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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) 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 $73.3M, roughly 2.0× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs -68.1%, a 108.0% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 4.0%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
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.
ARI vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $143.5M |
| Net Profit | $29.2M | $-97.7M |
| Gross Margin | — | — |
| Operating Margin | 39.7% | -45.7% |
| Net Margin | 39.9% | -68.1% |
| Revenue YoY | 4.0% | 77.7% |
| Net Profit YoY | -28.2% | 21.6% |
| EPS (diluted) | $0.19 | $-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 | $73.3M | $143.5M | ||
| Q3 25 | $61.6M | $140.6M | ||
| Q2 25 | $70.9M | $122.3M | ||
| Q1 25 | $65.8M | $96.2M | ||
| Q4 24 | $70.5M | $80.8M | ||
| Q3 24 | $71.6M | $83.3M | ||
| Q2 24 | $81.1M | $84.9M | ||
| Q1 24 | $80.5M | $82.5M |
| Q4 25 | $29.2M | $-97.7M | ||
| Q3 25 | $50.8M | $-104.5M | ||
| Q2 25 | $20.7M | $-70.0M | ||
| Q1 25 | $26.0M | $120.2M | ||
| Q4 24 | $40.7M | $-124.7M | ||
| Q3 24 | $-91.5M | $-43.0M | ||
| Q2 24 | $35.8M | $-48.1M | ||
| Q1 24 | $-104.5M | $-50.3M |
| Q4 25 | 39.7% | -45.7% | ||
| Q3 25 | 82.8% | -70.8% | ||
| Q2 25 | 29.4% | -56.4% | ||
| Q1 25 | 39.7% | 81.8% | ||
| Q4 24 | 57.9% | -152.7% | ||
| Q3 24 | -127.8% | -51.7% | ||
| Q2 24 | 44.2% | -56.4% | ||
| Q1 24 | -129.6% | -58.8% |
| Q4 25 | 39.9% | -68.1% | ||
| Q3 25 | 82.4% | -74.4% | ||
| Q2 25 | 29.3% | -57.2% | ||
| Q1 25 | 39.5% | 125.0% | ||
| Q4 24 | 57.7% | -154.4% | ||
| Q3 24 | -127.9% | -51.6% | ||
| Q2 24 | 44.1% | -56.7% | ||
| Q1 24 | -129.8% | -60.9% |
| Q4 25 | $0.19 | $-1.04 | ||
| Q3 25 | $0.34 | $-1.38 | ||
| Q2 25 | $0.12 | $-0.73 | ||
| Q1 25 | $0.16 | $0.89 | ||
| Q4 24 | $0.25 | $-1.21 | ||
| Q3 24 | $-0.69 | $-0.45 | ||
| Q2 24 | $0.23 | $-0.52 | ||
| Q1 24 | $-0.76 | $-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 | $139.8M | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $1.9B | $21.3M |
| Total Assets | $9.9B | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $57.4M | ||
| Q3 25 | $245.9M | $34.7M | ||
| Q2 25 | $177.6M | $33.6M | ||
| Q1 25 | $166.4M | $26.3M | ||
| Q4 24 | $317.4M | $27.8M | ||
| Q3 24 | $194.3M | $20.3M | ||
| Q2 24 | $174.7M | $33.1M | ||
| Q1 24 | $161.2M | $23.0M |
| 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 24 | — | $1.3B |
| Q4 25 | $1.9B | $21.3M | ||
| Q3 25 | $1.9B | $181.1M | ||
| Q2 25 | $1.8B | $375.5M | ||
| Q1 25 | $1.9B | $476.2M | ||
| Q4 24 | $1.9B | $202.7M | ||
| Q3 24 | $1.9B | $370.8M | ||
| Q2 24 | $2.0B | $394.8M | ||
| Q1 24 | $2.0B | $402.5M |
| Q4 25 | $9.9B | $5.7B | ||
| Q3 25 | $9.5B | $5.5B | ||
| Q2 25 | $9.8B | $4.4B | ||
| Q1 25 | $8.8B | $4.1B | ||
| Q4 24 | $8.4B | $2.4B | ||
| Q3 24 | $9.1B | $2.4B | ||
| Q2 24 | $9.3B | $2.5B | ||
| Q1 24 | $9.2B | $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 | $142.5M | $-2.8M |
| Free Cash FlowOCF − Capex | — | $-68.6M |
| FCF MarginFCF / Revenue | — | -47.8% |
| Capex IntensityCapex / Revenue | — | 45.9% |
| Cash ConversionOCF / Net Profit | 4.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $-2.8M | ||
| Q3 25 | $31.7M | $-24.4M | ||
| Q2 25 | $63.2M | $-5.2M | ||
| Q1 25 | $39.3M | $-85.7M | ||
| Q4 24 | $200.3M | $-8.1M | ||
| Q3 24 | $47.2M | $14.2M | ||
| Q2 24 | $50.2M | $-17.6M | ||
| Q1 24 | $52.8M | $-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 | 4.88× | — | ||
| Q3 25 | 0.62× | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 1.51× | -0.71× | ||
| Q4 24 | 4.93× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.40× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
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% |
