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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) 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 $75.6M, roughly 1.9× Armada Hoffler Properties, Inc.). Armada Hoffler Properties, Inc. runs the higher net margin — 3.1% vs -68.1%, a 71.2% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 0.8%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
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.
AHH vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $143.5M |
| Net Profit | $2.4M | $-97.7M |
| Gross Margin | — | — |
| Operating Margin | 31.0% | -45.7% |
| Net Margin | 3.1% | -68.1% |
| Revenue YoY | 0.8% | 77.7% |
| Net Profit YoY | -89.8% | 21.6% |
| EPS (diluted) | $0.00 | $-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.
| Q4 25 | $75.6M | $143.5M | ||
| Q3 25 | $72.7M | $140.6M | ||
| Q2 25 | $69.1M | $122.3M | ||
| Q1 25 | $67.8M | $96.2M | ||
| Q4 24 | $75.0M | $80.8M | ||
| Q3 24 | $114.4M | $83.3M | ||
| Q2 24 | $116.8M | $84.9M | ||
| Q1 24 | $127.0M | $82.5M |
| Q4 25 | $2.4M | $-97.7M | ||
| Q3 25 | $80.0K | $-104.5M | ||
| Q2 25 | $5.9M | $-70.0M | ||
| Q1 25 | $-2.8M | $120.2M | ||
| Q4 24 | $23.4M | $-124.7M | ||
| Q3 24 | $-5.0M | $-43.0M | ||
| Q2 24 | $3.2M | $-48.1M | ||
| Q1 24 | $14.1M | $-50.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 41.8% | — | ||
| Q1 24 | 37.9% | — |
| Q4 25 | 31.0% | -45.7% | ||
| Q3 25 | 29.2% | -70.8% | ||
| Q2 25 | 29.6% | -56.4% | ||
| Q1 25 | 23.2% | 81.8% | ||
| Q4 24 | 50.1% | -152.7% | ||
| Q3 24 | 19.0% | -51.7% | ||
| Q2 24 | 11.9% | -56.4% | ||
| Q1 24 | 15.1% | -58.8% |
| Q4 25 | 3.1% | -68.1% | ||
| Q3 25 | 0.1% | -74.4% | ||
| Q2 25 | 8.6% | -57.2% | ||
| Q1 25 | -4.1% | 125.0% | ||
| Q4 24 | 31.2% | -154.4% | ||
| Q3 24 | -4.4% | -51.6% | ||
| Q2 24 | 2.7% | -56.7% | ||
| Q1 24 | 11.1% | -60.9% |
| Q4 25 | $0.00 | $-1.04 | ||
| Q3 25 | $-0.04 | $-1.38 | ||
| Q2 25 | $0.04 | $-0.73 | ||
| Q1 25 | $-0.07 | $0.89 | ||
| Q4 24 | $0.28 | $-1.21 | ||
| Q3 24 | $-0.11 | $-0.45 | ||
| Q2 24 | $0.00 | $-0.52 | ||
| Q1 24 | $0.17 | $-0.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $57.4M |
| Total DebtLower is stronger | $1.5B | $3.8B |
| Stockholders' EquityBook value | $627.8M | $21.3M |
| Total Assets | $2.6B | $5.7B |
| Debt / EquityLower = less leverage | 2.43× | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $57.4M | ||
| Q3 25 | $46.5M | $34.7M | ||
| Q2 25 | $52.1M | $33.6M | ||
| Q1 25 | $45.7M | $26.3M | ||
| Q4 24 | $31.9M | $27.8M | ||
| Q3 24 | $43.9M | $20.3M | ||
| Q2 24 | $20.3M | $33.1M | ||
| Q1 24 | $41.9M | $23.0M |
| Q4 25 | $1.5B | $3.8B | ||
| Q3 25 | $1.5B | $3.7B | ||
| Q2 25 | $1.4B | $3.1B | ||
| Q1 25 | $1.3B | $2.8B | ||
| Q4 24 | $1.3B | $1.6B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.4B | $1.6B | ||
| Q1 24 | $1.4B | $1.3B |
| Q4 25 | $627.8M | $21.3M | ||
| Q3 25 | $638.8M | $181.1M | ||
| Q2 25 | $652.0M | $375.5M | ||
| Q1 25 | $657.4M | $476.2M | ||
| Q4 24 | $670.6M | $202.7M | ||
| Q3 24 | $663.9M | $370.8M | ||
| Q2 24 | $562.7M | $394.8M | ||
| Q1 24 | $571.4M | $402.5M |
| Q4 25 | $2.6B | $5.7B | ||
| Q3 25 | $2.6B | $5.5B | ||
| Q2 25 | $2.6B | $4.4B | ||
| Q1 25 | $2.5B | $4.1B | ||
| Q4 24 | $2.5B | $2.4B | ||
| Q3 24 | $2.6B | $2.4B | ||
| Q2 24 | $2.6B | $2.5B | ||
| Q1 24 | $2.6B | $2.3B |
| Q4 25 | 2.43× | 176.99× | ||
| Q3 25 | 2.33× | 20.59× | ||
| Q2 25 | 2.22× | 8.21× | ||
| Q1 25 | 2.01× | 5.79× | ||
| Q4 24 | 1.93× | 7.84× | ||
| Q3 24 | 2.00× | 4.14× | ||
| Q2 24 | 2.52× | 3.94× | ||
| Q1 24 | 2.50× | 3.34× |
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 | $64.2M | $-2.8M |
| Free Cash FlowOCF − Capex | — | $-68.6M |
| FCF MarginFCF / Revenue | — | -47.8% |
| Capex IntensityCapex / Revenue | — | 45.9% |
| Cash ConversionOCF / Net Profit | 26.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $-2.8M | ||
| Q3 25 | $26.3M | $-24.4M | ||
| Q2 25 | $11.1M | $-5.2M | ||
| Q1 25 | $107.0K | $-85.7M | ||
| Q4 24 | $112.0M | $-8.1M | ||
| Q3 24 | $27.3M | $14.2M | ||
| Q2 24 | $17.4M | $-17.6M | ||
| Q1 24 | $46.5M | $-3.9M |
| Q4 25 | — | $-68.6M | ||
| Q3 25 | — | $-90.7M | ||
| Q2 25 | — | $-87.5M | ||
| Q1 25 | — | $-151.7M | ||
| Q4 24 | — | $-34.3M | ||
| Q3 24 | — | $-11.7M | ||
| Q2 24 | — | $-32.1M | ||
| Q1 24 | — | $-16.7M |
| Q4 25 | — | -47.8% | ||
| Q3 25 | — | -64.5% | ||
| Q2 25 | — | -71.6% | ||
| Q1 25 | — | -157.7% | ||
| Q4 24 | — | -42.4% | ||
| Q3 24 | — | -14.0% | ||
| Q2 24 | — | -37.9% | ||
| Q1 24 | — | -20.3% |
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 47.2% | ||
| Q2 25 | — | 67.3% | ||
| Q1 25 | — | 68.6% | ||
| Q4 24 | — | 32.5% | ||
| Q3 24 | — | 31.1% | ||
| Q2 24 | — | 17.2% | ||
| Q1 24 | — | 15.6% |
| Q4 25 | 26.99× | — | ||
| Q3 25 | 328.63× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | 4.78× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.48× | — | ||
| Q1 24 | 3.30× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
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% |
