vs
Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and TANGER INC. (SKT). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($167.1M vs $151.0M, roughly 1.1× TANGER INC.). On growth, TANGER INC. posted the faster year-over-year revenue change (14.2% vs 3.8%). Over the past eight quarters, TANGER INC.'s revenue compounded faster (10.6% CAGR vs 2.0%).
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.
Tanger Inc. is a real estate investment trust headquartered in Greensboro, North Carolina, that invests in open air outlet and lifestyle shopping centers in the United States and Canada.
IRT vs SKT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $167.1M | $151.0M |
| Net Profit | $33.3M | — |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | 19.9% | — |
| Revenue YoY | 3.8% | 14.2% |
| Net Profit YoY | 3410.0% | — |
| EPS (diluted) | $0.14 | — |
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 | $167.1M | $151.0M | ||
| Q3 25 | $167.1M | $145.2M | ||
| Q2 25 | $162.2M | $140.7M | ||
| Q1 25 | $161.2M | $135.4M | ||
| Q4 24 | $161.0M | $132.2M | ||
| Q3 24 | $160.1M | $133.0M | ||
| Q2 24 | $158.4M | $129.0M | ||
| Q1 24 | $160.5M | $123.4M |
| Q4 25 | $33.3M | — | ||
| Q3 25 | $6.9M | $32.0M | ||
| Q2 25 | $8.0M | $30.1M | ||
| Q1 25 | $8.4M | $19.2M | ||
| Q4 24 | $-1.0M | — | ||
| Q3 24 | $12.4M | $24.9M | ||
| Q2 24 | $10.4M | $24.8M | ||
| Q1 24 | $17.6M | $22.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | 20.1% | ||
| Q2 25 | — | 20.1% | ||
| Q1 25 | — | 13.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 16.9% |
| Q4 25 | 19.9% | — | ||
| Q3 25 | 4.1% | 22.1% | ||
| Q2 25 | 5.0% | 21.4% | ||
| Q1 25 | 5.2% | 14.2% | ||
| Q4 24 | -0.6% | — | ||
| Q3 24 | 7.7% | 18.7% | ||
| Q2 24 | 6.5% | 19.3% | ||
| Q1 24 | 10.9% | 18.2% |
| Q4 25 | $0.14 | — | ||
| Q3 25 | $0.03 | $0.28 | ||
| Q2 25 | $0.03 | $0.26 | ||
| Q1 25 | $0.04 | $0.17 | ||
| Q4 24 | $-0.01 | — | ||
| Q3 24 | $0.05 | $0.22 | ||
| Q2 24 | $0.05 | $0.22 | ||
| Q1 24 | $0.08 | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.6M | $18.1M |
| Total DebtLower is stronger | $2.3B | — |
| Stockholders' EquityBook value | $3.5B | — |
| Total Assets | $6.0B | — |
| Debt / EquityLower = less leverage | 0.66× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.6M | $18.1M | ||
| Q3 25 | $23.3M | $13.0M | ||
| Q2 25 | $19.5M | $9.7M | ||
| Q1 25 | $29.1M | $10.2M | ||
| Q4 24 | $21.2M | $47.0M | ||
| Q3 24 | $17.6M | $11.1M | ||
| Q2 24 | $21.0M | $11.3M | ||
| Q1 24 | $21.3M | $15.9M |
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | $1.6B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.3B | $1.6B | ||
| Q4 24 | $2.3B | $1.4B | ||
| Q3 24 | $2.3B | $1.4B | ||
| Q2 24 | $2.3B | $1.5B | ||
| Q1 24 | $2.3B | $1.5B |
| Q4 25 | $3.5B | — | ||
| Q3 25 | $3.5B | $703.6M | ||
| Q2 25 | $3.4B | $635.2M | ||
| Q1 25 | $3.5B | $633.9M | ||
| Q4 24 | $3.4B | $652.4M | ||
| Q3 24 | $3.4B | $568.3M | ||
| Q2 24 | $3.4B | $553.7M | ||
| Q1 24 | $3.4B | $555.8M |
| Q4 25 | $6.0B | — | ||
| Q3 25 | $6.1B | $2.6B | ||
| Q2 25 | $6.0B | $2.5B | ||
| Q1 25 | $6.0B | $2.5B | ||
| Q4 24 | $6.1B | $2.4B | ||
| Q3 24 | $5.9B | $2.3B | ||
| Q2 24 | $5.9B | $2.3B | ||
| Q1 24 | $6.0B | $2.3B |
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.66× | 2.29× | ||
| Q2 25 | 0.66× | 2.40× | ||
| Q1 25 | 0.65× | 2.47× | ||
| Q4 24 | 0.68× | 2.18× | ||
| Q3 24 | 0.68× | 2.51× | ||
| Q2 24 | 0.66× | 2.64× | ||
| Q1 24 | 0.67× | 2.65× |
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 | $282.1M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 8.48× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $282.1M | — | ||
| Q3 25 | $79.3M | $74.3M | ||
| Q2 25 | $82.2M | $82.0M | ||
| Q1 25 | $60.4M | $41.4M | ||
| Q4 24 | $259.8M | — | ||
| Q3 24 | $69.2M | $65.2M | ||
| Q2 24 | $83.0M | $72.8M | ||
| Q1 24 | $44.1M | $31.1M |
| Q4 25 | 8.48× | — | ||
| Q3 25 | 11.51× | 2.32× | ||
| Q2 25 | 10.22× | 2.73× | ||
| Q1 25 | 7.23× | 2.16× | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.60× | 2.62× | ||
| Q2 24 | 8.02× | 2.93× | ||
| Q1 24 | 2.51× | 1.39× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
