vs
Side-by-side financial comparison of IREN Ltd (IREN) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $100.0M, roughly 1.8× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -84.1%, a 77.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M 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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
IREN vs SWIM — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $100.0M |
| Net Profit | $-155.4M | $-7.0M |
| Gross Margin | 64.4% | 28.0% |
| Operating Margin | -63.0% | -10.7% |
| Net Margin | -84.1% | -7.0% |
| Revenue YoY | 59.0% | 14.5% |
| Net Profit YoY | -610.0% | 76.0% |
| EPS (diluted) | $-0.52 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $240.3M | $161.9M | ||
| Q2 25 | — | $172.6M | ||
| Q1 25 | — | $111.4M | ||
| Q4 24 | $116.1M | $87.3M | ||
| Q3 24 | $52.8M | $150.5M | ||
| Q2 24 | — | $160.1M | ||
| Q1 24 | $54.3M | $110.6M |
| Q4 25 | $-155.4M | $-7.0M | ||
| Q3 25 | $384.6M | $8.1M | ||
| Q2 25 | — | $16.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | $-21.9M | $-29.2M | ||
| Q3 24 | $-51.7M | $5.9M | ||
| Q2 24 | — | $13.3M | ||
| Q1 24 | $8.6M | $-7.9M |
| Q4 25 | 64.4% | 28.0% | ||
| Q3 25 | 66.4% | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | 72.2% | 24.6% | ||
| Q3 24 | 39.6% | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | -63.0% | -10.7% | ||
| Q3 25 | -31.8% | 13.3% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | 14.9% | -14.9% | ||
| Q3 24 | -89.2% | 8.9% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | 11.1% | -1.9% |
| Q4 25 | -84.1% | -7.0% | ||
| Q3 25 | 160.1% | 5.0% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | -5.4% | ||
| Q4 24 | -18.8% | -33.4% | ||
| Q3 24 | -98.0% | 3.9% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | 15.9% | -7.1% |
| Q4 25 | $-0.52 | $-0.06 | ||
| Q3 25 | $1.08 | $0.07 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $-0.05 | ||
| Q4 24 | $-0.10 | $-0.24 | ||
| Q3 24 | $-0.27 | $0.05 | ||
| Q2 24 | — | $0.11 | ||
| Q1 24 | $0.00 | $-0.07 |
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 | — | $279.8M |
| Stockholders' EquityBook value | $2.5B | $405.9M |
| Total Assets | $7.0B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
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 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $2.5B | $405.9M | ||
| Q3 25 | $2.9B | $408.4M | ||
| Q2 25 | — | $398.4M | ||
| Q1 25 | — | $381.1M | ||
| Q4 24 | $1.2B | $387.2M | ||
| Q3 24 | $1.1B | $416.6M | ||
| Q2 24 | — | $408.1M | ||
| Q1 24 | $677.2M | $391.8M |
| Q4 25 | $7.0B | $823.2M | ||
| Q3 25 | $4.3B | $844.4M | ||
| Q2 25 | — | $822.1M | ||
| Q1 25 | — | $824.6M | ||
| Q4 24 | $1.9B | $794.2M | ||
| Q3 24 | $1.3B | $853.4M | ||
| Q2 24 | — | $830.0M | ||
| Q1 24 | $723.6M | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-468.0M | $14.1M |
| FCF MarginFCF / Revenue | -253.4% | 14.1% |
| Capex IntensityCapex / Revenue | 292.2% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $23.3M | ||
| Q3 25 | $142.4M | $51.0M | ||
| Q2 25 | — | $36.0M | ||
| Q1 25 | — | $-46.9M | ||
| Q4 24 | $53.6M | $6.2M | ||
| Q3 24 | $-3.9M | $37.2M | ||
| Q2 24 | — | $52.4M | ||
| Q1 24 | $-27.1M | $-34.5M |
| Q4 25 | $-468.0M | $14.1M | ||
| Q3 25 | $-38.0M | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | $-85.5M | $-98.0K | ||
| Q3 24 | $-109.7M | $33.2M | ||
| Q2 24 | — | $47.9M | ||
| Q1 24 | $-108.3M | $-39.9M |
| Q4 25 | -253.4% | 14.1% | ||
| Q3 25 | -15.8% | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | -73.6% | -0.1% | ||
| Q3 24 | -208.0% | 22.1% | ||
| Q2 24 | — | 29.9% | ||
| Q1 24 | -199.4% | -36.0% |
| Q4 25 | 292.2% | 9.2% | ||
| Q3 25 | 75.0% | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | 119.7% | 7.2% | ||
| Q3 24 | 200.6% | 2.7% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | 149.5% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| 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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
