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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Protagonist Therapeutics, Inc (PTGX). Click either name above to swap in a different company.
Protagonist Therapeutics, Inc is the larger business by last-quarter revenue ($170.6M vs $143.5M, roughly 1.2× FTAI Infrastructure Inc.). Protagonist Therapeutics, Inc runs the higher net margin — 77.2% vs -68.1%, a 145.3% gap on every dollar of revenue. On growth, Protagonist Therapeutics, Inc posted the faster year-over-year revenue change (184.4% vs 77.7%). Protagonist Therapeutics, Inc produced more free cash flow last quarter ($182.8M vs $-68.6M).
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.
Protagonist Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing novel peptide-based targeted therapies for unmet medical needs, primarily covering gastrointestinal disorders, inflammatory diseases and rare disease indications. Its lead product candidates target inflammatory bowel disease and other chronic immune-related conditions, with operations spanning global R&D and partnership collaborations.
FIP vs PTGX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $170.6M |
| Net Profit | $-97.7M | $131.7M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | 74.3% |
| Net Margin | -68.1% | 77.2% |
| Revenue YoY | 77.7% | 184.4% |
| Net Profit YoY | 21.6% | 381.7% |
| EPS (diluted) | $-1.04 | $2.01 |
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 | — | ||
| Q3 25 | $140.6M | — | ||
| Q2 25 | $122.3M | — | ||
| Q1 25 | $96.2M | — | ||
| Q4 24 | $80.8M | $170.6M | ||
| Q3 24 | $83.3M | — | ||
| Q2 24 | $84.9M | — | ||
| Q1 24 | $82.5M | $255.0M |
| Q4 25 | $-97.7M | — | ||
| Q3 25 | $-104.5M | — | ||
| Q2 25 | $-70.0M | — | ||
| Q1 25 | $120.2M | — | ||
| Q4 24 | $-124.7M | $131.7M | ||
| Q3 24 | $-43.0M | — | ||
| Q2 24 | $-48.1M | — | ||
| Q1 24 | $-50.3M | $207.3M |
| Q4 25 | -45.7% | — | ||
| Q3 25 | -70.8% | — | ||
| Q2 25 | -56.4% | — | ||
| Q1 25 | 81.8% | — | ||
| Q4 24 | -152.7% | 74.3% | ||
| Q3 24 | -51.7% | — | ||
| Q2 24 | -56.4% | — | ||
| Q1 24 | -58.8% | 80.9% |
| Q4 25 | -68.1% | — | ||
| Q3 25 | -74.4% | — | ||
| Q2 25 | -57.2% | — | ||
| Q1 25 | 125.0% | — | ||
| Q4 24 | -154.4% | 77.2% | ||
| Q3 24 | -51.6% | — | ||
| Q2 24 | -56.7% | — | ||
| Q1 24 | -60.9% | 81.3% |
| Q4 25 | $-1.04 | — | ||
| Q3 25 | $-1.38 | — | ||
| Q2 25 | $-0.73 | — | ||
| Q1 25 | $0.89 | — | ||
| Q4 24 | $-1.21 | $2.01 | ||
| Q3 24 | $-0.45 | — | ||
| Q2 24 | $-0.52 | — | ||
| Q1 24 | $-0.54 | $3.26 |
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 | $418.9M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $675.3M |
| Total Assets | $5.7B | $744.7M |
| Debt / EquityLower = less leverage | 176.99× | — |
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 | $418.9M | ||
| Q3 24 | $20.3M | — | ||
| Q2 24 | $33.1M | — | ||
| Q1 24 | $23.0M | $322.6M |
| Q4 25 | $3.8B | — | ||
| 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 24 | $1.3B | — |
| Q4 25 | $21.3M | — | ||
| Q3 25 | $181.1M | — | ||
| Q2 25 | $375.5M | — | ||
| Q1 25 | $476.2M | — | ||
| Q4 24 | $202.7M | $675.3M | ||
| Q3 24 | $370.8M | — | ||
| Q2 24 | $394.8M | — | ||
| Q1 24 | $402.5M | $560.4M |
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $2.4B | $744.7M | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.5B | — | ||
| Q1 24 | $2.3B | $629.3M |
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| 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 | $184.2M |
| Free Cash FlowOCF − Capex | $-68.6M | $182.8M |
| FCF MarginFCF / Revenue | -47.8% | 107.1% |
| Capex IntensityCapex / Revenue | 45.9% | 0.8% |
| Cash ConversionOCF / Net Profit | — | 1.40× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $101.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | — | ||
| Q3 25 | $-24.4M | — | ||
| Q2 25 | $-5.2M | — | ||
| Q1 25 | $-85.7M | — | ||
| Q4 24 | $-8.1M | $184.2M | ||
| Q3 24 | $14.2M | — | ||
| Q2 24 | $-17.6M | — | ||
| Q1 24 | $-3.9M | $-27.4M |
| Q4 25 | $-68.6M | — | ||
| Q3 25 | $-90.7M | — | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-151.7M | — | ||
| Q4 24 | $-34.3M | $182.8M | ||
| Q3 24 | $-11.7M | — | ||
| Q2 24 | $-32.1M | — | ||
| Q1 24 | $-16.7M | $-27.7M |
| Q4 25 | -47.8% | — | ||
| Q3 25 | -64.5% | — | ||
| Q2 25 | -71.6% | — | ||
| Q1 25 | -157.7% | — | ||
| Q4 24 | -42.4% | 107.1% | ||
| Q3 24 | -14.0% | — | ||
| Q2 24 | -37.9% | — | ||
| Q1 24 | -20.3% | -10.9% |
| Q4 25 | 45.9% | — | ||
| Q3 25 | 47.2% | — | ||
| Q2 25 | 67.3% | — | ||
| Q1 25 | 68.6% | — | ||
| Q4 24 | 32.5% | 0.8% | ||
| Q3 24 | 31.1% | — | ||
| Q2 24 | 17.2% | — | ||
| Q1 24 | 15.6% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.13× |
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% |
PTGX
Segment breakdown not available.
