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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $113.9M, roughly 1.2× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -3.2%, a 1.7% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $10.2M). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
ILPT vs MEC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $134.3M |
| Net Profit | $-1.8M | $-4.4M |
| Gross Margin | — | 6.8% |
| Operating Margin | -22.1% | -4.1% |
| Net Margin | -1.6% | -3.2% |
| Revenue YoY | 3.1% | 10.7% |
| Net Profit YoY | 92.6% | -127.3% |
| EPS (diluted) | $-0.02 | $-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 | $113.9M | $134.3M | ||
| Q3 25 | $110.9M | $144.3M | ||
| Q2 25 | $112.1M | $132.3M | ||
| Q1 25 | $111.9M | $135.6M | ||
| Q4 24 | $110.5M | $121.3M | ||
| Q3 24 | $108.9M | $135.4M | ||
| Q2 24 | $110.6M | $163.6M | ||
| Q1 24 | $112.2M | $161.3M |
| Q4 25 | $-1.8M | $-4.4M | ||
| Q3 25 | $-21.6M | $-2.7M | ||
| Q2 25 | $-21.3M | $-1.1M | ||
| Q1 25 | $-21.5M | $20.0K | ||
| Q4 24 | $-24.1M | $16.0M | ||
| Q3 24 | $-25.0M | $3.0M | ||
| Q2 24 | $-23.2M | $3.8M | ||
| Q1 24 | $-23.4M | $3.2M |
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 13.0% |
| Q4 25 | -22.1% | -4.1% | ||
| Q3 25 | -29.4% | 0.0% | ||
| Q2 25 | -30.8% | 0.1% | ||
| Q1 25 | -26.9% | 1.2% | ||
| Q4 24 | -31.1% | 19.0% | ||
| Q3 24 | -33.5% | 4.2% | ||
| Q2 24 | -32.4% | 5.0% | ||
| Q1 24 | -31.7% | 4.7% |
| Q4 25 | -1.6% | -3.2% | ||
| Q3 25 | -19.4% | -1.9% | ||
| Q2 25 | -19.0% | -0.8% | ||
| Q1 25 | -19.2% | 0.0% | ||
| Q4 24 | -21.8% | 13.2% | ||
| Q3 24 | -22.9% | 2.2% | ||
| Q2 24 | -20.9% | 2.3% | ||
| Q1 24 | -20.9% | 2.0% |
| Q4 25 | $-0.02 | $-0.22 | ||
| Q3 25 | $-0.33 | $-0.13 | ||
| Q2 25 | $-0.32 | $-0.05 | ||
| Q1 25 | $-0.33 | $0.00 | ||
| Q4 24 | $-0.37 | $0.76 | ||
| Q3 24 | $-0.38 | $0.14 | ||
| Q2 24 | $-0.35 | $0.18 | ||
| Q1 24 | $-0.36 | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | $240.7M |
| Total Assets | $5.2B | $563.6M |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $1.5M | ||
| Q3 25 | $83.2M | $1.2M | ||
| Q2 25 | $58.6M | $206.0K | ||
| Q1 25 | $108.0M | $183.0K | ||
| Q4 24 | $131.7M | $206.0K | ||
| Q3 24 | $153.9M | $178.0K | ||
| Q2 24 | $146.2M | $314.0K | ||
| Q1 24 | $128.4M | $314.0K |
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | — |
| Q4 25 | $489.7M | $240.7M | ||
| Q3 25 | $494.1M | $244.8M | ||
| Q2 25 | $519.1M | $246.8M | ||
| Q1 25 | $539.5M | $250.0M | ||
| Q4 24 | $562.0M | $251.8M | ||
| Q3 24 | $585.9M | $238.4M | ||
| Q2 24 | $618.3M | $238.1M | ||
| Q1 24 | $643.2M | $234.0M |
| Q4 25 | $5.2B | $563.6M | ||
| Q3 25 | $5.2B | $585.6M | ||
| Q2 25 | $5.2B | $433.7M | ||
| Q1 25 | $5.4B | $447.7M | ||
| Q4 24 | $5.4B | $445.6M | ||
| Q3 24 | $5.5B | $466.0M | ||
| Q2 24 | $5.5B | $488.2M | ||
| Q1 24 | $5.5B | $499.9M |
| Q4 25 | 8.56× | — | ||
| Q3 25 | 8.49× | — | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | — | ||
| Q4 24 | 7.65× | — | ||
| Q3 24 | 7.35× | — | ||
| Q2 24 | 6.96× | — | ||
| Q1 24 | 6.70× | — |
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 | $13.4M |
| Free Cash FlowOCF − Capex | $42.0M | $10.2M |
| FCF MarginFCF / Revenue | 36.9% | 7.6% |
| Capex IntensityCapex / Revenue | 16.4% | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $13.4M | ||
| Q3 25 | $22.7M | $1.9M | ||
| Q2 25 | $18.4M | $15.0M | ||
| Q1 25 | $11.4M | $8.3M | ||
| Q4 24 | $2.0M | $38.0M | ||
| Q3 24 | $-3.4M | $17.9M | ||
| Q2 24 | $10.8M | $23.3M | ||
| Q1 24 | $8.0M | $10.6M |
| Q4 25 | $42.0M | $10.2M | ||
| Q3 25 | $17.6M | $-1.1M | ||
| Q2 25 | $15.2M | $12.5M | ||
| Q1 25 | $5.0M | $5.4M | ||
| Q4 24 | $-3.7M | $35.6M | ||
| Q3 24 | $-5.9M | $15.1M | ||
| Q2 24 | $9.4M | $19.2M | ||
| Q1 24 | $5.9M | $7.8M |
| Q4 25 | 36.9% | 7.6% | ||
| Q3 25 | 15.9% | -0.8% | ||
| Q2 25 | 13.5% | 9.5% | ||
| Q1 25 | 4.5% | 4.0% | ||
| Q4 24 | -3.4% | 29.4% | ||
| Q3 24 | -5.5% | 11.1% | ||
| Q2 24 | 8.5% | 11.7% | ||
| Q1 24 | 5.2% | 4.9% |
| Q4 25 | 16.4% | 2.4% | ||
| Q3 25 | 4.6% | 2.1% | ||
| Q2 25 | 2.9% | 1.8% | ||
| Q1 25 | 5.7% | 2.2% | ||
| Q4 24 | 5.2% | 1.9% | ||
| Q3 24 | 2.3% | 2.1% | ||
| Q2 24 | 1.3% | 2.5% | ||
| Q1 24 | 1.9% | 1.7% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | — | 6.15× | ||
| Q1 24 | — | 3.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILPT
Segment breakdown not available.
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
