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Side-by-side financial comparison of CARLSMED, INC. (CARL) and FrontView REIT, Inc. (FVR). Click either name above to swap in a different company.
FrontView REIT, Inc. is the larger business by last-quarter revenue ($16.5M vs $13.1M, roughly 1.3× CARLSMED, INC.). FrontView REIT, Inc. runs the higher net margin — -24.9% vs -65.2%, a 40.3% gap on every dollar of revenue.
CARL vs FVR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.1M | $16.5M |
| Net Profit | $-8.5M | $-4.1M |
| Gross Margin | 75.9% | — |
| Operating Margin | -69.1% | — |
| Net Margin | -65.2% | -24.9% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.40 | $-0.19 |
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 | — | $16.5M | ||
| Q3 25 | $13.1M | $16.8M | ||
| Q2 25 | $12.1M | $17.6M | ||
| Q1 25 | — | $16.2M | ||
| Q3 24 | — | $14.5M |
| Q4 25 | — | $-4.1M | ||
| Q3 25 | $-8.5M | $4.0M | ||
| Q2 25 | $-6.8M | $-2.9M | ||
| Q1 25 | — | $-833.0K | ||
| Q3 24 | — | $-2.4M |
| Q4 25 | — | — | ||
| Q3 25 | 75.9% | — | ||
| Q2 25 | 73.4% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -69.1% | — | ||
| Q2 25 | -53.8% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q4 25 | — | -24.9% | ||
| Q3 25 | -65.2% | 23.9% | ||
| Q2 25 | -56.0% | -16.5% | ||
| Q1 25 | — | -5.1% | ||
| Q3 24 | — | -16.7% |
| Q4 25 | — | $-0.19 | ||
| Q3 25 | $-0.40 | $0.19 | ||
| Q2 25 | $-1.47 | $-0.16 | ||
| Q1 25 | — | $-0.06 | ||
| Q3 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $115.4M | $13.5M |
| Total DebtLower is stronger | $15.4M | $314.3M |
| Stockholders' EquityBook value | $106.7M | $391.2M |
| Total Assets | $134.9M | $854.4M |
| Debt / EquityLower = less leverage | 0.14× | 0.80× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $13.5M | ||
| Q3 25 | $115.4M | $19.6M | ||
| Q2 25 | $33.5M | $8.4M | ||
| Q1 25 | — | $3.3M | ||
| Q3 24 | — | — |
| Q4 25 | — | $314.3M | ||
| Q3 25 | $15.4M | $307.1M | ||
| Q2 25 | $15.4M | $316.9M | ||
| Q1 25 | — | $310.2M | ||
| Q3 24 | — | — |
| Q4 25 | — | $391.2M | ||
| Q3 25 | $106.7M | $385.2M | ||
| Q2 25 | $-83.1M | $369.9M | ||
| Q1 25 | — | $324.7M | ||
| Q3 24 | — | $1.0K |
| Q4 25 | — | $854.4M | ||
| Q3 25 | $134.9M | $846.8M | ||
| Q2 25 | $53.3M | $856.5M | ||
| Q1 25 | — | $860.8M | ||
| Q3 24 | — | $1.0K |
| Q4 25 | — | 0.80× | ||
| Q3 25 | 0.14× | 0.80× | ||
| Q2 25 | — | 0.86× | ||
| Q1 25 | — | 0.96× | ||
| Q3 24 | — | — |
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 | $-8.5M | $42.1M |
| Free Cash FlowOCF − Capex | $-8.6M | — |
| FCF MarginFCF / Revenue | -65.9% | — |
| Capex IntensityCapex / Revenue | 1.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $42.1M | ||
| Q3 25 | $-8.5M | $8.3M | ||
| Q2 25 | $-15.2M | $9.3M | ||
| Q1 25 | — | $8.1M | ||
| Q3 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | $-8.6M | — | ||
| Q2 25 | $-15.6M | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -65.9% | — | ||
| Q2 25 | -129.2% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.06× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
