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Side-by-side financial comparison of Immunocore Holdings plc (IMCR) and DOUGLAS DYNAMICS, INC (PLOW). Click either name above to swap in a different company.
DOUGLAS DYNAMICS, INC is the larger business by last-quarter revenue ($184.5M vs $104.5M, roughly 1.8× Immunocore Holdings plc). On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 24.3%). DOUGLAS DYNAMICS, INC produced more free cash flow last quarter ($92.8M vs $-35.5M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% 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.
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government...
IMCR vs PLOW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.5M | $184.5M |
| Net Profit | — | $12.8M |
| Gross Margin | 97.4% | 26.1% |
| Operating Margin | -18.8% | 10.5% |
| Net Margin | — | 7.0% |
| Revenue YoY | 24.3% | 28.6% |
| Net Profit YoY | — | 62.3% |
| EPS (diluted) | $-0.61 | $0.54 |
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 | $184.5M | ||
| Q3 25 | $103.7M | $162.1M | ||
| Q2 25 | $98.0M | $194.3M | ||
| Q1 25 | $93.9M | $115.1M | ||
| Q4 24 | $84.1M | $143.5M | ||
| Q3 24 | $80.2M | $129.4M | ||
| Q2 24 | $75.4M | $199.9M | ||
| Q1 24 | $70.5M | $95.7M |
| Q4 25 | — | $12.8M | ||
| Q3 25 | $-177.0K | $8.0M | ||
| Q2 25 | $-10.3M | $26.0M | ||
| Q1 25 | $5.0M | $148.0K | ||
| Q4 24 | — | $7.9M | ||
| Q3 24 | $8.7M | $32.3M | ||
| Q2 24 | $-11.6M | $24.3M | ||
| Q1 24 | $-24.4M | $-8.4M |
| Q4 25 | 97.4% | 26.1% | ||
| Q3 25 | 99.5% | 23.5% | ||
| Q2 25 | 98.9% | 31.0% | ||
| Q1 25 | 99.1% | 24.5% | ||
| Q4 24 | 99.6% | 24.9% | ||
| Q3 24 | 99.4% | 23.9% | ||
| Q2 24 | 97.7% | 30.7% | ||
| Q1 24 | 99.7% | 19.8% |
| Q4 25 | -18.8% | 10.5% | ||
| Q3 25 | -6.9% | 8.7% | ||
| Q2 25 | -15.2% | 19.0% | ||
| Q1 25 | -3.9% | 2.8% | ||
| Q4 24 | -23.1% | 9.0% | ||
| Q3 24 | -10.6% | 35.4% | ||
| Q2 24 | -21.2% | 18.2% | ||
| Q1 24 | -37.6% | -6.7% |
| Q4 25 | — | 7.0% | ||
| Q3 25 | -0.2% | 4.9% | ||
| Q2 25 | -10.5% | 13.4% | ||
| Q1 25 | 5.4% | 0.1% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | 10.9% | 24.9% | ||
| Q2 24 | -15.4% | 12.2% | ||
| Q1 24 | -34.7% | -8.7% |
| Q4 25 | $-0.61 | $0.54 | ||
| Q3 25 | $0.00 | $0.33 | ||
| Q2 25 | $-0.20 | $1.09 | ||
| Q1 25 | $0.10 | $0.00 | ||
| Q4 24 | $-0.47 | $0.35 | ||
| Q3 24 | $0.17 | $1.36 | ||
| Q2 24 | $-0.23 | $1.02 | ||
| Q1 24 | $-0.49 | $-0.37 |
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 | — |
| Total DebtLower is stronger | — | $144.0M |
| Stockholders' EquityBook value | $381.0M | $281.4M |
| Total Assets | $1.1B | $626.7M |
