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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Industrial Logistics Properties Trust (ILPT). Click either name above to swap in a different company.
Industrial Logistics Properties Trust is the larger business by last-quarter revenue ($113.9M vs $111.5M, roughly 1.0× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -1.6%, a 6.7% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs -5.7%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $22.5M). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs 0.3%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
AVNW vs ILPT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $113.9M |
| Net Profit | $5.7M | $-1.8M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | -22.1% |
| Net Margin | 5.1% | -1.6% |
| Revenue YoY | -5.7% | 3.1% |
| Net Profit YoY | 27.2% | 92.6% |
| EPS (diluted) | $0.44 | $-0.02 |
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 | $111.5M | $113.9M | ||
| Q3 25 | $107.3M | $110.9M | ||
| Q2 25 | $115.3M | $112.1M | ||
| Q1 25 | $112.6M | $111.9M | ||
| Q4 24 | $118.2M | $110.5M | ||
| Q3 24 | $88.4M | $108.9M | ||
| Q2 24 | $116.7M | $110.6M | ||
| Q1 24 | $110.8M | $112.2M |
| Q4 25 | $5.7M | $-1.8M | ||
| Q3 25 | $162.0K | $-21.6M | ||
| Q2 25 | $5.2M | $-21.3M | ||
| Q1 25 | $3.5M | $-21.5M | ||
| Q4 24 | $4.5M | $-24.1M | ||
| Q3 24 | $-11.9M | $-25.0M | ||
| Q2 24 | $1.5M | $-23.2M | ||
| Q1 24 | $3.9M | $-23.4M |
| Q4 25 | 32.4% | — | ||
| Q3 25 | 33.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 34.9% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 22.4% | — | ||
| Q2 24 | 35.3% | — | ||
| Q1 24 | 32.5% | — |
| Q4 25 | 6.5% | -22.1% | ||
| Q3 25 | 4.8% | -29.4% | ||
| Q2 25 | 7.7% | -30.8% | ||
| Q1 25 | 8.3% | -26.9% | ||
| Q4 24 | 6.7% | -31.1% | ||
| Q3 24 | -17.6% | -33.5% | ||
| Q2 24 | 4.7% | -32.4% | ||
| Q1 24 | 5.1% | -31.7% |
| Q4 25 | 5.1% | -1.6% | ||
| Q3 25 | 0.2% | -19.4% | ||
| Q2 25 | 4.5% | -19.0% | ||
| Q1 25 | 3.1% | -19.2% | ||
| Q4 24 | 3.8% | -21.8% | ||
| Q3 24 | -13.4% | -22.9% | ||
| Q2 24 | 1.3% | -20.9% | ||
| Q1 24 | 3.5% | -20.9% |
| Q4 25 | $0.44 | $-0.02 | ||
| Q3 25 | $0.01 | $-0.33 | ||
| Q2 25 | $0.42 | $-0.32 | ||
| Q1 25 | $0.27 | $-0.33 | ||
| Q4 24 | $0.35 | $-0.37 | ||
| Q3 24 | $-0.94 | $-0.38 | ||
| Q2 24 | $0.11 | $-0.35 | ||
| Q1 24 | $0.30 | $-0.36 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.5M | $94.8M |
| Total DebtLower is stronger | $105.4M | $4.2B |
| Stockholders' EquityBook value | $271.6M | $489.7M |
| Total Assets | $659.4M | $5.2B |
