vs
Side-by-side financial comparison of Ladder Capital Corp (LADR) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Ladder Capital Corp is the larger business by last-quarter revenue ($22.3M vs $15.8M, roughly 1.4× Spire Global, Inc.). Ladder Capital Corp runs the higher net margin — 71.0% vs -176.6%, a 247.7% gap on every dollar of revenue. On growth, Ladder Capital Corp posted the faster year-over-year revenue change (-18.0% vs -26.9%). Ladder Capital Corp produced more free cash flow last quarter ($78.7M vs $-16.2M). Over the past eight quarters, Ladder Capital Corp's revenue compounded faster (-22.5% CAGR vs -32.6%).
Ladder Capital Corp is a leading commercial real estate finance firm operating primarily across the United States. It originates and manages a diversified portfolio of senior secured commercial mortgage loans, mezzanine debt, commercial mortgage-backed securities, and direct real estate assets, serving property owners, operators and developers across major market segments.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
LADR vs SPIR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $22.3M | $15.8M |
| Net Profit | $15.9M | $-28.0M |
| Gross Margin | — | 40.2% |
| Operating Margin | 69.5% | -164.1% |
| Net Margin | 71.0% | -176.6% |
| Revenue YoY | -18.0% | -26.9% |
| Net Profit YoY | -49.4% | 42.7% |
| EPS (diluted) | $0.13 | $-0.85 |
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 | $22.3M | $15.8M | ||
| Q3 25 | $27.8M | $12.7M | ||
| Q2 25 | $21.5M | $19.2M | ||
| Q1 25 | $20.3M | $23.9M | ||
| Q4 24 | $27.2M | $21.7M | ||
| Q3 24 | $38.4M | $28.6M | ||
| Q2 24 | $34.3M | $25.4M | ||
| Q1 24 | $37.1M | $34.8M |
| Q4 25 | $15.9M | $-28.0M | ||
| Q3 25 | $19.2M | $-19.7M | ||
| Q2 25 | $17.1M | $119.6M | ||
| Q1 25 | $11.6M | $-20.7M | ||
| Q4 24 | $31.3M | $-48.8M | ||
| Q3 24 | $27.6M | $-12.5M | ||
| Q2 24 | $32.1M | $-16.6M | ||
| Q1 24 | $16.4M | $-25.5M |
| Q4 25 | — | 40.2% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 48.9% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | — | 32.4% | ||
| Q3 24 | — | 44.5% | ||
| Q2 24 | — | 43.0% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | 69.5% | -164.1% | ||
| Q3 25 | 72.4% | -166.1% | ||
| Q2 25 | 96.7% | -122.7% | ||
| Q1 25 | 52.7% | -106.5% | ||
| Q4 24 | — | -144.1% | ||
| Q3 24 | 74.1% | -48.0% | ||
| Q2 24 | 90.4% | -48.6% | ||
| Q1 24 | 49.4% | -34.4% |
| Q4 25 | 71.0% | -176.6% | ||
| Q3 25 | 69.0% | -155.3% | ||
| Q2 25 | 79.5% | 623.4% | ||
| Q1 25 | 56.8% | -86.5% | ||
| Q4 24 | 115.1% | -225.2% | ||
| Q3 24 | 71.7% | -43.7% | ||
| Q2 24 | 93.6% | -65.2% | ||
| Q1 24 | 44.2% | -73.3% |
| Q4 25 | $0.13 | $-0.85 | ||
| Q3 25 | $0.15 | $-0.61 | ||
| Q2 25 | $0.14 | $3.72 | ||
| Q1 25 | $0.09 | $-0.77 | ||
| Q4 24 | $0.25 | $-1.93 | ||