| Debt / EquityLower = less leverage | — | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $864.2M | — | ||
| Q3 25 | $892.4M | — | ||
| Q2 25 | $882.8M | — | ||
| Q1 25 | $837.0M | — | ||
| Q4 24 | $820.4M | — | ||
| Q3 24 | $901.3M | — | ||
| Q2 24 | $859.6M | — | ||
| Q1 24 | $832.8M | — |
| Q4 25 | — | $144.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $147.5M | ||
| Q3 24 | $438.7M | — | ||
| Q2 24 | $452.5M | — | ||
| Q1 24 | $452.5M | — |
| Q4 25 | $381.0M | $281.4M | ||
| Q3 25 | $396.6M | $275.3M | ||
| Q2 25 | $388.5M | $273.3M | ||
| Q1 25 | $378.5M | $258.9M | ||
| Q4 24 | $360.7M | $264.2M | ||
| Q3 24 | $377.8M | $260.8M | ||
| Q2 24 | $359.1M | $236.7M | ||
| Q1 24 | $359.5M | $217.2M |
| Q4 25 | $1.1B | $626.7M | ||
| Q3 25 | $1.1B | $694.9M | ||
| Q2 25 | $1.1B | $671.5M | ||
| Q1 25 | $1.0B | $621.0M | ||
| Q4 24 | $1.0B | $590.0M | ||
| Q3 24 | $1.1B | $665.6M | ||
| Q2 24 | $1.0B | $617.0M | ||
| Q1 24 | $994.0M | $577.1M |
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.56× | ||
| 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 | $95.9M |
| Free Cash FlowOCF − Capex | $-35.5M | $92.8M |
| FCF MarginFCF / Revenue | -34.0% | 50.3% |
| Capex IntensityCapex / Revenue | 2.8% | 1.7% |
| Cash ConversionOCF / Net Profit | — | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | $-15.1M | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-32.7M | $95.9M | ||
| Q3 25 | $-4.5M | $-8.5M | ||
| Q2 25 | $26.0M | $-11.4M | ||
| Q1 25 | $435.0K | $-1.3M | ||
| Q4 24 | $-14.0M | $74.4M | ||
| Q3 24 | $21.1M | $-14.2M | ||
| Q2 24 | $23.5M | $2.5M | ||
| Q1 24 | $-4.6M | $-21.6M |
| Q4 25 | $-35.5M | $92.8M | ||
| Q3 25 | $-5.2M | $-11.4M | ||
| Q2 25 | $25.6M | $-14.3M | ||
| Q1 25 | $137.0K | $-3.5M | ||
| Q4 24 | $-17.5M | $70.2M | ||
| Q3 24 | $20.3M | $-15.2M | ||
| Q2 24 | $23.1M | $836.0K | ||
| Q1 24 | $-5.0M | $-22.4M |
| Q4 25 | -34.0% | 50.3% | ||
| Q3 25 | -5.0% | -7.1% | ||
| Q2 25 | 26.1% | -7.4% | ||
| Q1 25 | 0.1% | -3.0% | ||
| Q4 24 | -20.9% | 48.9% | ||
| Q3 24 | 25.3% | -11.8% | ||
| Q2 24 | 30.7% | 0.4% | ||
| Q1 24 | -7.1% | -23.4% |
| Q4 25 | 2.8% | 1.7% | ||
| Q3 25 | 0.7% | 1.8% | ||
| Q2 25 | 0.4% | 1.5% | ||
| Q1 25 | 0.3% | 1.9% | ||
| Q4 24 | 4.3% | 2.9% | ||
| Q3 24 | 1.0% | 0.8% | ||
| Q2 24 | 0.4% | 0.8% | ||
| Q1 24 | 0.6% | 0.8% |
| Q4 25 | — | 7.47× | ||
| Q3 25 | — | -1.07× | ||
| Q2 25 | — | -0.44× | ||
| Q1 25 | 0.09× | -9.03× | ||
| Q4 24 | — | 9.41× | ||
| Q3 24 | 2.42× | -0.44× | ||
| Q2 24 | — | 0.10× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IMCR
Segment breakdown not available.
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
