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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and INSTEEL INDUSTRIES INC (IIIN). Click either name above to swap in a different company.
INSTEEL INDUSTRIES INC is the larger business by last-quarter revenue ($159.9M vs $143.5M, roughly 1.1× FTAI Infrastructure Inc.). INSTEEL INDUSTRIES INC runs the higher net margin — 4.7% vs -68.1%, a 72.8% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 23.3%). INSTEEL INDUSTRIES INC produced more free cash flow last quarter ($-2.2M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 12.0%).
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.
Insteel Industries Inc is a leading U.S. manufacturer of steel reinforcing products including welded wire reinforcement and steel fibers. It primarily serves non-residential construction, infrastructure, and precast concrete segments across North America, delivering high-performance reinforcement solutions for various construction projects.
FIP vs IIIN — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $159.9M |
| Net Profit | $-97.7M | $7.6M |
| Gross Margin | — | 11.3% |
| Operating Margin | -45.7% | 6.0% |
| Net Margin | -68.1% | 4.7% |
| Revenue YoY | 77.7% | 23.3% |
| Net Profit YoY | 21.6% | 602.4% |
| EPS (diluted) | $-1.04 | $0.39 |
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 | $159.9M | ||
| Q3 25 | $140.6M | $177.4M | ||
| Q2 25 | $122.3M | $179.9M | ||
| Q1 25 | $96.2M | $160.7M | ||
| Q4 24 | $80.8M | $129.7M | ||
| Q3 24 | $83.3M | $134.3M | ||
| Q2 24 | $84.9M | $145.8M | ||
| Q1 24 | $82.5M | $127.4M |
| Q4 25 | $-97.7M | $7.6M | ||
| Q3 25 | $-104.5M | $14.6M | ||
| Q2 25 | $-70.0M | $15.2M | ||
| Q1 25 | $120.2M | $10.2M | ||
| Q4 24 | $-124.7M | $1.1M | ||
| Q3 24 | $-43.0M | $4.7M | ||
| Q2 24 | $-48.1M | $6.6M | ||
| Q1 24 | $-50.3M | $6.9M |
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 17.1% | ||
| Q1 25 | — | 15.3% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | 9.1% | ||
| Q2 24 | — | 10.6% | ||
| Q1 24 | — | 12.3% |
| Q4 25 | -45.7% | 6.0% | ||
| Q3 25 | -70.8% | 10.8% | ||
| Q2 25 | -56.4% | 11.0% | ||
| Q1 25 | 81.8% | 8.3% | ||
| Q4 24 | -152.7% | 1.1% | ||
| Q3 24 | -51.7% | 4.5% | ||
| Q2 24 | -56.4% | 6.0% | ||
| Q1 24 | -58.8% | 7.0% |
| Q4 25 | -68.1% | 4.7% | ||
| Q3 25 | -74.4% | 8.2% | ||
| Q2 25 | -57.2% | 8.4% | ||
| Q1 25 | 125.0% | 6.4% | ||
| Q4 24 | -154.4% | 0.8% | ||
| Q3 24 | -51.6% | 3.5% | ||
| Q2 24 | -56.7% | 4.5% | ||
| Q1 24 | -60.9% | 5.4% |
| Q4 25 | $-1.04 | $0.39 | ||
| Q3 25 | $-1.38 | $0.74 | ||
| Q2 25 | $-0.73 | $0.78 | ||
| Q1 25 | $0.89 | $0.52 | ||
| Q4 24 | $-1.21 | $0.06 | ||
| Q3 24 | $-0.45 | $0.24 | ||
