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Side-by-side financial comparison of CORVEL CORP (CRVL) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
CORVEL CORP is the larger business by last-quarter revenue ($235.6M vs $143.5M, roughly 1.6× FTAI Infrastructure Inc.). CORVEL CORP runs the higher net margin — 10.3% vs -68.1%, a 78.3% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 3.4%). CORVEL CORP produced more free cash flow last quarter ($35.2M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 6.6%).
Corvel Corp is a U.S.-headquartered provider of integrated workers’ compensation, healthcare management, and risk mitigation solutions. It serves insurance carriers, self-insured employers, and public sector clients, delivering services to control healthcare costs, improve care outcomes, and optimize administrative operations.
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.
CRVL vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $235.6M | $143.5M |
| Net Profit | $24.2M | $-97.7M |
| Gross Margin | 23.3% | — |
| Operating Margin | 13.7% | -45.7% |
| Net Margin | 10.3% | -68.1% |
| Revenue YoY | 3.4% | 77.7% |
| Net Profit YoY | 1.7% | 21.6% |
| EPS (diluted) | $0.47 | $-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 | $235.6M | $143.5M | ||
| Q3 25 | $239.6M | $140.6M | ||
| Q2 25 | $234.7M | $122.3M | ||
| Q1 25 | $231.5M | $96.2M | ||
| Q4 24 | $228.0M | $80.8M | ||
| Q3 24 | $224.4M | $83.3M | ||
| Q2 24 | $211.7M | $84.9M | ||
| Q1 24 | $207.2M | $82.5M |
| Q4 25 | $24.2M | $-97.7M | ||
| Q3 25 | $27.9M | $-104.5M | ||
| Q2 25 | $27.2M | $-70.0M | ||
| Q1 25 | $26.4M | $120.2M | ||
| Q4 24 | $23.8M | $-124.7M | ||
| Q3 24 | $23.4M | $-43.0M | ||
| Q2 24 | $21.6M | $-48.1M | ||
| Q1 24 | $19.5M | $-50.3M |
| Q4 25 | 23.3% | — | ||
| Q3 25 | 24.3% | — | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 25.0% | — | ||
| Q4 24 | 23.2% | — | ||
| Q3 24 | 22.6% | — | ||
| Q2 24 | 22.7% | — | ||
| Q1 24 | 20.9% | — |
| Q4 25 | 13.7% | -45.7% | ||
| Q3 25 | 15.0% | -70.8% | ||
| Q2 25 | 15.0% | -56.4% | ||
| Q1 25 | 14.4% | 81.8% | ||
| Q4 24 | 13.5% | -152.7% | ||
| Q3 24 | 12.8% | -51.7% | ||
| Q2 24 | 13.2% | -56.4% | ||
| Q1 24 | 10.9% | -58.8% |
| Q4 25 | 10.3% | -68.1% | ||
| Q3 25 | 11.6% | -74.4% | ||
| Q2 25 | 11.6% | -57.2% | ||
| Q1 25 | 11.4% | 125.0% | ||
| Q4 24 | 10.4% | -154.4% | ||
| Q3 24 | 10.4% | -51.6% | ||
| Q2 24 | 10.2% | -56.7% | ||
| Q1 24 | 9.4% | -60.9% |
| Q4 25 | $0.47 | $-1.04 | ||
| Q3 25 | $0.54 | $-1.38 | ||
| Q2 25 | $0.52 | $-0.73 | ||
| Q1 25 | $-1.23 | $0.89 | ||
| Q4 24 | $0.46 | $-1.21 | ||
| Q3 24 | $1.35 | $-0.45 | ||
| Q2 24 | $1.25 | $-0.52 | ||
