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Side-by-side financial comparison of FGI Industries Ltd. (FGI) and Net Lease Office Properties (NLOP). Click either name above to swap in a different company.
Net Lease Office Properties is the larger business by last-quarter revenue ($30.7M vs $30.5M, roughly 1.0× FGI Industries Ltd.). Net Lease Office Properties runs the higher net margin — -0.2% vs -8.6%, a 8.5% gap on every dollar of revenue. On growth, Net Lease Office Properties posted the faster year-over-year revenue change (10.9% vs -14.4%). Over the past eight quarters, FGI Industries Ltd.'s revenue compounded faster (-0.5% CAGR vs -16.4%).
FGI Industries Ltd is a global designer, manufacturer and distributor of kitchen and bath products, home organization solutions, and home improvement goods. It serves major retail chains, home specialty stores and e-commerce platforms across North America, Europe and the Asia-Pacific region.
Net Lease Office Properties is a real estate investment entity focused on acquiring, owning, and operating high-quality single-tenant net lease office assets, primarily located across the United States. It delivers stable, long-term income streams to investors through its curated portfolio of commercial real estate holdings.
FGI vs NLOP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.5M | $30.7M |
| Net Profit | $-2.6M | $-53.0K |
| Gross Margin | 26.7% | — |
| Operating Margin | -2.2% | -0.2% |
| Net Margin | -8.6% | -0.2% |
| Revenue YoY | -14.4% | 10.9% |
| Net Profit YoY | -553.1% | 99.9% |
| EPS (diluted) | $-1.63 | $-0.01 |
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 | $30.5M | $30.7M | ||
| Q3 25 | $35.8M | $29.8M | ||
| Q2 25 | $31.0M | $29.2M | ||
| Q1 25 | $33.2M | $29.2M | ||
| Q4 24 | $35.6M | $27.7M | ||
| Q3 24 | $36.1M | $31.5M | ||
| Q2 24 | $29.4M | $39.0M | ||
| Q1 24 | $30.8M | $44.0M |
| Q4 25 | $-2.6M | $-53.0K | ||
| Q3 25 | $-1.7M | $-64.2M | ||
| Q2 25 | $-1.2M | $-81.5M | ||
| Q1 25 | $-629.1K | $492.0K | ||
| Q4 24 | $-402.3K | $-35.8M | ||
| Q3 24 | $-550.1K | $-40.3M | ||
| Q2 24 | $163.6K | $12.5M | ||
| Q1 24 | $-412.2K | $-27.8M |
| Q4 25 | 26.7% | — | ||
| Q3 25 | 26.5% | — | ||
| Q2 25 | 28.1% | — | ||
| Q1 25 | 26.8% | — | ||
| Q4 24 | 24.6% | — | ||
| Q3 24 | 25.8% | — | ||
| Q2 24 | 30.5% | — | ||
| Q1 24 | 27.4% | — |
| Q4 25 | -2.2% | -0.2% | ||
| Q3 25 | 1.0% | -215.2% | ||
| Q2 25 | -2.7% | -279.1% | ||
| Q1 25 | -3.9% | 2.0% | ||
| Q4 24 | -3.5% | -140.7% | ||
| Q3 24 | -0.2% | -126.4% | ||
| Q2 24 | -1.5% | 32.3% | ||
| Q1 24 | -1.0% | -62.7% |
| Q4 25 | -8.6% | -0.2% | ||
| Q3 25 | -4.6% | -215.4% | ||
| Q2 25 | -4.0% | -279.5% | ||
| Q1 25 | -1.9% | 1.7% | ||
| Q4 24 | -1.1% | -129.0% | ||
| Q3 24 | -1.5% | -128.0% | ||
| Q2 24 | 0.6% | 31.9% | ||
| Q1 24 | -1.3% | -63.3% |
| Q4 25 | $-1.63 | $-0.01 | ||
