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Side-by-side financial comparison of APPIAN CORP (APPN) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
APPIAN CORP is the larger business by last-quarter revenue ($202.9M vs $143.5M, roughly 1.4× FTAI Infrastructure Inc.). APPIAN CORP runs the higher net margin — -2.5% vs -68.1%, a 65.6% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 21.7%). APPIAN CORP produced more free cash flow last quarter ($270.0K vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 16.4%).
Appian Corporation is an American cloud computing and enterprise software company headquartered in McLean, Virginia, part of the Dulles Technology Corridor. The company sells a platform as a service (PaaS) for building enterprise software applications. It is focused on low-code development, process mining, business process management, and case management markets in North America, Europe, the Middle East and Southeast Asia.
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.
APPN vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $202.9M | $143.5M |
| Net Profit | $-5.1M | $-97.7M |
| Gross Margin | 64.8% | — |
| Operating Margin | -0.3% | -45.7% |
| Net Margin | -2.5% | -68.1% |
| Revenue YoY | 21.7% | 77.7% |
| Net Profit YoY | 62.6% | 21.6% |
| EPS (diluted) | $-0.06 | $-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 | $202.9M | $143.5M | ||
| Q3 25 | $187.0M | $140.6M | ||
| Q2 25 | $170.6M | $122.3M | ||
| Q1 25 | $166.4M | $96.2M | ||
| Q4 24 | $166.7M | $80.8M | ||
| Q3 24 | $154.1M | $83.3M | ||
| Q2 24 | $146.4M | $84.9M | ||
| Q1 24 | $149.8M | $82.5M |
| Q4 25 | $-5.1M | $-97.7M | ||
| Q3 25 | $7.8M | $-104.5M | ||
| Q2 25 | $-312.0K | $-70.0M | ||
| Q1 25 | $-1.2M | $120.2M | ||
| Q4 24 | $-13.6M | $-124.7M | ||
| Q3 24 | $-2.1M | $-43.0M | ||
| Q2 24 | $-43.6M | $-48.1M | ||
| Q1 24 | $-32.9M | $-50.3M |
| Q4 25 | 64.8% | — | ||
| Q3 25 | 75.8% | — | ||
| Q2 25 | 74.3% | — | ||
| Q1 25 | 76.6% | — | ||
| Q4 24 | 67.8% | — | ||
| Q3 24 | 75.9% | — | ||
| Q2 24 | 73.1% | — | ||
| Q1 24 | 74.6% | — |
| Q4 25 | -0.3% | -45.7% | ||
| Q3 25 | 7.0% | -70.8% | ||
| Q2 25 | -6.4% | -56.4% | ||
| Q1 25 | -0.5% | 81.8% | ||
| Q4 24 | 3.0% | -152.7% | ||
| Q3 24 | -4.6% | -51.7% | ||
| Q2 24 | -26.8% | -56.4% | ||
| Q1 24 | -13.0% | -58.8% |
| Q4 25 | -2.5% | -68.1% | ||
| Q3 25 | 4.2% | -74.4% | ||
| Q2 25 | -0.2% | -57.2% | ||
| Q1 25 | -0.7% | 125.0% | ||
| Q4 24 | -8.2% | -154.4% | ||
| Q3 24 | -1.4% | -51.6% | ||
| Q2 24 | -29.8% | -56.7% | ||
| Q1 24 | -22.0% | -60.9% |
| Q4 25 | $-0.06 | $-1.04 | ||
| Q3 25 | $0.10 | $-1.38 | ||
| Q2 25 | $0.00 | $-0.73 | ||
| Q1 25 | $-0.02 | $0.89 | ||
| Q4 24 | $-0.18 | $-1.21 | ||
| Q3 24 | $-0.03 | $-0.45 | ||
| Q2 24 | $-0.60 | $-0.52 | ||
