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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $86.8M, roughly 1.5× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs 10.7%). Mayville Engineering Company, Inc. produced more free cash flow last quarter ($10.2M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs -8.8%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
IOVA vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $134.3M |
| Net Profit | — | $-4.4M |
| Gross Margin | 67.4% | 6.8% |
| Operating Margin | -84.7% | -4.1% |
| Net Margin | — | -3.2% |
| Revenue YoY | 17.7% | 10.7% |
| Net Profit YoY | — | -127.3% |
| 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 | $134.3M | ||
| Q3 25 | $67.5M | $144.3M | ||
| Q2 25 | $60.0M | $132.3M | ||
| Q1 25 | $49.3M | $135.6M | ||
| Q4 24 | $73.7M | $121.3M | ||
| Q3 24 | $58.6M | $135.4M | ||
| Q2 24 | $31.1M | $163.6M | ||
| Q1 24 | $715.0K | $161.3M |
| Q4 25 | — | $-4.4M | ||
| Q3 25 | $-91.3M | $-2.7M | ||
| Q2 25 | $-111.7M | $-1.1M | ||
| Q1 25 | $-116.2M | $20.0K | ||
| Q4 24 | — | $16.0M | ||
| Q3 24 | $-83.5M | $3.0M | ||
| Q2 24 | $-97.1M | $3.8M | ||
| Q1 24 | $-113.0M | $3.2M |
| Q4 25 | 67.4% | 6.8% | ||
| Q3 25 | 43.0% | 11.0% | ||
| Q2 25 | 5.5% | 10.3% | ||
| Q1 25 | -0.8% | 11.3% | ||
| Q4 24 | 68.7% | 8.9% | ||
| Q3 24 | 46.2% | 12.6% | ||
| Q2 24 | -0.8% | 13.6% | ||
| Q1 24 | — | 13.0% |
| Q4 25 | -84.7% | -4.1% | ||
| Q3 25 | -140.7% | 0.0% | ||
| Q2 25 | -189.8% | 0.1% | ||
| Q1 25 | -245.8% | 1.2% | ||
| Q4 24 | -117.5% | 19.0% | ||
| Q3 24 | -152.1% | 4.2% | ||
| Q2 24 | -327.6% | 5.0% | ||
| Q1 24 | -16464.6% | 4.7% |
| Q4 25 | — | -3.2% | ||
| Q3 25 | -135.3% | -1.9% | ||
| Q2 25 | -186.2% | -0.8% | ||
| Q1 25 | -235.5% | 0.0% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | -142.7% | 2.2% | ||
| Q2 24 | -312.2% | 2.3% | ||
| Q1 24 | -15800.8% | 2.0% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | — | $-0.13 | ||
| Q2 25 | $-0.33 | $-0.05 | ||
| Q1 25 | $-0.36 | $0.00 | ||
| Q4 24 | $-0.24 | $0.76 | ||
| Q3 24 | $-0.28 | $0.14 | ||
| Q2 24 | $-0.34 | $0.18 | ||
| Q1 24 | $-0.42 | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $698.6M | $240.7M |
| Total Assets | $913.2M | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $1.5M | ||
| Q3 25 | $300.8M | $1.2M | ||
| Q2 25 | $301.2M | $206.0K | ||
| Q1 25 | $359.7M | $183.0K | ||
| Q4 24 | $323.8M | $206.0K | ||
| Q3 24 | $397.5M | $178.0K | ||
| Q2 24 | $412.5M | $314.0K | ||
| Q1 24 | $356.2M | $314.0K |
| Q4 25 | $698.6M | $240.7M | ||
| Q3 25 | $702.3M | $244.8M | ||
| Q2 25 | $698.5M | $246.8M | ||
| Q1 25 | $767.9M | $250.0M | ||
| Q4 24 | $710.4M | $251.8M | ||
| Q3 24 | $773.5M | $238.4M | ||
| Q2 24 | $768.5M | $238.1M | ||
| Q1 24 | $680.0M | $234.0M |
| Q4 25 | $913.2M | $563.6M | ||
| Q3 25 | $904.9M | $585.6M | ||
| Q2 25 | $907.4M | $433.7M | ||
| Q1 25 | $966.7M | $447.7M | ||
| Q4 24 | $910.4M | $445.6M | ||
| Q3 24 | $991.1M | $466.0M | ||
| Q2 24 | $964.3M | $488.2M | ||
| Q1 24 | $869.8M | $499.9M |
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 | $13.4M |
| Free Cash FlowOCF − Capex | $-61.9M | $10.2M |
| FCF MarginFCF / Revenue | -71.3% | 7.6% |
| Capex IntensityCapex / Revenue | 10.7% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $13.4M | ||
| Q3 25 | $-78.7M | $1.9M | ||
| Q2 25 | $-67.4M | $15.0M | ||
| Q1 25 | $-103.7M | $8.3M | ||
| Q4 24 | $-73.3M | $38.0M | ||
| Q3 24 | $-59.0M | $17.9M | ||
| Q2 24 | $-98.4M | $23.3M | ||
| Q1 24 | $-122.3M | $10.6M |
| Q4 25 | $-61.9M | $10.2M | ||
| Q3 25 | $-89.5M | $-1.1M | ||
| Q2 25 | $-74.9M | $12.5M | ||
| Q1 25 | $-109.9M | $5.4M | ||
| Q4 24 | $-77.5M | $35.6M | ||
| Q3 24 | $-61.3M | $15.1M | ||
| Q2 24 | $-98.9M | $19.2M | ||
| Q1 24 | $-126.5M | $7.8M |
| Q4 25 | -71.3% | 7.6% | ||
| Q3 25 | -132.7% | -0.8% | ||
| Q2 25 | -124.9% | 9.5% | ||
| Q1 25 | -222.8% | 4.0% | ||
| Q4 24 | -105.1% | 29.4% | ||
| Q3 24 | -104.6% | 11.1% | ||
| Q2 24 | -317.9% | 11.7% | ||
| Q1 24 | -17685.3% | 4.9% |
| Q4 25 | 10.7% | 2.4% | ||
| Q3 25 | 16.1% | 2.1% | ||
| Q2 25 | 12.4% | 1.8% | ||
| Q1 25 | 12.6% | 2.2% | ||
| Q4 24 | 5.7% | 1.9% | ||
| Q3 24 | 3.9% | 2.1% | ||
| Q2 24 | 1.4% | 2.5% | ||
| Q1 24 | 583.4% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | — | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
