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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and iRhythm Holdings, Inc. (IRTC). Click either name above to swap in a different company.
iRhythm Holdings, Inc. is the larger business by last-quarter revenue ($208.9M vs $143.5M, roughly 1.5× FTAI Infrastructure Inc.). iRhythm Holdings, Inc. runs the higher net margin — 2.7% vs -68.1%, a 70.8% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 27.1%). iRhythm Holdings, Inc. produced more free cash flow last quarter ($14.5M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 25.8%).
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.
iRhythm Holdings is a digital healthcare company focused on cardiac care, developing and commercializing wearable ambulatory heart monitoring devices paired with AI-powered analytical tools. It primarily serves healthcare providers and patients across the United States, helping to detect undiagnosed arrhythmias such as atrial fibrillation through convenient long-term heart rhythm tracking that delivers actionable clinical insights.
FIP vs IRTC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $208.9M |
| Net Profit | $-97.7M | $5.6M |
| Gross Margin | — | 70.9% |
| Operating Margin | -45.7% | 1.1% |
| Net Margin | -68.1% | 2.7% |
| Revenue YoY | 77.7% | 27.1% |
| Net Profit YoY | 21.6% | 518.5% |
| EPS (diluted) | $-1.04 | $0.18 |
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 | $208.9M | ||
| Q3 25 | $140.6M | $192.9M | ||
| Q2 25 | $122.3M | $186.7M | ||
| Q1 25 | $96.2M | $158.7M | ||
| Q4 24 | $80.8M | $164.3M | ||
| Q3 24 | $83.3M | $147.5M | ||
| Q2 24 | $84.9M | $148.0M | ||
| Q1 24 | $82.5M | $131.9M |
| Q4 25 | $-97.7M | $5.6M | ||
| Q3 25 | $-104.5M | $-5.2M | ||
| Q2 25 | $-70.0M | $-14.2M | ||
| Q1 25 | $120.2M | $-30.7M | ||
| Q4 24 | $-124.7M | $-1.3M | ||
| Q3 24 | $-43.0M | $-46.2M | ||
| Q2 24 | $-48.1M | $-20.1M | ||
| Q1 24 | $-50.3M | $-45.7M |
| Q4 25 | — | 70.9% | ||
| Q3 25 | — | 71.1% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 68.8% | ||
| Q4 24 | — | 70.0% | ||
| Q3 24 | — | 68.8% | ||
| Q2 24 | — | 69.9% | ||
| Q1 24 | — | 66.3% |
| Q4 25 | -45.7% | 1.1% | ||
| Q3 25 | -70.8% | -4.4% | ||
| Q2 25 | -56.4% | -10.0% | ||
| Q1 25 | 81.8% | -20.5% | ||
| Q4 24 | -152.7% | -2.5% | ||
| Q3 24 | -51.7% | -34.1% | ||
| Q2 24 | -56.4% | -15.5% | ||
| Q1 24 | -58.8% | -28.9% |
| Q4 25 | -68.1% | 2.7% | ||
| Q3 25 | -74.4% | -2.7% | ||
| Q2 25 | -57.2% | -7.6% | ||
| Q1 25 | 125.0% | -19.3% | ||
| Q4 24 | -154.4% | -0.8% | ||
| Q3 24 | -51.6% | -31.3% | ||
| Q2 24 | -56.7% | -13.6% | ||
| Q1 24 | -60.9% | -34.6% |
| Q4 25 | $-1.04 | $0.18 | ||
| Q3 25 | $-1.38 | $-0.16 | ||
| Q2 25 | $-0.73 | $-0.44 | ||
