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Side-by-side financial comparison of IREN Ltd (IREN) and STARZ ENTERTAINMENT CORP (STRZ). Click either name above to swap in a different company.
STARZ ENTERTAINMENT CORP is the larger business by last-quarter revenue ($320.9M vs $184.7M, roughly 1.7× IREN Ltd). STARZ ENTERTAINMENT CORP runs the higher net margin — -16.4% vs -84.1%, a 67.8% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -7.5%). STARZ ENTERTAINMENT CORP produced more free cash flow last quarter ($-31.3M 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.
Starz Entertainment Corp., formerly known as Lions Gate Entertainment Corporation, or simply Lionsgate, is a Canadian-American entertainment company currently headquartered in Santa Monica, California. Founded by Frank Giustra on July 10, 1997, it is/was domiciled and incorporated in Vancouver, British Columbia.
IREN vs STRZ — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $320.9M |
| Net Profit | $-155.4M | $-52.6M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | -10.8% |
| Net Margin | -84.1% | -16.4% |
| Revenue YoY | 59.0% | -7.5% |
| Net Profit YoY | -610.0% | -71.9% |
| EPS (diluted) | $-0.52 | $-3.15 |
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 | $320.9M | ||
| Q2 25 | — | $319.7M | ||
| Q4 24 | $116.1M | $970.5M | ||
| Q3 24 | $52.8M | $346.9M | ||
| Q2 24 | — | $347.6M | ||
| Q1 24 | $54.3M | — | ||
| Q4 23 | $42.6M | $975.1M |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $-52.6M | ||
| Q2 25 | — | $-42.5M | ||
| Q4 24 | $-21.9M | $-21.9M | ||
| Q3 24 | $-51.7M | $-30.6M | ||
| Q2 24 | — | $4.2M | ||
| Q1 24 | $8.6M | — | ||
| Q4 23 | $-5.2M | $-106.6M |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | -10.8% | ||
| Q2 25 | — | -8.4% | ||
| Q4 24 | 14.9% | 3.7% | ||
| Q3 24 | -89.2% | -4.9% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | 11.1% | — | ||
| Q4 23 | -5.2% | -4.5% |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | -16.4% | ||
| Q2 25 | — | -13.3% | ||
| Q4 24 | -18.8% | -2.3% | ||
| Q3 24 | -98.0% | -8.8% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | 15.9% | — | ||
| Q4 23 | -12.3% | -10.9% |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | $-3.15 | ||
| Q2 25 | — | $-2.54 | ||
| Q4 24 | $-0.10 | $-0.09 | ||
| Q3 24 | $-0.27 | $-1.83 | ||
| Q2 24 | — | $0.26 | ||
| Q1 24 | $0.00 | — | ||
| Q4 23 | $-0.00 | $-0.45 |
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 | $37.0M |
| Total DebtLower is stronger | — | $608.7M |
| Stockholders' EquityBook value | $2.5B | $663.2M |
| Total Assets | $7.0B | $2.0B |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | $37.0M | ||
| Q2 25 | — | $51.6M | ||
| Q4 24 | $427.3M | $200.5M | ||
| Q3 24 | $98.6M | $229.6M | ||
| Q2 24 | — | $192.5M | ||
| Q1 24 | $259.7M | — | ||
| Q4 23 | $90.3M | $283.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | $608.7M | ||
| Q2 25 | — | $611.7M | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | — | ||
| Q4 23 | — | $2.2B |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | $663.2M | ||
| Q2 25 | — | $712.3M | ||
| Q4 24 | $1.2B | $-168.3M | ||
| Q3 24 | $1.1B | $935.9M | ||
| Q2 24 | — | $973.1M | ||
| Q1 24 | $677.2M | — | ||
| Q4 23 | $381.8M | $-325.5M |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | $2.0B | ||
| Q2 25 | — | $2.1B | ||
| Q4 24 | $1.9B | $7.2B | ||
| Q3 24 | $1.3B | $7.1B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | $723.6M | — | ||
| Q4 23 | $417.2M | $7.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | 0.86× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.24× | ||
| Q2 24 | — | 1.59× | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | $-26.1M |
| Free Cash FlowOCF − Capex | $-468.0M | $-31.3M |
| FCF MarginFCF / Revenue | -253.4% | -9.8% |
| Capex IntensityCapex / Revenue | 292.2% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-317.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | $-26.1M | ||
| Q2 25 | — | $65.4M | ||
| Q4 24 | $53.6M | $-335.3M | ||
| Q3 24 | $-3.9M | $9.1M | ||
| Q2 24 | — | $-33.5M | ||
| Q1 24 | $-27.1M | — | ||
| Q4 23 | $17.4M | $71.1M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | $-31.3M | ||
| Q2 25 | — | $58.5M | ||
| Q4 24 | $-85.5M | $-349.3M | ||
| Q3 24 | $-109.7M | $4.4M | ||
| Q2 24 | — | $-38.4M | ||
| Q1 24 | $-108.3M | — | ||
| Q4 23 | — | $64.7M |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | -9.8% | ||
| Q2 25 | — | 18.3% | ||
| Q4 24 | -73.6% | -36.0% | ||
| Q3 24 | -208.0% | 1.3% | ||
| Q2 24 | — | -11.0% | ||
| Q1 24 | -199.4% | — | ||
| Q4 23 | — | 6.6% |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | 1.6% | ||
| Q2 25 | — | 2.2% | ||
| Q4 24 | 119.7% | 1.4% | ||
| Q3 24 | 200.6% | 1.4% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | 149.5% | — | ||
| Q4 23 | — | 0.7% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -7.98× | ||
| Q1 24 | -3.13× | — | ||
| Q4 23 | — | — |
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% |
STRZ
| Over The Top Subscription Service OTT | $222.8M | 69% |
| Linear Subscription Service | $98.1M | 31% |
