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Side-by-side financial comparison of Invesco Mortgage Capital Inc. (IVR) and EVERSPIN TECHNOLOGIES INC. (MRAM). Click either name above to swap in a different company.
Invesco Mortgage Capital Inc. is the larger business by last-quarter revenue ($21.3M vs $14.9M, roughly 1.4× EVERSPIN TECHNOLOGIES INC.). Invesco Mortgage Capital Inc. runs the higher net margin — 242.2% vs -2.0%, a 244.2% gap on every dollar of revenue. On growth, Invesco Mortgage Capital Inc. posted the faster year-over-year revenue change (55.4% vs 13.2%). Over the past eight quarters, Invesco Mortgage Capital Inc.'s revenue compounded faster (74.2% CAGR vs 18.2%).
Invesco Ltd. is an American independent investment management company headquartered in Atlanta, Georgia, with branch offices in 20 countries. Its common stock is a constituent of the S&P 500 and trades on the New York Stock Exchange. Invesco operates under the Invesco, Invesco Perpetual, and Powershares brand names.
Everspin Technologies, Inc. is a publicly traded semiconductor company headquartered in Chandler, Arizona, United States. It develops and manufactures discrete magnetoresistive RAM or magnetoresistive random-access memory (MRAM) products, including Toggle MRAM and Spin-Transfer Torque MRAM (STT-MRAM) product families. It also licenses its technology for use in embedded MRAM (eMRAM) applications, magnetic sensor applications as well as performs backend foundry services for eMRAM.
IVR vs MRAM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $21.3M | $14.9M |
| Net Profit | $51.5M | $-296.0K |
| Gross Margin | — | 52.7% |
| Operating Margin | — | 29.0% |
| Net Margin | 242.2% | -2.0% |
| Revenue YoY | 55.4% | 13.2% |
| Net Profit YoY | 1368.7% | — |
| EPS (diluted) | $0.72 | $-0.01 |
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 | — | $14.9M | ||
| Q4 25 | $21.3M | $14.8M | ||
| Q3 25 | $17.6M | $14.1M | ||
| Q2 25 | $17.7M | $13.2M | ||
| Q1 25 | $18.8M | $13.1M | ||
| Q4 24 | $13.7M | $13.2M | ||
| Q3 24 | $7.5M | $12.1M | ||
| Q2 24 | $8.6M | $10.6M |
| Q1 26 | — | $-296.0K | ||
| Q4 25 | $51.5M | $1.2M | ||
| Q3 25 | $53.5M | $54.0K | ||
| Q2 25 | $-23.3M | $-670.0K | ||
| Q1 25 | $19.6M | $-1.2M | ||
| Q4 24 | $3.5M | $1.2M | ||
| Q3 24 | $40.7M | $2.3M | ||
| Q2 24 | $-13.5M | $-2.5M |
| Q1 26 | — | 52.7% | ||
| Q4 25 | — | 50.8% | ||
| Q3 25 | — | 51.3% | ||
| Q2 25 | — | 51.3% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.3% | ||
| Q3 24 | — | 49.2% | ||
| Q2 24 | — | 49.0% |
| Q1 26 | — | 29.0% | ||
| Q4 25 | — | -7.2% | ||
| Q3 25 | — | -11.0% | ||
| Q2 25 | — | -14.9% | ||
| Q1 25 | — | -14.7% | ||
| Q4 24 | — | -11.8% | ||
| Q3 24 | — | -17.5% | ||
| Q2 24 | — | -26.5% |
| Q1 26 | — | -2.0% | ||
| Q4 25 | 242.2% | 8.1% | ||
| Q3 25 | 303.6% | 0.4% | ||
| Q2 25 | -131.6% | -5.1% | ||
| Q1 25 | 104.4% | -8.9% | ||
| Q4 24 | 25.6% | 9.2% | ||
| Q3 24 | 542.2% | 18.8% | ||
| Q2 24 | -155.9% | -23.5% |
| Q1 26 | — | $-0.01 | ||
| Q4 25 | $0.72 | $0.05 | ||
| Q3 25 | $0.74 | $0.00 | ||
| Q2 25 | $-0.40 | $-0.03 | ||
| Q1 25 | $0.26 | $-0.05 | ||
| Q4 24 | $-0.09 | $0.07 | ||
| Q3 24 | $0.63 | $0.10 | ||
| Q2 24 | $-0.38 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $56.0M | $40.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $797.5M | $70.2M |
| Total Assets | $6.5B | $83.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $40.5M | ||
| Q4 25 | $56.0M | $44.5M | ||
| Q3 25 | $58.5M | $45.3M | ||
| Q2 25 | $59.4M | $45.0M | ||
| Q1 25 | $42.9M | $42.2M | ||
| Q4 24 | $73.4M | $42.1M | ||
| Q3 24 | $48.3M | $39.6M | ||
| Q2 24 | $58.8M | $36.8M |
| Q1 26 | — | $70.2M | ||
| Q4 25 | $797.5M | $68.9M | ||
| Q3 25 | $769.6M | $65.8M | ||
| Q2 25 | $709.4M | $64.1M | ||
| Q1 25 | $759.2M | $63.0M | ||
| Q4 24 | $730.7M | $62.6M | ||
| Q3 24 | $857.0M | $59.3M | ||
| Q2 24 | $759.2M | $55.4M |
| Q1 26 | — | $83.2M | ||
| Q4 25 | $6.5B | $84.6M | ||
| Q3 25 | $6.0B | $80.3M | ||
| Q2 25 | $5.4B | $78.9M | ||
| Q1 25 | $6.2B | $80.2M | ||
| Q4 24 | $5.7B | $77.8M | ||
| Q3 24 | $6.1B | $72.6M | ||
| Q2 24 | $5.1B | $64.6M |
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 | $157.1M | $570.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 3.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $570.0K | ||
| Q4 25 | $157.1M | $2.6M | ||
| Q3 25 | $37.3M | $881.0K | ||
| Q2 25 | $40.6M | $5.0M | ||
| Q1 25 | $19.3M | $1.4M | ||
| Q4 24 | $183.2M | $3.8M | ||
| Q3 24 | $30.8M | $2.8M | ||
| Q2 24 | $33.0M | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-975.0K | ||
| Q3 25 | — | $543.0K | ||
| Q2 25 | — | $3.0M | ||
| Q1 25 | — | $527.0K | ||
| Q4 24 | — | $2.1M | ||
| Q3 24 | — | $2.8M | ||
| Q2 24 | — | $1.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -6.6% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 22.9% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 15.8% | ||
| Q3 24 | — | 22.9% | ||
| Q2 24 | — | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 2.4% | ||
| Q2 25 | — | 15.1% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 3.05× | 2.19× | ||
| Q3 25 | 0.70× | 16.31× | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.98× | — | ||
| Q4 24 | 52.24× | 3.16× | ||
| Q3 24 | 0.76× | 1.25× | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IVR
Segment breakdown not available.
MRAM
| Product sales | $14.1M | 95% |
| Licensing, royalty, patent, engineering services and other revenue | $772.0K | 5% |
