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Side-by-side financial comparison of BillionToOne, Inc. (BLLN) 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 $83.5M, roughly 1.4× BillionToOne, Inc.). BillionToOne, Inc. runs the higher net margin — 6.8% vs -1.6%, a 8.4% gap on every dollar of revenue. On growth, BillionToOne, Inc. posted the faster year-over-year revenue change (117.4% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $6.5M).
BillionToOne, Inc. is a life sciences and molecular diagnostics firm developing high-precision genetic testing solutions. Its core offerings include non-invasive prenatal tests, oncology diagnostics, and rare disease screening, serving clinical providers and patients mainly in North America.
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.
BLLN vs ILPT — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $83.5M | $113.9M |
| Net Profit | $5.7M | $-1.8M |
| Gross Margin | 69.9% | — |
| Operating Margin | 11.5% | -22.1% |
| Net Margin | 6.8% | -1.6% |
| Revenue YoY | 117.4% | 3.1% |
| Net Profit YoY | 138.3% | 92.6% |
| EPS (diluted) | $0.10 | $-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 | — | $113.9M | ||
| Q3 25 | $83.5M | $110.9M | ||
| Q2 25 | — | $112.1M | ||
| Q1 25 | — | $111.9M | ||
| Q4 24 | $45.1M | $110.5M | ||
| Q3 24 | $38.4M | $108.9M | ||
| Q2 24 | — | $110.6M | ||
| Q1 24 | — | $112.2M |
| Q4 25 | — | $-1.8M | ||
| Q3 25 | $5.7M | $-21.6M | ||
| Q2 25 | — | $-21.3M | ||
| Q1 25 | — | $-21.5M | ||
| Q4 24 | $-11.5M | $-24.1M | ||
| Q3 24 | $-14.9M | $-25.0M | ||
| Q2 24 | — | $-23.2M | ||
| Q1 24 | — | $-23.4M |
| Q4 25 | — | — | ||
| Q3 25 | 69.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 57.1% | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -22.1% | ||
| Q3 25 | 11.5% | -29.4% | ||
| Q2 25 | — | -30.8% | ||
| Q1 25 | — | -26.9% | ||
| Q4 24 | 17.0% | -31.1% | ||
| Q3 24 | -32.9% | -33.5% | ||
| Q2 24 | — | -32.4% | ||
| Q1 24 | — | -31.7% |
| Q4 25 | — | -1.6% | ||
| Q3 25 | 6.8% | -19.4% | ||
| Q2 25 | — | -19.0% | ||
| Q1 25 | — | -19.2% | ||
| Q4 24 | -25.5% | -21.8% | ||
| Q3 24 | -38.8% | -22.9% | ||
| Q2 24 | — | -20.9% | ||
| Q1 24 | — | -20.9% |
| Q4 25 | — | $-0.02 | ||
| Q3 25 | $0.10 | $-0.33 | ||
| Q2 25 | — | $-0.32 | ||
| Q1 25 | — | $-0.33 | ||
| Q4 24 | $-1.13 | $-0.37 | ||
| Q3 24 | $-1.47 | $-0.38 | ||
| Q2 24 | — | $-0.35 | ||
| Q1 24 | — | $-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 | $195.2M | $94.8M |
| Total DebtLower is stronger | $55.0M | $4.2B |
| Stockholders' EquityBook value | $-239.5M | $489.7M |
| Total Assets | $327.5M | $5.2B |
| Debt / EquityLower = less leverage | — | 8.56× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $94.8M | ||
| Q3 25 | $195.2M | $83.2M | ||
| Q2 25 | — | $58.6M | ||
| Q1 25 | — | $108.0M | ||
| Q4 24 | $191.5M | $131.7M | ||
| Q3 24 | — | $153.9M | ||
| Q2 24 | — | $146.2M | ||
| Q1 24 | — | $128.4M |
| Q4 25 | — | $4.2B | ||
| Q3 25 | $55.0M | $4.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | $51.5M | $4.3B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
| Q4 25 | — | $489.7M | ||
| Q3 25 | $-239.5M | $494.1M | ||
| Q2 25 | — | $519.1M | ||
| Q1 25 | — | $539.5M | ||
| Q4 24 | $-251.7M | $562.0M | ||
| Q3 24 | $-242.9M | $585.9M | ||
| Q2 24 | — | $618.3M | ||
| Q1 24 | — | $643.2M |
| Q4 25 | — | $5.2B | ||
| Q3 25 | $327.5M | $5.2B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | $302.1M | $5.4B | ||
| Q3 24 | — | $5.5B | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $5.5B |
| Q4 25 | — | 8.56× | ||
| Q3 25 | — | 8.49× | ||
| Q2 25 | — | 8.09× | ||
| Q1 25 | — | 7.96× | ||
| Q4 24 | — | 7.65× | ||
| Q3 24 | — | 7.35× | ||
| Q2 24 | — | 6.96× | ||
| Q1 24 | — | 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 | $13.8M | $60.7M |
| Free Cash FlowOCF − Capex | $6.5M | $42.0M |
| FCF MarginFCF / Revenue | 7.7% | 36.9% |
| Capex IntensityCapex / Revenue | 8.8% | 16.4% |
| Cash ConversionOCF / Net Profit | 2.42× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $79.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $60.7M | ||
| Q3 25 | $13.8M | $22.7M | ||
| Q2 25 | — | $18.4M | ||
| Q1 25 | — | $11.4M | ||
| Q4 24 | — | $2.0M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | — | $10.8M | ||
| Q1 24 | — | $8.0M |
| Q4 25 | — | $42.0M | ||
| Q3 25 | $6.5M | $17.6M | ||
| Q2 25 | — | $15.2M | ||
| Q1 25 | — | $5.0M | ||
| Q4 24 | — | $-3.7M | ||
| Q3 24 | — | $-5.9M | ||
| Q2 24 | — | $9.4M | ||
| Q1 24 | — | $5.9M |
| Q4 25 | — | 36.9% | ||
| Q3 25 | 7.7% | 15.9% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 4.5% | ||
| Q4 24 | — | -3.4% | ||
| Q3 24 | — | -5.5% | ||
| Q2 24 | — | 8.5% | ||
| Q1 24 | — | 5.2% |
| Q4 25 | — | 16.4% | ||
| Q3 25 | 8.8% | 4.6% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | 5.2% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.9% |
| Q4 25 | — | — | ||
| Q3 25 | 2.42× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BLLN
| Prenatal | $74.1M | 89% |
| Oncology | $8.7M | 10% |
ILPT
Segment breakdown not available.
