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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and RE/MAX Holdings, Inc. (RMAX). 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 $71.1M, roughly 1.6× RE/MAX Holdings, Inc.). RE/MAX Holdings, Inc. runs the higher net margin — 2.0% vs -1.6%, a 3.6% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs -1.8%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $33.5M). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -4.7%).
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.
RE/MAX is an international real estate franchise operating in over 100 countries and territories that, in 2015, had over 100,000 agents in 6,800 offices.
ILPT vs RMAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $71.1M |
| Net Profit | $-1.8M | $1.4M |
| Gross Margin | — | — |
| Operating Margin | -22.1% | 13.1% |
| Net Margin | -1.6% | 2.0% |
| Revenue YoY | 3.1% | -1.8% |
| Net Profit YoY | 92.6% | -75.2% |
| 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 | $71.1M | ||
| Q3 25 | $110.9M | $73.2M | ||
| Q2 25 | $112.1M | $72.8M | ||
| Q1 25 | $111.9M | $74.5M | ||
| Q4 24 | $110.5M | $72.5M | ||
| Q3 24 | $108.9M | $78.5M | ||
| Q2 24 | $110.6M | $78.5M | ||
| Q1 24 | $112.2M | $78.3M |
| Q4 25 | $-1.8M | $1.4M | ||
| Q3 25 | $-21.6M | $4.0M | ||
| Q2 25 | $-21.3M | $4.7M | ||
| Q1 25 | $-21.5M | $-2.0M | ||
| Q4 24 | $-24.1M | $5.8M | ||
| Q3 24 | $-25.0M | $966.0K | ||
| Q2 24 | $-23.2M | $3.7M | ||
| Q1 24 | $-23.4M | $-3.4M |
| Q4 25 | -22.1% | 13.1% | ||
| Q3 25 | -29.4% | 25.0% | ||
| Q2 25 | -30.8% | 19.3% | ||
| Q1 25 | -26.9% | 7.2% | ||
| Q4 24 | -31.1% | 5.9% | ||
| Q3 24 | -33.5% | 19.4% | ||
| Q2 24 | -32.4% | 20.6% | ||
| Q1 24 | -31.7% | 5.8% |
| Q4 25 | -1.6% | 2.0% | ||
| Q3 25 | -19.4% | 5.4% | ||
| Q2 25 | -19.0% | 6.4% | ||
| Q1 25 | -19.2% | -2.6% | ||
| Q4 24 | -21.8% | 8.0% | ||
| Q3 24 | -22.9% | 1.2% | ||
| Q2 24 | -20.9% | 4.7% | ||
| Q1 24 | -20.9% | -4.3% |
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $-0.33 | — | ||
| Q2 25 | $-0.32 | — | ||
| 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 | $118.7M |
| Total DebtLower is stronger | $4.2B | $432.2M |
| Stockholders' EquityBook value | $489.7M | $452.4M |
| Total Assets | $5.2B | $582.5M |
| Debt / EquityLower = less leverage | 8.56× | 0.96× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $118.7M | ||
| Q3 25 | $83.2M | $107.5M | ||
| Q2 25 | $58.6M | $94.3M | ||
| Q1 25 | $108.0M | $89.1M | ||
| Q4 24 | $131.7M | $96.6M | ||
| Q3 24 | $153.9M | $83.8M | ||
| Q2 24 | $146.2M | $66.1M | ||
| Q1 24 | $128.4M | $82.1M |