| Q3 24 | $0.22 | $-0.50 | ||
| Q2 24 | $0.26 | $-0.68 | ||
| Q1 24 | $0.13 | $-1.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $38.0M | $81.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $112.9M |
| Total Assets | $5.2B | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $38.0M | $81.8M | ||
| Q3 25 | $49.4M | $96.8M | ||
| Q2 25 | $134.9M | $117.6M | ||
| Q1 25 | $479.8M | $35.9M | ||
| Q4 24 | $1.3B | $19.2M | ||
| Q3 24 | $1.6B | $36.6M | ||
| Q2 24 | $1.2B | $45.8M | ||
| Q1 24 | $1.2B | $63.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | — | $103.1M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | — | $4.9M | ||
| Q1 24 | — | $123.1M |
| Q4 25 | $1.5B | $112.9M | ||
| Q3 25 | $1.5B | $133.1M | ||
| Q2 25 | $1.5B | $149.2M | ||
| Q1 25 | $1.5B | $3.7M | ||
| Q4 24 | $1.5B | $-11.7M | ||
| Q3 24 | $1.5B | $30.8M | ||
| Q2 24 | $1.5B | $40.3M | ||
| Q1 24 | $1.5B | $52.5M |
| Q4 25 | $5.2B | $211.0M | ||
| Q3 25 | $4.7B | $224.3M | ||
| Q2 25 | $4.5B | $239.5M | ||
| Q1 25 | $4.5B | $208.8M | ||
| Q4 24 | $4.8B | $193.6M | ||
| Q3 24 | $4.8B | $224.2M | ||
| Q2 24 | $4.8B | $230.8M | ||
| Q1 24 | $5.3B | $252.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 2.35× |
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 | $87.0M | $-4.3M |
| Free Cash FlowOCF − Capex | $78.7M | $-16.2M |
| FCF MarginFCF / Revenue | 352.4% | -102.1% |
| Capex IntensityCapex / Revenue | 37.4% | 75.1% |
| Cash ConversionOCF / Net Profit | 5.49× | — |
| TTM Free Cash FlowTrailing 4 quarters | $118.3M | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.0M | $-4.3M | ||
| Q3 25 | $26.3M | $-12.0M | ||
| Q2 25 | $44.0M | $-35.1M | ||
| Q1 25 | $-28.7M | $-8.4M | ||
| Q4 24 | $133.9M | $-19.2M | ||
| Q3 24 | $169.0M | $14.0M | ||
| Q2 24 | $45.4M | $-4.4M | ||
| Q1 24 | $-20.4M | $-8.8M |
| Q4 25 | $78.7M | $-16.2M | ||
| Q3 25 | $25.9M | $-20.4M | ||
| Q2 25 | $43.4M | $-38.7M | ||
| Q1 25 | $-29.6M | $-17.3M | ||
| Q4 24 | $127.4M | $-24.3M | ||
| Q3 24 | $166.0M | $5.1M | ||
| Q2 24 | $44.9M | $-9.9M | ||
| Q1 24 | $-21.7M | $-15.9M |
| Q4 25 | 352.4% | -102.1% | ||
| Q3 25 | 93.1% | -161.3% | ||
| Q2 25 | 201.6% | -201.7% | ||
| Q1 25 | -145.6% | -72.6% | ||
| Q4 24 | 468.2% | -112.2% | ||
| Q3 24 | 432.1% | 17.8% | ||
| Q2 24 | 131.0% | -39.0% | ||
| Q1 24 | -58.6% | -45.7% |
| Q4 25 | 37.4% | 75.1% | ||
| Q3 25 | 1.7% | 66.2% | ||
| Q2 25 | 2.9% | 18.8% | ||
| Q1 25 | 4.3% | 37.3% | ||
| Q4 24 | 23.9% | 23.5% | ||
| Q3 24 | 7.8% | 31.2% | ||
| Q2 24 | 1.3% | 21.8% | ||
| Q1 24 | 3.7% | 20.3% |
| Q4 25 | 5.49× | — | ||
| Q3 25 | 1.37× | — | ||
| Q2 25 | 2.57× | -0.29× | ||
| Q1 25 | -2.49× | — | ||
| Q4 24 | 4.27× | — | ||
| Q3 24 | 6.13× | — | ||
| Q2 24 | 1.41× | — | ||
| Q1 24 | -1.24× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
