vs
Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Navan, Inc. (NAVN). Click either name above to swap in a different company.
Navan, Inc. is the larger business by last-quarter revenue ($194.9M vs $188.4M, roughly 1.0× FTAI Infrastructure Inc.). FTAI Infrastructure Inc. runs the higher net margin — -79.7% vs -115.6%, a 35.9% gap on every dollar of revenue.
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.
Navan, Inc. is an American corporate travel and expense management company headquartered in Palo Alto, California. Founded in May 2015 by Ariel Cohen and Ilan Twig, Navan offers an integrated platform combining travel booking, corporate-issued payment cards, expense reporting, and analytics for businesses worldwide.
FIP vs NAVN — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $188.4M | $194.9M |
| Net Profit | $-150.2M | $-225.4M |
| Gross Margin | — | 70.7% |
| Operating Margin | — | -40.6% |
| Net Margin | -79.7% | -115.6% |
| Revenue YoY | 95.9% | — |
| Net Profit YoY | -387.6% | -483.6% |
| EPS (diluted) | $-1.32 | $-4.58 |
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.
| Q1 26 | $188.4M | — | ||
| Q4 25 | $143.5M | $194.9M | ||
| Q3 25 | $140.6M | — | ||
| Q2 25 | $122.3M | — | ||
| Q1 25 | $96.2M | — | ||
| Q4 24 | $80.8M | — | ||
| Q3 24 | $83.3M | — | ||
| Q2 24 | $84.9M | — |
| Q1 26 | $-150.2M | — | ||
| Q4 25 | $-97.7M | $-225.4M | ||
| Q3 25 | $-104.5M | — | ||
| Q2 25 | $-70.0M | — | ||
| Q1 25 | $120.2M | — | ||
| Q4 24 | $-124.7M | — | ||
| Q3 24 | $-43.0M | — | ||
| Q2 24 | $-48.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 70.7% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | -45.7% | -40.6% | ||
| Q3 25 | -70.8% | — | ||
| Q2 25 | -56.4% | — | ||
| Q1 25 | 81.8% | — | ||
| Q4 24 | -152.7% | — | ||
| Q3 24 | -51.7% | — | ||
| Q2 24 | -56.4% | — |
| Q1 26 | -79.7% | — | ||
| Q4 25 | -68.1% | -115.6% | ||
| Q3 25 | -74.4% | — | ||
| Q2 25 | -57.2% | — | ||
| Q1 25 | 125.0% | — | ||
| Q4 24 | -154.4% | — | ||
| Q3 24 | -51.6% | — | ||
| Q2 24 | -56.7% | — |
| Q1 26 | $-1.32 | — | ||
| Q4 25 | $-1.04 | $-4.58 | ||
| Q3 25 | $-1.38 | — | ||
| Q2 25 | $-0.73 | — | ||
| Q1 25 | $0.89 | — | ||
| Q4 24 | $-1.21 | — | ||
| Q3 24 | $-0.45 | — | ||
| Q2 24 | $-0.52 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $37.9M | $809.1M |
| Total DebtLower is stronger | — | $206.6M |
| Stockholders' EquityBook value | $-122.5K | $1.2B |
| Total Assets | $5.7B | $1.8B |
| Debt / EquityLower = less leverage | — | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.9M | — | ||
| Q4 25 | $57.4M | $809.1M | ||
| Q3 25 | $34.7M | — | ||
| Q2 25 | $33.6M | — | ||
| Q1 25 | $26.3M | — | ||
| Q4 24 | $27.8M | — | ||
| Q3 24 | $20.3M | — | ||
| Q2 24 | $33.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $206.6M | ||
| 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 26 | $-122.5K | — | ||
| Q4 25 | $21.3M | $1.2B | ||
| Q3 25 | $181.1M | — | ||
| Q2 25 | $375.5M | — | ||
| Q1 25 | $476.2M | — | ||
| Q4 24 | $202.7M | — | ||
| Q3 24 | $370.8M | — | ||
| Q2 24 | $394.8M | — |
| Q1 26 | $5.7B | — | ||
| Q4 25 | $5.7B | $1.8B | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.5B | — |
| Q1 26 | — | — | ||
| Q4 25 | 176.99× | 0.17× | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — |
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 | $-69.4M | $-1.3M |
| Free Cash FlowOCF − Capex | — | $-1.9M |
| FCF MarginFCF / Revenue | — | -1.0% |
| Capex IntensityCapex / Revenue | — | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-69.4M | — | ||
| Q4 25 | $-2.8M | $-1.3M | ||
| Q3 25 | $-24.4M | — | ||
| Q2 25 | $-5.2M | — | ||
| Q1 25 | $-85.7M | — | ||
| Q4 24 | $-8.1M | — | ||
| Q3 24 | $14.2M | — | ||
| Q2 24 | $-17.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | $-68.6M | $-1.9M | ||
| Q3 25 | $-90.7M | — | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-151.7M | — | ||
| Q4 24 | $-34.3M | — | ||
| Q3 24 | $-11.7M | — | ||
| Q2 24 | $-32.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | -47.8% | -1.0% | ||
| Q3 25 | -64.5% | — | ||
| Q2 25 | -71.6% | — | ||
| Q1 25 | -157.7% | — | ||
| Q4 24 | -42.4% | — | ||
| Q3 24 | -14.0% | — | ||
| Q2 24 | -37.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 45.9% | 0.3% | ||
| Q3 25 | 47.2% | — | ||
| Q2 25 | 67.3% | — | ||
| Q1 25 | 68.6% | — | ||
| Q4 24 | 32.5% | — | ||
| Q3 24 | 31.1% | — | ||
| Q2 24 | 17.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIP
Segment breakdown not available.
NAVN
| Usage Based Revenue | $179.9M | 92% |
| Subscription Revenue | $15.0M | 8% |
