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Side-by-side financial comparison of DYNAVAX TECHNOLOGIES CORP (DVAX) 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 $94.9M, roughly 1.5× DYNAVAX TECHNOLOGIES CORP). DYNAVAX TECHNOLOGIES CORP runs the higher net margin — 28.4% vs -68.1%, a 96.5% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 17.7%). DYNAVAX TECHNOLOGIES CORP produced more free cash flow last quarter ($32.6M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 30.6%).
Dynavax Technologies Corp is a commercial-stage biopharmaceutical company specializing in the research, development, and production of innovative vaccines and immunotherapies for infectious diseases. Its lead approved product is Heplisav-B, an adult hepatitis B vaccine, with core markets in North America and Europe, alongside a pipeline of candidates addressing unmet public health needs.
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.
DVAX vs FIP — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $94.9M | $143.5M |
| Net Profit | $26.9M | $-97.7M |
| Gross Margin | — | — |
| Operating Margin | 22.4% | -45.7% |
| Net Margin | 28.4% | -68.1% |
| Revenue YoY | 17.7% | 77.7% |
| Net Profit YoY | 53.0% | 21.6% |
| EPS (diluted) | $0.21 | $-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 | — | $143.5M | ||
| Q3 25 | $94.9M | $140.6M | ||
| Q2 25 | $95.4M | $122.3M | ||
| Q1 25 | $68.2M | $96.2M | ||
| Q4 24 | $72.0M | $80.8M | ||
| Q3 24 | $80.6M | $83.3M | ||
| Q2 24 | $73.8M | $84.9M | ||
| Q1 24 | $50.8M | $82.5M |
| Q4 25 | — | $-97.7M | ||
| Q3 25 | $26.9M | $-104.5M | ||
| Q2 25 | $18.7M | $-70.0M | ||
| Q1 25 | $-96.1M | $120.2M | ||
| Q4 24 | $7.0M | $-124.7M | ||
| Q3 24 | $17.6M | $-43.0M | ||
| Q2 24 | $11.4M | $-48.1M | ||
| Q1 24 | $-8.7M | $-50.3M |
| Q4 25 | — | -45.7% | ||
| Q3 25 | 22.4% | -70.8% | ||
| Q2 25 | 15.1% | -56.4% | ||
| Q1 25 | -34.7% | 81.8% | ||
| Q4 24 | -2.3% | -152.7% | ||
| Q3 24 | 12.5% | -51.7% | ||
| Q2 24 | 7.0% | -56.4% | ||
| Q1 24 | -35.0% | -58.8% |
| Q4 25 | — | -68.1% | ||
| Q3 25 | 28.4% | -74.4% | ||
| Q2 25 | 19.6% | -57.2% | ||
| Q1 25 | -141.0% | 125.0% | ||
| Q4 24 | 9.8% | -154.4% | ||
| Q3 24 | 21.8% | -51.6% | ||
| Q2 24 | 15.4% | -56.7% | ||
| Q1 24 | -17.2% | -60.9% |
| Q4 25 | — | $-1.04 | ||
| Q3 25 | $0.21 | $-1.38 | ||
| Q2 25 | $0.14 | $-0.73 | ||
| Q1 25 | $-0.77 | $0.89 | ||
| Q4 24 | $0.07 | $-1.21 | ||
| Q3 24 | $0.12 | $-0.45 | ||
| Q2 24 | $0.08 | $-0.52 | ||
| Q1 24 | $-0.07 | $-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 | $160.2M | $57.4M |
| Total DebtLower is stronger | — | $3.8B |
| Stockholders' EquityBook value | $534.1M | $21.3M |
| Total Assets | $946.5M | $5.7B |
| Debt / EquityLower = less leverage | — | 176.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $57.4M | ||
| Q3 25 | $160.2M | $34.7M | ||
| Q2 25 | $99.1M | $33.6M | ||
| Q1 25 | $51.7M | $26.3M | ||
| Q4 24 | $95.9M | $27.8M | ||
| Q3 24 | $119.3M | $20.3M | ||
| Q2 24 | $112.5M | $33.1M | ||
| Q1 24 | $132.0M | $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 | — | $21.3M | ||
| Q3 25 | $534.1M | $181.1M | ||
| Q2 25 | $494.2M | $375.5M | ||
| Q1 25 | $530.9M | $476.2M | ||
| Q4 24 | $596.8M | $202.7M | ||
| Q3 24 | $681.4M | $370.8M | ||
| Q2 24 | $642.8M | $394.8M | ||
| Q1 24 | $618.5M | $402.5M |
| Q4 25 | — | $5.7B | ||
| Q3 25 | $946.5M | $5.5B | ||
| Q2 25 | $918.4M | $4.4B | ||
| Q1 25 | $945.9M | $4.1B | ||
| Q4 24 | $986.3M | $2.4B | ||
| Q3 24 | $1.1B | $2.4B | ||
| Q2 24 | $1.0B | $2.5B | ||
| Q1 24 | $986.6M | $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 | $33.8M | $-2.8M |
| Free Cash FlowOCF − Capex | $32.6M | $-68.6M |
| FCF MarginFCF / Revenue | 34.4% | -47.8% |
| Capex IntensityCapex / Revenue | 1.3% | 45.9% |
| Cash ConversionOCF / Net Profit | 1.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $80.5M | $-398.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-2.8M | ||
| Q3 25 | $33.8M | $-24.4M | ||
| Q2 25 | $23.4M | $-5.2M | ||
| Q1 25 | $-19.6M | $-85.7M | ||
| Q4 24 | $53.0M | $-8.1M | ||
| Q3 24 | $19.5M | $14.2M | ||
| Q2 24 | $10.7M | $-17.6M | ||
| Q1 24 | $-16.7M | $-3.9M |
| Q4 25 | — | $-68.6M | ||
| Q3 25 | $32.6M | $-90.7M | ||
| Q2 25 | $22.0M | $-87.5M | ||
| Q1 25 | $-23.6M | $-151.7M | ||
| Q4 24 | $49.5M | $-34.3M | ||
| Q3 24 | $18.1M | $-11.7M | ||
| Q2 24 | $9.9M | $-32.1M | ||
| Q1 24 | $-17.4M | $-16.7M |
| Q4 25 | — | -47.8% | ||
| Q3 25 | 34.4% | -64.5% | ||
| Q2 25 | 23.0% | -71.6% | ||
| Q1 25 | -34.6% | -157.7% | ||
| Q4 24 | 68.8% | -42.4% | ||
| Q3 24 | 22.5% | -14.0% | ||
| Q2 24 | 13.5% | -37.9% | ||
| Q1 24 | -34.3% | -20.3% |
| Q4 25 | — | 45.9% | ||
| Q3 25 | 1.3% | 47.2% | ||
| Q2 25 | 1.5% | 67.3% | ||
| Q1 25 | 5.8% | 68.6% | ||
| Q4 24 | 4.8% | 32.5% | ||
| Q3 24 | 1.7% | 31.1% | ||
| Q2 24 | 1.1% | 17.2% | ||
| Q1 24 | 1.5% | 15.6% |
| Q4 25 | — | — | ||
| Q3 25 | 1.26× | — | ||
| Q2 25 | 1.25× | — | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | 7.52× | — | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 0.94× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DVAX
| HEPLISAVB | $90.0M | 95% |
| US Department Of Defense | $4.7M | 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% |
