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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Immunocore Holdings plc (IMCR). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $104.5M, roughly 1.4× Immunocore Holdings plc). On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 24.3%). Immunocore Holdings plc produced more free cash flow last quarter ($-35.5M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 21.7%).
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.
Immunocore is a global commercial-stage biotechnology company, based in Oxfordshire, which researches and develops biological drugs using soluble T-cell receptor technology.
FIP vs IMCR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $104.5M |
| Net Profit | $-97.7M | — |
| Gross Margin | — | 97.4% |
| Operating Margin | -45.7% | -18.8% |
| Net Margin | -68.1% | — |
| Revenue YoY | 77.7% | 24.3% |
| Net Profit YoY | 21.6% | — |
| EPS (diluted) | $-1.04 | $-0.61 |
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 | $104.5M | ||
| Q3 25 | $140.6M | $103.7M | ||
| Q2 25 | $122.3M | $98.0M | ||
| Q1 25 | $96.2M | $93.9M | ||
| Q4 24 | $80.8M | $84.1M | ||
| Q3 24 | $83.3M | $80.2M | ||
| Q2 24 | $84.9M | $75.4M | ||
| Q1 24 | $82.5M | $70.5M |
| Q4 25 | $-97.7M | — | ||
| Q3 25 | $-104.5M | $-177.0K | ||
| Q2 25 | $-70.0M | $-10.3M | ||
| Q1 25 | $120.2M | $5.0M | ||
| Q4 24 | $-124.7M | — | ||
| Q3 24 | $-43.0M | $8.7M | ||
| Q2 24 | $-48.1M | $-11.6M | ||
| Q1 24 | $-50.3M | $-24.4M |
| Q4 25 | — | 97.4% | ||
| Q3 25 | — | 99.5% | ||
| Q2 25 | — | 98.9% | ||
| Q1 25 | — | 99.1% | ||
| Q4 24 | — | 99.6% | ||
| Q3 24 | — | 99.4% | ||
| Q2 24 | — | 97.7% | ||
| Q1 24 | — | 99.7% |
| Q4 25 | -45.7% | -18.8% | ||
| Q3 25 | -70.8% | -6.9% | ||
| Q2 25 | -56.4% | -15.2% | ||
| Q1 25 | 81.8% | -3.9% | ||
| Q4 24 | -152.7% | -23.1% | ||
| Q3 24 | -51.7% | -10.6% | ||
| Q2 24 | -56.4% | -21.2% | ||
| Q1 24 | -58.8% | -37.6% |
| Q4 25 | -68.1% | — | ||
| Q3 25 | -74.4% | -0.2% | ||
| Q2 25 | -57.2% | -10.5% | ||
| Q1 25 | 125.0% | 5.4% | ||
| Q4 24 | -154.4% | — | ||
| Q3 24 | -51.6% | 10.9% | ||
| Q2 24 | -56.7% | -15.4% | ||
| Q1 24 | -60.9% | -34.7% |
| Q4 25 | $-1.04 | $-0.61 | ||
| Q3 25 | $-1.38 | $0.00 | ||
| Q2 25 | $-0.73 | $-0.20 | ||
| Q1 25 | $0.89 | $0.10 | ||
| Q4 24 | $-1.21 | $-0.47 | ||
| Q3 24 | $-0.45 | $0.17 | ||
| Q2 24 | $-0.52 | $-0.23 | ||
| Q1 24 | $-0.54 | $-0.49 |
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 | $864.2M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $381.0M |
| Total Assets | $5.7B | $1.1B |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $864.2M | ||
| Q3 25 | $34.7M | $892.4M | ||
| Q2 25 | $33.6M | $882.8M | ||
| Q1 25 | $26.3M | $837.0M | ||
| Q4 24 | $27.8M | $820.4M | ||
| Q3 24 | $20.3M | $901.3M | ||
| Q2 24 | $33.1M | $859.6M | ||
| Q1 24 | $23.0M | $832.8M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | $438.7M | ||
| Q2 24 | $1.6B | $452.5M | ||
| Q1 24 | $1.3B | $452.5M |
| Q4 25 | $21.3M | $381.0M | ||
| Q3 25 | $181.1M | $396.6M | ||
| Q2 25 | $375.5M | $388.5M | ||
| Q1 25 | $476.2M | $378.5M | ||
| Q4 24 | $202.7M | $360.7M | ||
| Q3 24 | $370.8M | $377.8M | ||
| Q2 24 | $394.8M | $359.1M | ||
| Q1 24 | $402.5M | $359.5M |
| Q4 25 | $5.7B | $1.1B | ||
| Q3 25 | $5.5B | $1.1B | ||
| Q2 25 | $4.4B | $1.1B | ||
| Q1 25 | $4.1B | $1.0B | ||
| Q4 24 | $2.4B | $1.0B | ||
| Q3 24 | $2.4B | $1.1B | ||
| Q2 24 | $2.5B | $1.0B | ||
| Q1 24 | $2.3B | $994.0M |
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | 1.16× | ||
| Q2 24 | 3.94× | 1.26× | ||
| Q1 24 | 3.34× | 1.26× |
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 | $-32.7M |
| Free Cash FlowOCF − Capex | $-68.6M | $-35.5M |
| FCF MarginFCF / Revenue | -47.8% | -34.0% |
| Capex IntensityCapex / Revenue | 45.9% | 2.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $-15.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $-32.7M | ||
| Q3 25 | $-24.4M | $-4.5M | ||
| Q2 25 | $-5.2M | $26.0M | ||
| Q1 25 | $-85.7M | $435.0K | ||
| Q4 24 | $-8.1M | $-14.0M | ||
| Q3 24 | $14.2M | $21.1M | ||
| Q2 24 | $-17.6M | $23.5M | ||
| Q1 24 | $-3.9M | $-4.6M |
| Q4 25 | $-68.6M | $-35.5M | ||
| Q3 25 | $-90.7M | $-5.2M | ||
| Q2 25 | $-87.5M | $25.6M | ||
| Q1 25 | $-151.7M | $137.0K | ||
| Q4 24 | $-34.3M | $-17.5M | ||
| Q3 24 | $-11.7M | $20.3M | ||
| Q2 24 | $-32.1M | $23.1M | ||
| Q1 24 | $-16.7M | $-5.0M |
| Q4 25 | -47.8% | -34.0% | ||
| Q3 25 | -64.5% | -5.0% | ||
| Q2 25 | -71.6% | 26.1% | ||
| Q1 25 | -157.7% | 0.1% | ||
| Q4 24 | -42.4% | -20.9% | ||
| Q3 24 | -14.0% | 25.3% | ||
| Q2 24 | -37.9% | 30.7% | ||
| Q1 24 | -20.3% | -7.1% |
| Q4 25 | 45.9% | 2.8% | ||
| Q3 25 | 47.2% | 0.7% | ||
| Q2 25 | 67.3% | 0.4% | ||
| Q1 25 | 68.6% | 0.3% | ||
| Q4 24 | 32.5% | 4.3% | ||
| Q3 24 | 31.1% | 1.0% | ||
| Q2 24 | 17.2% | 0.4% | ||
| Q1 24 | 15.6% | 0.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | 0.09× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.42× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
IMCR
Segment breakdown not available.
