CleanSpark vs IREN
CleanSpark reported revenue of $766 million in fiscal 2025, about the same as IREN's $707 million in fiscal 2026. CleanSpark's revenue grew 102.2% in its latest year, and IREN's grew 41.1%. CleanSpark had an operating margin of 41.6%, against -148.1% at IREN. Free cash flow was −$606 million at CleanSpark and −$898 million at IREN. Their fiscal years end in different months (September 30 and June 30), so the periods don't line up exactly.
Side by side
| CleanSpark | IREN | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2026, Jun 30, 2026 |
| Revenue | $766M | $707M |
| Revenue growth | 102.2% | 41.1% |
| Revenue growth a year, last 5 years | 138.2% | 145.7% |
| Gross margin | 55.2% | 68.9% |
| Operating margin | 41.6% | −148.1% |
| Net margin | 47.6% | −99.4% |
| Free cash flow | −$606M | −$898M |
| Free cash flow margin | −79.0% | −127.0% |
| Return on capital | 12.9% | −19.8% |
| Net debt to EBITDA | 0.9x | — |
| Dividends and buybacks | $145M | $0M |
| Change in diluted share count | 46.5% | 41.6% |
| Last close | $6.16 | $21.64 |
| P/E at the last close | 5.5× | — |
| Insider trades, last 12 months | sold $1.9 million | — |
| Piotroski F-score | 3 of 9 | 3 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
CleanSparkIREN
Operating margin
Percent of revenue
CleanSparkIREN
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
CleanSparkIREN
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the CleanSpark and IREN pages.