| Debt / EquityLower = less leverage | 0.39× | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $94.8M | ||
| Q3 25 | $64.8M | $83.2M | ||
| Q2 25 | $59.7M | $58.6M | ||
| Q1 25 | $49.4M | $108.0M | ||
| Q4 24 | $52.6M | $131.7M | ||
| Q3 24 | $51.0M | $153.9M | ||
| Q2 24 | $64.6M | $146.2M | ||
| Q1 24 | $59.2M | $128.4M |
| Q4 25 | $105.4M | $4.2B | ||
| Q3 25 | $106.5M | $4.2B | ||
| Q2 25 | $87.6M | $4.2B | ||
| Q1 25 | $73.9M | $4.3B | ||
| Q4 24 | $74.9M | $4.3B | ||
| Q3 24 | $83.4M | $4.3B | ||
| Q2 24 | $48.4M | $4.3B | ||
| Q1 24 | $48.9M | $4.3B |
| Q4 25 | $271.6M | $489.7M | ||
| Q3 25 | $263.6M | $494.1M | ||
| Q2 25 | $263.2M | $519.1M | ||
| Q1 25 | $256.1M | $539.5M | ||
| Q4 24 | $249.6M | $562.0M | ||
| Q3 24 | $247.1M | $585.9M | ||
| Q2 24 | $255.9M | $618.3M | ||
| Q1 24 | $256.0M | $643.2M |
| Q4 25 | $659.4M | $5.2B | ||
| Q3 25 | $643.3M | $5.2B | ||
| Q2 25 | $633.3M | $5.2B | ||
| Q1 25 | $628.3M | $5.4B | ||
| Q4 24 | $594.1M | $5.4B | ||
| Q3 24 | $590.9M | $5.5B | ||
| Q2 24 | $535.2M | $5.5B | ||
| Q1 24 | $490.3M | $5.5B |
| Q4 25 | 0.39× | 8.56× | ||
| Q3 25 | 0.40× | 8.49× | ||
| Q2 25 | 0.33× | 8.09× | ||
| Q1 25 | 0.29× | 7.96× | ||
| Q4 24 | 0.30× | 7.65× | ||
| Q3 24 | 0.34× | 7.35× | ||
| Q2 24 | 0.19× | 6.96× | ||
| Q1 24 | 0.19× | 6.70× |
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 | $23.9M | $60.7M |
| Free Cash FlowOCF − Capex | $22.5M | $42.0M |
| FCF MarginFCF / Revenue | 20.2% | 36.9% |
| Capex IntensityCapex / Revenue | 1.3% | 16.4% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $60.7M | ||
| Q3 25 | $-11.7M | $22.7M | ||
| Q2 25 | $10.5M | $18.4M | ||
| Q1 25 | $1.6M | $11.4M | ||
| Q4 24 | $20.8M | $2.0M | ||
| Q3 24 | $-27.2M | $-3.4M | ||
| Q2 24 | $8.3M | $10.8M | ||
| Q1 24 | $15.3M | $8.0M |
| Q4 25 | $22.5M | $42.0M | ||
| Q3 25 | $-13.5M | $17.6M | ||
| Q2 25 | $8.2M | $15.2M | ||
| Q1 25 | $-1.2M | $5.0M | ||
| Q4 24 | $18.3M | $-3.7M | ||
| Q3 24 | $-32.6M | $-5.9M | ||
| Q2 24 | $7.5M | $9.4M | ||
| Q1 24 | $14.8M | $5.9M |
| Q4 25 | 20.2% | 36.9% | ||
| Q3 25 | -12.6% | 15.9% | ||
| Q2 25 | 7.1% | 13.5% | ||
| Q1 25 | -1.0% | 4.5% | ||
| Q4 24 | 15.5% | -3.4% | ||
| Q3 24 | -36.8% | -5.5% | ||
| Q2 24 | 6.4% | 8.5% | ||
| Q1 24 | 13.4% | 5.2% |
| Q4 25 | 1.3% | 16.4% | ||
| Q3 25 | 1.6% | 4.6% | ||
| Q2 25 | 2.0% | 2.9% | ||
| Q1 25 | 2.5% | 5.7% | ||
| Q4 24 | 2.1% | 5.2% | ||
| Q3 24 | 6.1% | 2.3% | ||
| Q2 24 | 0.7% | 1.3% | ||
| Q1 24 | 0.4% | 1.9% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | — | ||
| Q1 24 | 3.96× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
ILPT
Segment breakdown not available.
