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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
Industrial Logistics Properties Trust is the larger business by last-quarter revenue ($113.9M vs $88.4M, roughly 1.3× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -1.6%, a 19.9% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-13.4M). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% 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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
ILPT vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $88.4M |
| Net Profit | $-1.8M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | -22.1% | 7.5% |
| Net Margin | -1.6% | 18.3% |
| Revenue YoY | 3.1% | 18.7% |
| Net Profit YoY | 92.6% | 401.5% |
| EPS (diluted) | $-0.02 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $110.9M | $77.9M | ||
| Q2 25 | $112.1M | $77.4M | ||
| Q1 25 | $111.9M | $83.0M | ||
| Q4 24 | $110.5M | $74.5M | ||
| Q3 24 | $108.9M | $82.6M | ||
| Q2 24 | $110.6M | $69.8M | ||
| Q1 24 | $112.2M | $64.0M |
| Q4 25 | $-1.8M | $16.2M | ||
| Q3 25 | $-21.6M | $11.4M | ||
| Q2 25 | $-21.3M | $7.6M | ||
| Q1 25 | $-21.5M | $1.3M | ||
| Q4 24 | $-24.1M | $-5.4M | ||
| Q3 24 | $-25.0M | $17.1M | ||
| Q2 24 | $-23.2M | $1.9M | ||
| Q1 24 | $-23.4M | $677.0K |
| Q4 25 | -22.1% | 7.5% | ||
| Q3 25 | -29.4% | 4.6% | ||
| Q2 25 | -30.8% | -1.1% | ||
| Q1 25 | -26.9% | -2.3% | ||
| Q4 24 | -31.1% | -0.5% | ||
| Q3 24 | -33.5% | 14.9% | ||
| Q2 24 | -32.4% | 8.1% | ||
| Q1 24 | -31.7% | 5.6% |
| Q4 25 | -1.6% | 18.3% | ||
| Q3 25 | -19.4% | 14.6% | ||
| Q2 25 | -19.0% | 9.8% | ||
| Q1 25 | -19.2% | 1.5% | ||
| Q4 24 | -21.8% | -7.2% | ||
| Q3 24 | -22.9% | 20.7% | ||
| Q2 24 | -20.9% | 2.7% | ||
| Q1 24 | -20.9% | 1.1% |
| Q4 25 | $-0.02 | $0.08 | ||
| Q3 25 | $-0.33 | $0.05 | ||
| Q2 25 | $-0.32 | $0.03 | ||
| Q1 25 | $-0.33 | $-0.01 | ||
| Q4 24 | $-0.37 | $-0.05 | ||
| Q3 24 | $-0.38 | $0.09 | ||
| Q2 24 | $-0.35 | $-0.01 | ||
| Q1 24 | $-0.36 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | $4.2B | $361.3M |
| Stockholders' EquityBook value | $489.7M | $-12.9M |
| Total Assets | $5.2B | $959.5M |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $24.4M | ||
| Q3 25 | $83.2M | $29.9M | ||
| Q2 25 | $58.6M | $29.3M | ||
| Q1 25 | $108.0M | $40.1M | ||
| Q4 24 | $131.7M | $24.3M | ||
| Q3 24 | $153.9M | $31.0M | ||
| Q2 24 | $146.2M | $27.6M | ||
| Q1 24 | $128.4M | $34.2M |
| Q4 25 | $4.2B | $361.3M | ||
| Q3 25 | $4.2B | $351.2M | ||
| Q2 25 | $4.2B | $331.6M | ||
| Q1 25 | $4.3B | $307.0M | ||
| Q4 24 | $4.3B | $307.5M | ||
| Q3 24 | $4.3B | $252.9M | ||
| Q2 24 | $4.3B | $233.3M | ||
| Q1 24 | $4.3B | $208.7M |
| Q4 25 | $489.7M | $-12.9M | ||
| Q3 25 | $494.1M | $7.5M | ||
| Q2 25 | $519.1M | $-25.0M | ||
| Q1 25 | $539.5M | $57.1M | ||
| Q4 24 | $562.0M | $-148.4M | ||
| Q3 24 | $585.9M | $-180.1M | ||
| Q2 24 | $618.3M | $-273.0M | ||
| Q1 24 | $643.2M | $-382.4M |
| Q4 25 | $5.2B | $959.5M | ||
| Q3 25 | $5.2B | $916.7M | ||
| Q2 25 | $5.2B | $905.5M | ||
| Q1 25 | $5.4B | $884.9M | ||
| Q4 24 | $5.4B | $881.1M | ||
| Q3 24 | $5.5B | $831.1M | ||
| Q2 24 | $5.5B | $782.3M | ||
| Q1 24 | $5.5B | $750.5M |
| Q4 25 | 8.56× | — | ||
| Q3 25 | 8.49× | 46.95× | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | 5.38× | ||
| 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $42.0M | $-13.4M |
| FCF MarginFCF / Revenue | 36.9% | -15.1% |
| Capex IntensityCapex / Revenue | 16.4% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $-3.5M | ||
| Q3 25 | $22.7M | $18.2M | ||
| Q2 25 | $18.4M | $-7.9M | ||
| Q1 25 | $11.4M | $29.7M | ||
| Q4 24 | $2.0M | $-532.0K | ||
| Q3 24 | $-3.4M | $17.7M | ||
| Q2 24 | $10.8M | $533.0K | ||
| Q1 24 | $8.0M | $13.7M |
| Q4 25 | $42.0M | $-13.4M | ||
| Q3 25 | $17.6M | $-9.3M | ||
| Q2 25 | $15.2M | $-29.7M | ||
| Q1 25 | $5.0M | $18.1M | ||
| Q4 24 | $-3.7M | $-55.0M | ||
| Q3 24 | $-5.9M | $-5.4M | ||
| Q2 24 | $9.4M | $-22.5M | ||
| Q1 24 | $5.9M | $-13.0M |
| Q4 25 | 36.9% | -15.1% | ||
| Q3 25 | 15.9% | -11.9% | ||
| Q2 25 | 13.5% | -38.4% | ||
| Q1 25 | 4.5% | 21.8% | ||
| Q4 24 | -3.4% | -73.8% | ||
| Q3 24 | -5.5% | -6.5% | ||
| Q2 24 | 8.5% | -32.2% | ||
| Q1 24 | 5.2% | -20.4% |
| Q4 25 | 16.4% | 11.1% | ||
| Q3 25 | 4.6% | 35.3% | ||
| Q2 25 | 2.9% | 28.2% | ||
| Q1 25 | 5.7% | 13.9% | ||
| Q4 24 | 5.2% | 73.1% | ||
| Q3 24 | 2.3% | 27.9% | ||
| Q2 24 | 1.3% | 32.9% | ||
| Q1 24 | 1.9% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILPT
Segment breakdown not available.
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
