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Side-by-side financial comparison of Net Lease Office Properties (NLOP) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Net Lease Office Properties is the larger business by last-quarter revenue ($30.7M vs $15.8M, roughly 1.9× Spire Global, Inc.). Net Lease Office Properties runs the higher net margin — -0.2% vs -176.6%, a 176.5% gap on every dollar of revenue. On growth, Net Lease Office Properties posted the faster year-over-year revenue change (10.9% vs -26.9%). Over the past eight quarters, Net Lease Office Properties's revenue compounded faster (-16.4% CAGR vs -32.6%).
Net Lease Office Properties is a real estate investment entity focused on acquiring, owning, and operating high-quality single-tenant net lease office assets, primarily located across the United States. It delivers stable, long-term income streams to investors through its curated portfolio of commercial real estate holdings.
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.
NLOP vs SPIR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.7M | $15.8M |
| Net Profit | $-53.0K | $-28.0M |
| Gross Margin | — | 40.2% |
| Operating Margin | -0.2% | -164.1% |
| Net Margin | -0.2% | -176.6% |
| Revenue YoY | 10.9% | -26.9% |
| Net Profit YoY | 99.9% | 42.7% |
| EPS (diluted) | $-0.01 | $-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 | $30.7M | $15.8M | ||
| Q3 25 | $29.8M | $12.7M | ||
| Q2 25 | $29.2M | $19.2M | ||
| Q1 25 | $29.2M | $23.9M | ||
| Q4 24 | $27.7M | $21.7M | ||
| Q3 24 | $31.5M | $28.6M | ||
| Q2 24 | $39.0M | $25.4M | ||
| Q1 24 | $44.0M | $34.8M |
| Q4 25 | $-53.0K | $-28.0M | ||
| Q3 25 | $-64.2M | $-19.7M | ||
| Q2 25 | $-81.5M | $119.6M | ||
| Q1 25 | $492.0K | $-20.7M | ||
| Q4 24 | $-35.8M | $-48.8M | ||
| Q3 24 | $-40.3M | $-12.5M | ||
| Q2 24 | $12.5M | $-16.6M | ||
| Q1 24 | $-27.8M | $-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 | -0.2% | -164.1% | ||
| Q3 25 | -215.2% | -166.1% | ||
| Q2 25 | -279.1% | -122.7% | ||
| Q1 25 | 2.0% | -106.5% | ||
| Q4 24 | -140.7% | -144.1% | ||
| Q3 24 | -126.4% | -48.0% | ||
| Q2 24 | 32.3% | -48.6% | ||
| Q1 24 | -62.7% | -34.4% |
| Q4 25 | -0.2% | -176.6% | ||
| Q3 25 | -215.4% | -155.3% | ||
| Q2 25 | -279.5% | 623.4% | ||
| Q1 25 | 1.7% | -86.5% | ||
| Q4 24 | -129.0% | -225.2% | ||
| Q3 24 | -128.0% | -43.7% | ||
| Q2 24 | 31.9% | -65.2% | ||
| Q1 24 | -63.3% | -73.3% |
| Q4 25 | $-0.01 | $-0.85 | ||
| Q3 25 | $-4.33 | $-0.61 | ||
| Q2 25 | $-5.50 | $3.72 | ||
| Q1 25 | $0.03 | $-0.77 | ||
| Q4 24 | $-2.41 | $-1.93 | ||
| Q3 24 | $-2.73 | $-0.50 | ||
| Q2 24 | $0.84 | $-0.68 | ||
| Q1 24 | $-1.88 | $-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 | $119.6M | $81.8M |
| Total DebtLower is stronger | $21.9M | — |
| Stockholders' EquityBook value | $293.9M | $112.9M |
| Total Assets | $453.4M | $211.0M |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $119.6M | $81.8M | ||
| Q3 25 | $38.7M | $96.8M | ||
| Q2 25 | $54.1M | $117.6M | ||
| Q1 25 | $28.2M | $35.9M | ||
| Q4 24 | $25.1M | $19.2M | ||
| Q3 24 | $36.1M | $36.6M | ||
| Q2 24 | $36.1M | $45.8M | ||
| Q1 24 | $39.8M | $63.7M |
| Q4 25 | $21.9M | — | ||
| Q3 25 | $47.1M | — | ||
| Q2 25 | $117.2M | — | ||
| Q1 25 | $148.5M | $103.7M | ||
| Q4 24 | $169.2M | $103.1M | ||
| Q3 24 | $239.4M | $4.9M | ||
| Q2 24 | $327.4M | $4.9M | ||
| Q1 24 | $515.2M | $123.1M |
| Q4 25 | $293.9M | $112.9M | ||
| Q3 25 | $430.3M | $133.1M | ||
| Q2 25 | $500.0M | $149.2M | ||
| Q1 25 | $582.1M | $3.7M | ||
| Q4 24 | $581.2M | $-11.7M | ||
| Q3 24 | $621.9M | $30.8M | ||
| Q2 24 | $660.3M | $40.3M | ||
| Q1 24 | $647.2M | $52.5M |
| Q4 25 | $453.4M | $211.0M | ||
| Q3 25 | $522.6M | $224.3M | ||
| Q2 25 | $668.7M | $239.5M | ||
| Q1 25 | $784.1M | $208.8M | ||
| Q4 24 | $805.1M | $193.6M | ||
| Q3 24 | $919.9M | $224.2M | ||
| Q2 24 | $1.0B | $230.8M | ||
| Q1 24 | $1.2B | $252.3M |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.11× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | 0.26× | 27.92× | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.38× | 0.16× | ||
| Q2 24 | 0.50× | 0.12× | ||
| Q1 24 | 0.80× | 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 | $64.1M | $-4.3M |
| Free Cash FlowOCF − Capex | — | $-16.2M |
| FCF MarginFCF / Revenue | — | -102.1% |
| Capex IntensityCapex / Revenue | — | 75.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.1M | $-4.3M | ||
| Q3 25 | $16.3M | $-12.0M | ||
| Q2 25 | $11.7M | $-35.1M | ||
| Q1 25 | $14.1M | $-8.4M | ||
| Q4 24 | $71.9M | $-19.2M | ||
| Q3 24 | $20.3M | $14.0M | ||
| Q2 24 | $14.7M | $-4.4M | ||
| Q1 24 | $26.4M | $-8.8M |
| Q4 25 | — | $-16.2M | ||
| Q3 25 | — | $-20.4M | ||
| Q2 25 | — | $-38.7M | ||
| Q1 25 | — | $-17.3M | ||
| Q4 24 | — | $-24.3M | ||
| Q3 24 | — | $5.1M | ||
| Q2 24 | — | $-9.9M | ||
| Q1 24 | — | $-15.9M |
| Q4 25 | — | -102.1% | ||
| Q3 25 | — | -161.3% | ||
| Q2 25 | — | -201.7% | ||
| Q1 25 | — | -72.6% | ||
| Q4 24 | — | -112.2% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | -39.0% | ||
| Q1 24 | — | -45.7% |
| Q4 25 | — | 75.1% | ||
| Q3 25 | — | 66.2% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 31.2% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | 20.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.29× | ||
| Q1 25 | 28.70× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.18× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
