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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and PennyMac Mortgage Investment Trust (PMT). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $93.6M, roughly 1.5× PennyMac Mortgage Investment Trust). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs -68.1%, a 124.1% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -13.3%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 12.3%).
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.
PennyMac Mortgage Investment Trust is a U.S.-headquartered real estate investment trust specializing in residential mortgage assets. It invests in performing and non-performing mortgage loans, mortgage-backed securities, and credit risk transfer instruments, operating across investment management and mortgage servicing segments in the U.S. housing market.
FIP vs PMT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $93.6M |
| Net Profit | $-97.7M | $52.4M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | 38.6% |
| Net Margin | -68.1% | 56.0% |
| Revenue YoY | 77.7% | -13.3% |
| Net Profit YoY | 21.6% | 12.5% |
| EPS (diluted) | $-1.04 | $0.49 |
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 | $93.6M | ||
| Q3 25 | $140.6M | $99.2M | ||
| Q2 25 | $122.3M | $70.2M | ||
| Q1 25 | $96.2M | $44.5M | ||
| Q4 24 | $80.8M | $107.9M | ||
| Q3 24 | $83.3M | $80.9M | ||
| Q2 24 | $84.9M | $71.2M | ||
| Q1 24 | $82.5M | $74.2M |
| Q4 25 | $-97.7M | $52.4M | ||
| Q3 25 | $-104.5M | $58.3M | ||
| Q2 25 | $-70.0M | $7.5M | ||
| Q1 25 | $120.2M | $9.7M | ||
| Q4 24 | $-124.7M | $46.5M | ||
| Q3 24 | $-43.0M | $41.4M | ||
| Q2 24 | $-48.1M | $25.4M | ||
| Q1 24 | $-50.3M | $47.6M |
| Q4 25 | -45.7% | 38.6% | ||
| Q3 25 | -70.8% | 47.4% | ||
| Q2 25 | -56.4% | 24.2% | ||
| Q1 25 | 81.8% | -14.2% | ||
| Q4 24 | -152.7% | 51.1% | ||
| Q3 24 | -51.7% | 32.8% | ||
| Q2 24 | -56.4% | 40.2% | ||
| Q1 24 | -58.8% | 43.6% |
| Q4 25 | -68.1% | 56.0% | ||
| Q3 25 | -74.4% | 58.7% | ||
| Q2 25 | -57.2% | 10.7% | ||
| Q1 25 | 125.0% | 21.8% | ||
| Q4 24 | -154.4% | 43.1% | ||
| Q3 24 | -51.6% | 51.2% | ||
| Q2 24 | -56.7% | 35.7% | ||
| Q1 24 | -60.9% | 64.2% |
| Q4 25 | $-1.04 | $0.49 | ||
| Q3 25 | $-1.38 | $0.55 | ||
| Q2 25 | $-0.73 | $-0.04 | ||
| Q1 25 | $0.89 | $-0.01 | ||
| Q4 24 | $-1.21 | $0.45 | ||
| Q3 24 | $-0.45 | $0.36 | ||
| Q2 24 | $-0.52 | $0.17 | ||
| Q1 24 | $-0.54 | $0.39 |
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 | $190.5M |
| Total DebtLower is stronger | $3.8B | $1.1B |
| Stockholders' EquityBook value | $21.3M | $1.9B |
| Total Assets | $5.7B | $21.3B |
| Debt / EquityLower = less leverage | 176.99× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $190.5M | ||
| Q3 25 | $34.7M | $181.0M | ||
| Q2 25 | $33.6M | $108.6M | ||
| Q1 25 | $26.3M | $204.2M | ||
| Q4 24 | $27.8M | $103.2M | ||
| Q3 24 | $20.3M | $102.8M | ||
| Q2 24 | $33.1M | $336.3M | ||
| Q1 24 | $23.0M | $343.3M |
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $3.7B | $299.0M | ||
| Q2 25 | $3.1B | $1.2B | ||
| Q1 25 | $2.8B | $968.4M | ||
| Q4 24 | $1.6B | $1.0B | ||
| Q3 24 | $1.5B | $5.2B | ||
| Q2 24 | $1.6B | $5.4B | ||
| Q1 24 | $1.3B | $5.1B |
| Q4 25 | $21.3M | $1.9B | ||
| Q3 25 | $181.1M | $1.9B | ||
| Q2 25 | $375.5M | $1.9B | ||
| Q1 25 | $476.2M | $1.9B | ||
| Q4 24 | $202.7M | $1.9B | ||
| Q3 24 | $370.8M | $1.9B | ||
| Q2 24 | $394.8M | $1.9B | ||
| Q1 24 | $402.5M | $2.0B |
| Q4 25 | $5.7B | $21.3B | ||
| Q3 25 | $5.5B | $18.5B | ||
| Q2 25 | $4.4B | $16.8B | ||
| Q1 25 | $4.1B | $14.9B | ||
| Q4 24 | $2.4B | $14.4B | ||
| Q3 24 | $2.4B | $13.1B | ||
| Q2 24 | $2.5B | $12.1B | ||
| Q1 24 | $2.3B | $12.3B |
| Q4 25 | 176.99× | 0.58× | ||
| Q3 25 | 20.59× | 0.16× | ||
| Q2 25 | 8.21× | 0.65× | ||
| Q1 25 | 5.79× | 0.51× | ||
| Q4 24 | 7.84× | 0.52× | ||
| Q3 24 | 4.14× | 2.70× | ||
| Q2 24 | 3.94× | 2.76× | ||
| Q1 24 | 3.34× | 2.60× |
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 | $-7.2B |
| Free Cash FlowOCF − Capex | $-68.6M | — |
| FCF MarginFCF / Revenue | -47.8% | — |
| Capex IntensityCapex / Revenue | 45.9% | — |
| Cash ConversionOCF / Net Profit | — | -137.76× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $-7.2B | ||
| Q3 25 | $-24.4M | $-1.3B | ||
| Q2 25 | $-5.2M | $-2.0B | ||
| Q1 25 | $-85.7M | $-594.3M | ||
| Q4 24 | $-8.1M | $-2.7B | ||
| Q3 24 | $14.2M | $-983.8M | ||
| Q2 24 | $-17.6M | $243.8M | ||
| Q1 24 | $-3.9M | $-342.4M |
| Q4 25 | $-68.6M | — | ||
| 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 24 | $-16.7M | — |
| Q4 25 | -47.8% | — | ||
| 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 24 | -20.3% | — |
| Q4 25 | 45.9% | — | ||
| 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 24 | 15.6% | — |
| Q4 25 | — | -137.76× | ||
| Q3 25 | — | -22.26× | ||
| Q2 25 | — | -267.53× | ||
| Q1 25 | -0.71× | -61.39× | ||
| Q4 24 | — | -58.08× | ||
| Q3 24 | — | -23.76× | ||
| Q2 24 | — | 9.59× | ||
| Q1 24 | — | -7.19× |
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% |
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
