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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and P10, Inc. (PX). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $81.0M, roughly 1.8× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs -68.1%, a 79.8% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -4.7%). P10, Inc. produced more free cash flow last quarter ($18.1M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 10.7%).
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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
FIP vs PX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $81.0M |
| Net Profit | $-97.7M | $9.5M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | 31.9% |
| Net Margin | -68.1% | 11.7% |
| Revenue YoY | 77.7% | -4.7% |
| Net Profit YoY | 21.6% | 79.0% |
| 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 | $81.0M | ||
| Q3 25 | $140.6M | $75.9M | ||
| Q2 25 | $122.3M | $72.7M | ||
| Q1 25 | $96.2M | $67.7M | ||
| Q4 24 | $80.8M | $85.0M | ||
| Q3 24 | $83.3M | $74.2M | ||
| Q2 24 | $84.9M | $71.1M | ||
| Q1 24 | $82.5M | $66.1M |
| Q4 25 | $-97.7M | $9.5M | ||
| Q3 25 | $-104.5M | $2.1M | ||
| Q2 25 | $-70.0M | $3.4M | ||
| Q1 25 | $120.2M | $4.5M | ||
| Q4 24 | $-124.7M | $5.3M | ||
| Q3 24 | $-43.0M | $1.4M | ||
| Q2 24 | $-48.1M | $7.0M | ||
| Q1 24 | $-50.3M | $5.0M |
| Q4 25 | -45.7% | 31.9% | ||
| Q3 25 | -70.8% | 14.1% | ||
| Q2 25 | -56.4% | 24.4% | ||
| Q1 25 | 81.8% | 16.6% | ||
| Q4 24 | -152.7% | 26.9% | ||
| Q3 24 | -51.7% | 11.9% | ||
| Q2 24 | -56.4% | 23.7% | ||
| Q1 24 | -58.8% | 18.3% |
| Q4 25 | -68.1% | 11.7% | ||
| Q3 25 | -74.4% | 2.8% | ||
| Q2 25 | -57.2% | 4.7% | ||
| Q1 25 | 125.0% | 6.7% | ||
| Q4 24 | -154.4% | 6.2% | ||
| Q3 24 | -51.6% | 1.9% | ||
| Q2 24 | -56.7% | 9.8% | ||
| Q1 24 | -60.9% | 7.6% |
| Q4 25 | $-1.04 | $0.08 | ||
| Q3 25 | $-1.38 | $0.02 | ||
| Q2 25 | $-0.73 | $0.03 | ||
| Q1 25 | $0.89 | $0.04 | ||
| Q4 24 | $-1.21 | $0.05 | ||
| Q3 24 | $-0.45 | $0.01 | ||
| Q2 24 | $-0.52 | $0.06 | ||
| Q1 24 | $-0.54 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | $3.8B | $373.2M |
| Stockholders' EquityBook value | $21.3M | $403.5M |
| Total Assets | $5.7B | $928.3M |
| Debt / EquityLower = less leverage | 176.99× | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $28.2M | ||
| Q3 25 | $34.7M | $40.0M | ||
| Q2 25 | $33.6M | $33.4M | ||
| Q1 25 | $26.3M | $74.4M | ||
| Q4 24 | $27.8M | $67.5M | ||
| Q3 24 | $20.3M | $61.5M | ||
| Q2 24 | $33.1M | $31.2M | ||
| Q1 24 | $23.0M | $29.0M |
| Q4 25 | $3.8B | $373.2M | ||
| Q3 25 | $3.7B | $393.4M | ||
| Q2 25 | $3.1B | $373.0M | ||
| Q1 25 | $2.8B | $357.2M | ||
| Q4 24 | $1.6B | $319.8M | ||
| Q3 24 | $1.5B | $319.4M | ||
| Q2 24 | $1.6B | $300.6M | ||
| Q1 24 | $1.3B | $314.0M |
| Q4 25 | $21.3M | $403.5M | ||
| Q3 25 | $181.1M | $396.8M | ||
| Q2 25 | $375.5M | $388.9M | ||
| Q1 25 | $476.2M | $374.3M | ||
| Q4 24 | $202.7M | $386.9M | ||
| Q3 24 | $370.8M | $394.1M | ||
| Q2 24 | $394.8M | $396.9M | ||
| Q1 24 | $402.5M | $400.1M |
| Q4 25 | $5.7B | $928.3M | ||
| Q3 25 | $5.5B | $936.0M | ||
| Q2 25 | $4.4B | $932.2M | ||
| Q1 25 | $4.1B | $877.4M | ||
| Q4 24 | $2.4B | $869.3M | ||
| Q3 24 | $2.4B | $857.0M | ||
| Q2 24 | $2.5B | $823.2M | ||
| Q1 24 | $2.3B | $832.8M |
| Q4 25 | 176.99× | 0.93× | ||
| Q3 25 | 20.59× | 0.99× | ||
| Q2 25 | 8.21× | 0.96× | ||
| Q1 25 | 5.79× | 0.95× | ||
| Q4 24 | 7.84× | 0.83× | ||
| Q3 24 | 4.14× | 0.81× | ||
| Q2 24 | 3.94× | 0.76× | ||
| Q1 24 | 3.34× | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $-68.6M | $18.1M |
| FCF MarginFCF / Revenue | -47.8% | 22.3% |
| Capex IntensityCapex / Revenue | 45.9% | 6.0% |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $23.0M | ||
| Q3 25 | $-24.4M | $-8.6M | ||
| Q2 25 | $-5.2M | $13.4M | ||
| Q1 25 | $-85.7M | $-4.7M | ||
| Q4 24 | $-8.1M | $101.0M | ||
| Q3 24 | $14.2M | $27.5M | ||
| Q2 24 | $-17.6M | $34.8M | ||
| Q1 24 | $-3.9M | $11.0M |
| Q4 25 | $-68.6M | $18.1M | ||
| Q3 25 | $-90.7M | $-9.5M | ||
| Q2 25 | $-87.5M | $11.6M | ||
| Q1 25 | $-151.7M | $-6.0M | ||
| Q4 24 | $-34.3M | $96.6M | ||
| Q3 24 | $-11.7M | $25.2M | ||
| Q2 24 | $-32.1M | $33.9M | ||
| Q1 24 | $-16.7M | $10.7M |
| Q4 25 | -47.8% | 22.3% | ||
| Q3 25 | -64.5% | -12.6% | ||
| Q2 25 | -71.6% | 15.9% | ||
| Q1 25 | -157.7% | -8.9% | ||
| Q4 24 | -42.4% | 113.6% | ||
| Q3 24 | -14.0% | 34.0% | ||
| Q2 24 | -37.9% | 47.7% | ||
| Q1 24 | -20.3% | 16.2% |
| Q4 25 | 45.9% | 6.0% | ||
| Q3 25 | 47.2% | 1.2% | ||
| Q2 25 | 67.3% | 2.5% | ||
| Q1 25 | 68.6% | 1.9% | ||
| Q4 24 | 32.5% | 5.2% | ||
| Q3 24 | 31.1% | 3.0% | ||
| Q2 24 | 17.2% | 1.3% | ||
| Q1 24 | 15.6% | 0.4% |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | -4.01× | ||
| Q2 25 | — | 3.96× | ||
| Q1 25 | -0.71× | -1.05× | ||
| Q4 24 | — | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | — | 4.98× | ||
| Q1 24 | — | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
