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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and UNIVERSAL DISPLAY CORP \PA\ (OLED). Click either name above to swap in a different company.
UNIVERSAL DISPLAY CORP \PA\ is the larger business by last-quarter revenue ($142.2M vs $86.8M, roughly 1.6× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs -14.5%). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs -5.3%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Universal Display Corporation is a developer and manufacturer of organic light emitting diode (OLED) technologies and materials, and it is a provider of services to the display and lighting industries.
IOVA vs OLED — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $142.2M |
| Net Profit | — | $35.9M |
| Gross Margin | 67.4% | 74.6% |
| Operating Margin | -84.7% | 30.1% |
| Net Margin | — | 25.2% |
| Revenue YoY | 17.7% | -14.5% |
| Net Profit YoY | — | -44.3% |
| EPS (diluted) | — | $0.76 |
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 | — | $142.2M | ||
| Q4 25 | $86.8M | $172.9M | ||
| Q3 25 | $67.5M | $139.6M | ||
| Q2 25 | $60.0M | $171.8M | ||
| Q1 25 | $49.3M | $166.3M | ||
| Q4 24 | $73.7M | $162.3M | ||
| Q3 24 | $58.6M | $161.6M | ||
| Q2 24 | $31.1M | $158.5M |
| Q1 26 | — | $35.9M | ||
| Q4 25 | — | $66.3M | ||
| Q3 25 | $-91.3M | $44.0M | ||
| Q2 25 | $-111.7M | $67.3M | ||
| Q1 25 | $-116.2M | $64.4M | ||
| Q4 24 | — | $46.0M | ||
| Q3 24 | $-83.5M | $66.9M | ||
| Q2 24 | $-97.1M | $52.3M |
| Q1 26 | — | 74.6% | ||
| Q4 25 | 67.4% | 76.1% | ||
| Q3 25 | 43.0% | 74.6% | ||
| Q2 25 | 5.5% | 77.2% | ||
| Q1 25 | -0.8% | 77.1% | ||
| Q4 24 | 68.7% | 77.0% | ||
| Q3 24 | 46.2% | 77.8% | ||
| Q2 24 | -0.8% | 75.8% |
| Q1 26 | — | 30.1% | ||
| Q4 25 | -84.7% | 38.9% | ||
| Q3 25 | -140.7% | 30.9% | ||
| Q2 25 | -189.8% | 39.9% | ||
| Q1 25 | -245.8% | 41.9% | ||
| Q4 24 | -117.5% | 32.3% | ||
| Q3 24 | -152.1% | 41.5% | ||
| Q2 24 | -327.6% | 35.6% |
| Q1 26 | — | 25.2% | ||
| Q4 25 | — | 38.4% | ||
| Q3 25 | -135.3% | 31.5% | ||
| Q2 25 | -186.2% | 39.2% | ||
| Q1 25 | -235.5% | 38.8% | ||
| Q4 24 | — | 28.4% | ||
| Q3 24 | -142.7% | 41.4% | ||
| Q2 24 | -312.2% | 33.0% |
| Q1 26 | — | $0.76 | ||
| Q4 25 | — | $1.40 | ||
| Q3 25 | — | $0.92 | ||
| Q2 25 | $-0.33 | $1.41 | ||
| Q1 25 | $-0.36 | $1.35 | ||
| Q4 24 | $-0.24 | $0.96 | ||
| Q3 24 | $-0.28 | $1.40 | ||
| Q2 24 | $-0.34 | $1.10 |
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 | $516.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $698.6M | — |
| Total Assets | $913.2M | $1.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $516.4M | ||
| Q4 25 | $297.0M | $602.4M | ||
| Q3 25 | $300.8M | $603.0M | ||
| Q2 25 | $301.2M | $525.2M | ||
| Q1 25 | $359.7M | $571.3M | ||
| Q4 24 | $323.8M | $492.7M | ||
| Q3 24 | $397.5M | $551.6M | ||
| Q2 24 | $412.5M | $530.5M |
| Q1 26 | — | — | ||
| Q4 25 | $698.6M | $1.8B | ||
| Q3 25 | $702.3M | $1.7B | ||
| Q2 25 | $698.5M | $1.7B | ||
| Q1 25 | $767.9M | $1.7B | ||
| Q4 24 | $710.4M | $1.6B | ||
| Q3 24 | $773.5M | $1.6B | ||
| Q2 24 | $768.5M | $1.5B |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $913.2M | $2.0B | ||
| Q3 25 | $904.9M | $1.9B | ||
| Q2 25 | $907.4M | $1.9B | ||
| Q1 25 | $966.7M | $1.9B | ||
| Q4 24 | $910.4M | $1.8B | ||
| Q3 24 | $991.1M | $1.8B | ||
| Q2 24 | $964.3M | $1.8B |
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 | $108.9M |
| Free Cash FlowOCF − Capex | $-61.9M | — |
| FCF MarginFCF / Revenue | -71.3% | — |
| Capex IntensityCapex / Revenue | 10.7% | — |
| Cash ConversionOCF / Net Profit | — | 3.03× |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $108.9M | ||
| Q4 25 | $-52.6M | $31.1M | ||
| Q3 25 | $-78.7M | $97.2M | ||
| Q2 25 | $-67.4M | $51.9M | ||
| Q1 25 | $-103.7M | $30.6M | ||
| Q4 24 | $-73.3M | $34.7M | ||
| Q3 24 | $-59.0M | $79.9M | ||
| Q2 24 | $-98.4M | $67.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-61.9M | $15.1M | ||
| Q3 25 | $-89.5M | $84.3M | ||
| Q2 25 | $-74.9M | $37.5M | ||
| Q1 25 | $-109.9M | $17.5M | ||
| Q4 24 | $-77.5M | $22.0M | ||
| Q3 24 | $-61.3M | $66.2M | ||
| Q2 24 | $-98.9M | $57.9M |
| Q1 26 | — | — | ||
| Q4 25 | -71.3% | 8.7% | ||
| Q3 25 | -132.7% | 60.4% | ||
| Q2 25 | -124.9% | 21.8% | ||
| Q1 25 | -222.8% | 10.5% | ||
| Q4 24 | -105.1% | 13.6% | ||
| Q3 24 | -104.6% | 41.0% | ||
| Q2 24 | -317.9% | 36.5% |
| Q1 26 | — | — | ||
| Q4 25 | 10.7% | 9.3% | ||
| Q3 25 | 16.1% | 9.2% | ||
| Q2 25 | 12.4% | 8.4% | ||
| Q1 25 | 12.6% | 7.9% | ||
| Q4 24 | 5.7% | 7.8% | ||
| Q3 24 | 3.9% | 8.4% | ||
| Q2 24 | 1.4% | 5.8% |
| Q1 26 | — | 3.03× | ||
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | — | 0.47× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | — | 1.28× |
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% |
OLED
| Material sales | $83.7M | 59% |
| Royalty and license fees | $54.2M | 38% |
| Contract research services | $4.3M | 3% |
