IREN vs TeraWulf
IREN reported revenue of $707 million in fiscal 2026, 4.2 times TeraWulf's $168 million in fiscal 2025. IREN's revenue grew 41.1% in its latest year, and TeraWulf's grew 20.3%. IREN had an operating margin of -148.1%, against -110.5% at TeraWulf. Free cash flow was −$898 million at IREN and −$1.2 billion at TeraWulf. Their fiscal years end in different months (June 30 and December 31), so the periods don't line up exactly.
Side by side
| IREN | TeraWulf | |
|---|---|---|
| Latest fiscal year | FY2026, Jun 30, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $707M | $168M |
| Revenue growth | 41.1% | 20.3% |
| Revenue growth a year, last 5 years | 145.7% | — |
| Gross margin | 68.9% | 39.2% |
| Operating margin | −148.1% | −110.5% |
| Net margin | −99.4% | −392.6% |
| Free cash flow | −$898M | −$1.2B |
| Free cash flow margin | −127.0% | −702.5% |
| Return on capital | −19.8% | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $33M |
| Change in diluted share count | 41.6% | 13.2% |
| Last close | $25.43 | $11.98 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | — | bought $440,531, sold $36.1 million |
| Piotroski F-score | 3 of 9 | 1 of 9 |
Amounts in each company's own currency, US$ 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
IRENTeraWulf
Operating margin
Percent of revenue
IRENTeraWulf
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
IRENTeraWulf