| Q2 24 | $-0.52 | $0.34 | ||
| Q1 24 | $-0.54 | $0.35 |
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 | $15.6M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $358.8M |
| Total Assets | $5.7B | $456.1M |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $15.6M | ||
| Q3 25 | $34.7M | $38.6M | ||
| Q2 25 | $33.6M | $53.7M | ||
| Q1 25 | $26.3M | $28.4M | ||
| Q4 24 | $27.8M | $36.0M | ||
| Q3 24 | $20.3M | $111.5M | ||
| Q2 24 | $33.1M | $97.7M | ||
| Q1 24 | $23.0M | $83.9M |
| 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 | $358.8M | ||
| Q3 25 | $181.1M | $371.5M | ||
| Q2 25 | $375.5M | $356.2M | ||
| Q1 25 | $476.2M | $341.4M | ||
| Q4 24 | $202.7M | $331.6M | ||
| Q3 24 | $370.8M | $350.9M | ||
| Q2 24 | $394.8M | $346.0M | ||
| Q1 24 | $402.5M | $340.6M |
| Q4 25 | $5.7B | $456.1M | ||
| Q3 25 | $5.5B | $462.6M | ||
| Q2 25 | $4.4B | $471.9M | ||
| Q1 25 | $4.1B | $421.9M | ||
| Q4 24 | $2.4B | $404.7M | ||
| Q3 24 | $2.4B | $422.6M | ||
| Q2 24 | $2.5B | $414.6M | ||
| Q1 24 | $2.3B | $397.2M |
| 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 | $-701.0K |
| Free Cash FlowOCF − Capex | $-68.6M | $-2.2M |
| FCF MarginFCF / Revenue | -47.8% | -1.4% |
| Capex IntensityCapex / Revenue | 45.9% | 0.9% |
| Cash ConversionOCF / Net Profit | — | -0.09× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $439.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $-701.0K | ||
| Q3 25 | $-24.4M | $-17.0M | ||
| Q2 25 | $-5.2M | $28.5M | ||
| Q1 25 | $-85.7M | $-3.3M | ||
| Q4 24 | $-8.1M | $19.0M | ||
| Q3 24 | $14.2M | $16.2M | ||
| Q2 24 | $-17.6M | $18.8M | ||
| Q1 24 | $-3.9M | $1.4M |
| Q4 25 | $-68.6M | $-2.2M | ||
| Q3 25 | $-90.7M | $-18.7M | ||
| Q2 25 | $-87.5M | $26.9M | ||
| Q1 25 | $-151.7M | $-5.5M | ||
| Q4 24 | $-34.3M | $16.3M | ||
| Q3 24 | $-11.7M | $14.5M | ||
| Q2 24 | $-32.1M | $15.5M | ||
| Q1 24 | $-16.7M | $-580.0K |
| Q4 25 | -47.8% | -1.4% | ||
| Q3 25 | -64.5% | -10.6% | ||
| Q2 25 | -71.6% | 15.0% | ||
| Q1 25 | -157.7% | -3.5% | ||
| Q4 24 | -42.4% | 12.6% | ||
| Q3 24 | -14.0% | 10.8% | ||
| Q2 24 | -37.9% | 10.7% | ||
| Q1 24 | -20.3% | -0.5% |
| Q4 25 | 45.9% | 0.9% | ||
| Q3 25 | 47.2% | 1.0% | ||
| Q2 25 | 67.3% | 0.9% | ||
| Q1 25 | 68.6% | 1.4% | ||
| Q4 24 | 32.5% | 2.1% | ||
| Q3 24 | 31.1% | 1.3% | ||
| Q2 24 | 17.2% | 2.2% | ||
| Q1 24 | 15.6% | 1.5% |
| Q4 25 | — | -0.09× | ||
| Q3 25 | — | -1.17× | ||
| Q2 25 | — | 1.88× | ||
| Q1 25 | -0.71× | -0.32× | ||
| Q4 24 | — | 17.56× | ||
| Q3 24 | — | 3.48× | ||
| Q2 24 | — | 2.86× | ||
| Q1 24 | — | 0.20× |
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% |
IIIN
| Welded Wire Reinforcement | $108.4M | 68% |
| PC Strand | $51.6M | 32% |
