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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $104.0M, roughly 1.4× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs -68.1%, a 106.9% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 12.5%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 12.5%).
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.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
FIP vs NIC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $104.0M |
| Net Profit | $-97.7M | $40.3M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | 48.3% |
| Net Margin | -68.1% | 38.8% |
| Revenue YoY | 77.7% | 12.5% |
| Net Profit YoY | 21.6% | 16.9% |
| EPS (diluted) | $-1.04 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $140.6M | $102.9M | ||
| Q2 25 | $122.3M | $95.7M | ||
| Q1 25 | $96.2M | $89.4M | ||
| Q4 24 | $80.8M | $92.4M | ||
| Q3 24 | $83.3M | $90.7M | ||
| Q2 24 | $84.9M | $85.0M | ||
| Q1 24 | $82.5M | $82.2M |
| Q4 25 | $-97.7M | $40.3M | ||
| Q3 25 | $-104.5M | $41.7M | ||
| Q2 25 | $-70.0M | $36.0M | ||
| Q1 25 | $120.2M | $32.6M | ||
| Q4 24 | $-124.7M | $34.5M | ||
| Q3 24 | $-43.0M | $32.5M | ||
| Q2 24 | $-48.1M | $29.3M | ||
| Q1 24 | $-50.3M | $27.8M |
| Q4 25 | -45.7% | 48.3% | ||
| Q3 25 | -70.8% | 50.4% | ||
| Q2 25 | -56.4% | 46.8% | ||
| Q1 25 | 81.8% | 44.9% | ||
| Q4 24 | -152.7% | 46.8% | ||
| Q3 24 | -51.7% | 45.0% | ||
| Q2 24 | -56.4% | 43.3% | ||
| Q1 24 | -58.8% | 41.8% |
| Q4 25 | -68.1% | 38.8% | ||
| Q3 25 | -74.4% | 40.6% | ||
| Q2 25 | -57.2% | 37.6% | ||
| Q1 25 | 125.0% | 36.4% | ||
| Q4 24 | -154.4% | 37.3% | ||
| Q3 24 | -51.6% | 35.8% | ||
| Q2 24 | -56.7% | 34.5% | ||
| Q1 24 | -60.9% | 33.8% |
| Q4 25 | $-1.04 | $2.63 | ||
| Q3 25 | $-1.38 | $2.73 | ||
| Q2 25 | $-0.73 | $2.34 | ||
| Q1 25 | $0.89 | $2.08 | ||
| Q4 24 | $-1.21 | $2.21 | ||
| Q3 24 | $-0.45 | $2.10 | ||
| Q2 24 | $-0.52 | $1.92 | ||
| Q1 24 | $-0.54 | $1.82 |
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 | — |
| Total DebtLower is stronger | $3.8B | $134.9M |
| Stockholders' EquityBook value | $21.3M | $1.3B |
| Total Assets | $5.7B | $9.2B |
| Debt / EquityLower = less leverage | 176.99× | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | — | ||
| 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 24 | $23.0M | — |
| Q4 25 | $3.8B | $134.9M | ||
| Q3 25 | $3.7B | $134.6M | ||
| Q2 25 | $3.1B | $134.3M | ||
| Q1 25 | $2.8B | $156.6M | ||
| Q4 24 | $1.6B | $161.4M | ||
| Q3 24 | $1.5B | $161.2M | ||
| Q2 24 | $1.6B | $162.4M | ||
| Q1 24 | $1.3B | $162.3M |
| Q4 25 | $21.3M | $1.3B | ||
| Q3 25 | $181.1M | $1.2B | ||
| Q2 25 | $375.5M | $1.2B | ||
| Q1 25 | $476.2M | $1.2B | ||
| Q4 24 | $202.7M | $1.2B | ||
| Q3 24 | $370.8M | $1.1B | ||
| Q2 24 | $394.8M | $1.1B | ||
| Q1 24 | $402.5M | $1.1B |
| Q4 25 | $5.7B | $9.2B | ||
| Q3 25 | $5.5B | $9.0B | ||
| Q2 25 | $4.4B | $8.9B | ||
| Q1 25 | $4.1B | $9.0B | ||
| Q4 24 | $2.4B | $8.8B | ||
| Q3 24 | $2.4B | $8.6B | ||
| Q2 24 | $2.5B | $8.6B | ||
| Q1 24 | $2.3B | $8.4B |
| Q4 25 | 176.99× | 0.11× | ||
| Q3 25 | 20.59× | 0.11× | ||
| Q2 25 | 8.21× | 0.11× | ||
| Q1 25 | 5.79× | 0.13× | ||
| Q4 24 | 7.84× | 0.14× | ||
| Q3 24 | 4.14× | 0.14× | ||
| Q2 24 | 3.94× | 0.15× | ||
| Q1 24 | 3.34× | 0.15× |
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 | $153.5M |
| Free Cash FlowOCF − Capex | $-68.6M | $149.4M |
| FCF MarginFCF / Revenue | -47.8% | 143.7% |
| Capex IntensityCapex / Revenue | 45.9% | 3.9% |
| Cash ConversionOCF / Net Profit | — | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $153.5M | ||
| Q3 25 | $-24.4M | $45.9M | ||
| Q2 25 | $-5.2M | $38.9M | ||
| Q1 25 | $-85.7M | $41.8M | ||
| Q4 24 | $-8.1M | $133.7M | ||
| Q3 24 | $14.2M | $39.6M | ||
| Q2 24 | $-17.6M | $37.3M | ||
| Q1 24 | $-3.9M | $23.4M |
| Q4 25 | $-68.6M | $149.4M | ||
| Q3 25 | $-90.7M | $45.9M | ||
| Q2 25 | $-87.5M | $38.4M | ||
| Q1 25 | $-151.7M | $41.3M | ||
| Q4 24 | $-34.3M | $116.8M | ||
| Q3 24 | $-11.7M | $34.7M | ||
| Q2 24 | $-32.1M | $34.4M | ||
| Q1 24 | $-16.7M | $20.1M |
| Q4 25 | -47.8% | 143.7% | ||
| Q3 25 | -64.5% | 44.6% | ||
| Q2 25 | -71.6% | 40.1% | ||
| Q1 25 | -157.7% | 46.2% | ||
| Q4 24 | -42.4% | 126.4% | ||
| Q3 24 | -14.0% | 38.3% | ||
| Q2 24 | -37.9% | 40.5% | ||
| Q1 24 | -20.3% | 24.4% |
| Q4 25 | 45.9% | 3.9% | ||
| Q3 25 | 47.2% | 0.0% | ||
| Q2 25 | 67.3% | 0.6% | ||
| Q1 25 | 68.6% | 0.5% | ||
| Q4 24 | 32.5% | 18.3% | ||
| Q3 24 | 31.1% | 5.4% | ||
| Q2 24 | 17.2% | 3.5% | ||
| Q1 24 | 15.6% | 4.0% |
| Q4 25 | — | 3.81× | ||
| Q3 25 | — | 1.10× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | -0.71× | 1.28× | ||
| Q4 24 | — | 3.88× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.28× | ||
| Q1 24 | — | 0.84× |
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% |
NIC
Segment breakdown not available.
