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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and Kennedy-Wilson Holdings, Inc. (KW). Click either name above to swap in a different company.
Kennedy-Wilson Holdings, Inc. is the larger business by last-quarter revenue ($120.6M vs $86.8M, roughly 1.4× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs -11.0%). Kennedy-Wilson Holdings, Inc. produced more free cash flow last quarter ($-55.2M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs -6.0%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
IOVA vs KW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $120.6M |
| Net Profit | — | $58.0M |
| Gross Margin | 67.4% | — |
| Operating Margin | -84.7% | 57.3% |
| Net Margin | — | 48.1% |
| Revenue YoY | 17.7% | -11.0% |
| Net Profit YoY | — | 32.7% |
| EPS (diluted) | — | $0.22 |
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 | $86.8M | $120.6M | ||
| Q3 25 | $67.5M | $116.4M | ||
| Q2 25 | $60.0M | $135.7M | ||
| Q1 25 | $49.3M | $128.3M | ||
| Q4 24 | $73.7M | $135.5M | ||
| Q3 24 | $58.6M | $127.5M | ||
| Q2 24 | $31.1M | $132.0M | ||
| Q1 24 | $715.0K | $136.4M |
| Q4 25 | — | $58.0M | ||
| Q3 25 | $-91.3M | $-10.2M | ||
| Q2 25 | $-111.7M | $5.6M | ||
| Q1 25 | $-116.2M | $-29.6M | ||
| Q4 24 | — | $43.7M | ||
| Q3 24 | $-83.5M | $-66.8M | ||
| Q2 24 | $-97.1M | $-48.3M | ||
| Q1 24 | $-113.0M | $37.7M |
| Q4 25 | 67.4% | — | ||
| Q3 25 | 43.0% | — | ||
| Q2 25 | 5.5% | — | ||
| Q1 25 | -0.8% | — | ||
| Q4 24 | 68.7% | — | ||
| Q3 24 | 46.2% | — | ||
| Q2 24 | -0.8% | — | ||
| Q1 24 | — | — |
| Q4 25 | -84.7% | 57.3% | ||
| Q3 25 | -140.7% | -6.2% | ||
| Q2 25 | -189.8% | 7.4% | ||
| Q1 25 | -245.8% | -26.9% | ||
| Q4 24 | -117.5% | 36.7% | ||
| Q3 24 | -152.1% | -60.8% | ||
| Q2 24 | -327.6% | -45.5% | ||
| Q1 24 | -16464.6% | 47.2% |
| Q4 25 | — | 48.1% | ||
| Q3 25 | -135.3% | -8.8% | ||
| Q2 25 | -186.2% | 4.1% | ||
| Q1 25 | -235.5% | -23.1% | ||
| Q4 24 | — | 32.3% | ||
| Q3 24 | -142.7% | -52.4% | ||
| Q2 24 | -312.2% | -36.6% | ||
| Q1 24 | -15800.8% | 27.6% |
| Q4 25 | — | $0.22 | ||
| Q3 25 | — | $-0.15 | ||
| Q2 25 | $-0.33 | $-0.05 | ||
| Q1 25 | $-0.36 | $-0.30 | ||
| Q4 24 | $-0.24 | $0.24 | ||
| Q3 24 | $-0.28 | $-0.56 | ||
| Q2 24 | $-0.34 | $-0.43 | ||
| Q1 24 | $-0.42 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $297.0M | $184.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $698.6M | $1.5B |
| Total Assets | $913.2M | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $184.5M | ||
| Q3 25 | $300.8M | $382.6M | ||
| Q2 25 | $301.2M | $309.1M | ||
| Q1 25 | $359.7M | $356.6M | ||
| Q4 24 | $323.8M | $217.5M | ||
| Q3 24 | $397.5M | $367.1M | ||
| Q2 24 | $412.5M | $366.5M | ||
| Q1 24 | $356.2M | $541.9M |
| Q4 25 | $698.6M | $1.5B | ||
| Q3 25 | $702.3M | $1.5B | ||
| Q2 25 | $698.5M | $1.6B | ||
| Q1 25 | $767.9M | $1.6B | ||
| Q4 24 | $710.4M | $1.6B | ||
| Q3 24 | $773.5M | $1.6B | ||
| Q2 24 | $768.5M | $1.7B | ||
| Q1 24 | $680.0M | $1.7B |
| Q4 25 | $913.2M | $6.6B | ||
| Q3 25 | $904.9M | $6.7B | ||
| Q2 25 | $907.4M | $6.8B | ||
| Q1 25 | $966.7M | $7.2B | ||
| Q4 24 | $910.4M | $7.0B | ||
| Q3 24 | $991.1M | $7.4B | ||
| Q2 24 | $964.3M | $7.5B | ||
| Q1 24 | $869.8M | $7.7B |
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 | $-52.6M | $11.4M |
| Free Cash FlowOCF − Capex | $-61.9M | $-55.2M |
| FCF MarginFCF / Revenue | -71.3% | -45.8% |
| Capex IntensityCapex / Revenue | 10.7% | 55.2% |
| Cash ConversionOCF / Net Profit | — | 0.20× |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $-103.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $11.4M | ||
| Q3 25 | $-78.7M | $-7.6M | ||
| Q2 25 | $-67.4M | $42.0M | ||
| Q1 25 | $-103.7M | $-51.9M | ||
| Q4 24 | $-73.3M | $55.1M | ||
| Q3 24 | $-59.0M | $-5.6M | ||
| Q2 24 | $-98.4M | $36.7M | ||
| Q1 24 | $-122.3M | $-5.6M |
| Q4 25 | $-61.9M | $-55.2M | ||
| Q3 25 | $-89.5M | $-18.0M | ||
| Q2 25 | $-74.9M | $29.4M | ||
| Q1 25 | $-109.9M | $-59.7M | ||
| Q4 24 | $-77.5M | $-76.5M | ||
| Q3 24 | $-61.3M | $-27.7M | ||
| Q2 24 | $-98.9M | $-500.0K | ||
| Q1 24 | $-126.5M | $-57.1M |
| Q4 25 | -71.3% | -45.8% | ||
| Q3 25 | -132.7% | -15.5% | ||
| Q2 25 | -124.9% | 21.7% | ||
| Q1 25 | -222.8% | -46.5% | ||
| Q4 24 | -105.1% | -56.5% | ||
| Q3 24 | -104.6% | -21.7% | ||
| Q2 24 | -317.9% | -0.4% | ||
| Q1 24 | -17685.3% | -41.9% |
| Q4 25 | 10.7% | 55.2% | ||
| Q3 25 | 16.1% | 8.9% | ||
| Q2 25 | 12.4% | 9.3% | ||
| Q1 25 | 12.6% | 6.1% | ||
| Q4 24 | 5.7% | 97.1% | ||
| Q3 24 | 3.9% | 17.3% | ||
| Q2 24 | 1.4% | 28.2% | ||
| Q1 24 | 583.4% | 37.8% |
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 7.50× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
