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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). 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 $91.6M, roughly 1.2× SHENANDOAH TELECOMMUNICATIONS CO). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -5.9%, a 4.3% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
ILPT vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $91.6M |
| Net Profit | $-1.8M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | -22.1% | -1.0% |
| Net Margin | -1.6% | -5.9% |
| Revenue YoY | 3.1% | 7.2% |
| Net Profit YoY | 92.6% | -95.8% |
| EPS (diluted) | $-0.02 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $110.9M | $89.8M | ||
| Q2 25 | $112.1M | $88.6M | ||
| Q1 25 | $111.9M | $87.9M | ||
| Q4 24 | $110.5M | $85.4M | ||
| Q3 24 | $108.9M | $87.6M | ||
| Q2 24 | $110.6M | $85.8M | ||
| Q1 24 | $112.2M | $69.2M |
| Q4 25 | $-1.8M | $-5.4M | ||
| Q3 25 | $-21.6M | $-9.4M | ||
| Q2 25 | $-21.3M | $-9.0M | ||
| Q1 25 | $-21.5M | $-9.1M | ||
| Q4 24 | $-24.1M | $-2.7M | ||
| Q3 24 | $-25.0M | $-5.3M | ||
| Q2 24 | $-23.2M | $-12.9M | ||
| Q1 24 | $-23.4M | $214.7M |
| Q4 25 | -22.1% | -1.0% | ||
| Q3 25 | -29.4% | -8.0% | ||
| Q2 25 | -30.8% | -10.3% | ||
| Q1 25 | -26.9% | -6.9% | ||
| Q4 24 | -31.1% | -6.7% | ||
| Q3 24 | -33.5% | -4.8% | ||
| Q2 24 | -32.4% | -18.5% | ||
| Q1 24 | -31.7% | -4.0% |
| Q4 25 | -1.6% | -5.9% | ||
| Q3 25 | -19.4% | -10.5% | ||
| Q2 25 | -19.0% | -10.2% | ||
| Q1 25 | -19.2% | -10.4% | ||
| Q4 24 | -21.8% | -3.2% | ||
| Q3 24 | -22.9% | -6.0% | ||
| Q2 24 | -20.9% | -15.0% | ||
| Q1 24 | -20.9% | 310.0% |
| Q4 25 | $-0.02 | $-0.13 | ||
| Q3 25 | $-0.33 | $-0.20 | ||
| Q2 25 | $-0.32 | $-0.19 | ||
| Q1 25 | $-0.33 | $-0.19 | ||
| Q4 24 | $-0.37 | $-0.34 | ||
| Q3 24 | $-0.38 | $-0.13 | ||
| Q2 24 | $-0.35 | $-0.24 | ||
| Q1 24 | $-0.36 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $4.2B | $642.4M |
| Stockholders' EquityBook value | $489.7M | $880.8M |
| Total Assets | $5.2B | $1.9B |
| Debt / EquityLower = less leverage | 8.56× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $27.3M | ||
| Q3 25 | $83.2M | $22.6M | ||
| Q2 25 | $58.6M | $29.1M | ||
| Q1 25 | $108.0M | $87.5M | ||
| Q4 24 | $131.7M | $46.3M | ||
| Q3 24 | $153.9M | $43.1M | ||
| Q2 24 | $146.2M | $43.8M | ||
| Q1 24 | $128.4M | $389.7M |
| Q4 25 | $4.2B | $642.4M | ||
| Q3 25 | $4.2B | $535.4M | ||
| Q2 25 | $4.2B | $513.1M | ||
| Q1 25 | $4.3B | $515.8M | ||
| Q4 24 | $4.3B | $418.0M | ||
| Q3 24 | $4.3B | $345.2M | ||
| Q2 24 | $4.3B | $297.4M | ||
| Q1 24 | $4.3B | $298.7M |
| Q4 25 | $489.7M | $880.8M | ||
| Q3 25 | $494.1M | $892.7M | ||
| Q2 25 | $519.1M | $902.0M | ||
| Q1 25 | $539.5M | $910.5M | ||
| Q4 24 | $562.0M | $918.6M | ||
| Q3 24 | $585.9M | $925.4M | ||
| Q2 24 | $618.3M | $933.1M | ||
| Q1 24 | $643.2M | $871.6M |
| Q4 25 | $5.2B | $1.9B | ||
| Q3 25 | $5.2B | $1.9B | ||
| Q2 25 | $5.2B | $1.8B | ||
| Q1 25 | $5.4B | $1.8B | ||
| Q4 24 | $5.4B | $1.7B | ||
| Q3 24 | $5.5B | $1.7B | ||
| Q2 24 | $5.5B | $1.7B | ||
| Q1 24 | $5.5B | $1.4B |
| Q4 25 | 8.56× | 0.73× | ||
| Q3 25 | 8.49× | 0.60× | ||
| Q2 25 | 8.09× | 0.57× | ||
| Q1 25 | 7.96× | 0.57× | ||
| Q4 24 | 7.65× | 0.46× | ||
| Q3 24 | 7.35× | 0.37× | ||
| Q2 24 | 6.96× | 0.32× | ||
| Q1 24 | 6.70× | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $42.0M | $-78.6M |
| FCF MarginFCF / Revenue | 36.9% | -85.8% |
| Capex IntensityCapex / Revenue | 16.4% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $28.8M | ||
| Q3 25 | $22.7M | $30.7M | ||
| Q2 25 | $18.4M | $20.9M | ||
| Q1 25 | $11.4M | $20.5M | ||
| Q4 24 | $2.0M | $20.6M | ||
| Q3 24 | $-3.4M | $24.3M | ||
| Q2 24 | $10.8M | $2.5M | ||
| Q1 24 | $8.0M | $15.2M |
| Q4 25 | $42.0M | $-78.6M | ||
| Q3 25 | $17.6M | $-51.4M | ||
| Q2 25 | $15.2M | $-65.3M | ||
| Q1 25 | $5.0M | $-62.7M | ||
| Q4 24 | $-3.7M | $-72.0M | ||
| Q3 24 | $-5.9M | $-51.3M | ||
| Q2 24 | $9.4M | $-78.3M | ||
| Q1 24 | $5.9M | $-54.9M |
| Q4 25 | 36.9% | -85.8% | ||
| Q3 25 | 15.9% | -57.2% | ||
| Q2 25 | 13.5% | -73.7% | ||
| Q1 25 | 4.5% | -71.3% | ||
| Q4 24 | -3.4% | -84.3% | ||
| Q3 24 | -5.5% | -58.5% | ||
| Q2 24 | 8.5% | -91.3% | ||
| Q1 24 | 5.2% | -79.3% |
| Q4 25 | 16.4% | 117.2% | ||
| Q3 25 | 4.6% | 91.4% | ||
| Q2 25 | 2.9% | 97.3% | ||
| Q1 25 | 5.7% | 94.7% | ||
| Q4 24 | 5.2% | 108.4% | ||
| Q3 24 | 2.3% | 86.2% | ||
| Q2 24 | 1.3% | 94.2% | ||
| Q1 24 | 1.9% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILPT
Segment breakdown not available.
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
