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Side-by-side financial comparison of APPFOLIO INC (APPF) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
APPFOLIO INC is the larger business by last-quarter revenue ($262.2M vs $143.5M, roughly 1.8× FTAI Infrastructure Inc.). APPFOLIO INC runs the higher net margin — 16.2% vs -68.1%, a 84.3% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 20.4%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 15.3%).
AppFolio, Inc. is an American company founded in 2006 that offers software-as-a-service (SaaS) applications and services to the real estate industry.
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.
APPF vs FIP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $262.2M | $143.5M |
| Net Profit | $42.4M | $-97.7M |
| Gross Margin | — | — |
| Operating Margin | 19.4% | -45.7% |
| Net Margin | 16.2% | -68.1% |
| Revenue YoY | 20.4% | 77.7% |
| Net Profit YoY | 35.2% | 21.6% |
| EPS (diluted) | $1.18 | $-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 | $262.2M | — | ||
| Q4 25 | $248.2M | $143.5M | ||
| Q3 25 | $249.4M | $140.6M | ||
| Q2 25 | $235.6M | $122.3M | ||
| Q1 25 | $217.7M | $96.2M | ||
| Q4 24 | $203.7M | $80.8M | ||
| Q3 24 | $205.7M | $83.3M | ||
| Q2 24 | $197.4M | $84.9M |
| Q1 26 | $42.4M | — | ||
| Q4 25 | $39.9M | $-97.7M | ||
| Q3 25 | $33.6M | $-104.5M | ||
| Q2 25 | $36.0M | $-70.0M | ||
| Q1 25 | $31.4M | $120.2M | ||
| Q4 24 | $102.7M | $-124.7M | ||
| Q3 24 | $33.0M | $-43.0M | ||
| Q2 24 | $29.7M | $-48.1M |
| Q1 26 | 19.4% | — | ||
| Q4 25 | 17.6% | -45.7% | ||
| Q3 25 | 14.1% | -70.8% | ||
| Q2 25 | 17.2% | -56.4% | ||
| Q1 25 | 15.5% | 81.8% | ||
| Q4 24 | 11.3% | -152.7% | ||
| Q3 24 | 20.7% | -51.7% | ||
| Q2 24 | 18.3% | -56.4% |
| Q1 26 | 16.2% | — | ||
| Q4 25 | 16.1% | -68.1% | ||
| Q3 25 | 13.5% | -74.4% | ||
| Q2 25 | 15.3% | -57.2% | ||
| Q1 25 | 14.4% | 125.0% | ||
| Q4 24 | 50.4% | -154.4% | ||
| Q3 24 | 16.0% | -51.6% | ||
| Q2 24 | 15.0% | -56.7% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $1.10 | $-1.04 | ||
| Q3 25 | $0.93 | $-1.38 | ||
| Q2 25 | $0.99 | $-0.73 | ||
| Q1 25 | $0.86 | $0.89 | ||
| Q4 24 | $2.79 | $-1.21 | ||
| Q3 24 | $0.90 | $-0.45 | ||
| Q2 24 | $0.81 | $-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 | $147.4M | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $470.2M | $21.3M |
| Total Assets | $580.6M | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $147.4M | — | ||
| Q4 25 | $107.0M | $57.4M | ||
| Q3 25 | $76.1M | $34.7M | ||
| Q2 25 | $73.5M | $33.6M | ||
| Q1 25 | $56.9M | $26.3M | ||
| Q4 24 | $42.5M | $27.8M | ||
| Q3 24 | $62.4M | $20.3M | ||
| Q2 24 | $59.6M | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B |
| Q1 26 | $470.2M | — | ||
| Q4 25 | $542.6M | $21.3M | ||
| Q3 25 | $498.9M | $181.1M | ||
| Q2 25 | $455.6M | $375.5M | ||
| Q1 25 | $462.1M | $476.2M | ||
| Q4 24 | $519.3M | $202.7M | ||
| Q3 24 | $412.8M | $370.8M | ||
| Q2 24 | $371.4M | $394.8M |
| Q1 26 | $580.6M | — | ||
| Q4 25 | $689.0M | $5.7B | ||
| Q3 25 | $640.5M | $5.5B | ||
| Q2 25 | $567.4M | $4.4B | ||
| Q1 25 | $564.7M | $4.1B | ||
| Q4 24 | $626.7M | $2.4B | ||
| Q3 24 | $523.3M | $2.4B | ||
| Q2 24 | $479.3M | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 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 | $34.3M | $-2.8M |
| Free Cash FlowOCF − Capex | — | $-68.6M |
| FCF MarginFCF / Revenue | — | -47.8% |
| Capex IntensityCapex / Revenue | — | 45.9% |
| Cash ConversionOCF / Net Profit | 0.81× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $34.3M | — | ||
| Q4 25 | $65.0M | $-2.8M | ||
| Q3 25 | $86.0M | $-24.4M | ||
| Q2 25 | $52.6M | $-5.2M | ||
| Q1 25 | $38.5M | $-85.7M | ||
| Q4 24 | $36.6M | $-8.1M | ||
| Q3 24 | $57.8M | $14.2M | ||
| Q2 24 | $50.9M | $-17.6M |
| Q1 26 | — | — | ||
| Q4 25 | $63.7M | $-68.6M | ||
| Q3 25 | $84.7M | $-90.7M | ||
| Q2 25 | $52.4M | $-87.5M | ||
| Q1 25 | $38.2M | $-151.7M | ||
| Q4 24 | $36.4M | $-34.3M | ||
| Q3 24 | $57.4M | $-11.7M | ||
| Q2 24 | $50.8M | $-32.1M |
| Q1 26 | — | — | ||
| Q4 25 | 25.7% | -47.8% | ||
| Q3 25 | 34.0% | -64.5% | ||
| Q2 25 | 22.2% | -71.6% | ||
| Q1 25 | 17.6% | -157.7% | ||
| Q4 24 | 17.9% | -42.4% | ||
| Q3 24 | 27.9% | -14.0% | ||
| Q2 24 | 25.8% | -37.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | 45.9% | ||
| Q3 25 | 0.5% | 47.2% | ||
| Q2 25 | 0.1% | 67.3% | ||
| Q1 25 | 0.1% | 68.6% | ||
| Q4 24 | 0.1% | 32.5% | ||
| Q3 24 | 0.2% | 31.1% | ||
| Q2 24 | 0.0% | 17.2% |
| Q1 26 | 0.81× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 2.56× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.23× | -0.71× | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 1.75× | — | ||
| Q2 24 | 1.71× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPF
| Value Added Services | $164.7M | 63% |
| Subscription Services | $58.2M | 22% |
| Other | $39.3M | 15% |
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% |
