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Side-by-side financial comparison of FRANKLIN STREET PROPERTIES CORP (FSP) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
FRANKLIN STREET PROPERTIES CORP is the larger business by last-quarter revenue ($26.0M vs $13.2M, roughly 2.0× TriSalus Life Sciences, Inc.). FRANKLIN STREET PROPERTIES CORP runs the higher net margin — -28.1% vs -73.9%, a 45.7% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -8.2%). TriSalus Life Sciences, Inc. produced more free cash flow last quarter ($-2.5M vs $-12.7M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs -8.7%).
Franklin Street Properties Corp is a Massachusetts-based real estate investment trust (REIT) in the United States. It primarily invests in, owns, and operates high-quality office properties across major U.S. metropolitan markets, serving corporate tenants across various industry segments, and delivers stable long-term returns via rental income and strategic asset management.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
FSP vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $26.0M | $13.2M |
| Net Profit | $-7.3M | $-9.8M |
| Gross Margin | 59.4% | 86.7% |
| Operating Margin | -27.9% | -24.8% |
| Net Margin | -28.1% | -73.9% |
| Revenue YoY | -8.2% | 59.8% |
| Net Profit YoY | 14.1% | 3.5% |
| EPS (diluted) | $-0.06 | $-0.22 |
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 | $26.0M | $13.2M | ||
| Q3 25 | $27.3M | $11.6M | ||
| Q2 25 | $26.7M | $11.2M | ||
| Q1 25 | $27.1M | $9.2M | ||
| Q4 24 | $28.4M | $8.3M | ||
| Q3 24 | $29.7M | $7.3M | ||
| Q2 24 | $30.8M | $7.4M | ||
| Q1 24 | $31.2M | $6.5M |
| Q4 25 | $-7.3M | $-9.8M | ||
| Q3 25 | $-8.3M | $-10.8M | ||
| Q2 25 | $-7.9M | $-8.3M | ||
| Q1 25 | $-21.4M | $-10.4M | ||
| Q4 24 | $-8.5M | $-10.1M | ||
| Q3 24 | $-15.6M | $-2.4M | ||
| Q2 24 | $-21.0M | $-4.3M | ||
| Q1 24 | $-7.6M | $-13.2M |
| Q4 25 | 59.4% | 86.7% | ||
| Q3 25 | 60.9% | 83.5% | ||
| Q2 25 | 59.9% | 83.9% | ||
| Q1 25 | 62.8% | 83.7% | ||
| Q4 24 | 59.7% | 85.3% | ||
| Q3 24 | 61.0% | 86.3% | ||
| Q2 24 | 64.2% | 87.6% | ||
| Q1 24 | 64.7% | 85.0% |
| Q4 25 | -27.9% | -24.8% | ||
| Q3 25 | -30.5% | -77.9% | ||
| Q2 25 | -29.2% | -65.4% | ||
| Q1 25 | -78.9% | -79.9% | ||
| Q4 24 | -29.9% | -91.8% | ||
| Q3 24 | -52.4% | -118.9% | ||
| Q2 24 | -68.0% | -111.0% | ||
| Q1 24 | -24.0% | -180.8% |
| Q4 25 | -28.1% | -73.9% | ||
| Q3 25 | -30.5% | -93.5% | ||
| Q2 25 | -29.5% | -73.9% | ||
| Q1 25 | -79.1% | -113.2% | ||
| Q4 24 | -30.0% | -122.4% | ||
| Q3 24 | -52.6% | -32.6% | ||
| Q2 24 | -68.2% | -58.8% | ||
| Q1 24 | -24.2% | -204.5% |
| Q4 25 | $-0.06 | $-0.22 | ||
| Q3 25 | $-0.08 | $-0.96 | ||
| Q2 25 | $-0.08 | $-0.27 | ||
| Q1 25 | $-0.21 | $-0.39 | ||
| Q4 24 | $-0.09 | $-0.38 | ||
| Q3 24 | $-0.15 | $-0.12 | ||
| Q2 24 | $-0.20 | $-0.21 | ||
| Q1 24 | $-0.07 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $30.6M | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $607.0M | $-33.9M |
| Total Assets | $892.9M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.6M | $20.4M | ||
| Q3 25 | $31.4M | $22.7M | ||
| Q2 25 | $29.4M | $26.5M | ||
| Q1 25 | $30.2M | $13.0M | ||
| Q4 24 | $41.1M | $8.5M | ||
| Q3 24 | $40.9M | $11.3M | ||
| Q2 24 | $30.2M | $16.5M | ||
| Q1 24 | $34.2M | $4.0M |
| Q4 25 | $607.0M | $-33.9M | ||
| Q3 25 | $615.3M | $-26.7M | ||
| Q2 25 | $624.7M | $-19.4M | ||
| Q1 25 | $633.4M | $-34.4M | ||
| Q4 24 | $655.9M | $-25.9M | ||
| Q3 24 | $665.4M | $-20.4M | ||
| Q2 24 | $682.1M | $-25.3M | ||
| Q1 24 | $703.9M | $-36.0M |
| Q4 25 | $892.9M | $35.3M | ||
| Q3 25 | $901.0M | $36.5M | ||
| Q2 25 | $903.2M | $41.3M | ||
| Q1 25 | $916.4M | $28.6M | ||
| Q4 24 | $946.9M | $24.0M | ||
| Q3 24 | $981.5M | $27.5M | ||
| Q2 24 | $1.0B | $32.4M | ||
| Q1 24 | $1.0B | $17.9M |
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 | $3.8M | $-2.5M |
| Free Cash FlowOCF − Capex | $-12.7M | $-2.5M |
| FCF MarginFCF / Revenue | -48.6% | -19.1% |
| Capex IntensityCapex / Revenue | 63.0% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-25.3M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8M | $-2.5M | ||
| Q3 25 | $8.3M | $-3.7M | ||
| Q2 25 | $-2.9M | $-7.3M | ||
| Q1 25 | $-5.5M | $-4.5M | ||
| Q4 24 | $9.0M | $-5.7M | ||
| Q3 24 | $14.5M | $-10.8M | ||
| Q2 24 | $-648.0K | $-13.4M | ||
| Q1 24 | $-7.1M | $-10.9M |
| Q4 25 | $-12.7M | $-2.5M | ||
| Q3 25 | $3.0M | $-3.9M | ||
| Q2 25 | $-5.7M | $-7.4M | ||
| Q1 25 | $-9.9M | $-5.3M | ||
| Q4 24 | $-16.2M | $-5.8M | ||
| Q3 24 | $8.6M | $-11.0M | ||
| Q2 24 | $-5.1M | $-13.5M | ||
| Q1 24 | $-15.8M | $-10.9M |
| Q4 25 | -48.6% | -19.1% | ||
| Q3 25 | 11.0% | -33.9% | ||
| Q2 25 | -21.5% | -66.1% | ||
| Q1 25 | -36.7% | -57.3% | ||
| Q4 24 | -57.2% | -69.7% | ||
| Q3 24 | 29.1% | -149.9% | ||
| Q2 24 | -16.7% | -183.1% | ||
| Q1 24 | -50.8% | -169.3% |
| Q4 25 | 63.0% | 0.3% | ||
| Q3 25 | 19.4% | 1.9% | ||
| Q2 25 | 10.7% | 0.8% | ||
| Q1 25 | 16.4% | 8.2% | ||
| Q4 24 | 88.9% | 0.6% | ||
| Q3 24 | 19.6% | 2.3% | ||
| Q2 24 | 14.6% | 0.8% | ||
| Q1 24 | 28.1% | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
