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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and HCI Group, Inc. (HCI). Click either name above to swap in a different company.
HCI Group, Inc. is the larger business by last-quarter revenue ($246.2M vs $143.5M, roughly 1.7× FTAI Infrastructure Inc.). HCI Group, Inc. runs the higher net margin — 39.7% vs -68.1%, a 107.7% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 52.1%). HCI Group, Inc. produced more free cash flow last quarter ($440.8M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 9.2%).
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.
HCI Equity Partners is a Washington, DC–based private equity firm with an additional office in Chicago, Illinois.
FIP vs HCI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $246.2M |
| Net Profit | $-97.7M | $97.7M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | 58.5% |
| Net Margin | -68.1% | 39.7% |
| Revenue YoY | 77.7% | 52.1% |
| Net Profit YoY | 21.6% | 3679.2% |
| EPS (diluted) | $-1.04 | $7.29 |
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 | $246.2M | ||
| Q3 25 | $140.6M | $216.3M | ||
| Q2 25 | $122.3M | $221.9M | ||
| Q1 25 | $96.2M | $216.4M | ||
| Q4 24 | $80.8M | $161.9M | ||
| Q3 24 | $83.3M | $175.3M | ||
| Q2 24 | $84.9M | $206.2M | ||
| Q1 24 | $82.5M | $206.6M |
| Q4 25 | $-97.7M | $97.7M | ||
| Q3 25 | $-104.5M | $65.5M | ||
| Q2 25 | $-70.0M | $66.2M | ||
| Q1 25 | $120.2M | $69.7M | ||
| Q4 24 | $-124.7M | $2.6M | ||
| Q3 24 | $-43.0M | $5.7M | ||
| Q2 24 | $-48.1M | $54.1M | ||
| Q1 24 | $-50.3M | $47.6M |
| Q4 25 | -45.7% | 58.5% | ||
| Q3 25 | -70.8% | 41.9% | ||
| Q2 25 | -56.4% | 42.5% | ||
| Q1 25 | 81.8% | 46.4% | ||
| Q4 24 | -152.7% | 3.6% | ||
| Q3 24 | -51.7% | 8.0% | ||
| Q2 24 | -56.4% | 36.9% | ||
| Q1 24 | -58.8% | 37.5% |
| Q4 25 | -68.1% | 39.7% | ||
| Q3 25 | -74.4% | 30.3% | ||
| Q2 25 | -57.2% | 29.8% | ||
| Q1 25 | 125.0% | 32.2% | ||
| Q4 24 | -154.4% | 1.6% | ||
| Q3 24 | -51.6% | 3.2% | ||
| Q2 24 | -56.7% | 26.2% | ||
| Q1 24 | -60.9% | 23.0% |
| Q4 25 | $-1.04 | $7.29 | ||
| Q3 25 | $-1.38 | $4.90 | ||
| Q2 25 | $-0.73 | $5.18 | ||
| Q1 25 | $0.89 | $5.35 | ||
| Q4 24 | $-1.21 | $0.32 | ||
| Q3 24 | $-0.45 | $0.52 | ||
| Q2 24 | $-0.52 | $4.24 | ||
| Q1 24 | $-0.54 | $3.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $57.4M | $1.2B |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $1.0B |
| Total Assets | $5.7B | $2.5B |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $1.2B | ||
| Q3 25 | $34.7M | $987.9M | ||
| Q2 25 | $33.6M | $947.2M | ||
| Q1 25 | $26.3M | $754.5M | ||
| Q4 24 | $27.8M | $532.5M | ||
| Q3 24 | $20.3M | $518.8M | ||
| Q2 24 | $33.1M | $445.8M | ||
| Q1 24 | $23.0M | $655.4M |
| 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 | $1.0B | ||
| Q3 25 | $181.1M | $821.8M | ||
| Q2 25 | $375.5M | $758.6M | ||
| Q1 25 | $476.2M | $522.7M | ||
| Q4 24 | $202.7M | $453.3M | ||
| Q3 24 | $370.8M | $455.3M | ||
| Q2 24 | $394.8M | $447.3M | ||
| Q1 24 | $402.5M | $395.7M |
| Q4 25 | $5.7B | $2.5B | ||
| Q3 25 | $5.5B | $2.3B | ||
| Q2 25 | $4.4B | $2.4B | ||
| Q1 25 | $4.1B | $2.3B | ||
| Q4 24 | $2.4B | $2.2B | ||
| Q3 24 | $2.4B | $2.0B | ||
| Q2 24 | $2.5B | $1.9B | ||
| Q1 24 | $2.3B | $1.8B |
| 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 | $-2.8M | $444.4M |
| Free Cash FlowOCF − Capex | $-68.6M | $440.8M |
| FCF MarginFCF / Revenue | -47.8% | 179.0% |
| Capex IntensityCapex / Revenue | 45.9% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 4.55× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $771.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $444.4M | ||
| Q3 25 | $-24.4M | $26.7M | ||
| Q2 25 | $-5.2M | $145.0M | ||
| Q1 25 | $-85.7M | $162.0M | ||
| Q4 24 | $-8.1M | $331.8M | ||
| Q3 24 | $14.2M | $104.1M | ||
| Q2 24 | $-17.6M | $-29.0M | ||
| Q1 24 | $-3.9M | $182.0M |
| Q4 25 | $-68.6M | $440.8M | ||
| Q3 25 | $-90.7M | $25.9M | ||
| Q2 25 | $-87.5M | $144.5M | ||
| Q1 25 | $-151.7M | $160.3M | ||
| Q4 24 | $-34.3M | $327.8M | ||
| Q3 24 | $-11.7M | $103.2M | ||
| Q2 24 | $-32.1M | $-30.1M | ||
| Q1 24 | $-16.7M | $181.0M |
| Q4 25 | -47.8% | 179.0% | ||
| Q3 25 | -64.5% | 12.0% | ||
| Q2 25 | -71.6% | 65.1% | ||
| Q1 25 | -157.7% | 74.1% | ||
| Q4 24 | -42.4% | 202.5% | ||
| Q3 24 | -14.0% | 58.9% | ||
| Q2 24 | -37.9% | -14.6% | ||
| Q1 24 | -20.3% | 87.6% |
| Q4 25 | 45.9% | 1.5% | ||
| Q3 25 | 47.2% | 0.4% | ||
| Q2 25 | 67.3% | 0.2% | ||
| Q1 25 | 68.6% | 0.8% | ||
| Q4 24 | 32.5% | 2.5% | ||
| Q3 24 | 31.1% | 0.5% | ||
| Q2 24 | 17.2% | 0.5% | ||
| Q1 24 | 15.6% | 0.5% |
| Q4 25 | — | 4.55× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 2.19× | ||
| Q1 25 | -0.71× | 2.32× | ||
| Q4 24 | — | 128.41× | ||
| Q3 24 | — | 18.33× | ||
| Q2 24 | — | -0.54× | ||
| Q1 24 | — | 3.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
HCI
| Insurance Operation | $218.3M | 89% |
| Reciprocal Exchange Operation | $27.0M | 11% |
