vs
Side-by-side financial comparison of LXP Industrial Trust (LXP) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
LXP Industrial Trust is the larger business by last-quarter revenue ($86.7M vs $61.1M, roughly 1.4× Perma-Pipe International Holdings, Inc.). LXP Industrial Trust runs the higher net margin — 33.2% vs 10.3%, a 22.8% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs -14.0%). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% CAGR vs 0.3%).
LXP Industrial Trust is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality industrial real estate assets, primarily distribution centers, logistics facilities, and light industrial properties across key markets in the United States. Its tenant base covers e-commerce, third-party logistics, and advanced manufacturing sectors, delivering stable long-term returns for its investors.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
LXP vs PPIH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $86.7M | $61.1M |
| Net Profit | $28.8M | $6.3M |
| Gross Margin | 81.5% | 34.4% |
| Operating Margin | 34.6% | 18.6% |
| Net Margin | 33.2% | 10.3% |
| Revenue YoY | -14.0% | 47.1% |
| Net Profit YoY | — | 153.5% |
| EPS (diluted) | — | $0.77 |
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 | $86.7M | $61.1M | ||
| Q3 25 | $86.9M | $47.9M | ||
| Q2 25 | $87.7M | $46.7M | ||
| Q1 25 | $88.9M | $45.0M | ||
| Q4 24 | $100.9M | $41.6M | ||
| Q3 24 | $85.6M | $37.5M | ||
| Q2 24 | $85.8M | $34.3M | ||
| Q1 24 | $86.3M | $40.2M |
| Q4 25 | $28.8M | $6.3M | ||
| Q3 25 | $36.3M | $851.0K | ||
| Q2 25 | $29.1M | $5.0M | ||
| Q1 25 | $19.0M | $1.8M | ||
| Q4 24 | — | $2.5M | ||
| Q3 24 | $6.3M | $3.3M | ||
| Q2 24 | $5.4M | $1.4M | ||
| Q1 24 | $-269.0K | $8.6M |
| Q4 25 | 81.5% | 34.4% | ||
| Q3 25 | 82.3% | 30.1% | ||
| Q2 25 | 81.9% | 35.8% | ||
| Q1 25 | 80.7% | 33.7% | ||
| Q4 24 | 85.3% | 33.9% | ||
| Q3 24 | 82.5% | 35.9% | ||
| Q2 24 | 82.0% | 30.6% | ||
| Q1 24 | 82.4% | 30.0% |
| Q4 25 | 34.6% | 18.6% | ||
| Q3 25 | 50.4% | 6.7% | ||
| Q2 25 | 33.7% | 16.9% | ||
| Q1 25 | 21.8% | 12.1% | ||
| Q4 24 | — | 13.4% | ||
| Q3 24 | 7.9% | 16.4% | ||
| Q2 24 | 6.9% | 9.1% | ||
| Q1 24 | 1.0% | 11.3% |
| Q4 25 | 33.2% | 10.3% | ||
| Q3 25 | 41.7% | 1.8% | ||
| Q2 25 | 33.2% | 10.6% | ||
| Q1 25 | 21.4% | 3.9% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | 7.4% | 8.8% | ||
| Q2 24 | 6.3% | 4.2% | ||
| Q1 24 | -0.3% | 21.5% |
| Q4 25 | — | $0.77 | ||
| Q3 25 | $0.12 | $0.10 | ||
| Q2 25 | $0.09 | $0.61 | ||
| Q1 25 | $0.06 | $0.23 | ||
| Q4 24 | — | $0.31 | ||
| Q3 24 | $0.02 | $0.40 | ||
| Q2 24 | $0.01 | $0.18 | ||
| Q1 24 | $-0.01 | $1.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $170.4M | $27.2M |
| Total DebtLower is stronger | $1.4B | $12.7M |
| Stockholders' EquityBook value | $2.0B | $85.8M |
| Total Assets | $3.5B | $217.0M |
| Debt / EquityLower = less leverage | 0.66× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $170.4M | $27.2M | ||
| Q3 25 | $229.7M | $17.3M | ||
| Q2 25 | $71.0M | $18.8M | ||
| Q1 25 | $70.9M | $15.7M | ||
| Q4 24 | $101.8M | $13.3M | ||
| Q3 24 | $55.0M | $9.5M | ||
| Q2 24 | $48.7M | $7.7M | ||
| Q1 24 | $293.8M | $5.8M |
| Q4 25 | $1.4B | $12.7M | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | $15.2M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $2.0B | $85.8M | ||
| Q3 25 | $2.1B | $80.2M | ||
| Q2 25 | $2.1B | $77.9M | ||
| Q1 25 | $2.1B | $72.1M | ||
| Q4 24 | $2.1B | $71.2M | ||
| Q3 24 | $2.1B | $68.6M | ||
| Q2 24 | $2.1B | $65.5M | ||
| Q1 24 | $2.2B | $65.7M |
| Q4 25 | $3.5B | $217.0M | ||
| Q3 25 | $3.7B | $189.0M | ||
| Q2 25 | $3.7B | $178.3M | ||
| Q1 25 | $3.8B | $165.2M | ||
| Q4 24 | $3.8B | $160.7M | ||
| Q3 24 | $3.9B | $157.8M | ||
| Q2 24 | $3.9B | $155.7M | ||
| Q1 24 | $4.2B | $155.7M |
| Q4 25 | 0.66× | 0.15× | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 0.73× | 0.21× | ||
| Q4 24 | 0.75× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.23× |
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 | $188.7M | $17.3M |
| Free Cash FlowOCF − Capex | — | $12.4M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | — | 8.1% |
| Cash ConversionOCF / Net Profit | 6.56× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | — | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $188.7M | $17.3M | ||
| Q3 25 | $63.5M | $-2.0M | ||
| Q2 25 | $44.3M | $733.0K | ||
| Q1 25 | $39.0M | $6.0M | ||
| Q4 24 | $211.2M | $5.2M | ||
| Q3 24 | $64.6M | $2.8M | ||
| Q2 24 | $38.5M | $-73.0K | ||
| Q1 24 | $38.9M | $7.1M |
| Q4 25 | — | $12.4M | ||
| Q3 25 | — | $-4.6M | ||
| Q2 25 | — | $-194.0K | ||
| Q1 25 | — | $4.7M | ||
| Q4 24 | — | $4.8M | ||
| Q3 24 | — | $2.2M | ||
| Q2 24 | — | $-662.0K | ||
| Q1 24 | — | $4.2M |
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | -9.6% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | -1.9% | ||
| Q1 24 | — | 10.5% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | — | 1.7% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | — | 7.2% |
| Q4 25 | 6.56× | 2.74× | ||
| Q3 25 | 1.75× | -2.40× | ||
| Q2 25 | 1.52× | 0.15× | ||
| Q1 25 | 2.05× | 3.42× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | 10.18× | 0.86× | ||
| Q2 24 | 7.09× | -0.05× | ||
| Q1 24 | — | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
