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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and TSS, Inc. (TSSI). 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 $60.9M, roughly 1.9× TSS, Inc.). TSS, Inc. runs the higher net margin — 20.0% vs -1.6%, a 21.5% gap on every dollar of revenue. On growth, TSS, Inc. posted the faster year-over-year revenue change (21.8% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $15.8M). Over the past eight quarters, TSS, Inc.'s revenue compounded faster (95.8% 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.
ILPT vs TSSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $60.9M |
| Net Profit | $-1.8M | $12.2M |
| Gross Margin | — | 17.6% |
| Operating Margin | -22.1% | 1.5% |
| Net Margin | -1.6% | 20.0% |
| Revenue YoY | 3.1% | 21.8% |
| Net Profit YoY | 92.6% | 535.7% |
| EPS (diluted) | $-0.02 | $0.44 |
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 | $60.9M | ||
| Q3 25 | $110.9M | $41.9M | ||
| Q2 25 | $112.1M | $44.0M | ||
| Q1 25 | $111.9M | $99.0M | ||
| Q4 24 | $110.5M | $50.0M | ||
| Q3 24 | $108.9M | $70.1M | ||
| Q2 24 | $110.6M | $12.2M | ||
| Q1 24 | $112.2M | $15.9M |
| Q4 25 | $-1.8M | $12.2M | ||
| Q3 25 | $-21.6M | $-1.5M | ||
| Q2 25 | $-21.3M | $1.5M | ||
| Q1 25 | $-21.5M | $3.0M | ||
| Q4 24 | $-24.1M | $1.9M | ||
| Q3 24 | $-25.0M | $2.6M | ||
| Q2 24 | $-23.2M | $1.4M | ||
| Q1 24 | $-23.4M | $15.0K |
| Q4 25 | — | 17.6% | ||
| Q3 25 | — | 11.1% | ||
| Q2 25 | — | 17.8% | ||
| Q1 25 | — | 9.3% | ||
| Q4 24 | — | 14.4% | ||
| Q3 24 | — | 11.3% | ||
| Q2 24 | — | 37.3% | ||
| Q1 24 | — | 17.1% |
| Q4 25 | -22.1% | 1.5% | ||
| Q3 25 | -29.4% | -2.2% | ||
| Q2 25 | -30.8% | 5.1% | ||
| Q1 25 | -26.9% | 4.2% | ||
| Q4 24 | -31.1% | 0.0% | ||
| Q3 24 | -33.5% | 5.4% | ||
| Q2 24 | -32.4% | 14.0% | ||
| Q1 24 | -31.7% | 1.6% |
| Q4 25 | -1.6% | 20.0% | ||
| Q3 25 | -19.4% | -3.6% | ||
| Q2 25 | -19.0% | 3.4% | ||
| Q1 25 | -19.2% | 3.0% | ||
| Q4 24 | -21.8% | 3.8% | ||
| Q3 24 | -22.9% | 3.8% | ||
| Q2 24 | -20.9% | 11.5% | ||
| Q1 24 | -20.9% | 0.1% |
| Q4 25 | $-0.02 | $0.44 | ||
| Q3 25 | $-0.33 | $-0.06 | ||
| Q2 25 | $-0.32 | $0.06 | ||
| Q1 25 | $-0.33 | $0.12 | ||
| Q4 24 | $-0.37 | $0.08 | ||
| Q3 24 | $-0.38 | $0.10 | ||
| Q2 24 | $-0.35 | $0.06 | ||
| Q1 24 | $-0.36 | $0.00 |
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 | $85.5M |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | $76.6M |
| Total Assets | $5.2B | $184.9M |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $85.5M | ||
| Q3 25 | $83.2M | $70.7M | ||
| Q2 25 | $58.6M | — | ||
| Q1 25 | $108.0M | — | ||
| Q4 24 | $131.7M | $23.2M | ||
| Q3 24 | $153.9M | $46.4M | ||
| Q2 24 | $146.2M | $8.3M | ||
| Q1 24 | $128.4M | $14.4M |
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.2B | — | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | — |
| Q4 25 | $489.7M | $76.6M | ||
| Q3 25 | $494.1M | $63.4M | ||
| Q2 25 | $519.1M | $9.5M | ||
| Q1 25 | $539.5M | $9.4M | ||
| Q4 24 | $562.0M | $7.1M | ||
| Q3 24 | $585.9M | $7.7M | ||
| Q2 24 | $618.3M | $5.2M | ||
| Q1 24 | $643.2M | $3.7M |
| Q4 25 | $5.2B | $184.9M | ||
| Q3 25 | $5.2B | $165.4M | ||
| Q2 25 | $5.2B | $139.5M | ||
| Q1 25 | $5.4B | $113.5M | ||
| Q4 24 | $5.4B | $96.6M | ||
| Q3 24 | $5.5B | $67.3M | ||
| Q2 24 | $5.5B | $28.9M | ||
| Q1 24 | $5.5B | $26.8M |
| 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 | $16.3M |
| Free Cash FlowOCF − Capex | $42.0M | $15.8M |
| FCF MarginFCF / Revenue | 36.9% | 25.9% |
| Capex IntensityCapex / Revenue | 16.4% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 1.34× |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $16.3M | ||
| Q3 25 | $22.7M | $-18.4M | ||
| Q2 25 | $18.4M | $16.3M | ||
| Q1 25 | $11.4M | $20.6M | ||
| Q4 24 | $2.0M | $-21.6M | ||
| Q3 24 | $-3.4M | $38.6M | ||
| Q2 24 | $10.8M | $-4.3M | ||
| Q1 24 | $8.0M | $2.6M |
| Q4 25 | $42.0M | $15.8M | ||
| Q3 25 | $17.6M | $-24.9M | ||
| Q2 25 | $15.2M | $5.4M | ||
| Q1 25 | $5.0M | $5.8M | ||
| Q4 24 | $-3.7M | $-28.4M | ||
| Q3 24 | $-5.9M | $38.6M | ||
| Q2 24 | $9.4M | $-6.0M | ||
| Q1 24 | $5.9M | $2.6M |
| Q4 25 | 36.9% | 25.9% | ||
| Q3 25 | 15.9% | -59.3% | ||
| Q2 25 | 13.5% | 12.3% | ||
| Q1 25 | 4.5% | 5.8% | ||
| Q4 24 | -3.4% | -56.7% | ||
| Q3 24 | -5.5% | 55.1% | ||
| Q2 24 | 8.5% | -49.4% | ||
| Q1 24 | 5.2% | 16.4% |
| Q4 25 | 16.4% | 0.9% | ||
| Q3 25 | 4.6% | 15.3% | ||
| Q2 25 | 2.9% | 24.8% | ||
| Q1 25 | 5.7% | 15.0% | ||
| Q4 24 | 5.2% | 13.4% | ||
| Q3 24 | 2.3% | 0.1% | ||
| Q2 24 | 1.3% | 13.8% | ||
| Q1 24 | 1.9% | 0.2% |
| Q4 25 | — | 1.34× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 11.02× | ||
| Q1 25 | — | 6.93× | ||
| Q4 24 | — | -11.32× | ||
| Q3 24 | — | 14.60× | ||
| Q2 24 | — | -3.09× | ||
| Q1 24 | — | 176.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ILPT
Segment breakdown not available.
TSSI
| Procurement Revenues Segment | $43.2M | 71% |
| System Integration Services Segment | $14.2M | 23% |
| Facilities Segment | $3.5M | 6% |
