cash FlowOCF − Capex | $-468.0M | $8.7M |
| FCF MarginFCF / Revenue | -253.4% | 3.4% |
| Capex IntensityCapex / Revenue | 292.2% | 0.4% |
| Cash ConversionOCF / Net Profit | — | 2.77× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-36.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $9.8M | ||
| Q3 25 | $142.4M | $22.8M | ||
| Q2 25 | — | $-28.9M | ||
| Q1 25 | — | $-34.9M | ||
| Q4 24 | $53.6M | $5.5M | ||
| Q3 24 | $-3.9M | $22.9M | ||
| Q2 24 | — | $39.0K | ||
| Q1 24 | $-27.1M | $-9.3M |
| Q4 25 | $-468.0M | $8.7M | ||
| Q3 25 | $-38.0M | $21.4M | ||
| Q2 25 | — | $-31.1M | ||
| Q1 25 | — | $-35.9M | ||
| Q4 24 | $-85.5M | $4.8M | ||
| Q3 24 | $-109.7M | $22.3M | ||
| Q2 24 | — | $-2.1M | ||
| Q1 24 | $-108.3M | $-9.7M |
| Q4 25 | -253.4% | 3.4% | ||
| Q3 25 | -15.8% | 8.2% | ||
| Q2 25 | — | -13.9% | ||
| Q1 25 | — | -16.0% | ||
| Q4 24 | -73.6% | 1.7% | ||
| Q3 24 | -208.0% | 8.0% | ||
| Q2 24 | — | -1.0% | ||
| Q1 24 | -199.4% | -5.1% |
| Q4 25 | 292.2% | 0.4% | ||
| Q3 25 | 75.0% | 0.5% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | 119.7% | 0.2% | ||
| Q3 24 | 200.6% | 0.2% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | 149.5% | 0.2% |
| Q4 25 | — | 2.77× | ||
| Q3 25 | 0.37× | 10.70× | ||
| Q2 25 | — | -12.24× | ||
| Q1 25 | — | -13.01× | ||
| Q4 24 | — | 1.33× | ||
| Q3 24 | — | 4.28× | ||
| Q2 24 | — | 0.01× | ||
| Q1 24 | -3.13× | -3.12× |
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% |
SDHC
| Southeast | $164.7M | 63% |
| Central | $95.8M | 37% |
