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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and PagerDuty, Inc. (PD). Click either name above to swap in a different company.
PagerDuty, Inc. is the larger business by last-quarter revenue ($124.5M vs $113.9M, roughly 1.1× Industrial Logistics Properties Trust). PagerDuty, Inc. runs the higher net margin — 129.7% vs -1.6%, a 131.3% gap on every dollar of revenue. On growth, PagerDuty, Inc. posted the faster year-over-year revenue change (4.7% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $24.1M). Over the past eight quarters, PagerDuty, Inc.'s revenue compounded faster (5.9% 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.
PagerDuty, Inc. is an American cloud computing company specializing in a SaaS incident management platform for IT operations departments.
ILPT vs PD — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $124.5M |
| Net Profit | $-1.8M | $161.6M |
| Gross Margin | — | 85.3% |
| Operating Margin | -22.1% | 6.5% |
| Net Margin | -1.6% | 129.7% |
| Revenue YoY | 3.1% | 4.7% |
| Net Profit YoY | 92.6% | 2827.7% |
| EPS (diluted) | $-0.02 | $1.69 |
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 | $124.5M | ||
| Q3 25 | $110.9M | $123.4M | ||
| Q2 25 | $112.1M | $119.8M | ||
| Q1 25 | $111.9M | $121.4M | ||
| Q4 24 | $110.5M | $118.9M | ||
| Q3 24 | $108.9M | $115.9M | ||
| Q2 24 | $110.6M | $111.2M | ||
| Q1 24 | $112.2M | $111.1M |
| Q4 25 | $-1.8M | $161.6M | ||
| Q3 25 | $-21.6M | $9.6M | ||
| Q2 25 | $-21.3M | $-7.2M | ||
| Q1 25 | $-21.5M | $-8.8M | ||
| Q4 24 | $-24.1M | $-5.9M | ||
| Q3 24 | $-25.0M | $-10.9M | ||
| Q2 24 | $-23.2M | $-17.1M | ||
| Q1 24 | $-23.4M | $-28.2M |
| Q4 25 | — | 85.3% | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | 84.0% | ||
| Q1 25 | — | 83.6% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | — | 82.7% | ||
| Q2 24 | — | 82.6% | ||
| Q1 24 | — | 81.7% |
| Q4 25 | -22.1% | 6.5% | ||
| Q3 25 | -29.4% | 2.9% | ||
| Q2 25 | -30.8% | -8.6% | ||
| Q1 25 | -26.9% | -9.6% | ||
| Q4 24 | -31.1% | -8.7% | ||
| Q3 24 | -33.5% | -13.8% | ||
| Q2 24 | -32.4% | -19.5% | ||
| Q1 24 | -31.7% | -30.1% |
| Q4 25 | -1.6% | 129.7% | ||
| Q3 25 | -19.4% | 7.8% | ||
| Q2 25 | -19.0% | -6.0% | ||
| Q1 25 | -19.2% | -7.2% | ||
| Q4 24 | -21.8% | -5.0% | ||
| Q3 24 | -22.9% | -9.4% | ||
| Q2 24 | -20.9% | -15.4% | ||
| Q1 24 | -20.9% | -25.3% |
| Q4 25 | $-0.02 | $1.69 | ||
| Q3 25 | $-0.33 | $0.10 | ||
| Q2 25 | $-0.32 | $-0.07 | ||
| Q1 25 | $-0.33 | $-0.12 | ||
| Q4 24 | $-0.37 | $-0.07 | ||
| Q3 24 | $-0.38 | $-0.14 | ||
| Q2 24 | $-0.35 | $-0.26 | ||
| Q1 24 | $-0.36 | $-0.34 |