| Q1 25 | $0.89 | $-0.97 | ||
| Q4 24 | $-1.21 | $-0.03 | ||
| Q3 24 | $-0.45 | $-1.48 | ||
| Q2 24 | $-0.52 | $-0.65 | ||
| Q1 24 | $-0.54 | $-1.47 |
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 | $583.8M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $152.7M |
| Total Assets | $5.7B | $1.0B |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $583.8M | ||
| Q3 25 | $34.7M | $565.2M | ||
| Q2 25 | $33.6M | $545.5M | ||
| Q1 25 | $26.3M | $520.6M | ||
| Q4 24 | $27.8M | $535.6M | ||
| Q3 24 | $20.3M | $522.0M | ||
| Q2 24 | $33.1M | $561.5M | ||
| Q1 24 | $23.0M | $569.1M |
| 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 | $152.7M | ||
| Q3 25 | $181.1M | $121.9M | ||
| Q2 25 | $375.5M | $103.7M | ||
| Q1 25 | $476.2M | $86.7M | ||
| Q4 24 | $202.7M | $90.9M | ||
| Q3 24 | $370.8M | $71.8M | ||
| Q2 24 | $394.8M | $99.2M | ||
| Q1 24 | $402.5M | $90.3M |
| Q4 25 | $5.7B | $1.0B | ||
| Q3 25 | $5.5B | $995.2M | ||
| Q2 25 | $4.4B | $964.0M | ||
| Q1 25 | $4.1B | $926.1M | ||
| Q4 24 | $2.4B | $931.4M | ||
| Q3 24 | $2.4B | $909.7M | ||
| Q2 24 | $2.5B | $919.2M | ||
| Q1 24 | $2.3B | $909.8M |
| 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 | $26.2M |
| Free Cash FlowOCF − Capex | $-68.6M | $14.5M |
| FCF MarginFCF / Revenue | -47.8% | 6.9% |
| Capex IntensityCapex / Revenue | 45.9% | 5.6% |
| Cash ConversionOCF / Net Profit | — | 4.70× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $26.2M | ||
| Q3 25 | $-24.4M | $34.9M | ||
| Q2 25 | $-5.2M | $27.7M | ||
| Q1 25 | $-85.7M | $-7.9M | ||
| Q4 24 | $-8.1M | $19.2M | ||
| Q3 24 | $14.2M | $24.3M | ||
| Q2 24 | $-17.6M | $11.8M | ||
| Q1 24 | $-3.9M | $-52.0M |
| Q4 25 | $-68.6M | $14.5M | ||
| Q3 25 | $-90.7M | $20.1M | ||
| Q2 25 | $-87.5M | $17.3M | ||
| Q1 25 | $-151.7M | $-17.3M | ||
| Q4 24 | $-34.3M | $12.4M | ||
| Q3 24 | $-11.7M | $15.5M | ||
| Q2 24 | $-32.1M | $3.4M | ||
| Q1 24 | $-16.7M | $-61.8M |
| Q4 25 | -47.8% | 6.9% | ||
| Q3 25 | -64.5% | 10.4% | ||
| Q2 25 | -71.6% | 9.3% | ||
| Q1 25 | -157.7% | -10.9% | ||
| Q4 24 | -42.4% | 7.5% | ||
| Q3 24 | -14.0% | 10.5% | ||
| Q2 24 | -37.9% | 2.3% | ||
| Q1 24 | -20.3% | -46.8% |
| Q4 25 | 45.9% | 5.6% | ||
| Q3 25 | 47.2% | 7.7% | ||
| Q2 25 | 67.3% | 5.6% | ||
| Q1 25 | 68.6% | 5.9% | ||
| Q4 24 | 32.5% | 4.2% | ||
| Q3 24 | 31.1% | 6.0% | ||
| Q2 24 | 17.2% | 5.7% | ||
| Q1 24 | 15.6% | 7.4% |
| Q4 25 | — | 4.70× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| 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% |
IRTC
| Commercial Payors | $111.7M | 53% |
| Centers For Medicare And Medicaid | $49.2M | 24% |
| Healthcare Institutions | $34.3M | 16% |
| Non Contracted Third Party Payors | $13.7M | 7% |