| Q1 24 | $-0.45 | $-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 | $187.2M | $57.4M |
| Total DebtLower is stronger | $240.8M | $3.8B |
| Stockholders' EquityBook value | $-47.0M | $21.3M |
| Total Assets | $691.4M | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $187.2M | $57.4M | ||
| Q3 25 | $191.6M | $34.7M | ||
| Q2 25 | $184.8M | $33.6M | ||
| Q1 25 | $199.7M | $26.3M | ||
| Q4 24 | $159.9M | $27.8M | ||
| Q3 24 | $99.2M | $20.3M | ||
| Q2 24 | $120.8M | $33.1M | ||
| Q1 24 | $170.1M | $23.0M |
| Q4 25 | $240.8M | $3.8B | ||
| Q3 25 | $245.7M | $3.7B | ||
| Q2 25 | $245.6M | $3.1B | ||
| Q1 25 | $248.0M | $2.8B | ||
| Q4 24 | $250.4M | $1.6B | ||
| Q3 24 | $252.8M | $1.5B | ||
| Q2 24 | $254.0M | $1.6B | ||
| Q1 24 | $255.1M | $1.3B |
| Q4 25 | $-47.0M | $21.3M | ||
| Q3 25 | $-48.5M | $181.1M | ||
| Q2 25 | $-53.7M | $375.5M | ||
| Q1 25 | $-31.7M | $476.2M | ||
| Q4 24 | $-32.6M | $202.7M | ||
| Q3 24 | $-49.8M | $370.8M | ||
| Q2 24 | $-45.7M | $394.8M | ||
| Q1 24 | $-9.7M | $402.5M |
| Q4 25 | $691.4M | $5.7B | ||
| Q3 25 | $611.7M | $5.5B | ||
| Q2 25 | $590.7M | $4.4B | ||
| Q1 25 | $592.9M | $4.1B | ||
| Q4 24 | $621.0M | $2.4B | ||
| Q3 24 | $549.9M | $2.4B | ||
| Q2 24 | $554.6M | $2.5B | ||
| Q1 24 | $595.4M | $2.3B |
| 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× | ||
| Q1 24 | — | 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 | $1.1M | $-2.8M |
| Free Cash FlowOCF − Capex | $270.0K | $-68.6M |
| FCF MarginFCF / Revenue | 0.1% | -47.8% |
| Capex IntensityCapex / Revenue | 0.4% | 45.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $59.6M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1M | $-2.8M | ||
| Q3 25 | $18.7M | $-24.4M | ||
| Q2 25 | $-1.9M | $-5.2M | ||
| Q1 25 | $45.0M | $-85.7M | ||
| Q4 24 | $13.9M | $-8.1M | ||
| Q3 24 | $-8.2M | $14.2M | ||
| Q2 24 | $-17.6M | $-17.6M | ||
| Q1 24 | $18.9M | $-3.9M |
| Q4 25 | $270.0K | $-68.6M | ||
| Q3 25 | $18.1M | $-90.7M | ||
| Q2 25 | $-3.1M | $-87.5M | ||
| Q1 25 | $44.3M | $-151.7M | ||
| Q4 24 | $13.4M | $-34.3M | ||
| Q3 24 | $-8.6M | $-11.7M | ||
| Q2 24 | $-18.3M | $-32.1M | ||
| Q1 24 | $16.7M | $-16.7M |
| Q4 25 | 0.1% | -47.8% | ||
| Q3 25 | 9.7% | -64.5% | ||
| Q2 25 | -1.8% | -71.6% | ||
| Q1 25 | 26.6% | -157.7% | ||
| Q4 24 | 8.0% | -42.4% | ||
| Q3 24 | -5.6% | -14.0% | ||
| Q2 24 | -12.5% | -37.9% | ||
| Q1 24 | 11.1% | -20.3% |
| Q4 25 | 0.4% | 45.9% | ||
| Q3 25 | 0.3% | 47.2% | ||
| Q2 25 | 0.7% | 67.3% | ||
| Q1 25 | 0.4% | 68.6% | ||
| Q4 24 | 0.3% | 32.5% | ||
| Q3 24 | 0.2% | 31.1% | ||
| Q2 24 | 0.5% | 17.2% | ||
| Q1 24 | 1.5% | 15.6% |
| Q4 25 | — | — | ||
| Q3 25 | 2.39× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APPN
| Subscriptions Software And Support | $162.3M | 80% |
| Professional Services | $40.6M | 20% |
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% |