| Q1 24 | $1.12 | $-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 | $230.0M | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $375.7M | $21.3M |
| Total Assets | $644.8M | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $230.0M | $57.4M | ||
| Q3 25 | $207.5M | $34.7M | ||
| Q2 25 | $202.0M | $33.6M | ||
| Q1 25 | $170.6M | $26.3M | ||
| Q4 24 | $162.9M | $27.8M | ||
| Q3 24 | $138.3M | $20.3M | ||
| Q2 24 | $131.9M | $33.1M | ||
| Q1 24 | $105.6M | $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 | $375.7M | $21.3M | ||
| Q3 25 | $362.8M | $181.1M | ||
| Q2 25 | $342.5M | $375.5M | ||
| Q1 25 | $322.0M | $476.2M | ||
| Q4 24 | $300.9M | $202.7M | ||
| Q3 24 | $282.8M | $370.8M | ||
| Q2 24 | $263.9M | $394.8M | ||
| Q1 24 | $247.6M | $402.5M |
| Q4 25 | $644.8M | $5.7B | ||
| Q3 25 | $611.7M | $5.5B | ||
| Q2 25 | $597.4M | $4.4B | ||
| Q1 25 | $546.0M | $4.1B | ||
| Q4 24 | $538.8M | $2.4B | ||
| Q3 24 | $518.6M | $2.4B | ||
| Q2 24 | $486.2M | $2.5B | ||
| Q1 24 | $454.7M | $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 | $46.1M | $-2.8M |
| Free Cash FlowOCF − Capex | $35.2M | $-68.6M |
| FCF MarginFCF / Revenue | 14.9% | -47.8% |
| Capex IntensityCapex / Revenue | 4.7% | 45.9% |
| Cash ConversionOCF / Net Profit | 1.91× | — |
| TTM Free Cash FlowTrailing 4 quarters | $104.3M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $46.1M | $-2.8M | ||
| Q3 25 | $25.0M | $-24.4M | ||
| Q2 25 | $55.0M | $-5.2M | ||
| Q1 25 | $22.9M | $-85.7M | ||
| Q4 24 | $41.6M | $-8.1M | ||
| Q3 24 | $22.3M | $14.2M | ||
| Q2 24 | $40.4M | $-17.6M | ||
| Q1 24 | $15.2M | $-3.9M |
| Q4 25 | $35.2M | $-68.6M | ||
| Q3 25 | $15.3M | $-90.7M | ||
| Q2 25 | $39.5M | $-87.5M | ||
| Q1 25 | $14.3M | $-151.7M | ||
| Q4 24 | $32.1M | $-34.3M | ||
| Q3 24 | $12.4M | $-11.7M | ||
| Q2 24 | $32.8M | $-32.1M | ||
| Q1 24 | $5.2M | $-16.7M |
| Q4 25 | 14.9% | -47.8% | ||
| Q3 25 | 6.4% | -64.5% | ||
| Q2 25 | 16.8% | -71.6% | ||
| Q1 25 | 6.2% | -157.7% | ||
| Q4 24 | 14.1% | -42.4% | ||
| Q3 24 | 5.5% | -14.0% | ||
| Q2 24 | 15.5% | -37.9% | ||
| Q1 24 | 2.5% | -20.3% |
| Q4 25 | 4.7% | 45.9% | ||
| Q3 25 | 4.1% | 47.2% | ||
| Q2 25 | 6.6% | 67.3% | ||
| Q1 25 | 3.7% | 68.6% | ||
| Q4 24 | 4.2% | 32.5% | ||
| Q3 24 | 4.4% | 31.1% | ||
| Q2 24 | 3.6% | 17.2% | ||
| Q1 24 | 4.8% | 15.6% |
| Q4 25 | 1.91× | — | ||
| Q3 25 | 0.90× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.87× | -0.71× | ||
| Q4 24 | 1.75× | — | ||
| Q3 24 | 0.95× | — | ||
| Q2 24 | 1.87× | — | ||
| Q1 24 | 0.78× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRVL
| Patient Management Services | $146.1M | 62% |
| Network Solutions Services | $89.6M | 38% |
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% |
