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Side-by-side financial comparison of Immunocore Holdings plc (IMCR) and LandBridge Co LLC (LB). Click either name above to swap in a different company.
Immunocore Holdings plc is the larger business by last-quarter revenue ($104.5M vs $51.0M, roughly 2.0× LandBridge Co LLC). On growth, Immunocore Holdings plc posted the faster year-over-year revenue change (24.3% vs 16.0%). LandBridge Co LLC produced more free cash flow last quarter ($40.9M vs $-35.5M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (40.2% CAGR vs 21.7%).
Immunocore is a global commercial-stage biotechnology company, based in Oxfordshire, which researches and develops biological drugs using soluble T-cell receptor technology.
IMCR vs LB — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $104.5M | $51.0M |
| Net Profit | — | $17.9M |
| Gross Margin | 97.4% | — |
| Operating Margin | -18.8% | 57.2% |
| Net Margin | — | 35.0% |
| Revenue YoY | 24.3% | 16.0% |
| Net Profit YoY | — | 15.6% |
| EPS (diluted) | $-0.61 | — |
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.
| Q1 26 | — | $51.0M | ||
| Q4 25 | $104.5M | $56.8M | ||
| Q3 25 | $103.7M | $50.8M | ||
| Q2 25 | $98.0M | $47.5M | ||
| Q1 25 | $93.9M | $44.0M | ||
| Q4 24 | $84.1M | $36.5M | ||
| Q3 24 | $80.2M | $28.5M | ||
| Q2 24 | $75.4M | $26.0M |
| Q1 26 | — | $17.9M | ||
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-177.0K | $8.1M | ||
| Q2 25 | $-10.3M | $7.5M | ||
| Q1 25 | $5.0M | $6.5M | ||
| Q4 24 | — | $49.3M | ||
| Q3 24 | $8.7M | $2.7M | ||
| Q2 24 | $-11.6M | $-57.7M |
| Q1 26 | — | — | ||
| 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 26 | — | 57.2% | ||
| Q4 25 | -18.8% | 60.0% | ||
| Q3 25 | -6.9% | 60.8% | ||
| Q2 25 | -15.2% | 60.0% | ||
| Q1 25 | -3.9% | 57.0% | ||
| Q4 24 | -23.1% | 49.4% | ||
| Q3 24 | -10.6% | 11.2% | ||
| Q2 24 | -21.2% | -197.4% |
| Q1 26 | — | 35.0% | ||
| Q4 25 | — | 14.2% | ||
| Q3 25 | -0.2% | 15.9% | ||
| Q2 25 | -10.5% | 15.8% | ||
| Q1 25 | 5.4% | 14.7% | ||
| Q4 24 | — | 135.2% | ||
| Q3 24 | 10.9% | 9.3% | ||
| Q2 24 | -15.4% | -222.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.61 | $0.24 | ||
| Q3 25 | $0.00 | $0.26 | ||
| Q2 25 | $-0.20 | $0.24 | ||
| Q1 25 | $0.10 | $0.20 | ||
| Q4 24 | $-0.47 | — | ||
| Q3 24 | $0.17 | $-0.04 | ||
| Q2 24 | $-0.23 | — |
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 | $29.7M |
| Total DebtLower is stronger | — | $433.0K |
| Stockholders' EquityBook value | $381.0M | — |
| Total Assets | $1.1B | $1.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $29.7M | ||
| Q4 25 | $864.2M | $30.7M | ||
| Q3 25 | $892.4M | $28.3M | ||
| Q2 25 | $882.8M | $20.3M | ||
| Q1 25 | $837.0M | $14.9M | ||
| Q4 24 | $820.4M | $37.0M | ||
| Q3 24 | $901.3M | $14.4M | ||
