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Side-by-side financial comparison of IHS Holding Ltd (IHS) and PicoCELA Inc. (PCLA). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $252.6M, roughly 1.0× PicoCELA Inc.). IHS Holding Ltd produced more free cash flow last quarter ($178.6M vs $-256.6M).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
PicoCELA Inc. is a global technology company specializing in low-power, high-reliability wireless connectivity solutions, including Wi-Fi HaLow modules and edge network infrastructure. It caters to industrial IoT, smart city, retail, and smart home segments, with a primary operational footprint across Asia, North America, and European markets.
IHS vs PCLA — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $252.6M |
| Net Profit | — | $-316.2M |
| Gross Margin | 83.6% | — |
| Operating Margin | — | -114.8% |
| Net Margin | — | -125.2% |
| Revenue YoY | 0.1% | — |
| Net Profit YoY | — | — |
| EPS (diluted) | — | — |
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 | $254.0M | — | ||
| Q3 25 | $455.1M | — | ||
| Q2 25 | $433.3M | — | ||
| Q1 25 | $439.6M | $252.6M | ||
| Q4 24 | $253.8M | — | ||
| Q3 24 | $420.3M | — | ||
| Q2 24 | $435.4M | — | ||
| Q1 24 | $417.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | $147.4M | — | ||
| Q2 25 | $32.3M | — | ||
| Q1 25 | $30.7M | $-316.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-205.7M | — | ||
| Q2 24 | $-124.3M | — | ||
| Q1 24 | $-1.6B | — |
| Q4 25 | 83.6% | — | ||
| Q3 25 | 47.5% | — | ||
| Q2 25 | 51.3% | — | ||
| Q1 25 | 51.4% | — | ||
| Q4 24 | 72.1% | — | ||
| Q3 24 | 52.0% | — | ||
| Q2 24 | 52.5% | — | ||
| Q1 24 | 39.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | 35.1% | — | ||
| Q2 25 | 33.8% | — | ||
| Q1 25 | 37.1% | -114.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 29.9% | — | ||
| Q2 24 | 34.0% | — | ||
| Q1 24 | -1.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | 32.4% | — | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | 7.0% | -125.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | -48.9% | — | ||
| Q2 24 | -28.5% | — | ||
| Q1 24 | -372.8% | — |
| Q4 25 | — | — | ||
| Q3 25 | $0.44 | — | ||
| Q2 25 | $0.10 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-0.61 | — | ||
| Q2 24 | $-0.36 | — | ||
| Q1 24 | $-4.67 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $825.7M | $456.8M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $354.8M |
| Total Assets | $4.5B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | — | ||
| Q3 25 | $647.6M | — | ||
| Q2 25 | $531.8M | — | ||
| Q1 25 | $629.0M | $456.8M | ||
| Q4 24 | $578.0M | — | ||
| Q3 24 | $397.5M | — | ||
| Q2 24 | $445.7M | — | ||
| Q1 24 | $333.2M | — |
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $-89.8M | — | ||
| Q3 25 | $38.1M | — | ||
| Q2 25 | $-98.4M | — | ||
| Q1 25 | $-184.4M | $354.8M | ||
| Q4 24 | $-314.4M | — | ||
| Q3 24 | $-284.7M | — | ||
| Q2 24 | $-308.3M | — | ||
| Q1 24 | $-163.2M | — |
| Q4 25 | $4.5B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.4B | $1.2B | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.6B | — |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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 | $246.9M | $-245.6M |
| Free Cash FlowOCF − Capex | $178.6M | $-256.6M |
| FCF MarginFCF / Revenue | 70.3% | -101.6% |
| Capex IntensityCapex / Revenue | 26.9% | 4.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | — | ||
| Q3 25 | $251.3M | — | ||
| Q2 25 | $237.7M | — | ||
| Q1 25 | $200.3M | $-245.6M | ||
| Q4 24 | $344.4M | — | ||
| Q3 24 | $174.5M | — | ||
| Q2 24 | $134.7M | — | ||
| Q1 24 | $75.8M | — |
| Q4 25 | $178.6M | — | ||
| Q3 25 | $189.2M | — | ||
| Q2 25 | $197.7M | — | ||
| Q1 25 | $153.2M | $-256.6M | ||
| Q4 24 | $282.9M | — | ||
| Q3 24 | $122.3M | — | ||
| Q2 24 | $74.2M | — | ||
| Q1 24 | $14.8M | — |
| Q4 25 | 70.3% | — | ||
| Q3 25 | 41.6% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 34.8% | -101.6% | ||
| Q4 24 | 111.5% | — | ||
| Q3 24 | 29.1% | — | ||
| Q2 24 | 17.0% | — | ||
| Q1 24 | 3.5% | — |
| Q4 25 | 26.9% | — | ||
| Q3 25 | 13.6% | — | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 10.7% | 4.3% | ||
| Q4 24 | 24.2% | — | ||
| Q3 24 | 12.4% | — | ||
| Q2 24 | 13.9% | — | ||
| Q1 24 | 14.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 7.36× | — | ||
| Q1 25 | 6.52× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IHS
Segment breakdown not available.
PCLA
| Revenue from product | $179.1M | 71% |
| Revenue from SaaS, Maintenance and others | $42.4M | 17% |
| Revenue from product – related party | $31.0M | 12% |
