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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and Phathom Pharmaceuticals, Inc. (PHAT). 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 $57.6M, roughly 2.0× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-167.0M).
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.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
ILPT vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $57.6M |
| Net Profit | $-1.8M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | -22.1% | — |
| Net Margin | -1.6% | — |
| Revenue YoY | 3.1% | 94.1% |
| Net Profit YoY | 92.6% | 71.6% |
| 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.
| Q4 25 | $113.9M | $57.6M | ||
| Q3 25 | $110.9M | $49.5M | ||
| Q2 25 | $112.1M | $39.5M | ||
| Q1 25 | $111.9M | $28.5M | ||
| Q4 24 | $110.5M | $29.7M | ||
| Q3 24 | $108.9M | $16.4M | ||
| Q2 24 | $110.6M | $7.3M | ||
| Q1 24 | $112.2M | — |
| Q4 25 | $-1.8M | — | ||
| Q3 25 | $-21.6M | $-30.0M | ||
| Q2 25 | $-21.3M | $-75.8M | ||
| Q1 25 | $-21.5M | $-94.3M | ||
| Q4 24 | $-24.1M | — | ||
| Q3 24 | $-25.0M | $-85.6M | ||
| Q2 24 | $-23.2M | $-91.4M | ||
| Q1 24 | $-23.4M | — |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% | ||
| Q1 24 | — | — |
| Q4 25 | -22.1% | — | ||
| Q3 25 | -29.4% | -30.8% | ||
| Q2 25 | -30.8% | -151.7% | ||
| Q1 25 | -26.9% | -276.5% | ||
| Q4 24 | -31.1% | — | ||
| Q3 24 | -33.5% | -433.0% | ||
| Q2 24 | -32.4% | -1055.4% | ||
| Q1 24 | -31.7% | — |
| Q4 25 | -1.6% | — | ||
| Q3 25 | -19.4% | -60.5% | ||
| Q2 25 | -19.0% | -191.9% | ||
| Q1 25 | -19.2% | -330.7% | ||
| Q4 24 | -21.8% | — | ||
| Q3 24 | -22.9% | -523.3% | ||
| Q2 24 | -20.9% | -1248.6% | ||
| Q1 24 | -20.9% | — |
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $-0.33 | $-0.41 | ||
| Q2 25 | $-0.32 | $-1.05 | ||
| Q1 25 | $-0.33 | $-1.31 | ||
| Q4 24 | $-0.37 | — | ||
| Q3 24 | $-0.38 | $-1.32 | ||
| Q2 24 | $-0.35 | $-1.56 | ||
| Q1 24 | $-0.36 | — |
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 | $130.0M |
| Total DebtLower is stronger | $4.2B | $209.1M |
| Stockholders' EquityBook value | $489.7M | $-438.2M |
| Total Assets | $5.2B | $259.1M |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $130.0M | ||
| Q3 25 | $83.2M | $135.2M | ||
| Q2 25 | $58.6M | $149.6M | ||
| Q1 25 | $108.0M | $212.3M | ||
| Q4 24 | $131.7M | $297.3M | ||
| Q3 24 | $153.9M | $334.7M | ||
| Q2 24 | $146.2M | $276.2M | ||
| Q1 24 | $128.4M | — |
| Q4 25 | $4.2B | $209.1M | ||
| Q3 25 | $4.2B | $207.1M | ||
| Q2 25 | $4.2B | $205.1M | ||
| Q1 25 | $4.3B | $203.2M | ||
| Q4 24 | $4.3B | $201.4M | ||
| Q3 24 | $4.3B | $175.7M | ||
| Q2 24 | $4.3B | $174.4M | ||
| Q1 24 | $4.3B | — |
| Q4 25 | $489.7M | $-438.2M | ||
| Q3 25 | $494.1M | $-422.5M | ||
| Q2 25 | $519.1M | $-405.8M | ||
| Q1 25 | $539.5M | $-338.4M | ||
| Q4 24 | $562.0M | $-253.6M | ||
| Q3 24 | $585.9M | $-187.1M | ||
| Q2 24 | $618.3M | $-233.8M | ||
| Q1 24 | $643.2M | — |
| Q4 25 | $5.2B | $259.1M | ||
| Q3 25 | $5.2B | $240.3M | ||
| Q2 25 | $5.2B | $250.2M | ||
| Q1 25 | $5.4B | $294.2M | ||
| Q4 24 | $5.4B | $378.3M | ||
| Q3 24 | $5.5B | $387.0M | ||
| Q2 24 | $5.5B | $319.4M | ||
| Q1 24 | $5.5B | — |
| 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 | $-166.8M |
| Free Cash FlowOCF − Capex | $42.0M | $-167.0M |
| FCF MarginFCF / Revenue | 36.9% | -290.0% |
| Capex IntensityCapex / Revenue | 16.4% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $-166.8M | ||
| Q3 25 | $22.7M | $-14.1M | ||
| Q2 25 | $18.4M | $-62.7M | ||
| Q1 25 | $11.4M | $-84.9M | ||
| Q4 24 | $2.0M | $-266.8M | ||
| Q3 24 | $-3.4M | $-63.6M | ||
| Q2 24 | $10.8M | $-70.7M | ||
| Q1 24 | $8.0M | — |
| Q4 25 | $42.0M | $-167.0M | ||
| Q3 25 | $17.6M | $-14.1M | ||
| Q2 25 | $15.2M | $-62.8M | ||
| Q1 25 | $5.0M | $-84.9M | ||
| Q4 24 | $-3.7M | $-266.9M | ||
| Q3 24 | $-5.9M | $-63.6M | ||
| Q2 24 | $9.4M | $-70.8M | ||
| Q1 24 | $5.9M | — |
| Q4 25 | 36.9% | -290.0% | ||
| Q3 25 | 15.9% | -28.6% | ||
| Q2 25 | 13.5% | -159.0% | ||
| Q1 25 | 4.5% | -297.9% | ||
| Q4 24 | -3.4% | -899.8% | ||
| Q3 24 | -5.5% | -389.0% | ||
| Q2 24 | 8.5% | -966.2% | ||
| Q1 24 | 5.2% | — |
| Q4 25 | 16.4% | 0.4% | ||
| Q3 25 | 4.6% | 0.1% | ||
| Q2 25 | 2.9% | 0.2% | ||
| Q1 25 | 5.7% | 0.1% | ||
| Q4 24 | 5.2% | 0.5% | ||
| Q3 24 | 2.3% | 0.3% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 1.9% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