| Q4 25 | $4.2B | $432.2M | ||
| Q3 25 | $4.2B | $433.3M | ||
| Q2 25 | $4.2B | $434.4M | ||
| Q1 25 | $4.3B | $435.3M | ||
| Q4 24 | $4.3B | $436.2M | ||
| Q3 24 | $4.3B | $437.2M | ||
| Q2 24 | $4.3B | $438.1M | ||
| Q1 24 | $4.3B | $439.0M |
| Q4 25 | $489.7M | $452.4M | ||
| Q3 25 | $494.1M | $448.1M | ||
| Q2 25 | $519.1M | $442.4M | ||
| Q1 25 | $539.5M | $433.5M | ||
| Q4 24 | $562.0M | $429.5M | ||
| Q3 24 | $585.9M | $423.1M | ||
| Q2 24 | $618.3M | $418.4M | ||
| Q1 24 | $643.2M | $412.0M |
| Q4 25 | $5.2B | $582.5M | ||
| Q3 25 | $5.2B | $582.2M | ||
| Q2 25 | $5.2B | $574.8M | ||
| Q1 25 | $5.4B | $571.4M | ||
| Q4 24 | $5.4B | $581.6M | ||
| Q3 24 | $5.5B | $578.6M | ||
| Q2 24 | $5.5B | $571.4M | ||
| Q1 24 | $5.5B | $566.7M |
| Q4 25 | 8.56× | 0.96× | ||
| Q3 25 | 8.49× | 0.97× | ||
| Q2 25 | 8.09× | 0.98× | ||
| Q1 25 | 7.96× | 1.00× | ||
| Q4 24 | 7.65× | 1.02× | ||
| Q3 24 | 7.35× | 1.03× | ||
| Q2 24 | 6.96× | 1.05× | ||
| Q1 24 | 6.70× | 1.07× |
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 | $40.9M |
| Free Cash FlowOCF − Capex | $42.0M | $33.5M |
| FCF MarginFCF / Revenue | 36.9% | 47.1% |
| Capex IntensityCapex / Revenue | 16.4% | 10.4% |
| Cash ConversionOCF / Net Profit | — | 28.39× |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $56.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $40.9M | ||
| Q3 25 | $22.7M | $17.7M | ||
| Q2 25 | $18.4M | $4.6M | ||
| Q1 25 | $11.4M | $5.7M | ||
| Q4 24 | $2.0M | $59.7M | ||
| Q3 24 | $-3.4M | $17.6M | ||
| Q2 24 | $10.8M | $15.9M | ||
| Q1 24 | $8.0M | $9.4M |
| Q4 25 | $42.0M | $33.5M | ||
| Q3 25 | $17.6M | $16.4M | ||
| Q2 25 | $15.2M | $2.9M | ||
| Q1 25 | $5.0M | $4.0M | ||
| Q4 24 | $-3.7M | $53.0M | ||
| Q3 24 | $-5.9M | $16.3M | ||
| Q2 24 | $9.4M | $14.0M | ||
| Q1 24 | $5.9M | $6.8M |
| Q4 25 | 36.9% | 47.1% | ||
| Q3 25 | 15.9% | 22.4% | ||
| Q2 25 | 13.5% | 4.0% | ||
| Q1 25 | 4.5% | 5.3% | ||
| Q4 24 | -3.4% | 73.2% | ||
| Q3 24 | -5.5% | 20.8% | ||
| Q2 24 | 8.5% | 17.8% | ||
| Q1 24 | 5.2% | 8.6% |
| Q4 25 | 16.4% | 10.4% | ||
| Q3 25 | 4.6% | 1.8% | ||
| Q2 25 | 2.9% | 2.2% | ||
| Q1 25 | 5.7% | 2.3% | ||
| Q4 24 | 5.2% | 9.1% | ||
| Q3 24 | 2.3% | 1.7% | ||
| Q2 24 | 1.3% | 2.4% | ||
| Q1 24 | 1.9% | 3.3% |
| Q4 25 | — | 28.39× | ||
| Q3 25 | — | 4.45× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 10.28× | ||
| Q3 24 | — | 18.22× | ||
| Q2 24 | — | 4.29× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILPT
Segment breakdown not available.
RMAX
| Franchising Segment | $50.1M | 70% |
| Broker Fees | $13.9M | 20% |
| Annual Dues | $7.4M | 10% |
