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Side-by-side financial comparison of CSP INC (CSPI) and Ladder Capital Corp (LADR). Click either name above to swap in a different company.
Ladder Capital Corp is the larger business by last-quarter revenue ($22.3M vs $12.0M, roughly 1.9× CSP INC). Ladder Capital Corp runs the higher net margin — 71.0% vs 0.8%, a 70.3% gap on every dollar of revenue. On growth, Ladder Capital Corp posted the faster year-over-year revenue change (-18.0% vs -23.2%). Ladder Capital Corp produced more free cash flow last quarter ($78.7M vs $-3.0M). Over the past eight quarters, CSP INC's revenue compounded faster (-6.3% CAGR vs -22.5%).
CSP Inc. is a U.S.-based technology firm offering cybersecurity solutions, managed IT services, high-performance computing systems, and IT consulting support. It serves enterprises across healthcare, finance, manufacturing, and public sectors in North America and select global markets.
Ladder Capital Corp is a leading commercial real estate finance firm operating primarily across the United States. It originates and manages a diversified portfolio of senior secured commercial mortgage loans, mezzanine debt, commercial mortgage-backed securities, and direct real estate assets, serving property owners, operators and developers across major market segments.
CSPI vs LADR — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $22.3M |
| Net Profit | $91.0K | $15.9M |
| Gross Margin | 39.3% | — |
| Operating Margin | -0.9% | 69.5% |
| Net Margin | 0.8% | 71.0% |
| Revenue YoY | -23.2% | -18.0% |
| Net Profit YoY | -80.7% | -49.4% |
| EPS (diluted) | $0.01 | $0.13 |
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 | $12.0M | $22.3M | ||
| Q3 25 | $14.5M | $27.8M | ||
| Q2 25 | $15.4M | $21.5M | ||
| Q1 25 | $13.1M | $20.3M | ||
| Q4 24 | $15.7M | $27.2M | ||
| Q3 24 | $13.0M | $38.4M | ||
| Q2 24 | $13.1M | $34.3M | ||
| Q1 24 | $13.7M | $37.1M |
| Q4 25 | $91.0K | $15.9M | ||
| Q3 25 | $-191.0K | $19.2M | ||
| Q2 25 | $-264.0K | $17.1M | ||
| Q1 25 | $-108.0K | $11.6M | ||
| Q4 24 | $472.0K | $31.3M | ||
| Q3 24 | $-1.7M | $27.6M | ||
| Q2 24 | $-185.0K | $32.1M | ||
| Q1 24 | $1.6M | $16.4M |
| Q4 25 | 39.3% | — | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 32.0% | — | ||
| Q4 24 | 29.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 35.0% | — | ||
| Q1 24 | 47.3% | — |
| Q4 25 | -0.9% | 69.5% | ||
| Q3 25 | -3.7% | 72.4% | ||
| Q2 25 | -7.9% | 96.7% | ||
| Q1 25 | -7.6% | 52.7% | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -15.7% | 74.1% | ||
| Q2 24 | -5.5% | 90.4% | ||
| Q1 24 | 9.0% | 49.4% |
| Q4 25 | 0.8% | 71.0% | ||
| Q3 25 | -1.3% | 69.0% | ||
| Q2 25 | -1.7% | 79.5% | ||
| Q1 25 | -0.8% | 56.8% | ||
| Q4 24 | 3.0% | 115.1% | ||
| Q3 24 | -12.7% | 71.7% | ||
| Q2 24 | -1.4% | 93.6% | ||