| Q3 25 | $-0.86 | $-4.33 | ||
| Q2 25 | $-0.64 | $-5.50 | ||
| Q1 25 | $-0.07 | $0.03 | ||
| Q4 24 | $-0.38 | $-2.41 | ||
| Q3 24 | $-0.29 | $-2.73 | ||
| Q2 24 | $0.08 | $0.84 | ||
| Q1 24 | $-0.04 | $-1.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9M | $119.6M |
| Total DebtLower is stronger | — | $21.9M |
| Stockholders' EquityBook value | $17.3M | $293.9M |
| Total Assets | $69.5M | $453.4M |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $119.6M | ||
| Q3 25 | $1.9M | $38.7M | ||
| Q2 25 | $2.5M | $54.1M | ||
| Q1 25 | $1.2M | $28.2M | ||
| Q4 24 | $4.6M | $25.1M | ||
| Q3 24 | $3.0M | $36.1M | ||
| Q2 24 | $1.3M | $36.1M | ||
| Q1 24 | $3.3M | $39.8M |
| Q4 25 | — | $21.9M | ||
| Q3 25 | — | $47.1M | ||
| Q2 25 | — | $117.2M | ||
| Q1 25 | — | $148.5M | ||
| Q4 24 | — | $169.2M | ||
| Q3 24 | — | $239.4M | ||
| Q2 24 | — | $327.4M | ||
| Q1 24 | — | $515.2M |
| Q4 25 | $17.3M | $293.9M | ||
| Q3 25 | $19.7M | $430.3M | ||
| Q2 25 | $21.3M | $500.0M | ||
| Q1 25 | $21.8M | $582.1M | ||
| Q4 24 | $22.3M | $581.2M | ||
| Q3 24 | $23.5M | $621.9M | ||
| Q2 24 | $23.8M | $660.3M | ||
| Q1 24 | $23.9M | $647.2M |
| Q4 25 | $69.5M | $453.4M | ||
| Q3 25 | $73.0M | $522.6M | ||
| Q2 25 | $71.7M | $668.7M | ||
| Q1 25 | $68.5M | $784.1M | ||
| Q4 24 | $75.5M | $805.1M | ||
| Q3 24 | $74.7M | $919.9M | ||
| Q2 24 | $69.9M | $1.0B | ||
| Q1 24 | $68.6M | $1.2B |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.50× | ||
| Q1 24 | — | 0.80× |
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 | $2.3M | $64.1M |
| Free Cash FlowOCF − Capex | $2.3M | — |
| FCF MarginFCF / Revenue | 7.5% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-212.5K | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3M | $64.1M | ||
| Q3 25 | $-1.9M | $16.3M | ||
| Q2 25 | $7.6M | $11.7M | ||
| Q1 25 | $-7.4M | $14.1M | ||
| Q4 24 | $617.4K | $71.9M | ||
| Q3 24 | $-915.0K | $20.3M | ||
| Q2 24 | $862.1K | $14.7M | ||
| Q1 24 | $-8.0M | $26.4M |
| Q4 25 | $2.3M | — | ||
| Q3 25 | $-2.1M | — | ||
| Q2 25 | $7.4M | — | ||
| Q1 25 | $-7.7M | — | ||
| Q4 24 | $-214.1K | — | ||
| Q3 24 | $-1.1M | — | ||
| Q2 24 | $281.5K | — | ||
| Q1 24 | $-8.6M | — |
| Q4 25 | 7.5% | — | ||
| Q3 25 | -5.9% | — | ||
| Q2 25 | 23.8% | — | ||
| Q1 25 | -23.3% | — | ||
| Q4 24 | -0.6% | — | ||
| Q3 24 | -3.0% | — | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | -28.0% | — |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 0.5% | — | ||
| Q2 24 | 2.0% | — | ||
| Q1 24 | 2.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 28.70× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.27× | 1.18× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FGI
| Sanitaryware | $19.1M | 63% |
| Shower System | $5.8M | 19% |
| Kitchen And Bath Other | $3.3M | 11% |
| Bath Furniture Products | $2.3M | 7% |
NLOP
Segment breakdown not available.