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 | $547.8M |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | $320.5M |
| Total Assets | $5.2B | $1.0B |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $547.8M | ||
| Q3 25 | $83.2M | $567.9M | ||
| Q2 25 | $58.6M | $597.1M | ||
| Q1 25 | $108.0M | $570.8M | ||
| Q4 24 | $131.7M | $542.2M | ||
| Q3 24 | $153.9M | $599.3M | ||
| Q2 24 | $146.2M | $592.8M | ||
| Q1 24 | $128.4M | $571.2M |
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.3B | $484.5M | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | $489.5M |
| Q4 25 | $489.7M | $320.5M | ||
| Q3 25 | $494.1M | $180.7M | ||
| Q2 25 | $519.1M | $145.7M | ||
| Q1 25 | $539.5M | $129.8M | ||
| Q4 24 | $562.0M | $111.6M | ||
| Q3 24 | $585.9M | $164.7M | ||
| Q2 24 | $618.3M | $174.0M | ||
| Q1 24 | $643.2M | $171.6M |
| Q4 25 | $5.2B | $1.0B | ||
| Q3 25 | $5.2B | $891.5M | ||
| Q2 25 | $5.2B | $926.8M | ||
| Q1 25 | $5.4B | $927.3M | ||
| Q4 24 | $5.4B | $866.8M | ||
| Q3 24 | $5.5B | $916.0M | ||
| Q2 24 | $5.5B | $924.0M | ||
| Q1 24 | $5.5B | $925.3M |
| Q4 25 | 8.56× | — | ||
| Q3 25 | 8.49× | — | ||
| Q2 25 | 8.09× | — | ||
| Q1 25 | 7.96× | 3.73× | ||
| Q4 24 | 7.65× | — | ||
| Q3 24 | 7.35× | — | ||
| Q2 24 | 6.96× | — | ||
| Q1 24 | 6.70× | 2.85× |
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 | $24.8M |
| Free Cash FlowOCF − Capex | $42.0M | $24.1M |
| FCF MarginFCF / Revenue | 36.9% | 19.3% |
| Capex IntensityCapex / Revenue | 16.4% | 0.6% |
| Cash ConversionOCF / Net Profit | — | 0.15× |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $117.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $24.8M | ||
| Q3 25 | $22.7M | $34.0M | ||
| Q2 25 | $18.4M | $30.7M | ||
| Q1 25 | $11.4M | $31.4M | ||
| Q4 24 | $2.0M | $22.1M | ||
| Q3 24 | $-3.4M | $35.8M | ||
| Q2 24 | $10.8M | $28.6M | ||
| Q1 24 | $8.0M | $22.2M |
| Q4 25 | $42.0M | $24.1M | ||
| Q3 25 | $17.6M | $33.1M | ||
| Q2 25 | $15.2M | $30.2M | ||
| Q1 25 | $5.0M | $30.3M | ||
| Q4 24 | $-3.7M | $21.5M | ||
| Q3 24 | $-5.9M | $35.1M | ||
| Q2 24 | $9.4M | $28.2M | ||
| Q1 24 | $5.9M | $21.2M |
| Q4 25 | 36.9% | 19.3% | ||
| Q3 25 | 15.9% | 26.8% | ||
| Q2 25 | 13.5% | 25.2% | ||
| Q1 25 | 4.5% | 24.9% | ||
| Q4 24 | -3.4% | 18.1% | ||
| Q3 24 | -5.5% | 30.3% | ||
| Q2 24 | 8.5% | 25.4% | ||
| Q1 24 | 5.2% | 19.1% |
| Q4 25 | 16.4% | 0.6% | ||
| Q3 25 | 4.6% | 0.7% | ||
| Q2 25 | 2.9% | 0.4% | ||
| Q1 25 | 5.7% | 0.9% | ||
| Q4 24 | 5.2% | 0.5% | ||
| Q3 24 | 2.3% | 0.5% | ||
| Q2 24 | 1.3% | 0.4% | ||
| Q1 24 | 1.9% | 0.9% |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 3.55× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILPT
Segment breakdown not available.
PD
| US | $88.8M | 71% |
| Non Us | $35.7M | 29% |
