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Side-by-side financial comparison of FTC Solar, Inc. (FTCI) and LandBridge Co LLC (LB). Click either name above to swap in a different company.
LandBridge Co LLC is the larger business by last-quarter revenue ($56.8M vs $32.9M, roughly 1.7× FTC Solar, Inc.). LandBridge Co LLC runs the higher net margin — 14.2% vs -110.7%, a 124.9% gap on every dollar of revenue. On growth, FTC Solar, Inc. posted the faster year-over-year revenue change (148.9% vs 55.6%). LandBridge Co LLC produced more free cash flow last quarter ($122.0M vs $-8.4M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (72.8% CAGR vs 61.6%).
FTC Solar, Inc. is a leading global provider of advanced solar tracker systems, associated components, and supporting software for solar projects. It serves utility-scale, commercial, and industrial solar segments across key global markets, helping customers boost energy generation efficiency and lower overall project costs.
FTCI vs LB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $32.9M | $56.8M |
| Net Profit | $-36.4M | $8.1M |
| Gross Margin | 14.9% | — |
| Operating Margin | -17.2% | 60.0% |
| Net Margin | -110.7% | 14.2% |
| Revenue YoY | 148.9% | 55.6% |
| Net Profit YoY | -197.4% | -83.7% |
| EPS (diluted) | $-2.31 | $0.24 |
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 | $32.9M | $56.8M | ||
| Q3 25 | $26.0M | $50.8M | ||
| Q2 25 | $20.0M | $47.5M | ||
| Q1 25 | $20.8M | $44.0M | ||
| Q4 24 | $13.2M | $36.5M | ||
| Q3 24 | $10.1M | $28.5M | ||
| Q2 24 | $11.4M | $26.0M | ||
| Q1 24 | $12.6M | $19.0M |
| Q4 25 | $-36.4M | $8.1M | ||
| Q3 25 | $-23.9M | $8.1M | ||
| Q2 25 | $-15.4M | $7.5M | ||
| Q1 25 | $-3.8M | $6.5M | ||
| Q4 24 | $-12.2M | $49.3M | ||
| Q3 24 | $-15.4M | $2.7M | ||
| Q2 24 | $-12.2M | $-57.7M | ||
| Q1 24 | $-8.8M | $10.8M |
| Q4 25 | 14.9% | — | ||
| Q3 25 | 6.1% | — | ||
| Q2 25 | -19.6% | — | ||
| Q1 25 | -16.6% | — | ||
| Q4 24 | -29.1% | — | ||
| Q3 24 | -42.5% | — | ||
| Q2 24 | -20.5% | — | ||
| Q1 24 | -16.7% | — |
| Q4 25 | -17.2% | 60.0% | ||
| Q3 25 | -29.6% | 60.8% | ||
| Q2 25 | -57.5% | 60.0% | ||
| Q1 25 | -50.8% | 57.0% | ||
| Q4 24 | -101.7% | 49.4% | ||
| Q3 24 | -147.8% | 11.2% | ||
| Q2 24 | -104.3% | -197.4% | ||
| Q1 24 | -99.3% | 71.1% |
| Q4 25 | -110.7% | 14.2% | ||
| Q3 25 | -92.0% | 15.9% | ||
| Q2 25 | -77.2% | 15.8% | ||
| Q1 25 | -18.4% | 14.7% | ||
| Q4 24 | -92.7% | 135.2% | ||
| Q3 24 | -151.5% | 9.3% | ||
| Q2 24 | -107.1% | -222.1% | ||
| Q1 24 | -69.7% | 56.7% |
| Q4 25 | $-2.31 | $0.24 | ||
| Q3 25 | $-1.61 | $0.26 | ||
| Q2 25 | $-1.18 | $0.24 | ||
| Q1 25 | $-0.58 | $0.20 | ||
| Q4 24 | $-0.95 | — | ||
| Q3 24 | $-1.21 | $-0.04 | ||
| Q2 24 | $-0.97 | — | ||
| Q1 24 | $-0.70 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $21.1M | $30.7M |
| Total DebtLower is stronger | $9.9M | $570.7M |
| Stockholders' EquityBook value | $-43.0M | $340.3M |
