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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($165.3M vs $134.3M, roughly 1.2× Mayville Engineering Company, Inc.). On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs 2.5%). Over the past eight quarters, INDEPENDENCE REALTY TRUST, INC.'s revenue compounded faster (2.2% CAGR vs -8.8%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
IRT vs MEC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $134.3M |
| Net Profit | — | $-4.4M |
| Gross Margin | — | 6.8% |
| Operating Margin | — | -4.1% |
| Net Margin | — | -3.2% |
| Revenue YoY | 2.5% | 10.7% |
| Net Profit YoY | — | -127.3% |
| EPS (diluted) | $0.00 | $-0.22 |
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.
| Q1 26 | $165.3M | — | ||
| Q4 25 | $167.1M | $134.3M | ||
| Q3 25 | $167.1M | $144.3M | ||
| Q2 25 | $162.2M | $132.3M | ||
| Q1 25 | $161.2M | $135.6M | ||
| Q4 24 | $161.0M | $121.3M | ||
| Q3 24 | $160.1M | $135.4M | ||
| Q2 24 | $158.4M | $163.6M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | $-4.4M | ||
| Q3 25 | $6.9M | $-2.7M | ||
| Q2 25 | $8.0M | $-1.1M | ||
| Q1 25 | $8.4M | $20.0K | ||
| Q4 24 | $-1.0M | $16.0M | ||
| Q3 24 | $12.4M | $3.0M | ||
| Q2 24 | $10.4M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 13.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | -4.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 5.0% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | -3.2% | ||
| Q3 25 | 4.1% | -1.9% | ||
| Q2 25 | 5.0% | -0.8% | ||
| Q1 25 | 5.2% | 0.0% | ||
| Q4 24 | -0.6% | 13.2% | ||
| Q3 24 | 7.7% | 2.2% | ||
| Q2 24 | 6.5% | 2.3% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $-0.22 | ||
| Q3 25 | $0.03 | $-0.13 | ||
| Q2 25 | $0.03 | $-0.05 | ||
| Q1 25 | $0.04 | $0.00 | ||
| Q4 24 | $-0.01 | $0.76 | ||
| Q3 24 | $0.05 | $0.14 | ||
| Q2 24 | $0.05 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.3M | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.4B | $240.7M |
| Total Assets | $6.1B | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | $1.5M | ||
| Q3 25 | $23.3M | $1.2M | ||
| Q2 25 | $19.5M | $206.0K | ||
| Q1 25 | $29.1M | $183.0K | ||
| Q4 24 | $21.2M | $206.0K | ||
| Q3 24 | $17.6M | $178.0K | ||
| Q2 24 | $21.0M | $314.0K |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | $240.7M | ||
| Q3 25 | $3.5B | $244.8M | ||
| Q2 25 | $3.4B | $246.8M | ||
| Q1 25 | $3.5B | $250.0M | ||
| Q4 24 | $3.4B | $251.8M | ||
| Q3 24 | $3.4B | $238.4M | ||
| Q2 24 | $3.4B | $238.1M |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | $563.6M | ||
| Q3 25 | $6.1B | $585.6M | ||
| Q2 25 | $6.0B | $433.7M | ||
| Q1 25 | $6.0B | $447.7M | ||
| Q4 24 | $6.1B | $445.6M | ||
| Q3 24 | $5.9B | $466.0M | ||
| Q2 24 | $5.9B | $488.2M |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.66× | — |
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 | — | $13.4M |
| Free Cash FlowOCF − Capex | — | $10.2M |
| FCF MarginFCF / Revenue | — | 7.6% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.1M | $13.4M | ||
| Q3 25 | $79.3M | $1.9M | ||
| Q2 25 | $82.2M | $15.0M | ||
| Q1 25 | $60.4M | $8.3M | ||
| Q4 24 | $259.8M | $38.0M | ||
| Q3 24 | $69.2M | $17.9M | ||
| Q2 24 | $83.0M | $23.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | $10.2M | ||
| Q3 25 | — | $-1.1M | ||
| Q2 25 | — | $12.5M | ||
| Q1 25 | — | $5.4M | ||
| Q4 24 | — | $35.6M | ||
| Q3 24 | — | $15.1M | ||
| Q2 24 | — | $19.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.6% | ||
| Q3 25 | — | -0.8% | ||
| Q2 25 | — | 9.5% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 29.4% | ||
| Q3 24 | — | 11.1% | ||
| Q2 24 | — | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 2.5% |
| Q1 26 | — | — | ||
| Q4 25 | 8.48× | — | ||
| Q3 25 | 11.51× | — | ||
| Q2 25 | 10.22× | — | ||
| Q1 25 | 7.23× | 416.65× | ||
| Q4 24 | — | 2.38× | ||
| Q3 24 | 5.60× | 6.03× | ||
| Q2 24 | 8.02× | 6.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
