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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and ONESPAWORLD HOLDINGS Ltd (OSW). Click either name above to swap in a different company.
ONESPAWORLD HOLDINGS Ltd is the larger business by last-quarter revenue ($242.1M vs $143.5M, roughly 1.7× FTAI Infrastructure Inc.). ONESPAWORLD HOLDINGS Ltd runs the higher net margin — 5.0% vs -68.1%, a 73.1% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 11.5%). ONESPAWORLD HOLDINGS Ltd produced more free cash flow last quarter ($14.9M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 7.1%).
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.
FIP vs OSW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $242.1M |
| Net Profit | $-97.7M | $12.1M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | 6.8% |
| Net Margin | -68.1% | 5.0% |
| Revenue YoY | 77.7% | 11.5% |
| Net Profit YoY | 21.6% | -16.2% |
| EPS (diluted) | $-1.04 | $0.12 |
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 | $242.1M | ||
| Q3 25 | $140.6M | $258.5M | ||
| Q2 25 | $122.3M | $240.7M | ||
| Q1 25 | $96.2M | $219.6M | ||
| Q4 24 | $80.8M | $217.2M | ||
| Q3 24 | $83.3M | $241.7M | ||
| Q2 24 | $84.9M | $224.9M | ||
| Q1 24 | $82.5M | $211.2M |
| Q4 25 | $-97.7M | $12.1M | ||
| Q3 25 | $-104.5M | $24.3M | ||
| Q2 25 | $-70.0M | $19.9M | ||
| Q1 25 | $120.2M | $15.3M | ||
| Q4 24 | $-124.7M | $14.4M | ||
| Q3 24 | $-43.0M | $21.6M | ||
| Q2 24 | $-48.1M | $15.8M | ||
| Q1 24 | $-50.3M | $21.2M |
| Q4 25 | -45.7% | 6.8% | ||
| Q3 25 | -70.8% | 10.2% | ||
| Q2 25 | -56.4% | 9.2% | ||
| Q1 25 | 81.8% | 7.7% | ||
| Q4 24 | -152.7% | 7.9% | ||
| Q3 24 | -51.7% | 10.3% | ||
| Q2 24 | -56.4% | 8.4% | ||
| Q1 24 | -58.8% | 8.0% |
| Q4 25 | -68.1% | 5.0% | ||
| Q3 25 | -74.4% | 9.4% | ||
| Q2 25 | -57.2% | 8.3% | ||
| Q1 25 | 125.0% | 7.0% | ||
| Q4 24 | -154.4% | 6.6% | ||
| Q3 24 | -51.6% | 8.9% | ||
| Q2 24 | -56.7% | 7.0% | ||
| Q1 24 | -60.9% | 10.0% |
| Q4 25 | $-1.04 | $0.12 | ||
| Q3 25 | $-1.38 | $0.23 | ||
| Q2 25 | $-0.73 | $0.19 | ||
| Q1 25 | $0.89 | $0.15 | ||
| Q4 24 | $-1.21 | $0.13 | ||
| Q3 24 | $-0.45 | $0.20 | ||
| Q2 24 | $-0.52 | $0.15 | ||
| Q1 24 | $-0.54 | $0.21 |
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 | $16.3M |
| Total DebtLower is stronger | $3.8B | $84.0M |
| Stockholders' EquityBook value | $21.3M | $542.6M |
| Total Assets | $5.7B | $707.1M |
| Debt / EquityLower = less leverage | 176.99× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $16.3M | ||
| Q3 25 | $34.7M | $29.6M | ||
| Q2 25 | $33.6M | $35.0M | ||
| Q1 25 | $26.3M | $22.6M | ||
| Q4 24 | $27.8M | $57.4M | ||