| Total Assets | $111.8M | $1.4B |
| Debt / EquityLower = less leverage | — | 1.68× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.1M | $30.7M | ||
| Q3 25 | $24.4M | $28.3M | ||
| Q2 25 | $3.5M | $20.3M | ||
| Q1 25 | $5.9M | $14.9M | ||
| Q4 24 | $11.2M | $37.0M | ||
| Q3 24 | $8.3M | $14.4M | ||
| Q2 24 | $10.8M | $24.6M | ||
| Q1 24 | $14.0M | — |
| Q4 25 | $9.9M | $570.7M | ||
| Q3 25 | $16.6M | $366.1M | ||
| Q2 25 | $10.9M | $370.9M | ||
| Q1 25 | $10.2M | $375.5M | ||
| Q4 24 | $9.5M | $385.5M | ||
| Q3 24 | — | $242.4M | ||
| Q2 24 | — | $360.8M | ||
| Q1 24 | — | — |
| Q4 25 | $-43.0M | $340.3M | ||
| Q3 25 | $-13.7M | $272.0M | ||
| Q2 25 | $9.0M | $266.4M | ||
| Q1 25 | $15.5M | $217.0M | ||
| Q4 24 | $19.0M | $211.8M | ||
| Q3 24 | $30.4M | $97.2M | ||
| Q2 24 | $44.2M | $296.4M | ||
| Q1 24 | $55.2M | $162.3M |
| Q4 25 | $111.8M | $1.4B | ||
| Q3 25 | $111.5M | $1.1B | ||
| Q2 25 | $83.0M | $1.1B | ||
| Q1 25 | $84.1M | $1.0B | ||
| Q4 24 | $89.9M | $1.0B | ||
| Q3 24 | $91.7M | $689.9M | ||
| Q2 24 | $100.3M | $710.5M | ||
| Q1 24 | $115.0M | — |
| Q4 25 | — | 1.68× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | 1.20× | 1.39× | ||
| Q1 25 | 0.65× | 1.73× | ||
| Q4 24 | 0.50× | 1.82× | ||
| Q3 24 | — | 2.49× | ||
| Q2 24 | — | 1.22× | ||
| Q1 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 | $-8.0M | $126.3M |
| Free Cash FlowOCF − Capex | $-8.4M | $122.0M |
| FCF MarginFCF / Revenue | -25.7% | 214.9% |
| Capex IntensityCapex / Revenue | 1.3% | 7.5% |
| Cash ConversionOCF / Net Profit | — | 15.68× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.6M | $207.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $126.3M | ||
| Q3 25 | $-14.6M | $34.9M | ||
| Q2 25 | $-2.3M | $37.3M | ||
| Q1 25 | $-8.5M | $15.9M | ||
| Q4 24 | $-16.7M | $67.6M | ||
| Q3 24 | $-2.4M | $7.5M | ||
| Q2 24 | $-3.8M | $16.0M | ||
| Q1 24 | $-11.9M | $17.2M |
| Q4 25 | $-8.4M | $122.0M | ||
| Q3 25 | $-15.1M | $33.7M | ||
| Q2 25 | $-2.5M | $36.1M | ||
| Q1 25 | $-8.6M | $15.8M | ||
| Q4 24 | $-17.0M | $66.7M | ||
| Q3 24 | $-2.6M | $7.1M | ||
| Q2 24 | $-4.5M | $15.7M | ||
| Q1 24 | $-12.3M | $17.1M |
| Q4 25 | -25.7% | 214.9% | ||
| Q3 25 | -57.9% | 66.3% | ||
| Q2 25 | -12.4% | 75.9% | ||
| Q1 25 | -41.2% | 36.0% | ||
| Q4 24 | -128.6% | 182.6% | ||
| Q3 24 | -25.6% | 25.1% | ||
| Q2 24 | -39.2% | 60.4% | ||
| Q1 24 | -97.6% | 90.1% |
| Q4 25 | 1.3% | 7.5% | ||
| Q3 25 | 1.7% | 2.3% | ||
| Q2 25 | 0.9% | 2.6% | ||
| Q1 25 | 0.4% | 0.2% | ||
| Q4 24 | 2.2% | 2.7% | ||
| Q3 24 | 2.2% | 1.1% | ||
| Q2 24 | 6.1% | 1.4% | ||
| Q1 24 | 3.4% | 0.5% |
| Q4 25 | — | 15.68× | ||
| Q3 25 | — | 4.31× | ||
| Q2 25 | — | 4.98× | ||
| Q1 25 | — | 2.46× | ||
| Q4 24 | — | 1.37× | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.60× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTCI
| Products | $26.2M | 80% |
| Services | $6.7M | 20% |
LB
Segment breakdown not available.
