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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and SBC Medical Group Holdings Inc (SBC). Click either name above to swap in a different company.
SBC Medical Group Holdings Inc is the larger business by last-quarter revenue ($39.6M vs $32.9M, roughly 1.2× FTC Solar, Inc.). SBC Medical Group Holdings Inc runs the higher net margin — 35.9% vs -110.7%, a 146.6% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs -10.9%). SBC Medical Group Holdings Inc produced more free cash flow last quarter ($51.2M vs $-8.4M). Over the past eight quarters, FTC Solar, Inc.'s revenue compounded faster (61.6% CAGR vs -15.0%).
FTC Solar, Inc. is a leading global provider of advanced solar tracker systems, associated components, and supporting software for solar projects. It serves utility-scale, commercial, and industrial solar segments across key global markets, helping customers boost energy generation efficiency and lower overall project costs.
SBC Medical Group Holdings Inc. is a leading Japan-headquartered healthcare provider primarily focused on aesthetic medicine, dermatology, and anti-aging wellness services. It operates an extensive network of clinics across Japan, catering to both domestic patients and international medical tourists, with core offerings including cosmetic surgery and non-invasive skincare treatments.
FTCI vs SBC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $39.6M |
| Net Profit | $-36.4M | $14.2M |
| Gross Margin | 14.9% | 73.1% |
| Operating Margin | -17.2% | 32.5% |
| Net Margin | -110.7% | 35.9% |
| Revenue YoY | 148.9% | -10.9% |
| Net Profit YoY | -197.4% | 117.2% |
| EPS (diluted) | $-2.31 | $0.15 |
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 | $32.9M | $39.6M | ||
| Q3 25 | $26.0M | $43.4M | ||
| Q2 25 | $20.0M | $43.4M | ||
| Q1 25 | $20.8M | $47.3M | ||
| Q4 24 | $13.2M | $44.4M | ||
| Q3 24 | $10.1M | $53.1M | ||
| Q2 24 | $11.4M | $53.1M | ||
| Q1 24 | $12.6M | $54.8M |
| Q4 25 | $-36.4M | $14.2M | ||
| Q3 25 | $-23.9M | $12.8M | ||
| Q2 25 | $-15.4M | $2.5M | ||
| Q1 25 | $-3.8M | $21.5M | ||
| Q4 24 | $-12.2M | $6.5M | ||
| Q3 24 | $-15.4M | $2.8M | ||
| Q2 24 | $-12.2M | $18.5M | ||
| Q1 24 | $-8.8M | $18.8M |
| Q4 25 | 14.9% | 73.1% | ||
| Q3 25 | 6.1% | 70.6% | ||
| Q2 25 | -19.6% | 69.2% | ||
| Q1 25 | -16.6% | 79.7% | ||
| Q4 24 | -29.1% | 76.3% | ||
| Q3 24 | -42.5% | 81.5% | ||
| Q2 24 | -20.5% | 74.2% | ||
| Q1 24 | -16.7% | 72.1% |
| Q4 25 | -17.2% | 32.5% | ||
| Q3 25 | -29.6% | 36.6% | ||
| Q2 25 | -57.5% | 33.6% | ||
| Q1 25 | -50.8% | 51.1% | ||
| Q4 24 | -101.7% | 10.6% | ||
| Q3 24 | -147.8% | 26.1% | ||
| Q2 24 | -104.3% | 51.4% | ||
| Q1 24 | -99.3% | 44.6% |
| Q4 25 | -110.7% | 35.9% | ||
| Q3 25 | -92.0% | 29.6% | ||
| Q2 25 | -77.2% | 5.7% | ||
| Q1 25 | -18.4% | 45.4% | ||
| Q4 24 | -92.7% | 14.7% | ||
| Q3 24 | -151.5% | 5.3% | ||
| Q2 24 | -107.1% | 34.8% | ||
| Q1 24 | -69.7% | 34.2% |
| Q4 25 | $-2.31 | $0.15 | ||
| Q3 25 | $-1.61 | $0.12 | ||
| Q2 25 | $-1.18 | $0.02 | ||
| Q1 25 | $-0.58 | $0.21 | ||
| Q4 24 | $-0.95 | $0.05 | ||
| Q3 24 | $-1.21 | $0.03 | ||
| Q2 24 | $-0.97 | $0.20 | ||
