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Side-by-side financial comparison of Immunocore Holdings plc (IMCR) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
Immunocore Holdings plc is the larger business by last-quarter revenue ($104.5M vs $78.6M, roughly 1.3× Repay Holdings Corp). On growth, Immunocore Holdings plc posted the faster year-over-year revenue change (24.3% vs 0.4%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $-35.5M). Over the past eight quarters, Immunocore Holdings plc's revenue compounded faster (21.7% CAGR vs -1.3%).
Immunocore is a global commercial-stage biotechnology company, based in Oxfordshire, which researches and develops biological drugs using soluble T-cell receptor technology.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
IMCR vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $104.5M | $78.6M |
| Net Profit | — | $-140.1M |
| Gross Margin | 97.4% | 74.2% |
| Operating Margin | -18.8% | -182.2% |
| Net Margin | — | -178.3% |
| Revenue YoY | 24.3% | 0.4% |
| Net Profit YoY | — | -3304.1% |
| EPS (diluted) | $-0.61 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $103.7M | $77.7M | ||
| Q2 25 | $98.0M | $75.6M | ||
| Q1 25 | $93.9M | $77.3M | ||
| Q4 24 | $84.1M | $78.3M | ||
| Q3 24 | $80.2M | $79.1M | ||
| Q2 24 | $75.4M | $74.9M | ||
| Q1 24 | $70.5M | $80.7M |
| Q4 25 | — | $-140.1M | ||
| Q3 25 | $-177.0K | $-6.4M | ||
| Q2 25 | $-10.3M | $-102.3M | ||
| Q1 25 | $5.0M | $-7.9M | ||
| Q4 24 | — | $-4.1M | ||
| Q3 24 | $8.7M | $3.2M | ||
| Q2 24 | $-11.6M | $-4.1M | ||
| Q1 24 | $-24.4M | $-5.2M |
| Q4 25 | 97.4% | 74.2% | ||
| Q3 25 | 99.5% | 74.4% | ||
| Q2 25 | 98.9% | 75.7% | ||
| Q1 25 | 99.1% | 75.9% | ||
| Q4 24 | 99.6% | 76.3% | ||
| Q3 24 | 99.4% | 77.8% | ||
| Q2 24 | 97.7% | 78.2% | ||
| Q1 24 | 99.7% | 76.2% |
| Q4 25 | -18.8% | -182.2% | ||
| Q3 25 | -6.9% | -3.9% | ||
| Q2 25 | -15.2% | -138.7% | ||
| Q1 25 | -3.9% | -4.7% | ||
| Q4 24 | -23.1% | -1.5% | ||
| Q3 24 | -10.6% | -0.9% | ||
| Q2 24 | -21.2% | -4.6% | ||
| Q1 24 | -37.6% | -3.1% |
| Q4 25 | — | -178.3% | ||
| Q3 25 | -0.2% | -8.3% | ||
| Q2 25 | -10.5% | -135.2% | ||
| Q1 25 | 5.4% | -10.3% | ||
| Q4 24 | — | -5.3% | ||
| Q3 24 | 10.9% | 4.1% | ||
| Q2 24 | -15.4% | -5.4% | ||
| Q1 24 | -34.7% | -6.5% |
| Q4 25 | $-0.61 | $-1.68 | ||
| Q3 25 | $0.00 | $-0.08 | ||
| Q2 25 | $-0.20 | $-1.15 | ||
| Q1 25 | $0.10 | $-0.09 | ||
| Q4 24 | $-0.47 | $-0.04 | ||
| Q3 24 | $0.17 | $0.03 | ||
| Q2 24 | $-0.23 | $-0.04 | ||
| Q1 24 | $-0.49 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | — | $280.1M |
| Stockholders' EquityBook value | $381.0M | $484.4M |
| Total Assets | $1.1B | $1.2B |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $864.2M | $115.7M | ||
| Q3 25 | $892.4M | $95.7M | ||
| Q2 25 | $882.8M | $162.6M | ||
| Q1 25 | $837.0M | $165.5M | ||
| Q4 24 | $820.4M | $189.5M | ||
| Q3 24 | $901.3M | $168.7M | ||
| Q2 24 | $859.6M | $147.1M | ||
| Q1 24 | $832.8M | $128.3M |
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | $438.7M | $496.2M | ||
| Q2 24 | $452.5M | $435.6M | ||
| Q1 24 | $452.5M | $434.9M |
| Q4 25 | $381.0M | $484.4M | ||
| Q3 25 | $396.6M | $616.9M | ||
| Q2 25 | $388.5M | $633.7M | ||
| Q1 25 | $378.5M | $755.7M | ||
| Q4 24 | $360.7M | $761.3M | ||
| Q3 24 | $377.8M | $754.7M | ||
| Q2 24 | $359.1M | $815.4M | ||
| Q1 24 | $359.5M | $813.8M |
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $1.0B | $1.5B | ||
| Q4 24 | $1.0B | $1.6B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.0B | $1.5B | ||
| Q1 24 | $994.0M | $1.5B |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | 1.16× | 0.66× | ||
| Q2 24 | 1.26× | 0.53× | ||
| Q1 24 | 1.26× | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-35.5M | $23.2M |
| FCF MarginFCF / Revenue | -34.0% | 29.6% |
| Capex IntensityCapex / Revenue | 2.8% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-15.1M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-32.7M | $23.3M | ||
| Q3 25 | $-4.5M | $32.2M | ||
| Q2 25 | $26.0M | $33.1M | ||
| Q1 25 | $435.0K | $2.5M | ||
| Q4 24 | $-14.0M | $34.3M | ||
| Q3 24 | $21.1M | $60.1M | ||
| Q2 24 | $23.5M | $31.0M | ||
| Q1 24 | $-4.6M | $24.8M |
| Q4 25 | $-35.5M | $23.2M | ||
| Q3 25 | $-5.2M | $32.1M | ||
| Q2 25 | $25.6M | $33.0M | ||
| Q1 25 | $137.0K | $2.4M | ||
| Q4 24 | $-17.5M | $34.0M | ||
| Q3 24 | $20.3M | $59.8M | ||
| Q2 24 | $23.1M | $30.5M | ||
| Q1 24 | $-5.0M | $24.7M |
| Q4 25 | -34.0% | 29.6% | ||
| Q3 25 | -5.0% | 41.3% | ||
| Q2 25 | 26.1% | 43.6% | ||
| Q1 25 | 0.1% | 3.0% | ||
| Q4 24 | -20.9% | 43.5% | ||
| Q3 24 | 25.3% | 75.6% | ||
| Q2 24 | 30.7% | 40.7% | ||
| Q1 24 | -7.1% | 30.6% |
| Q4 25 | 2.8% | 0.1% | ||
| Q3 25 | 0.7% | 0.2% | ||
| Q2 25 | 0.4% | 0.1% | ||
| Q1 25 | 0.3% | 0.2% | ||
| Q4 24 | 4.3% | 0.3% | ||
| Q3 24 | 1.0% | 0.3% | ||
| Q2 24 | 0.4% | 0.6% | ||
| Q1 24 | 0.6% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.09× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.42× | 18.52× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IMCR
Segment breakdown not available.
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
