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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and Repay Holdings Corp (RPAY). 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 $78.6M, roughly 1.4× Repay Holdings Corp). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -178.3%, a 176.7% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs 0.4%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $23.2M). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
ILPT vs RPAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $78.6M |
| Net Profit | $-1.8M | $-140.1M |
| Gross Margin | — | 74.2% |
| Operating Margin | -22.1% | -182.2% |
| Net Margin | -1.6% | -178.3% |
| Revenue YoY | 3.1% | 0.4% |
| Net Profit YoY | 92.6% | -3304.1% |
| EPS (diluted) | $-0.02 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $110.9M | $77.7M | ||
| Q2 25 | $112.1M | $75.6M | ||
| Q1 25 | $111.9M | $77.3M | ||
| Q4 24 | $110.5M | $78.3M | ||
| Q3 24 | $108.9M | $79.1M | ||
| Q2 24 | $110.6M | $74.9M | ||
| Q1 24 | $112.2M | $80.7M |
| Q4 25 | $-1.8M | $-140.1M | ||
| Q3 25 | $-21.6M | $-6.4M | ||
| Q2 25 | $-21.3M | $-102.3M | ||
| Q1 25 | $-21.5M | $-7.9M | ||
| Q4 24 | $-24.1M | $-4.1M | ||
| Q3 24 | $-25.0M | $3.2M | ||
| Q2 24 | $-23.2M | $-4.1M | ||
| Q1 24 | $-23.4M | $-5.2M |
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% | ||
| Q1 24 | — | 76.2% |
| Q4 25 | -22.1% | -182.2% | ||
| Q3 25 | -29.4% | -3.9% | ||
| Q2 25 | -30.8% | -138.7% | ||
| Q1 25 | -26.9% | -4.7% | ||
| Q4 24 | -31.1% | -1.5% | ||
| Q3 24 | -33.5% | -0.9% | ||
| Q2 24 | -32.4% | -4.6% | ||
| Q1 24 | -31.7% | -3.1% |
| Q4 25 | -1.6% | -178.3% | ||
| Q3 25 | -19.4% | -8.3% | ||
| Q2 25 | -19.0% | -135.2% | ||
| Q1 25 | -19.2% | -10.3% | ||
| Q4 24 | -21.8% | -5.3% | ||
| Q3 24 | -22.9% | 4.1% | ||
| Q2 24 | -20.9% | -5.4% | ||
| Q1 24 | -20.9% | -6.5% |
| Q4 25 | $-0.02 | $-1.68 | ||
| Q3 25 | $-0.33 | $-0.08 | ||
| Q2 25 | $-0.32 | $-1.15 | ||
| Q1 25 | $-0.33 | $-0.09 | ||
| Q4 24 | $-0.37 | $-0.04 | ||
| Q3 24 | $-0.38 | $0.03 | ||
| Q2 24 | $-0.35 | $-0.04 | ||
| Q1 24 | $-0.36 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | $4.2B | $280.1M |
| Stockholders' EquityBook value | $489.7M | $484.4M |
| Total Assets | $5.2B | $1.2B |
| Debt / EquityLower = less leverage | 8.56× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $115.7M | ||
| Q3 25 | $83.2M | $95.7M | ||
| Q2 25 | $58.6M | $162.6M | ||
| Q1 25 | $108.0M | $165.5M | ||
| Q4 24 | $131.7M | $189.5M | ||
| Q3 24 | $153.9M | $168.7M | ||
| Q2 24 | $146.2M | $147.1M | ||
| Q1 24 | $128.4M | $128.3M |
| Q4 25 | $4.2B | $280.1M | ||
| Q3 25 | $4.2B | $279.5M | ||
| Q2 25 | $4.2B | $279.0M | ||
| Q1 25 | $4.3B | $497.6M | ||
| Q4 24 | $4.3B | $496.8M | ||
| Q3 24 | $4.3B | $496.2M | ||
| Q2 24 | $4.3B | $435.6M | ||
| Q1 24 | $4.3B | $434.9M |
| Q4 25 | $489.7M | $484.4M | ||
| Q3 25 | $494.1M | $616.9M | ||
| Q2 25 | $519.1M | $633.7M | ||
| Q1 25 | $539.5M | $755.7M | ||
| Q4 24 | $562.0M | $761.3M | ||
| Q3 24 | $585.9M | $754.7M | ||
| Q2 24 | $618.3M | $815.4M | ||
| Q1 24 | $643.2M | $813.8M |
| Q4 25 | $5.2B | $1.2B | ||
| Q3 25 | $5.2B | $1.3B | ||
| Q2 25 | $5.2B | $1.4B | ||
| Q1 25 | $5.4B | $1.5B | ||
| Q4 24 | $5.4B | $1.6B | ||
| Q3 24 | $5.5B | $1.6B | ||
| Q2 24 | $5.5B | $1.5B | ||
| Q1 24 | $5.5B | $1.5B |
| Q4 25 | 8.56× | 0.58× | ||
| Q3 25 | 8.49× | 0.45× | ||
| Q2 25 | 8.09× | 0.44× | ||
| Q1 25 | 7.96× | 0.66× | ||
| Q4 24 | 7.65× | 0.65× | ||
| Q3 24 | 7.35× | 0.66× | ||
| Q2 24 | 6.96× | 0.53× | ||
| Q1 24 | 6.70× | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $42.0M | $23.2M |
| FCF MarginFCF / Revenue | 36.9% | 29.6% |
| Capex IntensityCapex / Revenue | 16.4% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $23.3M | ||
| Q3 25 | $22.7M | $32.2M | ||
| Q2 25 | $18.4M | $33.1M | ||
| Q1 25 | $11.4M | $2.5M | ||
| Q4 24 | $2.0M | $34.3M | ||
| Q3 24 | $-3.4M | $60.1M | ||
| Q2 24 | $10.8M | $31.0M | ||
| Q1 24 | $8.0M | $24.8M |
| Q4 25 | $42.0M | $23.2M | ||
| Q3 25 | $17.6M | $32.1M | ||
| Q2 25 | $15.2M | $33.0M | ||
| Q1 25 | $5.0M | $2.4M | ||
| Q4 24 | $-3.7M | $34.0M | ||
| Q3 24 | $-5.9M | $59.8M | ||
| Q2 24 | $9.4M | $30.5M | ||
| Q1 24 | $5.9M | $24.7M |
| Q4 25 | 36.9% | 29.6% | ||
| Q3 25 | 15.9% | 41.3% | ||
| Q2 25 | 13.5% | 43.6% | ||
| Q1 25 | 4.5% | 3.0% | ||
| Q4 24 | -3.4% | 43.5% | ||
| Q3 24 | -5.5% | 75.6% | ||
| Q2 24 | 8.5% | 40.7% | ||
| Q1 24 | 5.2% | 30.6% |
| Q4 25 | 16.4% | 0.1% | ||
| Q3 25 | 4.6% | 0.2% | ||
| Q2 25 | 2.9% | 0.1% | ||
| Q1 25 | 5.7% | 0.2% | ||
| Q4 24 | 5.2% | 0.3% | ||
| Q3 24 | 2.3% | 0.3% | ||
| Q2 24 | 1.3% | 0.6% | ||
| Q1 24 | 1.9% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| 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.
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
