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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $88.4M, roughly 1.6× OPAL Fuels Inc.). OPAL Fuels Inc. runs the higher net margin — 18.3% vs -68.1%, a 86.4% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 18.7%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 17.6%).
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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
FIP vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $88.4M |
| Net Profit | $-97.7M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | 7.5% |
| Net Margin | -68.1% | 18.3% |
| Revenue YoY | 77.7% | 18.7% |
| Net Profit YoY | 21.6% | 401.5% |
| EPS (diluted) | $-1.04 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $140.6M | $77.9M | ||
| Q2 25 | $122.3M | $77.4M | ||
| Q1 25 | $96.2M | $83.0M | ||
| Q4 24 | $80.8M | $74.5M | ||
| Q3 24 | $83.3M | $82.6M | ||
| Q2 24 | $84.9M | $69.8M | ||
| Q1 24 | $82.5M | $64.0M |
| Q4 25 | $-97.7M | $16.2M | ||
| Q3 25 | $-104.5M | $11.4M | ||
| Q2 25 | $-70.0M | $7.6M | ||
| Q1 25 | $120.2M | $1.3M | ||
| Q4 24 | $-124.7M | $-5.4M | ||
| Q3 24 | $-43.0M | $17.1M | ||
| Q2 24 | $-48.1M | $1.9M | ||
| Q1 24 | $-50.3M | $677.0K |
| Q4 25 | -45.7% | 7.5% | ||
| Q3 25 | -70.8% | 4.6% | ||
| Q2 25 | -56.4% | -1.1% | ||
| Q1 25 | 81.8% | -2.3% | ||
| Q4 24 | -152.7% | -0.5% | ||
| Q3 24 | -51.7% | 14.9% | ||
| Q2 24 | -56.4% | 8.1% | ||
| Q1 24 | -58.8% | 5.6% |
| Q4 25 | -68.1% | 18.3% | ||
| Q3 25 | -74.4% | 14.6% | ||
| Q2 25 | -57.2% | 9.8% | ||
| Q1 25 | 125.0% | 1.5% | ||
| Q4 24 | -154.4% | -7.2% | ||
| Q3 24 | -51.6% | 20.7% | ||
| Q2 24 | -56.7% | 2.7% | ||
| Q1 24 | -60.9% | 1.1% |
| Q4 25 | $-1.04 | $0.08 | ||
| Q3 25 | $-1.38 | $0.05 | ||
| Q2 25 | $-0.73 | $0.03 | ||
| Q1 25 | $0.89 | $-0.01 | ||
| Q4 24 | $-1.21 | $-0.05 | ||
| Q3 24 | $-0.45 | $0.09 | ||
| Q2 24 | $-0.52 | $-0.01 | ||
| Q1 24 | $-0.54 | $-0.01 |
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 | $24.4M |
| Total DebtLower is stronger | $3.8B | $361.3M |
| Stockholders' EquityBook value | $21.3M | $-12.9M |
| Total Assets | $5.7B | $959.5M |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $24.4M | ||
| Q3 25 | $34.7M | $29.9M | ||
| Q2 25 | $33.6M | $29.3M | ||
| Q1 25 | $26.3M | $40.1M | ||
| Q4 24 | $27.8M | $24.3M | ||
| Q3 24 | $20.3M | $31.0M | ||
| Q2 24 | $33.1M | $27.6M | ||
| Q1 24 | $23.0M | $34.2M |
| Q4 25 | $3.8B | $361.3M | ||
| Q3 25 | $3.7B | $351.2M | ||
| Q2 25 | $3.1B | $331.6M | ||
| Q1 25 | $2.8B | $307.0M | ||
| Q4 24 | $1.6B | $307.5M | ||
| Q3 24 | $1.5B | $252.9M | ||
| Q2 24 | $1.6B | $233.3M | ||
| Q1 24 | $1.3B | $208.7M |
| Q4 25 | $21.3M | $-12.9M | ||
| Q3 25 | $181.1M | $7.5M | ||
| Q2 25 | $375.5M | $-25.0M | ||
| Q1 25 | $476.2M | $57.1M | ||
| Q4 24 | $202.7M | $-148.4M | ||
| Q3 24 | $370.8M | $-180.1M | ||
| Q2 24 | $394.8M | $-273.0M | ||
| Q1 24 | $402.5M | $-382.4M |
| Q4 25 | $5.7B | $959.5M | ||
| Q3 25 | $5.5B | $916.7M | ||
| Q2 25 | $4.4B | $905.5M | ||
| Q1 25 | $4.1B | $884.9M | ||
| Q4 24 | $2.4B | $881.1M | ||
| Q3 24 | $2.4B | $831.1M | ||
| Q2 24 | $2.5B | $782.3M | ||
| Q1 24 | $2.3B | $750.5M |
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | 46.95× | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | 5.38× | ||
| 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 | $-3.5M |
| Free Cash FlowOCF − Capex | $-68.6M | $-13.4M |
| FCF MarginFCF / Revenue | -47.8% | -15.1% |
| Capex IntensityCapex / Revenue | 45.9% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $-3.5M | ||
| Q3 25 | $-24.4M | $18.2M | ||
| Q2 25 | $-5.2M | $-7.9M | ||
| Q1 25 | $-85.7M | $29.7M | ||
| Q4 24 | $-8.1M | $-532.0K | ||
| Q3 24 | $14.2M | $17.7M | ||
| Q2 24 | $-17.6M | $533.0K | ||
| Q1 24 | $-3.9M | $13.7M |
| Q4 25 | $-68.6M | $-13.4M | ||
| Q3 25 | $-90.7M | $-9.3M | ||
| Q2 25 | $-87.5M | $-29.7M | ||
| Q1 25 | $-151.7M | $18.1M | ||
| Q4 24 | $-34.3M | $-55.0M | ||
| Q3 24 | $-11.7M | $-5.4M | ||
| Q2 24 | $-32.1M | $-22.5M | ||
| Q1 24 | $-16.7M | $-13.0M |
| Q4 25 | -47.8% | -15.1% | ||
| Q3 25 | -64.5% | -11.9% | ||
| Q2 25 | -71.6% | -38.4% | ||
| Q1 25 | -157.7% | 21.8% | ||
| Q4 24 | -42.4% | -73.8% | ||
| Q3 24 | -14.0% | -6.5% | ||
| Q2 24 | -37.9% | -32.2% | ||
| Q1 24 | -20.3% | -20.4% |
| Q4 25 | 45.9% | 11.1% | ||
| Q3 25 | 47.2% | 35.3% | ||
| Q2 25 | 67.3% | 28.2% | ||
| Q1 25 | 68.6% | 13.9% | ||
| Q4 24 | 32.5% | 73.1% | ||
| Q3 24 | 31.1% | 27.9% | ||
| Q2 24 | 17.2% | 32.9% | ||
| Q1 24 | 15.6% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | -0.71× | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
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% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
