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Side-by-side financial comparison of i3 Verticals, Inc. (IIIV) and LXP Industrial Trust (LXP). Click either name above to swap in a different company.

LXP Industrial Trust is the larger business by last-quarter revenue ($86.7M vs $52.7M, roughly 1.6× i3 Verticals, Inc.). LXP Industrial Trust runs the higher net margin — 33.2% vs 0.9%, a 32.2% gap on every dollar of revenue. On growth, LXP Industrial Trust posted the faster year-over-year revenue change (-14.0% vs -14.6%). Over the past eight quarters, LXP Industrial Trust's revenue compounded faster (0.3% CAGR vs -4.7%).

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LXP Industrial Trust is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality industrial real estate assets, primarily distribution centers, logistics facilities, and light industrial properties across key markets in the United States. Its tenant base covers e-commerce, third-party logistics, and advanced manufacturing sectors, delivering stable long-term returns for its investors.

IIIV vs LXP — Head-to-Head

Bigger by revenue
LXP
LXP
1.6× larger
LXP
$86.7M
$52.7M
IIIV
Growing faster (revenue YoY)
LXP
LXP
+0.6% gap
LXP
-14.0%
-14.6%
IIIV
Higher net margin
LXP
LXP
32.2% more per $
LXP
33.2%
0.9%
IIIV
Faster 2-yr revenue CAGR
LXP
LXP
Annualised
LXP
0.3%
-4.7%
IIIV

Income Statement — Q1 FY2026 vs Q4 FY2025

Metric
IIIV
IIIV
LXP
LXP
Revenue
$52.7M
$86.7M
Net Profit
$484.0K
$28.8M
Gross Margin
81.5%
Operating Margin
3.1%
34.6%
Net Margin
0.9%
33.2%
Revenue YoY
-14.6%
-14.0%
Net Profit YoY
-76.5%
EPS (diluted)
$0.02

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.

Revenue
IIIV
IIIV
LXP
LXP
Q4 25
$52.7M
$86.7M
Q3 25
$46.0M
$86.9M
Q2 25
$51.9M
$87.7M
Q1 25
$63.1M
$88.9M
Q4 24
$52.2M
$100.9M
Q3 24
$32.0M
$85.6M
Q2 24
$46.2M
$85.8M
Q1 24
$58.0M
$86.3M
Net Profit
IIIV
IIIV
LXP
LXP
Q4 25
$484.0K
$28.8M
Q3 25
$3.1M
$36.3M
Q2 25
$12.9M
$29.1M
Q1 25
$-154.0K
$19.0M
Q4 24
$2.1M
Q3 24
$117.9M
$6.3M
Q2 24
$-7.5M
$5.4M
Q1 24
$1.9M
$-269.0K
Gross Margin
IIIV
IIIV
LXP
LXP
Q4 25
81.5%
Q3 25
82.3%
Q2 25
81.9%
Q1 25
80.7%
Q4 24
85.3%
Q3 24
82.5%
Q2 24
82.0%
Q1 24
82.4%
Operating Margin
IIIV
IIIV
LXP
LXP
Q4 25
3.1%
34.6%
Q3 25
3.2%
50.4%
Q2 25
-9.3%
33.7%
Q1 25
8.0%
21.8%
Q4 24
3.9%
Q3 24
10.6%
7.9%
Q2 24
-2.8%
6.9%
Q1 24
3.4%
1.0%
Net Margin
IIIV
IIIV
LXP
LXP
Q4 25
0.9%
33.2%
Q3 25
6.7%
41.7%
Q2 25
24.8%
33.2%
Q1 25
-0.2%
21.4%
Q4 24
3.9%
Q3 24
368.2%
7.4%
Q2 24
-16.3%
6.3%
Q1 24
3.2%
-0.3%
EPS (diluted)
IIIV
IIIV
LXP
LXP
Q4 25
$0.02
Q3 25
$0.14
$0.12
Q2 25
$0.50
$0.09
Q1 25
$0.00
$0.06
Q4 24
$0.08
Q3 24
$4.93
$0.02
Q2 24
$-0.32
$0.01
Q1 24
$0.08
$-0.01

