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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and IONIS PHARMACEUTICALS INC (IONS). Click either name above to swap in a different company.
IONIS PHARMACEUTICALS INC is the larger business by last-quarter revenue ($203.3M vs $143.5M, roughly 1.4× FTAI Infrastructure Inc.). FTAI Infrastructure Inc. runs the higher net margin — -68.1% vs -112.8%, a 44.7% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -10.3%). FTAI Infrastructure Inc. produced more free cash flow last quarter ($-68.6M vs $-159.0M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 30.4%).
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.
Ionis Pharmaceuticals, Inc. is a biotechnology company that specializes in discovering and developing antisense therapy, as well as RNA interference and CRISPR therapeutics. The company was founded in 1989 is based in Carlsbad, California. The company was previously known as Isis Pharmaceuticals until December 2015.
FIP vs IONS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $203.3M |
| Net Profit | $-97.7M | $-229.4M |
| Gross Margin | — | 96.1% |
| Operating Margin | -45.7% | -105.5% |
| Net Margin | -68.1% | -112.8% |
| Revenue YoY | 77.7% | -10.3% |
| Net Profit YoY | 21.6% | -119.8% |
| EPS (diluted) | $-1.04 | $-1.35 |
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 | $203.3M | ||
| Q3 25 | $140.6M | $156.7M | ||
| Q2 25 | $122.3M | $452.0M | ||
| Q1 25 | $96.2M | $131.6M | ||
| Q4 24 | $80.8M | $226.6M | ||
| Q3 24 | $83.3M | $133.8M | ||
| Q2 24 | $84.9M | $225.3M | ||
| Q1 24 | $82.5M | $119.5M |
| Q4 25 | $-97.7M | $-229.4M | ||
| Q3 25 | $-104.5M | $-128.6M | ||
| Q2 25 | $-70.0M | $123.6M | ||
| Q1 25 | $120.2M | $-146.9M | ||
| Q4 24 | $-124.7M | $-104.3M | ||
| Q3 24 | $-43.0M | $-140.5M | ||
| Q2 24 | $-48.1M | $-66.3M | ||
| Q1 24 | $-50.3M | $-142.8M |
| Q4 25 | — | 96.1% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.9% | ||
| Q4 24 | — | 98.3% | ||
| Q3 24 | — | 99.2% | ||
| Q2 24 | — | 98.2% | ||
| Q1 24 | — | 98.2% |
| Q4 25 | -45.7% | -105.5% | ||
| Q3 25 | -70.8% | -102.2% | ||
| Q2 25 | -56.4% | 30.9% | ||
| Q1 25 | 81.8% | -111.6% | ||
| Q4 24 | -152.7% | -48.9% | ||
| Q3 24 | -51.7% | -111.1% | ||
| Q2 24 | -56.4% | -29.3% | ||
| Q1 24 | -58.8% | -125.1% |
| Q4 25 | -68.1% | -112.8% | ||
| Q3 25 | -74.4% | -82.1% | ||
| Q2 25 | -57.2% | 27.3% | ||
| Q1 25 | 125.0% | -111.6% | ||
| Q4 24 | -154.4% | -46.1% | ||
| Q3 24 | -51.6% | -105.0% | ||
| Q2 24 | -56.7% | -29.4% | ||
| Q1 24 | -60.9% | -119.5% |
| Q4 25 | $-1.04 | $-1.35 | ||
| Q3 25 | $-1.38 | $-0.80 | ||
| Q2 25 | $-0.73 | $0.70 | ||
| Q1 25 | $0.89 | $-0.93 | ||
| Q4 24 | $-1.21 | $-0.66 | ||
| Q3 24 | $-0.45 | $-0.95 | ||
| Q2 24 | $-0.52 | $-0.45 | ||
| Q1 24 | $-0.54 | $-0.98 |
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 | $2.7B |
| Total DebtLower is stronger | $3.8B | $1.8B |
| Stockholders' EquityBook value | $21.3M | $489.1M |
| Total Assets | $5.7B | $3.5B |
| Debt / EquityLower = less leverage | 176.99× | 3.71× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $2.7B | ||
| Q3 25 | $34.7M | $2.2B | ||
| Q2 25 | $33.6M | $2.3B | ||
| Q1 25 | $26.3M | $2.1B | ||
| Q4 24 | $27.8M | $2.3B | ||
| Q3 24 | $20.3M | $2.5B | ||
| Q2 24 | $33.1M | $2.1B | ||
| Q1 24 | $23.0M | $2.2B |
| Q4 25 | $3.8B | $1.8B | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $21.3M | $489.1M | ||
| Q3 25 | $181.1M | $618.0M | ||
| Q2 25 | $375.5M | $631.7M | ||
| Q1 25 | $476.2M | $475.7M | ||
| Q4 24 | $202.7M | $588.4M | ||
| Q3 24 | $370.8M | $662.5M | ||
| Q2 24 | $394.8M | $263.7M | ||
| Q1 24 | $402.5M | $296.5M |
| Q4 25 | $5.7B | $3.5B | ||
| Q3 25 | $5.5B | $3.0B | ||
| Q2 25 | $4.4B | $3.0B | ||
| Q1 25 | $4.1B | $2.8B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $2.4B | $3.1B | ||
| Q2 24 | $2.5B | $2.7B | ||
| Q1 24 | $2.3B | $2.8B |
| Q4 25 | 176.99× | 3.71× | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | 2.13× | ||
| 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 | $-137.7M |
| Free Cash FlowOCF − Capex | $-68.6M | $-159.0M |
| FCF MarginFCF / Revenue | -47.8% | -78.2% |
| Capex IntensityCapex / Revenue | 45.9% | 10.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $-320.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $-137.7M | ||
| Q3 25 | $-24.4M | $-131.4M | ||
| Q2 25 | $-5.2M | $151.3M | ||
| Q1 25 | $-85.7M | $-150.8M | ||
| Q4 24 | $-8.1M | $-116.1M | ||
| Q3 24 | $14.2M | $-115.0M | ||
| Q2 24 | $-17.6M | $-119.9M | ||
| Q1 24 | $-3.9M | $-149.9M |
| Q4 25 | $-68.6M | $-159.0M | ||
| Q3 25 | $-90.7M | $-136.7M | ||
| Q2 25 | $-87.5M | $139.0M | ||
| Q1 25 | $-151.7M | $-163.4M | ||
| Q4 24 | $-34.3M | $-141.6M | ||
| Q3 24 | $-11.7M | $-124.0M | ||
| Q2 24 | $-32.1M | $-126.1M | ||
| Q1 24 | $-16.7M | $-154.4M |
| Q4 25 | -47.8% | -78.2% | ||
| Q3 25 | -64.5% | -87.2% | ||
| Q2 25 | -71.6% | 30.8% | ||
| Q1 25 | -157.7% | -124.1% | ||
| Q4 24 | -42.4% | -62.5% | ||
| Q3 24 | -14.0% | -92.7% | ||
| Q2 24 | -37.9% | -56.0% | ||
| Q1 24 | -20.3% | -129.2% |
| Q4 25 | 45.9% | 10.5% | ||
| Q3 25 | 47.2% | 3.4% | ||
| Q2 25 | 67.3% | 2.7% | ||
| Q1 25 | 68.6% | 9.6% | ||
| Q4 24 | 32.5% | 11.3% | ||
| Q3 24 | 31.1% | 6.8% | ||
| Q2 24 | 17.2% | 2.8% | ||
| Q1 24 | 15.6% | 3.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.22× | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
