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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $110.6M, roughly 1.3× American Assets Trust, Inc.). American Assets Trust, Inc. runs the higher net margin — 6.1% vs -68.1%, a 74.2% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 1.8%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs -0.1%).
Personal Assets Trust is a large British investment trust. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Iain Ferguson CBE.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
AAT vs FIP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $143.5M |
| Net Profit | $6.7M | $-97.7M |
| Gross Margin | — | — |
| Operating Margin | 23.4% | -45.7% |
| Net Margin | 6.1% | -68.1% |
| Revenue YoY | 1.8% | 77.7% |
| Net Profit YoY | -16.3% | 21.6% |
| EPS (diluted) | $0.08 | $-1.04 |
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 | $110.6M | — | ||
| Q4 25 | $110.1M | $143.5M | ||
| Q3 25 | $109.6M | $140.6M | ||
| Q2 25 | $107.9M | $122.3M | ||
| Q1 25 | $108.6M | $96.2M | ||
| Q4 24 | $113.5M | $80.8M | ||
| Q3 24 | $122.8M | $83.3M | ||
| Q2 24 | $110.9M | $84.9M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | $-97.7M | ||
| Q3 25 | $4.5M | $-104.5M | ||
| Q2 25 | $5.5M | $-70.0M | ||
| Q1 25 | $42.5M | $120.2M | ||
| Q4 24 | — | $-124.7M | ||
| Q3 24 | $16.7M | $-43.0M | ||
| Q2 24 | $11.9M | $-48.1M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | — | ||
| Q3 25 | 60.5% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 62.0% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 65.5% | — | ||
| Q2 24 | 63.6% | — |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | -45.7% | ||
| Q3 25 | 22.6% | -70.8% | ||
| Q2 25 | 24.1% | -56.4% | ||
| Q1 25 | 66.3% | 81.8% | ||
| Q4 24 | 26.5% | -152.7% | ||
| Q3 24 | 30.8% | -51.7% | ||
| Q2 24 | 27.8% | -56.4% |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | -68.1% | ||
| Q3 25 | 4.1% | -74.4% | ||
| Q2 25 | 5.1% | -57.2% | ||
| Q1 25 | 39.2% | 125.0% | ||
| Q4 24 | — | -154.4% | ||
| Q3 24 | 13.6% | -51.6% | ||
| Q2 24 | 10.7% | -56.7% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.06 | $-1.04 | ||
| Q3 25 | $0.07 | $-1.38 | ||
| Q2 25 | $0.09 | $-0.73 | ||
| Q1 25 | $0.70 | $0.89 | ||
| Q4 24 | $0.14 | $-1.21 | ||
| Q3 24 | $0.28 | $-0.45 | ||
| Q2 24 | $0.20 | $-0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.3M | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $1.1B | $21.3M |
| Total Assets | $2.9B | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | — | ||
| Q4 25 | $129.4M | $57.4M | ||
| Q3 25 | $138.7M | $34.7M | ||
| Q2 25 | $143.7M | $33.6M | ||
| Q1 25 | $143.9M | $26.3M | ||
| Q4 24 | $425.7M | $27.8M | ||
| Q3 24 | $533.0M | $20.3M | ||
| Q2 24 | $114.9M | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $2.0B | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.2B | $21.3M | ||
| Q3 25 | $1.2B | $181.1M | ||
| Q2 25 | $1.2B | $375.5M | ||
| Q1 25 | $1.2B | $476.2M | ||
| Q4 24 | $1.2B | $202.7M | ||
| Q3 24 | $1.2B | $370.8M | ||
| Q2 24 | $1.2B | $394.8M |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $5.7B | ||
| Q3 25 | $2.9B | $5.5B | ||
| Q2 25 | $3.0B | $4.4B | ||
| Q1 25 | $3.0B | $4.1B | ||
| Q4 24 | $3.3B | $2.4B | ||
| Q3 24 | $3.4B | $2.4B | ||
| Q2 24 | $3.0B | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | 1.72× | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× |
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 | — | $-2.8M |
| Free Cash FlowOCF − Capex | — | $-68.6M |
| FCF MarginFCF / Revenue | — | -47.8% |
| Capex IntensityCapex / Revenue | 14.5% | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $167.1M | $-2.8M | ||
| Q3 25 | $40.5M | $-24.4M | ||
| Q2 25 | $49.2M | $-5.2M | ||
| Q1 25 | $36.9M | $-85.7M | ||
| Q4 24 | $207.1M | $-8.1M | ||
| Q3 24 | $52.4M | $14.2M | ||
| Q2 24 | $59.3M | $-17.6M |
| Q1 26 | — | — | ||
| Q4 25 | $94.9M | $-68.6M | ||
| Q3 25 | $23.1M | $-90.7M | ||
| Q2 25 | $28.4M | $-87.5M | ||
| Q1 25 | $20.4M | $-151.7M | ||
| Q4 24 | $136.9M | $-34.3M | ||
| Q3 24 | $28.0M | $-11.7M | ||
| Q2 24 | $43.6M | $-32.1M |
| Q1 26 | — | — | ||
| Q4 25 | 86.2% | -47.8% | ||
| Q3 25 | 21.1% | -64.5% | ||
| Q2 25 | 26.3% | -71.6% | ||
| Q1 25 | 18.8% | -157.7% | ||
| Q4 24 | 120.7% | -42.4% | ||
| Q3 24 | 22.8% | -14.0% | ||
| Q2 24 | 39.3% | -37.9% |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | 45.9% | ||
| Q3 25 | 15.9% | 47.2% | ||
| Q2 25 | 19.3% | 67.3% | ||
| Q1 25 | 15.1% | 68.6% | ||
| Q4 24 | 61.9% | 32.5% | ||
| Q3 24 | 19.9% | 31.1% | ||
| Q2 24 | 14.1% | 17.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 8.98× | — | ||
| Q2 25 | 9.01× | — | ||
| Q1 25 | 0.87× | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.15× | — | ||
| Q2 24 | 4.98× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAT
| Rental income | $104.4M | 94% |
| Other | $6.2M | 6% |
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