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
IIIV
IIIV
LXP
LXP
Cash + ST InvestmentsLiquidity on hand
$37.5M
$170.4M
Total DebtLower is stronger
$1.4B
Stockholders' EquityBook value
$358.5M
$2.0B
Total Assets
$595.9M
$3.5B
Debt / EquityLower = less leverage
0.66×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
IIIV
IIIV
LXP
LXP
Q4 25
$37.5M
$170.4M
Q3 25
$66.7M
$229.7M
Q2 25
$55.5M
$71.0M
Q1 25
$7.7M
$70.9M
Q4 24
$85.6M
$101.8M
Q3 24
$86.5M
$55.0M
Q2 24
$9.7M
$48.7M
Q1 24
$3.1M
$293.8M
Total Debt
IIIV
IIIV
LXP
LXP
Q4 25
$1.4B
Q3 25
$0
$1.5B
Q2 25
$0
$1.5B
Q1 25
$12.0M
$1.5B
Q4 24
$26.2M
$1.6B
Q3 24
$26.2M
Q2 24
$374.1M
Q1 24
$369.6M
Stockholders' Equity
IIIV
IIIV
LXP
LXP
Q4 25
$358.5M
$2.0B
Q3 25
$389.6M
$2.1B
Q2 25
$383.3M
$2.1B
Q1 25
$385.2M
$2.1B
Q4 24
$375.0M
$2.1B
Q3 24
$379.7M
$2.1B
Q2 24
$249.7M
$2.1B
Q1 24
$249.3M
$2.2B
Total Assets
IIIV
IIIV
LXP
LXP
Q4 25
$595.9M
$3.5B
Q3 25
$638.4M
$3.7B
Q2 25
$623.3M
$3.7B
Q1 25
$646.4M
$3.8B
Q4 24
$726.2M
$3.8B
Q3 24
$730.7M
$3.9B
Q2 24
$861.7M
$3.9B
Q1 24
$625.8M
$4.2B
Debt / Equity
IIIV
IIIV
LXP
LXP
Q4 25
0.66×
Q3 25
0.00×
0.72×
Q2 25
0.00×
0.72×
Q1 25
0.03×
0.73×
Q4 24
0.07×
0.75×
Q3 24
0.07×
Q2 24
1.50×
Q1 24
1.48×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
IIIV
IIIV
LXP
LXP
Operating Cash FlowLast quarter
$14.1M
$188.7M
Free Cash FlowOCF − Capex
$13.8M
FCF MarginFCF / Revenue
26.2%
Capex IntensityCapex / Revenue
0.6%
Cash ConversionOCF / Net Profit
29.18×
6.56×
TTM Free Cash FlowTrailing 4 quarters
$6.5M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
IIIV
IIIV
LXP
LXP
Q4 25
$14.1M
$188.7M
Q3 25
$14.0M
$63.5M
Q2 25
$7.4M
$44.3M
Q1 25
$-27.1M
$39.0M
Q4 24
$11.5M
$211.2M
Q3 24
$15.1M
$64.6M
Q2 24
$8.1M
$38.5M
Q1 24
$10.7M
$38.9M
Free Cash Flow
IIIV
IIIV
LXP
LXP
Q4 25
$13.8M
Q3 25
$13.5M
Q2 25
$6.8M
Q1 25
$-27.6M
Q4 24
$11.0M
Q3 24
$14.6M
Q2 24
$7.2M
Q1 24
$9.9M
FCF Margin
IIIV
IIIV
LXP
LXP
Q4 25
26.2%
Q3 25
29.5%
Q2 25
13.1%
Q1 25
-43.8%
Q4 24
21.1%
Q3 24
45.6%
Q2 24
15.6%
Q1 24
17.1%
Capex Intensity
IIIV
IIIV
LXP
LXP
Q4 25
0.6%
Q3 25
0.9%
Q2 25
1.0%
Q1 25
0.8%
Q4 24
0.9%
Q3 24
1.7%
Q2 24
1.9%
Q1 24
1.4%
Cash Conversion
IIIV
IIIV
LXP
LXP
Q4 25
29.18×
6.56×
Q3 25
4.52×
1.75×
Q2 25
0.57×
1.52×
Q1 25
2.05×
Q4 24
5.59×
Q3 24
0.13×
10.18×
Q2 24
7.09×
Q1 24
5.72×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

IIIV
IIIV

License And Service$35.7M68%
Proprietary Payments Revenue$14.5M27%
Other Revenue$2.5M5%

LXP
LXP

Segment breakdown not available.

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