| Q2 24 | $859.6M | $24.6M |
| Q1 26 | — | $433.0K | ||
| Q4 25 | — | $570.7M | ||
| Q3 25 | — | $366.1M | ||
| Q2 25 | — | $370.9M | ||
| Q1 25 | — | $375.5M | ||
| Q4 24 | — | $385.5M | ||
| Q3 24 | $438.7M | $242.4M | ||
| Q2 24 | $452.5M | $360.8M |
| Q1 26 | — | — | ||
| Q4 25 | $381.0M | $340.3M | ||
| Q3 25 | $396.6M | $272.0M | ||
| Q2 25 | $388.5M | $266.4M | ||
| Q1 25 | $378.5M | $217.0M | ||
| Q4 24 | $360.7M | $211.8M | ||
| Q3 24 | $377.8M | $97.2M | ||
| Q2 24 | $359.1M | $296.4M |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.0B | $1.0B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $1.1B | $689.9M | ||
| Q2 24 | $1.0B | $710.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | — | 1.39× | ||
| Q1 25 | — | 1.73× | ||
| Q4 24 | — | 1.82× | ||
| Q3 24 | 1.16× | 2.49× | ||
| Q2 24 | 1.26× | 1.22× |
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 | $41.1M |
| Free Cash FlowOCF − Capex | $-35.5M | $40.9M |
| FCF MarginFCF / Revenue | -34.0% | 80.3% |
| Capex IntensityCapex / Revenue | 2.8% | — |
| Cash ConversionOCF / Net Profit | — | 2.30× |
| TTM Free Cash FlowTrailing 4 quarters | $-15.1M | $232.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $41.1M | ||
| Q4 25 | $-32.7M | $126.3M | ||
| Q3 25 | $-4.5M | $34.9M | ||
| Q2 25 | $26.0M | $37.3M | ||
| Q1 25 | $435.0K | $15.9M | ||
| Q4 24 | $-14.0M | $67.6M | ||
| Q3 24 | $21.1M | $7.5M | ||
| Q2 24 | $23.5M | $16.0M |
| Q1 26 | — | $40.9M | ||
| Q4 25 | $-35.5M | $122.0M | ||
| Q3 25 | $-5.2M | $33.7M | ||
| Q2 25 | $25.6M | $36.1M | ||
| Q1 25 | $137.0K | $15.8M | ||
| Q4 24 | $-17.5M | $66.7M | ||
| Q3 24 | $20.3M | $7.1M | ||
| Q2 24 | $23.1M | $15.7M |
| Q1 26 | — | 80.3% | ||
| Q4 25 | -34.0% | 214.9% | ||
| Q3 25 | -5.0% | 66.3% | ||
| Q2 25 | 26.1% | 75.9% | ||
| Q1 25 | 0.1% | 36.0% | ||
| Q4 24 | -20.9% | 182.6% | ||
| Q3 24 | 25.3% | 25.1% | ||
| Q2 24 | 30.7% | 60.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 7.5% | ||
| Q3 25 | 0.7% | 2.3% | ||
| Q2 25 | 0.4% | 2.6% | ||
| Q1 25 | 0.3% | 0.2% | ||
| Q4 24 | 4.3% | 2.7% | ||
| Q3 24 | 1.0% | 1.1% | ||
| Q2 24 | 0.4% | 1.4% |
| Q1 26 | — | 2.30× | ||
| Q4 25 | — | 15.68× | ||
| Q3 25 | — | 4.31× | ||
| Q2 25 | — | 4.98× | ||
| Q1 25 | 0.09× | 2.46× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | 2.42× | 2.80× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IMCR
Segment breakdown not available.
LB
| Other | $14.2M | 28% |
| Easements and other surface-related revenues | $11.6M | 23% |
| Surface use royalties - related party | $11.0M | 22% |
| Resource sales | $5.2M | 10% |
| Resource royalties | $4.3M | 8% |
| Easements and other surface-related revenues - related party | $3.2M | 6% |
| Resource royalties - related party | $1.3M | 2% |
| Resource sales - related party | $205.0K | 0% |
