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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and Phreesia, Inc. (PHR). Click either name above to swap in a different company.
Phreesia, Inc. is the larger business by last-quarter revenue ($120.3M vs $113.9M, roughly 1.1× Industrial Logistics Properties Trust). Phreesia, Inc. runs the higher net margin — 3.5% vs -1.6%, a 5.1% gap on every dollar of revenue. On growth, Phreesia, Inc. posted the faster year-over-year revenue change (12.7% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $12.2M).
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.
Phreesia, Inc. is a software as a service company that offers healthcare organizations a set of applications to automate and manage patient intake.
ILPT vs PHR — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $120.3M |
| Net Profit | $-1.8M | $4.3M |
| Gross Margin | — | — |
| Operating Margin | -22.1% | 3.1% |
| Net Margin | -1.6% | 3.5% |
| Revenue YoY | 3.1% | 12.7% |
| Net Profit YoY | 92.6% | 129.7% |
| EPS (diluted) | $-0.02 | $0.07 |
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 | $120.3M | ||
| Q3 25 | $110.9M | $117.3M | ||
| Q2 25 | $112.1M | $115.9M | ||
| Q1 25 | $111.9M | — | ||
| Q4 24 | $110.5M | — | ||
| Q3 24 | $108.9M | — | ||
| Q2 24 | $110.6M | — | ||
| Q1 24 | $112.2M | — |
| Q4 25 | $-1.8M | $4.3M | ||
| Q3 25 | $-21.6M | $654.0K | ||
| Q2 25 | $-21.3M | $-3.9M | ||
| Q1 25 | $-21.5M | — | ||
| Q4 24 | $-24.1M | — | ||
| Q3 24 | $-25.0M | — | ||
| Q2 24 | $-23.2M | — | ||
| Q1 24 | $-23.4M | — |
| Q4 25 | -22.1% | 3.1% | ||
| Q3 25 | -29.4% | -1.3% | ||
| Q2 25 | -30.8% | -2.8% | ||
| Q1 25 | -26.9% | — | ||
| Q4 24 | -31.1% | — | ||
| Q3 24 | -33.5% | — | ||
| Q2 24 | -32.4% | — | ||
| Q1 24 | -31.7% | — |
| Q4 25 | -1.6% | 3.5% | ||
| Q3 25 | -19.4% | 0.6% | ||
| Q2 25 | -19.0% | -3.4% | ||
| Q1 25 | -19.2% | — | ||
| Q4 24 | -21.8% | — | ||
| Q3 24 | -22.9% | — | ||
| Q2 24 | -20.9% | — | ||
| Q1 24 | -20.9% | — |
| Q4 25 | $-0.02 | $0.07 | ||
| Q3 25 | $-0.33 | $0.01 | ||
| Q2 25 | $-0.32 | $-0.07 | ||
| Q1 25 | $-0.33 | — | ||
| Q4 24 | $-0.37 | — | ||
| Q3 24 | $-0.38 | — | ||
| Q2 24 | $-0.35 | — | ||
| 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 | $106.4M |
| Total DebtLower is stronger | $4.2B | $3.4M |
| Stockholders' EquityBook value | $489.7M | $320.3M |
| Total Assets | $5.2B | $423.5M |
| Debt / EquityLower = less leverage | 8.56× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $106.4M | ||
| Q3 25 | $83.2M | $98.3M | ||
| Q2 25 | $58.6M | $90.9M | ||
| Q1 25 | $108.0M | — | ||
| Q4 24 | $131.7M | — | ||
| Q3 24 | $153.9M | — | ||
| Q2 24 | $146.2M | — | ||
| Q1 24 | $128.4M | — |
| Q4 25 | $4.2B | $3.4M | ||
| Q3 25 | $4.2B | $4.6M | ||
| Q2 25 | $4.2B | $6.2M | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | — |
| Q4 25 | $489.7M | $320.3M | ||
| Q3 25 | $494.1M | $298.0M | ||
| Q2 25 | $519.1M | $282.2M | ||
| Q1 25 | $539.5M | — | ||
| Q4 24 | $562.0M | — | ||
| Q3 24 | $585.9M | — | ||
| Q2 24 | $618.3M | — | ||
| Q1 24 | $643.2M | — |
| Q4 25 | $5.2B | $423.5M | ||
| Q3 25 | $5.2B | $408.6M | ||
| Q2 25 | $5.2B | $400.4M | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.5B | — | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.5B | — |
| Q4 25 | 8.56× | 0.01× | ||
| Q3 25 | 8.49× | 0.02× | ||
| Q2 25 | 8.09× | 0.02× | ||
| 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 | $15.5M |
| Free Cash FlowOCF − Capex | $42.0M | $12.2M |
| FCF MarginFCF / Revenue | 36.9% | 10.1% |
| Capex IntensityCapex / Revenue | 16.4% | 2.7% |
| Cash ConversionOCF / Net Profit | — | 3.62× |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $15.5M | ||
| Q3 25 | $22.7M | $14.8M | ||
| Q2 25 | $18.4M | $14.8M | ||
| Q1 25 | $11.4M | — | ||
| Q4 24 | $2.0M | — | ||
| Q3 24 | $-3.4M | — | ||
| Q2 24 | $10.8M | — | ||
| Q1 24 | $8.0M | — |
| Q4 25 | $42.0M | $12.2M | ||
| Q3 25 | $17.6M | $13.1M | ||
| Q2 25 | $15.2M | $11.3M | ||
| Q1 25 | $5.0M | — | ||
| Q4 24 | $-3.7M | — | ||
| Q3 24 | $-5.9M | — | ||
| Q2 24 | $9.4M | — | ||
| Q1 24 | $5.9M | — |
| Q4 25 | 36.9% | 10.1% | ||
| Q3 25 | 15.9% | 11.1% | ||
| Q2 25 | 13.5% | 9.8% | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | -3.4% | — | ||
| Q3 24 | -5.5% | — | ||
| Q2 24 | 8.5% | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | 16.4% | 2.7% | ||
| Q3 25 | 4.6% | 1.5% | ||
| Q2 25 | 2.9% | 3.0% | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 5.2% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.9% | — |
| Q4 25 | — | 3.62× | ||
| Q3 25 | — | 22.68× | ||
| 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.
PHR
| Subscription And Services | $55.5M | 46% |
| Network Solutions | $37.4M | 31% |
| Payment Processing Fees | $27.4M | 23% |
