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Side-by-side financial comparison of ImmunityBio, Inc. (IBRX) 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 $38.3M, roughly 1.0× ImmunityBio, Inc.). SBC Medical Group Holdings Inc runs the higher net margin — 35.9% vs -161.8%, a 197.7% gap on every dollar of revenue. On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs -10.9%). SBC Medical Group Holdings Inc produced more free cash flow last quarter ($51.2M vs $-71.3M).
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.
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.
IBRX vs SBC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.3M | $39.6M |
| Net Profit | $-61.9M | $14.2M |
| Gross Margin | 99.0% | 73.1% |
| Operating Margin | -169.0% | 32.5% |
| Net Margin | -161.8% | 35.9% |
| Revenue YoY | 407.0% | -10.9% |
| Net Profit YoY | -4.7% | 117.2% |
| EPS (diluted) | $-0.06 | $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 | $38.3M | $39.6M | ||
| Q3 25 | $32.1M | $43.4M | ||
| Q2 25 | $26.4M | $43.4M | ||
| Q1 25 | $16.5M | $47.3M | ||
| Q4 24 | $7.6M | $44.4M | ||
| Q3 24 | $6.1M | $53.1M | ||
| Q2 24 | — | $53.1M | ||
| Q1 24 | — | $54.8M |
| Q4 25 | $-61.9M | $14.2M | ||
| Q3 25 | $-67.3M | $12.8M | ||
| Q2 25 | $-92.6M | $2.5M | ||
| Q1 25 | $-129.6M | $21.5M | ||
| Q4 24 | $-59.2M | $6.5M | ||
| Q3 24 | $-85.7M | $2.8M | ||
| Q2 24 | — | $18.5M | ||
| Q1 24 | — | $18.8M |
| Q4 25 | 99.0% | 73.1% | ||
| Q3 25 | 99.4% | 70.6% | ||
| Q2 25 | 99.5% | 69.2% | ||
| Q1 25 | 99.6% | 79.7% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 81.5% | ||
| Q2 24 | — | 74.2% | ||
| Q1 24 | — | 72.1% |
| Q4 25 | -169.0% | 32.5% | ||
| Q3 25 | -173.5% | 36.6% | ||
| Q2 25 | -269.8% | 33.6% | ||
| Q1 25 | -390.1% | 51.1% | ||
| Q4 24 | -919.0% | 10.6% | ||
| Q3 24 | -1314.3% | 26.1% | ||
| Q2 24 | — | 51.4% | ||
| Q1 24 | — | 44.6% |
| Q4 25 | -161.8% | 35.9% | ||
| Q3 25 | -209.8% | 29.6% | ||
| Q2 25 | -350.3% | 5.7% | ||
| Q1 25 | -784.9% | 45.4% | ||
| Q4 24 | -783.4% | 14.7% | ||
| Q3 24 | -1404.0% | 5.3% | ||
| Q2 24 | — | 34.8% | ||
| Q1 24 | — | 34.2% |
| Q4 25 | $-0.06 | $0.15 | ||
| Q3 25 | $-0.07 | $0.12 | ||
| Q2 25 | $-0.10 | $0.02 | ||
| Q1 25 | $-0.15 | $0.21 | ||
| Q4 24 | $-0.08 | $0.05 | ||
| Q3 24 | $-0.14 | $0.03 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $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 | $242.8M | $164.1M |
| Total DebtLower is stronger | — | $42.8M |
| Stockholders' EquityBook value | $-500.5M | $248.3M |
| Total Assets | $501.9M | $380.4M |
| Debt / EquityLower = less leverage | — | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $242.8M | $164.1M | ||
| Q3 25 | $257.8M | $127.4M | ||
| Q2 25 | $153.7M | $152.7M | ||
| Q1 25 | $61.6M | $132.1M | ||
| Q4 24 | $149.8M | $125.0M | ||
| Q3 24 | $130.4M | $137.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $42.8M | ||
| Q3 25 | — | $21.1M | ||
| Q2 25 | — | $7.1M | ||
| Q1 25 | — | $6.9M | ||
| Q4 24 | — | $6.6M | ||
| Q3 24 | — | $823.2K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-500.5M | $248.3M | ||
| Q3 25 | $-524.3M | $248.0M | ||
| Q2 25 | $-570.7M | $244.6M | ||
| Q1 25 | $-591.4M | $226.4M | ||
| Q4 24 | $-489.1M | $195.1M | ||
| Q3 24 | $-745.1M | $205.0M | ||
| Q2 24 | — | $8.8M | ||
| Q1 24 | — | $9.0M |
| Q4 25 | $501.9M | $380.4M | ||
| Q3 25 | $519.0M | $321.4M | ||
| Q2 25 | $402.1M | $315.3M | ||
| Q1 25 | $303.8M | $284.6M | ||
| Q4 24 | $382.9M | $266.1M | ||
| Q3 24 | $364.6M | $296.5M | ||
| Q2 24 | — | $19.5M | ||
| Q1 24 | — | $19.8M |
| Q4 25 | — | 0.17× | ||
| Q3 25 | — | 0.09× | ||
| Q2 25 | — | 0.03× | ||
| Q1 25 | — | 0.03× | ||
| Q4 24 | — | 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 | $-70.4M | $52.0M |
| Free Cash FlowOCF − Capex | $-71.3M | $51.2M |
| FCF MarginFCF / Revenue | -186.2% | 129.3% |
| Capex IntensityCapex / Revenue | 2.4% | 2.0% |
| Cash ConversionOCF / Net Profit | — | 3.66× |
| TTM Free Cash FlowTrailing 4 quarters | $-308.8M | $23.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-70.4M | $52.0M | ||
| Q3 25 | $-68.9M | $-20.9M | ||
| Q2 25 | $-79.7M | $-8.3M | ||
| Q1 25 | $-85.9M | $1.9M | ||
| Q4 24 | $-85.1M | $-7.3M | ||
| Q3 24 | $-98.8M | $5.0M | ||
| Q2 24 | — | $19.2M | ||
| Q1 24 | — | $3.7M |
| Q4 25 | $-71.3M | $51.2M | ||
| Q3 25 | $-69.6M | $-20.9M | ||
| Q2 25 | $-80.8M | $-8.6M | ||
| Q1 25 | $-87.0M | $1.7M | ||
| Q4 24 | $-87.3M | $-7.9M | ||
| Q3 24 | $-101.6M | $4.6M | ||
| Q2 24 | — | $18.3M | ||
| Q1 24 | — | $3.0M |
| Q4 25 | -186.2% | 129.3% | ||
| Q3 25 | -217.2% | -48.3% | ||
| Q2 25 | -305.9% | -19.9% | ||
| Q1 25 | -526.9% | 3.5% | ||
| Q4 24 | -1155.4% | -17.8% | ||
| Q3 24 | -1663.2% | 8.7% | ||
| Q2 24 | — | 34.5% | ||
| Q1 24 | — | 5.4% |
| Q4 25 | 2.4% | 2.0% | ||
| Q3 25 | 2.3% | 0.1% | ||
| Q2 25 | 4.1% | 0.7% | ||
| Q1 25 | 6.8% | 0.5% | ||
| Q4 24 | 28.0% | 1.3% | ||
| Q3 24 | 45.7% | 0.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | 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
IBRX
Segment breakdown not available.
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% |
