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Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
BRANDYWINE REALTY TRUST is the larger business by last-quarter revenue ($127.0M vs $100.0M, roughly 1.3× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -38.4%, a 31.4% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 4.5%). Over the past eight quarters, BRANDYWINE REALTY TRUST's revenue compounded faster (0.7% CAGR vs -4.9%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
BDN vs SWIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $100.0M |
| Net Profit | $-48.8M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 1.2% | -10.7% |
| Net Margin | -38.4% | -7.0% |
| Revenue YoY | 4.5% | 14.5% |
| Net Profit YoY | -80.4% | 76.0% |
| EPS (diluted) | $-0.28 | $-0.06 |
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 | $127.0M | — | ||
| Q4 25 | $121.0M | $100.0M | ||
| Q3 25 | $121.4M | $161.9M | ||
| Q2 25 | $120.6M | $172.6M | ||
| Q1 25 | $121.5M | $111.4M | ||
| Q4 24 | $121.9M | $87.3M | ||
| Q3 24 | $131.8M | $150.5M | ||
| Q2 24 | $125.3M | $160.1M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $-7.0M | ||
| Q3 25 | $-25.9M | $8.1M | ||
| Q2 25 | $-88.7M | $16.0M | ||
| Q1 25 | $-27.0M | $-6.0M | ||
| Q4 24 | $-44.5M | $-29.2M | ||
| Q3 24 | $-165.2M | $5.9M | ||
| Q2 24 | $30.2M | $13.3M |
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | 28.0% | ||
| Q3 25 | 62.6% | 35.4% | ||
| Q2 25 | 62.4% | 37.1% | ||
| Q1 25 | 60.8% | 29.5% | ||
| Q4 24 | 61.2% | 24.6% | ||
| Q3 24 | 64.9% | 32.4% | ||
| Q2 24 | 63.1% | 33.1% |
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | -10.7% | ||
| Q3 25 | 20.8% | 13.3% | ||
| Q2 25 | -34.3% | 14.3% | ||
| Q1 25 | 12.5% | -4.4% | ||
| Q4 24 | 18.0% | -14.9% | ||
| Q3 24 | -7.2% | 8.9% | ||
| Q2 24 | 15.5% | 12.5% |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | -7.0% | ||
| Q3 25 | -21.3% | 5.0% | ||
| Q2 25 | -73.5% | 9.3% | ||
| Q1 25 | -22.2% | -5.4% | ||
| Q4 24 | -36.5% | -33.4% | ||
| Q3 24 | -125.4% | 3.9% | ||
| Q2 24 | 24.1% | 8.3% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $-0.06 | ||
| Q3 25 | $-0.15 | $0.07 | ||
| Q2 25 | $-0.51 | $0.13 | ||
| Q1 25 | $-0.16 | $-0.05 | ||
| Q4 24 | $-0.25 | $-0.24 | ||
| Q3 24 | $-0.96 | $0.05 | ||
| Q2 24 | $0.17 | $0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.2M | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | — | $405.9M |
| Total Assets | $3.6B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | — | ||
| Q3 25 | $75.5M | — | ||
| Q2 25 | $122.6M | — | ||
| Q1 25 | $29.4M | — | ||
| Q4 24 | $90.2M | — | ||
| Q3 24 | $36.5M | — | ||
| Q2 24 | $30.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $279.8M | ||
| Q3 25 | $2.3B | $281.1M | ||
| Q2 25 | $2.3B | $281.5M | ||
| Q1 25 | $2.2B | $306.9M | ||
| Q4 24 | $2.2B | $281.5M | ||
| Q3 24 | $2.3B | $282.8M | ||
| Q2 24 | $2.2B | $282.4M |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $405.9M | ||
| Q3 25 | $841.5M | $408.4M | ||
| Q2 25 | $879.8M | $398.4M | ||
| Q1 25 | $993.6M | $381.1M | ||
| Q4 24 | $1.0B | $387.2M | ||
| Q3 24 | $1.1B | $416.6M | ||
| Q2 24 | $1.3B | $408.1M |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $823.2M | ||
| Q3 25 | $3.3B | $844.4M | ||
| Q2 25 | $3.4B | $822.1M | ||
| Q1 25 | $3.4B | $824.6M | ||
| Q4 24 | $3.5B | $794.2M | ||
| Q3 24 | $3.6B | $853.4M | ||
| Q2 24 | $3.8B | $830.0M |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | 0.69× | ||
| Q3 25 | 2.70× | 0.69× | ||
| Q2 25 | 2.63× | 0.71× | ||
| Q1 25 | 2.23× | 0.81× | ||
| Q4 24 | 2.13× | 0.73× | ||
| Q3 24 | 2.06× | 0.68× | ||
| Q2 24 | 1.73× | 0.69× |
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 | — | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $23.3M | ||
| Q3 25 | $47.5M | $51.0M | ||
| Q2 25 | $34.4M | $36.0M | ||
| Q1 25 | $6.3M | $-46.9M | ||
| Q4 24 | $181.1M | $6.2M | ||
| Q3 24 | $52.2M | $37.2M | ||
| Q2 24 | $48.2M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $14.1M | ||
| Q3 25 | — | $45.2M | ||
| Q2 25 | — | $29.1M | ||
| Q1 25 | — | $-50.3M | ||
| Q4 24 | — | $-98.0K | ||
| Q3 24 | — | $33.2M | ||
| Q2 24 | — | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.1% | ||
| Q3 25 | — | 27.9% | ||
| Q2 25 | — | 16.8% | ||
| Q1 25 | — | -45.2% | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.2% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 7.2% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | 1.60× | 3.95× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
