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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $113.9M, roughly 1.9× Industrial Logistics Properties Trust). Iridium Communications Inc. runs the higher net margin — 9.9% vs -1.6%, a 11.4% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs 1.9%). Over the past eight quarters, Iridium Communications Inc.'s revenue compounded faster (4.4% CAGR vs 0.7%).
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
ILPT vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $219.1M |
| Net Profit | $-1.8M | $21.6M |
| Gross Margin | — | — |
| Operating Margin | -22.1% | 23.2% |
| Net Margin | -1.6% | 9.9% |
| Revenue YoY | 3.1% | 1.9% |
| Net Profit YoY | 92.6% | — |
| 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.
| Q1 26 | — | $219.1M | ||
| Q4 25 | $113.9M | $212.9M | ||
| Q3 25 | $110.9M | $226.9M | ||
| Q2 25 | $112.1M | $216.9M | ||
| Q1 25 | $111.9M | $214.9M | ||
| Q4 24 | $110.5M | $213.0M | ||
| Q3 24 | $108.9M | $212.8M | ||
| Q2 24 | $110.6M | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | $-1.8M | $24.9M | ||
| Q3 25 | $-21.6M | $37.1M | ||
| Q2 25 | $-21.3M | $22.0M | ||
| Q1 25 | $-21.5M | $30.4M | ||
| Q4 24 | $-24.1M | $36.3M | ||
| Q3 24 | $-25.0M | $24.4M | ||
| Q2 24 | $-23.2M | $32.3M |
| Q1 26 | — | 23.2% | ||
| Q4 25 | -22.1% | 25.9% | ||
| Q3 25 | -29.4% | 30.9% | ||
| Q2 25 | -30.8% | 23.2% | ||
| Q1 25 | -26.9% | 28.1% | ||
| Q4 24 | -31.1% | 24.5% | ||
| Q3 24 | -33.5% | 25.8% | ||
| Q2 24 | -32.4% | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | -1.6% | 11.7% | ||
| Q3 25 | -19.4% | 16.4% | ||
| Q2 25 | -19.0% | 10.1% | ||
| Q1 25 | -19.2% | 14.2% | ||
| Q4 24 | -21.8% | 17.1% | ||
| Q3 24 | -22.9% | 11.5% | ||
| Q2 24 | -20.9% | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.02 | $0.24 | ||
| Q3 25 | $-0.33 | $0.35 | ||
| Q2 25 | $-0.32 | $0.20 | ||
| Q1 25 | $-0.33 | $0.27 | ||
| Q4 24 | $-0.37 | $0.30 | ||
| Q3 24 | $-0.38 | $0.21 | ||
| Q2 24 | $-0.35 | $0.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $94.8M | — |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | — |
| Total Assets | $5.2B | — |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $94.8M | $96.5M | ||
| Q3 25 | $83.2M | $88.5M | ||
| Q2 25 | $58.6M | $79.3M | ||
| Q1 25 | $108.0M | $50.9M | ||
| Q4 24 | $131.7M | $93.5M | ||
| Q3 24 | $153.9M | $159.6M | ||
| Q2 24 | $146.2M | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | $4.2B | $1.8B | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | $1.8B | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.3B | — |
| Q1 26 | — | — | ||
| Q4 25 | $489.7M | $462.6M | ||
| Q3 25 | $494.1M | $450.5M | ||
| Q2 25 | $519.1M | $473.6M | ||
| Q1 25 | $539.5M | $518.4M | ||
| Q4 24 | $562.0M | $576.6M | ||
| Q3 24 | $585.9M | $663.8M | ||
| Q2 24 | $618.3M | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $5.2B | $2.5B | ||
| Q3 25 | $5.2B | $2.6B | ||
| Q2 25 | $5.2B | $2.6B | ||
| Q1 25 | $5.4B | $2.6B | ||
| Q4 24 | $5.4B | $2.7B | ||
| Q3 24 | $5.5B | $2.8B | ||
| Q2 24 | $5.5B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | 8.56× | 3.80× | ||
| Q3 25 | 8.49× | — | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | — | ||
| Q4 24 | 7.65× | 3.05× | ||
| Q3 24 | 7.35× | — | ||
| Q2 24 | 6.96× | — |
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 | $60.7M | — |
| Free Cash FlowOCF − Capex | $42.0M | — |
| FCF MarginFCF / Revenue | 36.9% | — |
| Capex IntensityCapex / Revenue | 16.4% | 13.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $60.7M | $108.6M | ||
| Q3 25 | $22.7M | $100.8M | ||
| Q2 25 | $18.4M | $129.6M | ||
| Q1 25 | $11.4M | $61.1M | ||
| Q4 24 | $2.0M | $104.8M | ||
| Q3 24 | $-3.4M | $118.6M | ||
| Q2 24 | $10.8M | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $42.0M | $75.1M | ||
| Q3 25 | $17.6M | $79.2M | ||
| Q2 25 | $15.2M | $108.9M | ||
| Q1 25 | $5.0M | $36.5M | ||
| Q4 24 | $-3.7M | $80.5M | ||
| Q3 24 | $-5.9M | $100.0M | ||
| Q2 24 | $9.4M | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 36.9% | 35.3% | ||
| Q3 25 | 15.9% | 34.9% | ||
| Q2 25 | 13.5% | 50.2% | ||
| Q1 25 | 4.5% | 17.0% | ||
| Q4 24 | -3.4% | 37.8% | ||
| Q3 24 | -5.5% | 47.0% | ||
| Q2 24 | 8.5% | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 16.4% | 15.7% | ||
| Q3 25 | 4.6% | 9.5% | ||
| Q2 25 | 2.9% | 9.5% | ||
| Q1 25 | 5.7% | 11.4% | ||
| Q4 24 | 5.2% | 11.4% | ||
| Q3 24 | 2.3% | 8.7% | ||
| Q2 24 | 1.3% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | — | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | — | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | — | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILPT
Segment breakdown not available.
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
