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Side-by-side financial comparison of Immunocore Holdings plc (IMCR) and JBG SMITH Properties (JBGS). Click either name above to swap in a different company.
JBG SMITH Properties is the larger business by last-quarter revenue ($127.6M vs $104.5M, roughly 1.2× Immunocore Holdings plc). On growth, Immunocore Holdings plc posted the faster year-over-year revenue change (24.3% vs -2.5%). Over the past eight quarters, Immunocore Holdings plc's revenue compounded faster (21.7% CAGR vs -6.3%).
Immunocore is a global commercial-stage biotechnology company, based in Oxfordshire, which researches and develops biological drugs using soluble T-cell receptor technology.
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
IMCR vs JBGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.5M | $127.6M |
| Net Profit | — | $-45.5M |
| Gross Margin | 97.4% | — |
| Operating Margin | -18.8% | -47.5% |
| Net Margin | — | -35.7% |
| Revenue YoY | 24.3% | -2.5% |
| Net Profit YoY | — | 24.0% |
| EPS (diluted) | $-0.61 | $-0.76 |
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 | $104.5M | $127.6M | ||
| Q3 25 | $103.7M | $123.9M | ||
| Q2 25 | $98.0M | $126.5M | ||
| Q1 25 | $93.9M | $120.7M | ||
| Q4 24 | $84.1M | $130.8M | ||
| Q3 24 | $80.2M | $136.0M | ||
| Q2 24 | $75.4M | $135.3M | ||
| Q1 24 | $70.5M | $145.2M |
| Q4 25 | — | $-45.5M | ||
| Q3 25 | $-177.0K | $-28.6M | ||
| Q2 25 | $-10.3M | $-19.2M | ||
| Q1 25 | $5.0M | $-45.7M | ||
| Q4 24 | — | $-59.9M | ||
| Q3 24 | $8.7M | $-27.0M | ||
| Q2 24 | $-11.6M | $-24.4M | ||
| Q1 24 | $-24.4M | $-32.3M |
| Q4 25 | 97.4% | — | ||
| Q3 25 | 99.5% | — | ||
| Q2 25 | 98.9% | — | ||
| Q1 25 | 99.1% | — | ||
| Q4 24 | 99.6% | — | ||
| Q3 24 | 99.4% | — | ||
| Q2 24 | 97.7% | — | ||
| Q1 24 | 99.7% | — |
| Q4 25 | -18.8% | -47.5% | ||
| Q3 25 | -6.9% | -27.5% | ||
| Q2 25 | -15.2% | -18.4% | ||
| Q1 25 | -3.9% | -44.7% | ||
| Q4 24 | -23.1% | -53.6% | ||
| Q3 24 | -10.6% | -22.4% | ||
| Q2 24 | -21.2% | -24.3% | ||
| Q1 24 | -37.6% | -30.1% |
| Q4 25 | — | -35.7% | ||
| Q3 25 | -0.2% | -23.1% | ||
| Q2 25 | -10.5% | -15.2% | ||
| Q1 25 | 5.4% | -37.9% | ||
| Q4 24 | — | -45.8% | ||
| Q3 24 | 10.9% | -19.8% | ||
| Q2 24 | -15.4% | -18.0% | ||
| Q1 24 | -34.7% | -22.2% |
| Q4 25 | $-0.61 | $-0.76 | ||
| Q3 25 | $0.00 | $-0.48 | ||
| Q2 25 | $-0.20 | $-0.29 | ||
| Q1 25 | $0.10 | $-0.56 | ||
| Q4 24 | $-0.47 | $-0.70 | ||
| Q3 24 | $0.17 | $-0.32 | ||
| Q2 24 | $-0.23 | $-0.27 | ||
| Q1 24 | $-0.49 | $-0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $864.2M | $75.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $381.0M | $1.2B |
| Total Assets | $1.1B | $4.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $864.2M | $75.3M | ||
| Q3 25 | $892.4M | $64.4M | ||
| Q2 25 | $882.8M | $61.4M | ||
| Q1 25 | $837.0M | $81.3M | ||
| Q4 24 | $820.4M | $145.8M | ||
| Q3 24 | $901.3M | $137.0M | ||
| Q2 24 | $859.6M | $163.5M | ||
| Q1 24 | $832.8M | $220.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $438.7M | — | ||
| Q2 24 | $452.5M | — | ||
| Q1 24 | $452.5M | — |
| Q4 25 | $381.0M | $1.2B | ||
| Q3 25 | $396.6M | $1.2B | ||
| Q2 25 | $388.5M | $1.3B | ||
| Q1 25 | $378.5M | $1.6B | ||
| Q4 24 | $360.7M | $1.8B | ||
| Q3 24 | $377.8M | $1.9B | ||
| Q2 24 | $359.1M | $2.0B | ||
| Q1 24 | $359.5M | $2.1B |
| Q4 25 | $1.1B | $4.4B | ||
| Q3 25 | $1.1B | $4.4B | ||
| Q2 25 | $1.1B | $4.5B | ||
| Q1 25 | $1.0B | $4.7B | ||
| Q4 24 | $1.0B | $5.0B | ||
| Q3 24 | $1.1B | $5.2B | ||
| Q2 24 | $1.0B | $5.3B | ||
| Q1 24 | $994.0M | $5.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.16× | — | ||
| Q2 24 | 1.26× | — | ||
| Q1 24 | 1.26× | — |
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 | $-32.7M | $73.3M |
| Free Cash FlowOCF − Capex | $-35.5M | — |
| FCF MarginFCF / Revenue | -34.0% | — |
| Capex IntensityCapex / Revenue | 2.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-15.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-32.7M | $73.3M | ||
| Q3 25 | $-4.5M | $8.9M | ||
| Q2 25 | $26.0M | $18.8M | ||
| Q1 25 | $435.0K | $12.9M | ||
| Q4 24 | $-14.0M | $129.4M | ||
| Q3 24 | $21.1M | $26.4M | ||
| Q2 24 | $23.5M | $23.8M | ||
| Q1 24 | $-4.6M | $37.0M |
| Q4 25 | $-35.5M | — | ||
| Q3 25 | $-5.2M | — | ||
| Q2 25 | $25.6M | — | ||
| Q1 25 | $137.0K | — | ||
| Q4 24 | $-17.5M | — | ||
| Q3 24 | $20.3M | — | ||
| Q2 24 | $23.1M | — | ||
| Q1 24 | $-5.0M | — |
| Q4 25 | -34.0% | — | ||
| Q3 25 | -5.0% | — | ||
| Q2 25 | 26.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | -20.9% | — | ||
| Q3 24 | 25.3% | — | ||
| Q2 24 | 30.7% | — | ||
| Q1 24 | -7.1% | — |
| Q4 25 | 2.8% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 1.0% | — | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.09× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.42× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