| Q1 24 | $-0.70 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $21.1M | $164.1M |
| Total DebtLower is stronger | $9.9M | $42.8M |
| Stockholders' EquityBook value | $-43.0M | $248.3M |
| Total Assets | $111.8M | $380.4M |
| Debt / EquityLower = less leverage | — | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $164.1M | ||
| Q3 25 | $24.4M | $127.4M | ||
| Q2 25 | $3.5M | $152.7M | ||
| Q1 25 | $5.9M | $132.1M | ||
| Q4 24 | $11.2M | $125.0M | ||
| Q3 24 | $8.3M | $137.4M | ||
| Q2 24 | $10.8M | — | ||
| Q1 24 | $14.0M | — |
| Q4 25 | $9.9M | $42.8M | ||
| Q3 25 | $16.6M | $21.1M | ||
| Q2 25 | $10.9M | $7.1M | ||
| Q1 25 | $10.2M | $6.9M | ||
| Q4 24 | $9.5M | $6.6M | ||
| Q3 24 | — | $823.2K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-43.0M | $248.3M | ||
| Q3 25 | $-13.7M | $248.0M | ||
| Q2 25 | $9.0M | $244.6M | ||
| Q1 25 | $15.5M | $226.4M | ||
| Q4 24 | $19.0M | $195.1M | ||
| Q3 24 | $30.4M | $205.0M | ||
| Q2 24 | $44.2M | $8.8M | ||
| Q1 24 | $55.2M | $9.0M |
| Q4 25 | $111.8M | $380.4M | ||
| Q3 25 | $111.5M | $321.4M | ||
| Q2 25 | $83.0M | $315.3M | ||
| Q1 25 | $84.1M | $284.6M | ||
| Q4 24 | $89.9M | $266.1M | ||
| Q3 24 | $91.7M | $296.5M | ||
| Q2 24 | $100.3M | $19.5M | ||
| Q1 24 | $115.0M | $19.8M |
| Q4 25 | — | 0.17× | ||
| Q3 25 | — | 0.09× | ||
| Q2 25 | 1.20× | 0.03× | ||
| Q1 25 | 0.65× | 0.03× | ||
| Q4 24 | 0.50× | 0.03× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-8.0M | $52.0M |
| Free Cash FlowOCF − Capex | $-8.4M | $51.2M |
| FCF MarginFCF / Revenue | -25.7% | 129.3% |
| Capex IntensityCapex / Revenue | 1.3% | 2.0% |
| Cash ConversionOCF / Net Profit | — | 3.66× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $23.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $52.0M | ||
| Q3 25 | $-14.6M | $-20.9M | ||
| Q2 25 | $-2.3M | $-8.3M | ||
| Q1 25 | $-8.5M | $1.9M | ||
| Q4 24 | $-16.7M | $-7.3M | ||
| Q3 24 | $-2.4M | $5.0M | ||
| Q2 24 | $-3.8M | $19.2M | ||
| Q1 24 | $-11.9M | $3.7M |
| Q4 25 | $-8.4M | $51.2M | ||
| Q3 25 | $-15.1M | $-20.9M | ||
| Q2 25 | $-2.5M | $-8.6M | ||
| Q1 25 | $-8.6M | $1.7M | ||
| Q4 24 | $-17.0M | $-7.9M | ||
| Q3 24 | $-2.6M | $4.6M | ||
| Q2 24 | $-4.5M | $18.3M | ||
| Q1 24 | $-12.3M | $3.0M |
| Q4 25 | -25.7% | 129.3% | ||
| Q3 25 | -57.9% | -48.3% | ||
| Q2 25 | -12.4% | -19.9% | ||
| Q1 25 | -41.2% | 3.5% | ||
| Q4 24 | -128.6% | -17.8% | ||
| Q3 24 | -25.6% | 8.7% | ||
| Q2 24 | -39.2% | 34.5% | ||
| Q1 24 | -97.6% | 5.4% |
| Q4 25 | 1.3% | 2.0% | ||
| Q3 25 | 1.7% | 0.1% | ||
| Q2 25 | 0.9% | 0.7% | ||
| Q1 25 | 0.4% | 0.5% | ||
| Q4 24 | 2.2% | 1.3% | ||
| Q3 24 | 2.2% | 0.8% | ||
| Q2 24 | 6.1% | 1.6% | ||
| Q1 24 | 3.4% | 1.3% |
| Q4 25 | — | 3.66× | ||
| Q3 25 | — | -1.63× | ||
| Q2 25 | — | -3.39× | ||
| Q1 25 | — | 0.09× | ||
| Q4 24 | — | -1.12× | ||
| Q3 24 | — | 1.77× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 0.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
SBC
| Franchising | $10.3M | 26% |
| Medical Corporation Shobikai | $8.1M | 21% |
| Medical Corporation Nasukai | $7.2M | 18% |
| Management Services | $6.3M | 16% |
| Rental Services | $4.3M | 11% |
| Medical Corporation Association Furinkai | $3.0M | 8% |
| Japan Medical And Beauty Inc | $656.5K | 2% |