| Q3 24 | $20.3M | $48.8M | ||
| Q2 24 | $33.1M | $62.5M | ||
| Q1 24 | $23.0M | $65.4M |
| Q4 25 | $3.8B | $84.0M | ||
| Q3 25 | $3.7B | $85.2M | ||
| Q2 25 | $3.1B | $96.2M | ||
| Q1 25 | $2.8B | $97.4M | ||
| Q4 24 | $1.6B | $98.6M | ||
| Q3 24 | $1.5B | $98.7M | ||
| Q2 24 | $1.6B | $123.8M | ||
| Q1 24 | $1.3B | $138.6M |
| Q4 25 | $21.3M | $542.6M | ||
| Q3 25 | $181.1M | $552.8M | ||
| Q2 25 | $375.5M | $548.3M | ||
| Q1 25 | $476.2M | $530.6M | ||
| Q4 24 | $202.7M | $554.5M | ||
| Q3 24 | $370.8M | $540.1M | ||
| Q2 24 | $394.8M | $532.7M | ||
| Q1 24 | $402.5M | $515.5M |
| Q4 25 | $5.7B | $707.1M | ||
| Q3 25 | $5.5B | $732.6M | ||
| Q2 25 | $4.4B | $731.8M | ||
| Q1 25 | $4.1B | $708.7M | ||
| Q4 24 | $2.4B | $746.4M | ||
| Q3 24 | $2.4B | $734.0M | ||
| Q2 24 | $2.5B | $756.8M | ||
| Q1 24 | $2.3B | $763.6M |
| Q4 25 | 176.99× | 0.15× | ||
| Q3 25 | 20.59× | 0.15× | ||
| Q2 25 | 8.21× | 0.18× | ||
| Q1 25 | 5.79× | 0.18× | ||
| Q4 24 | 7.84× | 0.18× | ||
| Q3 24 | 4.14× | 0.18× | ||
| Q2 24 | 3.94× | 0.23× | ||
| Q1 24 | 3.34× | 0.27× |
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 | $20.0M |
| Free Cash FlowOCF − Capex | $-68.6M | $14.9M |
| FCF MarginFCF / Revenue | -47.8% | 6.2% |
| Capex IntensityCapex / Revenue | 45.9% | 2.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $68.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $20.0M | ||
| Q3 25 | $-24.4M | $33.2M | ||
| Q2 25 | $-5.2M | $20.3M | ||
| Q1 25 | $-85.7M | $10.1M | ||
| Q4 24 | $-8.1M | $16.6M | ||
| Q3 24 | $14.2M | $28.6M | ||
| Q2 24 | $-17.6M | $18.7M | ||
| Q1 24 | $-3.9M | $15.0M |
| Q4 25 | $-68.6M | $14.9M | ||
| Q3 25 | $-90.7M | $27.6M | ||
| Q2 25 | $-87.5M | $17.6M | ||
| Q1 25 | $-151.7M | $8.4M | ||
| Q4 24 | $-34.3M | $13.2M | ||
| Q3 24 | $-11.7M | $27.5M | ||
| Q2 24 | $-32.1M | $17.6M | ||
| Q1 24 | $-16.7M | $13.7M |
| Q4 25 | -47.8% | 6.2% | ||
| Q3 25 | -64.5% | 10.7% | ||
| Q2 25 | -71.6% | 7.3% | ||
| Q1 25 | -157.7% | 3.8% | ||
| Q4 24 | -42.4% | 6.1% | ||
| Q3 24 | -14.0% | 11.4% | ||
| Q2 24 | -37.9% | 7.8% | ||
| Q1 24 | -20.3% | 6.5% |
| Q4 25 | 45.9% | 2.1% | ||
| Q3 25 | 47.2% | 2.2% | ||
| Q2 25 | 67.3% | 1.1% | ||
| Q1 25 | 68.6% | 0.8% | ||
| Q4 24 | 32.5% | 1.5% | ||
| Q3 24 | 31.1% | 0.5% | ||
| Q2 24 | 17.2% | 0.5% | ||
| Q1 24 | 15.6% | 0.6% |
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 1.36× | ||
| Q2 25 | — | 1.02× | ||
| Q1 25 | -0.71× | 0.66× | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | — | 0.71× |
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% |
OSW
| Services | $197.3M | 82% |
| Products | $44.8M | 18% |
