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Side-by-side financial comparison of PMGC Holdings Inc. (ELAB) and Rafael Holdings, Inc. (RFL). Click either name above to swap in a different company.
PMGC Holdings Inc. is the larger business by last-quarter revenue ($285.9K vs $240.0K, roughly 1.2× Rafael Holdings, Inc.). PMGC Holdings Inc. runs the higher net margin — -907.3% vs -4090.0%, a 3182.7% gap on every dollar of revenue. On growth, Rafael Holdings, Inc. posted the faster year-over-year revenue change (87.5% vs -45.8%).
Rafael Advanced Defense Systems Ltd. is an Israeli defense technology company. It was founded as Israel's National R&D Defense Laboratory for the development of weapons and military technology within the Israeli Ministry of Defense; in 2002 it was incorporated as a limited company.
ELAB vs RFL — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $285.9K | $240.0K |
| Net Profit | $-2.6M | $-9.8M |
| Gross Margin | 27.3% | — |
| Operating Margin | -769.0% | -4225.4% |
| Net Margin | -907.3% | -4090.0% |
| Revenue YoY | -45.8% | 87.5% |
| Net Profit YoY | -72.8% | -9.0% |
| EPS (diluted) | — | $-0.19 |
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 | — | $240.0K | ||
| Q3 25 | $285.9K | — | ||
| Q3 24 | $527.5K | $165.0K | ||
| Q2 24 | $605.5K | $336.0K | ||
| Q1 24 | $614.6K | $68.0K | ||
| Q4 23 | — | $68.0K | ||
| Q3 23 | $554.7K | $68.0K | ||
| Q2 23 | — | $71.0K |
| Q4 25 | — | $-9.8M | ||
| Q3 25 | $-2.6M | — | ||
| Q3 24 | $-1.5M | $-4.5M | ||
| Q2 24 | $-1.4M | $-32.4M | ||
| Q1 24 | $-1.4M | $6.0M | ||
| Q4 23 | — | $-3.6M | ||
| Q3 23 | $-783.0K | $1.2M | ||
| Q2 23 | — | $-1.4M |
| Q4 25 | — | — | ||
| Q3 25 | 27.3% | — | ||
| Q3 24 | 74.7% | — | ||
| Q2 24 | 72.5% | 74.7% | ||
| Q1 24 | 72.5% | — | ||
| Q4 23 | — | — | ||
| Q3 23 | 66.0% | — | ||
| Q2 23 | — | — |
| Q4 25 | — | -4225.4% | ||
| Q3 25 | -769.0% | — | ||
| Q3 24 | -118.6% | -2330.3% | ||
| Q2 24 | -232.6% | -27726.5% | ||
| Q1 24 | -273.9% | -4622.1% | ||
| Q4 23 | — | -3644.1% | ||
| Q3 23 | -141.6% | -3839.7% | ||
| Q2 23 | — | -4269.0% |
| Q4 25 | — | -4090.0% | ||
| Q3 25 | -907.3% | — | ||
| Q3 24 | -284.6% | -2707.9% | ||
| Q2 24 | -233.3% | -9628.3% | ||
| Q1 24 | -227.4% | 8892.6% | ||
| Q4 23 | — | -5350.0% | ||
| Q3 23 | -141.2% | 1792.6% | ||
| Q2 23 | — | -2023.9% |
| Q4 25 | — | $-0.19 | ||
| Q3 25 | — | — | ||
| Q3 24 | $-0.07 | $-0.19 | ||
| Q2 24 | $-0.08 | $-1.36 | ||
| Q1 24 | $-0.08 | $0.25 | ||
| Q4 23 | — | $-0.15 | ||
| Q3 23 | $-0.08 | $0.05 | ||
| Q2 23 | — | $-0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $804.1K | $45.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $8.5M | $85.2M |
| Total Assets | $14.9M | $105.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.5M | ||
| Q3 25 | $804.1K | — | ||
| Q3 24 | — | $2.7M | ||
| Q2 24 | — | $7.4M | ||
| Q1 24 | — | $7.1M | ||
| Q4 23 | — | $13.2M | ||
| Q3 23 | — | $21.5M | ||
| Q2 23 | — | $15.4M |
| Q4 25 | — | $85.2M | ||
| Q3 25 | $8.5M | — | ||
| Q3 24 | $8.6M | $82.2M | ||
| Q2 24 | $2.6M | $86.1M | ||
| Q1 24 | $2.5M | $104.9M | ||
| Q4 23 | — | $98.2M | ||
| Q3 23 | $-163.9K | $100.3M | ||
| Q2 23 | — | $98.5M |
| Q4 25 | — | $105.4M | ||
| Q3 25 | $14.9M | — | ||
| Q3 24 | $11.2M | $96.8M | ||
| Q2 24 | $5.1M | $101.6M | ||
| Q1 24 | $4.2M | $106.1M | ||
| Q4 23 | — | $95.5M | ||
| Q3 23 | $1.6B | $98.8M | ||
| Q2 23 | — | $96.4M |
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 | $-1.5M | $-6.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-6.8M | ||
| Q3 25 | $-1.5M | — | ||
| Q3 24 | $-381.7K | $-2.9M | ||
| Q2 24 | $-780.7K | $-251.0K | ||
| Q1 24 | $-2.3M | $-2.5M | ||
| Q4 23 | — | $-2.1M | ||
| Q3 23 | — | $-1.4M | ||
| Q2 23 | — | $-1.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-375.0K | ||
| Q1 24 | $-2.3M | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -111.6% | ||
| Q1 24 | -379.7% | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | 36.9% | ||
| Q1 24 | 1.5% | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.42× | ||
| Q4 23 | — | — | ||
| Q3 23 | — | -1.19× | ||
| Q2 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
