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Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and Vericel Corp (VCEL). 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 $92.9M, roughly 1.2× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -1.6%, a 26.6% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 3.1%). Industrial Logistics Properties Trust produced more free cash flow last quarter ($42.0M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
ILPT vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $92.9M |
| Net Profit | $-1.8M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | -22.1% | 24.1% |
| Net Margin | -1.6% | 25.0% |
| Revenue YoY | 3.1% | 23.3% |
| Net Profit YoY | 92.6% | 17.3% |
| EPS (diluted) | $-0.02 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $110.9M | $67.5M | ||
| Q2 25 | $112.1M | $63.2M | ||
| Q1 25 | $111.9M | $52.6M | ||
| Q4 24 | $110.5M | $75.4M | ||
| Q3 24 | $108.9M | $57.9M | ||
| Q2 24 | $110.6M | $52.7M | ||
| Q1 24 | $112.2M | $51.3M |
| Q4 25 | $-1.8M | $23.2M | ||
| Q3 25 | $-21.6M | $5.1M | ||
| Q2 25 | $-21.3M | $-553.0K | ||
| Q1 25 | $-21.5M | $-11.2M | ||
| Q4 24 | $-24.1M | $19.8M | ||
| Q3 24 | $-25.0M | $-901.0K | ||
| Q2 24 | $-23.2M | $-4.7M | ||
| Q1 24 | $-23.4M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | -22.1% | 24.1% | ||
| Q3 25 | -29.4% | 5.1% | ||
| Q2 25 | -30.8% | -3.2% | ||
| Q1 25 | -26.9% | -24.3% | ||
| Q4 24 | -31.1% | 24.5% | ||
| Q3 24 | -33.5% | -4.3% | ||
| Q2 24 | -32.4% | -11.5% | ||
| Q1 24 | -31.7% | -10.7% |
| Q4 25 | -1.6% | 25.0% | ||
| Q3 25 | -19.4% | 7.5% | ||
| Q2 25 | -19.0% | -0.9% | ||
| Q1 25 | -19.2% | -21.4% | ||
| Q4 24 | -21.8% | 26.3% | ||
| Q3 24 | -22.9% | -1.6% | ||
| Q2 24 | -20.9% | -8.9% | ||
| Q1 24 | -20.9% | -7.5% |
| Q4 25 | $-0.02 | $0.46 | ||
| Q3 25 | $-0.33 | $0.10 | ||
| Q2 25 | $-0.32 | $-0.01 | ||
| Q1 25 | $-0.33 | $-0.23 | ||
| Q4 24 | $-0.37 | $0.40 | ||
| Q3 24 | $-0.38 | $-0.02 | ||
| Q2 24 | $-0.35 | $-0.10 | ||
| Q1 24 | $-0.36 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | $354.6M |
| Total Assets | $5.2B | $488.0M |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $94.8M | $137.5M | ||
| Q3 25 | $83.2M | $135.4M | ||
| Q2 25 | $58.6M | $116.9M | ||
| Q1 25 | $108.0M | $112.9M | ||
| Q4 24 | $131.7M | $116.2M | ||
| Q3 24 | $153.9M | $101.7M | ||
| Q2 24 | $146.2M | $102.5M | ||
| Q1 24 | $128.4M | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $494.1M | $321.9M | ||
| Q2 25 | $519.1M | $306.8M | ||
| Q1 25 | $539.5M | $295.5M | ||
| Q4 24 | $562.0M | $292.0M | ||
| Q3 24 | $585.9M | $257.5M | ||
| Q2 24 | $618.3M | $243.0M | ||
| Q1 24 | $643.2M | $233.9M |
| Q4 25 | $5.2B | $488.0M | ||
| Q3 25 | $5.2B | $453.3M | ||
| Q2 25 | $5.2B | $435.6M | ||
| Q1 25 | $5.4B | $424.6M | ||
| Q4 24 | $5.4B | $432.7M | ||
| Q3 24 | $5.5B | $390.4M | ||
| Q2 24 | $5.5B | $376.8M | ||
| Q1 24 | $5.5B | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $42.0M | $12.8M |
| FCF MarginFCF / Revenue | 36.9% | 13.8% |
| Capex IntensityCapex / Revenue | 16.4% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.7M | $15.0M | ||
| Q3 25 | $22.7M | $22.1M | ||
| Q2 25 | $18.4M | $8.2M | ||
| Q1 25 | $11.4M | $6.6M | ||
| Q4 24 | $2.0M | $22.2M | ||
| Q3 24 | $-3.4M | $10.2M | ||
| Q2 24 | $10.8M | $18.5M | ||
| Q1 24 | $8.0M | $7.2M |
| Q4 25 | $42.0M | $12.8M | ||
| Q3 25 | $17.6M | $19.5M | ||
| Q2 25 | $15.2M | $81.0K | ||
| Q1 25 | $5.0M | $-7.6M | ||
| Q4 24 | $-3.7M | $8.5M | ||
| Q3 24 | $-5.9M | $-9.2M | ||
| Q2 24 | $9.4M | $1.8M | ||
| Q1 24 | $5.9M | $-6.8M |
| Q4 25 | 36.9% | 13.8% | ||
| Q3 25 | 15.9% | 28.8% | ||
| Q2 25 | 13.5% | 0.1% | ||
| Q1 25 | 4.5% | -14.5% | ||
| Q4 24 | -3.4% | 11.2% | ||
| Q3 24 | -5.5% | -15.9% | ||
| Q2 24 | 8.5% | 3.4% | ||
| Q1 24 | 5.2% | -13.3% |
| Q4 25 | 16.4% | 2.4% | ||
| Q3 25 | 4.6% | 3.9% | ||
| Q2 25 | 2.9% | 12.9% | ||
| Q1 25 | 5.7% | 27.0% | ||
| Q4 24 | 5.2% | 18.3% | ||
| Q3 24 | 2.3% | 33.5% | ||
| Q2 24 | 1.3% | 31.8% | ||
| Q1 24 | 1.9% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| 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.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
