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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and Smart Sand, Inc. (SND). 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 $86.0M, roughly 1.9× Smart Sand, Inc.). On growth, INDEPENDENCE REALTY TRUST, INC. posted the faster year-over-year revenue change (2.5% vs -5.8%). Over the past eight quarters, INDEPENDENCE REALTY TRUST, INC.'s revenue compounded faster (2.2% CAGR vs 1.8%).
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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
IRT vs SND — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $86.0M |
| Net Profit | — | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | — | -3.1% |
| Net Margin | — | 1.4% |
| Revenue YoY | 2.5% | -5.8% |
| Net Profit YoY | — | -68.5% |
| EPS (diluted) | $0.00 | $0.03 |
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 | $86.0M | ||
| Q3 25 | $167.1M | $92.8M | ||
| Q2 25 | $162.2M | $85.8M | ||
| Q1 25 | $161.2M | $65.6M | ||
| Q4 24 | $161.0M | $91.4M | ||
| Q3 24 | $160.1M | $63.2M | ||
| Q2 24 | $158.4M | $73.8M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | $1.2M | ||
| Q3 25 | $6.9M | $3.0M | ||
| Q2 25 | $8.0M | $21.4M | ||
| Q1 25 | $8.4M | $-24.2M | ||
| Q4 24 | $-1.0M | $3.7M | ||
| Q3 24 | $12.4M | $-98.0K | ||
| Q2 24 | $10.4M | $-430.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 17.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 5.8% | ||
| Q2 25 | — | -0.1% | ||
| Q1 25 | — | -10.8% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | -7.8% | ||
| Q2 24 | — | 4.8% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | 1.4% | ||
| Q3 25 | 4.1% | 3.2% | ||
| Q2 25 | 5.0% | 24.9% | ||
| Q1 25 | 5.2% | -37.0% | ||
| Q4 24 | -0.6% | 4.1% | ||
| Q3 24 | 7.7% | -0.2% | ||
| Q2 24 | 6.5% | -0.6% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $0.03 | ||
| Q3 25 | $0.03 | $0.08 | ||
| Q2 25 | $0.03 | $0.54 | ||
| Q1 25 | $0.04 | $-0.62 | ||
| Q4 24 | $-0.01 | $0.10 | ||
| Q3 24 | $0.05 | $0.00 | ||
| Q2 24 | $0.05 | $-0.01 |
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 | $22.6M |
| Total DebtLower is stronger | — | $15.0M |
| Stockholders' EquityBook value | $3.4B | $239.7M |
| Total Assets | $6.1B | $340.0M |
| Debt / EquityLower = less leverage | — | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | $22.6M | ||
| Q3 25 | $23.3M | $5.1M | ||
| Q2 25 | $19.5M | $4.3M | ||
| Q1 25 | $29.1M | $5.1M | ||
| Q4 24 | $21.2M | $1.6M | ||
| Q3 24 | $17.6M | $7.2M | ||
| Q2 24 | $21.0M | $6.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $15.0M | ||
| Q3 25 | $2.3B | $14.3M | ||
| Q2 25 | $2.2B | $23.5M | ||
| Q1 25 | $2.3B | $13.7M | ||
| Q4 24 | $2.3B | $14.7M | ||
| Q3 24 | $2.3B | $15.7M | ||
| Q2 24 | $2.3B | $17.1M |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | $239.7M | ||
| Q3 25 | $3.5B | $239.9M | ||
| Q2 25 | $3.4B | $240.5M | ||
| Q1 25 | $3.5B | $219.9M | ||
| Q4 24 | $3.4B | $243.8M | ||
| Q3 24 | $3.4B | $243.6M | ||
| Q2 24 | $3.4B | $242.9M |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | $340.0M | ||
| Q3 25 | $6.1B | $343.1M | ||
| Q2 25 | $6.0B | $345.8M | ||
| Q1 25 | $6.0B | $326.9M | ||
| Q4 24 | $6.1B | $341.5M | ||
| Q3 24 | $5.9B | $335.8M | ||
| Q2 24 | $5.9B | $341.8M |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | 0.06× | ||
| Q3 25 | 0.66× | 0.06× | ||
| Q2 25 | 0.66× | 0.10× | ||
| Q1 25 | 0.65× | 0.06× | ||
| Q4 24 | 0.68× | 0.06× | ||
| Q3 24 | 0.68× | 0.06× | ||
| Q2 24 | 0.66× | 0.07× |
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 | — | $22.4M |
| Free Cash FlowOCF − Capex | — | $20.4M |
| FCF MarginFCF / Revenue | — | 23.7% |
| Capex IntensityCapex / Revenue | — | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | — | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.1M | $22.4M | ||
| Q3 25 | $79.3M | $18.2M | ||
| Q2 25 | $82.2M | $-5.1M | ||
| Q1 25 | $60.4M | $8.7M | ||
| Q4 24 | $259.8M | $1.0M | ||
| Q3 24 | $69.2M | $5.8M | ||
| Q2 24 | $83.0M | $14.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | $20.4M | ||
| Q3 25 | — | $14.8M | ||
| Q2 25 | — | $-7.8M | ||
| Q1 25 | — | $5.2M | ||
| Q4 24 | — | $-840.0K | ||
| Q3 24 | — | $3.7M | ||
| Q2 24 | — | $13.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 23.7% | ||
| Q3 25 | — | 15.9% | ||
| Q2 25 | — | -9.1% | ||
| Q1 25 | — | 7.9% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | 18.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.3% | ||
| Q3 25 | — | 3.6% | ||
| Q2 25 | — | 3.1% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 1.8% |
| Q1 26 | — | — | ||
| Q4 25 | 8.48× | 18.99× | ||
| Q3 25 | 11.51× | 6.05× | ||
| Q2 25 | 10.22× | -0.24× | ||
| Q1 25 | 7.23× | — | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | 5.60× | — | ||
| Q2 24 | 8.02× | — |
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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
