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Side-by-side financial comparison of Farmland Partners Inc. (FPI) and ImmunityBio, Inc. (IBRX). Click either name above to swap in a different company.
ImmunityBio, Inc. is the larger business by last-quarter revenue ($38.3M vs $20.7M, roughly 1.8× Farmland Partners Inc.). Farmland Partners Inc. runs the higher net margin — 103.4% vs -161.8%, a 265.2% gap on every dollar of revenue. On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs -3.5%).
Farmland Industries was the largest agricultural cooperative in North America when it eventually sold all of its assets in 2002–04. During its 74-year history, Farmland served its farmer membership as a diversified, integrated organization, playing a significant role in agricultural markets both domestically and worldwide.
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
FPI vs IBRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.7M | $38.3M |
| Net Profit | $21.4M | $-61.9M |
| Gross Margin | — | 99.0% |
| Operating Margin | — | -169.0% |
| Net Margin | 103.4% | -161.8% |
| Revenue YoY | -3.5% | 407.0% |
| Net Profit YoY | -63.5% | -4.7% |
| EPS (diluted) | $0.44 | $-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 | $20.7M | $38.3M | ||
| Q3 25 | $11.3M | $32.1M | ||
| Q2 25 | $10.0M | $26.4M | ||
| Q1 25 | $10.3M | $16.5M | ||
| Q4 24 | $21.5M | $7.6M | ||
| Q3 24 | $13.3M | $6.1M | ||
| Q2 24 | $11.4M | — | ||
| Q1 24 | $12.0M | — |
| Q4 25 | $21.4M | $-61.9M | ||
| Q3 25 | $483.0K | $-67.3M | ||
| Q2 25 | $7.6M | $-92.6M | ||
| Q1 25 | $2.0M | $-129.6M | ||
| Q4 24 | $58.7M | $-59.2M | ||
| Q3 24 | $1.8M | $-85.7M | ||
| Q2 24 | $-2.0M | — | ||
| Q1 24 | $1.4M | — |
| Q4 25 | — | 99.0% | ||
| Q3 25 | — | 99.4% | ||
| Q2 25 | — | 99.5% | ||
| Q1 25 | — | 99.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -169.0% | ||
| Q3 25 | 4.3% | -173.5% | ||
| Q2 25 | 78.2% | -269.8% | ||
| Q1 25 | 20.6% | -390.1% | ||
| Q4 24 | — | -919.0% | ||
| Q3 24 | 13.9% | -1314.3% | ||
| Q2 24 | -17.9% | — | ||
| Q1 24 | 11.9% | — |
| Q4 25 | 103.4% | -161.8% | ||
| Q3 25 | 4.3% | -209.8% | ||
| Q2 25 | 76.3% | -350.3% | ||
| Q1 25 | 19.9% | -784.9% | ||
| Q4 24 | 273.6% | -783.4% | ||
| Q3 24 | 13.5% | -1404.0% | ||
| Q2 24 | -17.5% | — | ||
| Q1 24 | 11.5% | — |
| Q4 25 | $0.44 | $-0.06 | ||
| Q3 25 | $0.00 | $-0.07 | ||
| Q2 25 | $0.14 | $-0.10 | ||
| Q1 25 | $0.03 | $-0.15 | ||
| Q4 24 | $1.09 | $-0.08 | ||
| Q3 24 | $0.02 | $-0.14 | ||
| Q2 24 | $-0.06 | — | ||
| Q1 24 | $0.01 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $242.8M |
| Total DebtLower is stronger | $161.6M | — |
| Stockholders' EquityBook value | $467.4M | $-500.5M |
| Total Assets | $719.1M | $501.9M |
| Debt / EquityLower = less leverage | 0.35× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $242.8M | ||
| Q3 25 | — | $257.8M | ||
| Q2 25 | — | $153.7M | ||
| Q1 25 | — | $61.6M | ||
| Q4 24 | — | $149.8M | ||
| Q3 24 | — | $130.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $161.6M | — | ||
| Q3 25 | $170.4M | — | ||
| Q2 25 | $193.4M | — | ||
| Q1 25 | $202.6M | — | ||
| Q4 24 | $204.6M | — | ||
| Q3 24 | $394.0M | — | ||
| Q2 24 | $393.0M | — | ||
| Q1 24 | $383.0M | — |
| Q4 25 | $467.4M | $-500.5M | ||
| Q3 25 | $457.3M | $-524.3M | ||
| Q2 25 | $473.5M | $-570.7M | ||
| Q1 25 | $492.2M | $-591.4M | ||
| Q4 24 | $494.6M | $-489.1M | ||
| Q3 24 | $519.4M | $-745.1M | ||
| Q2 24 | $521.5M | — | ||
| Q1 24 | $526.7M | — |
| Q4 25 | $719.1M | $501.9M | ||
| Q3 25 | $738.5M | $519.0M | ||
| Q2 25 | $776.7M | $402.1M | ||
| Q1 25 | $810.5M | $303.8M | ||
| Q4 24 | $869.6M | $382.9M | ||
| Q3 24 | $1.0B | $364.6M | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | 0.35× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.41× | — | ||
| Q1 25 | 0.41× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.76× | — | ||
| Q2 24 | 0.75× | — | ||
| Q1 24 | 0.73× | — |
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 | $17.4M | $-70.4M |
| Free Cash FlowOCF − Capex | — | $-71.3M |
| FCF MarginFCF / Revenue | — | -186.2% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-308.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.4M | $-70.4M | ||
| Q3 25 | $-2.0M | $-68.9M | ||
| Q2 25 | $-2.2M | $-79.7M | ||
| Q1 25 | $6.4M | $-85.9M | ||
| Q4 24 | $16.1M | $-85.1M | ||
| Q3 24 | $-4.3M | $-98.8M | ||
| Q2 24 | $-6.1M | — | ||
| Q1 24 | $11.9M | — |
| Q4 25 | — | $-71.3M | ||
| Q3 25 | — | $-69.6M | ||
| Q2 25 | — | $-80.8M | ||
| Q1 25 | — | $-87.0M | ||
| Q4 24 | — | $-87.3M | ||
| Q3 24 | — | $-101.6M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -186.2% | ||
| Q3 25 | — | -217.2% | ||
| Q2 25 | — | -305.9% | ||
| Q1 25 | — | -526.9% | ||
| Q4 24 | — | -1155.4% | ||
| Q3 24 | — | -1663.2% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | — | 28.0% | ||
| Q3 24 | — | 45.7% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.81× | — | ||
| Q3 25 | -4.04× | — | ||
| Q2 25 | -0.29× | — | ||
| Q1 25 | 3.12× | — | ||
| Q4 24 | 0.27× | — | ||
| Q3 24 | -2.39× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 8.66× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