| Q1 24 | 11.6% | 44.2% |
| Q4 25 | $0.01 | $0.13 | ||
| Q3 25 | $-0.02 | $0.15 | ||
| Q2 25 | $-0.03 | $0.14 | ||
| Q1 25 | $-0.01 | $0.09 | ||
| Q4 24 | $0.05 | $0.25 | ||
| Q3 24 | $-0.17 | $0.22 | ||
| Q2 24 | $-0.02 | $0.26 | ||
| Q1 24 | $0.16 | $0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.9M | $38.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $44.8M | $1.5B |
| Total Assets | $69.2M | $5.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | $38.0M | ||
| Q3 25 | $27.4M | $49.4M | ||
| Q2 25 | $26.3M | $134.9M | ||
| Q1 25 | $29.5M | $479.8M | ||
| Q4 24 | $30.7M | $1.3B | ||
| Q3 24 | $30.6M | $1.6B | ||
| Q2 24 | $28.9M | $1.2B | ||
| Q1 24 | $27.1M | $1.2B |
| Q4 25 | $44.8M | $1.5B | ||
| Q3 25 | $44.6M | $1.5B | ||
| Q2 25 | $47.5M | $1.5B | ||
| Q1 25 | $47.5M | $1.5B | ||
| Q4 24 | $47.5M | $1.5B | ||
| Q3 24 | $47.3M | $1.5B | ||
| Q2 24 | $48.1M | $1.5B | ||
| Q1 24 | $48.2M | $1.5B |
| Q4 25 | $69.2M | $5.2B | ||
| Q3 25 | $71.2M | $4.7B | ||
| Q2 25 | $66.8M | $4.5B | ||
| Q1 25 | $67.1M | $4.5B | ||
| Q4 24 | $67.5M | $4.8B | ||
| Q3 24 | $69.4M | $4.8B | ||
| Q2 24 | $66.8M | $4.8B | ||
| Q1 24 | $64.2M | $5.3B |
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 | $-2.9M | $87.0M |
| Free Cash FlowOCF − Capex | $-3.0M | $78.7M |
| FCF MarginFCF / Revenue | -25.1% | 352.4% |
| Capex IntensityCapex / Revenue | 0.9% | 37.4% |
| Cash ConversionOCF / Net Profit | -32.04× | 5.49× |
| TTM Free Cash FlowTrailing 4 quarters | $-2.8M | $118.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | $87.0M | ||
| Q3 25 | $1.9M | $26.3M | ||
| Q2 25 | $-3.3M | $44.0M | ||
| Q1 25 | $1.9M | $-28.7M | ||
| Q4 24 | $1.7M | $133.9M | ||
| Q3 24 | $-1.5M | $169.0M | ||
| Q2 24 | $2.4M | $45.4M | ||
| Q1 24 | $1.7M | $-20.4M |
| Q4 25 | $-3.0M | $78.7M | ||
| Q3 25 | $1.7M | $25.9M | ||
| Q2 25 | $-3.3M | $43.4M | ||
| Q1 25 | $1.9M | $-29.6M | ||
| Q4 24 | $1.7M | $127.4M | ||
| Q3 24 | $-1.5M | $166.0M | ||
| Q2 24 | $2.4M | $44.9M | ||
| Q1 24 | $1.6M | $-21.7M |
| Q4 25 | -25.1% | 352.4% | ||
| Q3 25 | 11.5% | 93.1% | ||
| Q2 25 | -21.7% | 201.6% | ||
| Q1 25 | 14.5% | -145.6% | ||
| Q4 24 | 10.8% | 468.2% | ||
| Q3 24 | -11.7% | 432.1% | ||
| Q2 24 | 17.9% | 131.0% | ||
| Q1 24 | 11.9% | -58.6% |
| Q4 25 | 0.9% | 37.4% | ||
| Q3 25 | 1.6% | 1.7% | ||
| Q2 25 | 0.4% | 2.9% | ||
| Q1 25 | 0.1% | 4.3% | ||
| Q4 24 | 0.3% | 23.9% | ||
| Q3 24 | 0.1% | 7.8% | ||
| Q2 24 | 0.3% | 1.3% | ||
| Q1 24 | 0.1% | 3.7% |
| Q4 25 | -32.04× | 5.49× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 2.57× | ||
| Q1 25 | — | -2.49× | ||
| Q4 24 | 3.69× | 4.27× | ||
| Q3 24 | — | 6.13× | ||
| Q2 24 | — | 1.41× | ||
| Q1 24 | 1.04× | -1.24× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSPI
| Products | $6.7M | 56% |
| Services | $5.3M | 44% |
LADR
Segment breakdown not available.
