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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $91.6M, roughly 1.6× SHENANDOAH TELECOMMUNICATIONS CO). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -68.1%, a 62.2% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 7.2%). FTAI Infrastructure Inc. produced more free cash flow last quarter ($-68.6M vs $-78.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 15.0%).
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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
FIP vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $91.6M |
| Net Profit | $-97.7M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | -1.0% |
| Net Margin | -68.1% | -5.9% |
| Revenue YoY | 77.7% | 7.2% |
| Net Profit YoY | 21.6% | -95.8% |
| EPS (diluted) | $-1.04 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $140.6M | $89.8M | ||
| Q2 25 | $122.3M | $88.6M | ||
| Q1 25 | $96.2M | $87.9M | ||
| Q4 24 | $80.8M | $85.4M | ||
| Q3 24 | $83.3M | $87.6M | ||
| Q2 24 | $84.9M | $85.8M | ||
| Q1 24 | $82.5M | $69.2M |
| Q4 25 | $-97.7M | $-5.4M | ||
| Q3 25 | $-104.5M | $-9.4M | ||
| Q2 25 | $-70.0M | $-9.0M | ||
| Q1 25 | $120.2M | $-9.1M | ||
| Q4 24 | $-124.7M | $-2.7M | ||
| Q3 24 | $-43.0M | $-5.3M | ||
| Q2 24 | $-48.1M | $-12.9M | ||
| Q1 24 | $-50.3M | $214.7M |
| Q4 25 | -45.7% | -1.0% | ||
| Q3 25 | -70.8% | -8.0% | ||
| Q2 25 | -56.4% | -10.3% | ||
| Q1 25 | 81.8% | -6.9% | ||
| Q4 24 | -152.7% | -6.7% | ||
| Q3 24 | -51.7% | -4.8% | ||
| Q2 24 | -56.4% | -18.5% | ||
| Q1 24 | -58.8% | -4.0% |
| Q4 25 | -68.1% | -5.9% | ||
| Q3 25 | -74.4% | -10.5% | ||
| Q2 25 | -57.2% | -10.2% | ||
| Q1 25 | 125.0% | -10.4% | ||
| Q4 24 | -154.4% | -3.2% | ||
| Q3 24 | -51.6% | -6.0% | ||
| Q2 24 | -56.7% | -15.0% | ||
| Q1 24 | -60.9% | 310.0% |
| Q4 25 | $-1.04 | $-0.13 | ||
| Q3 25 | $-1.38 | $-0.20 | ||
| Q2 25 | $-0.73 | $-0.19 | ||
| Q1 25 | $0.89 | $-0.19 | ||
| Q4 24 | $-1.21 | $-0.34 | ||
| Q3 24 | $-0.45 | $-0.13 | ||
| Q2 24 | $-0.52 | $-0.24 | ||
| Q1 24 | $-0.54 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $3.8B | $642.4M |
| Stockholders' EquityBook value | $21.3M | $880.8M |
| Total Assets | $5.7B | $1.9B |
| Debt / EquityLower = less leverage | 176.99× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $27.3M | ||
| Q3 25 | $34.7M | $22.6M | ||
| Q2 25 | $33.6M | $29.1M | ||
| Q1 25 | $26.3M | $87.5M | ||
| Q4 24 | $27.8M | $46.3M | ||
| Q3 24 | $20.3M | $43.1M | ||
| Q2 24 | $33.1M | $43.8M | ||
| Q1 24 | $23.0M | $389.7M |
| Q4 25 | $3.8B | $642.4M | ||
| Q3 25 | $3.7B | $535.4M | ||
| Q2 25 | $3.1B | $513.1M | ||
| Q1 25 | $2.8B | $515.8M | ||
| Q4 24 | $1.6B | $418.0M | ||
| Q3 24 | $1.5B | $345.2M | ||
| Q2 24 | $1.6B | $297.4M | ||
| Q1 24 | $1.3B | $298.7M |
| Q4 25 | $21.3M | $880.8M | ||
| Q3 25 | $181.1M | $892.7M | ||
| Q2 25 | $375.5M | $902.0M | ||
| Q1 25 | $476.2M | $910.5M | ||
| Q4 24 | $202.7M | $918.6M | ||
| Q3 24 | $370.8M | $925.4M | ||
| Q2 24 | $394.8M | $933.1M | ||
| Q1 24 | $402.5M | $871.6M |
| Q4 25 | $5.7B | $1.9B | ||
| Q3 25 | $5.5B | $1.9B | ||
| Q2 25 | $4.4B | $1.8B | ||
| Q1 25 | $4.1B | $1.8B | ||
| Q4 24 | $2.4B | $1.7B | ||
| Q3 24 | $2.4B | $1.7B | ||
| Q2 24 | $2.5B | $1.7B | ||
| Q1 24 | $2.3B | $1.4B |
| Q4 25 | 176.99× | 0.73× | ||
| Q3 25 | 20.59× | 0.60× | ||
| Q2 25 | 8.21× | 0.57× | ||
| Q1 25 | 5.79× | 0.57× | ||
| Q4 24 | 7.84× | 0.46× | ||
| Q3 24 | 4.14× | 0.37× | ||
| Q2 24 | 3.94× | 0.32× | ||
| Q1 24 | 3.34× | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $-68.6M | $-78.6M |
| FCF MarginFCF / Revenue | -47.8% | -85.8% |
| Capex IntensityCapex / Revenue | 45.9% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $28.8M | ||
| Q3 25 | $-24.4M | $30.7M | ||
| Q2 25 | $-5.2M | $20.9M | ||
| Q1 25 | $-85.7M | $20.5M | ||
| Q4 24 | $-8.1M | $20.6M | ||
| Q3 24 | $14.2M | $24.3M | ||
| Q2 24 | $-17.6M | $2.5M | ||
| Q1 24 | $-3.9M | $15.2M |
| Q4 25 | $-68.6M | $-78.6M | ||
| Q3 25 | $-90.7M | $-51.4M | ||
| Q2 25 | $-87.5M | $-65.3M | ||
| Q1 25 | $-151.7M | $-62.7M | ||
| Q4 24 | $-34.3M | $-72.0M | ||
| Q3 24 | $-11.7M | $-51.3M | ||
| Q2 24 | $-32.1M | $-78.3M | ||
| Q1 24 | $-16.7M | $-54.9M |
| Q4 25 | -47.8% | -85.8% | ||
| Q3 25 | -64.5% | -57.2% | ||
| Q2 25 | -71.6% | -73.7% | ||
| Q1 25 | -157.7% | -71.3% | ||
| Q4 24 | -42.4% | -84.3% | ||
| Q3 24 | -14.0% | -58.5% | ||
| Q2 24 | -37.9% | -91.3% | ||
| Q1 24 | -20.3% | -79.3% |
| Q4 25 | 45.9% | 117.2% | ||
| Q3 25 | 47.2% | 91.4% | ||
| Q2 25 | 67.3% | 97.3% | ||
| Q1 25 | 68.6% | 94.7% | ||
| Q4 24 | 32.5% | 108.4% | ||
| Q3 24 | 31.1% | 86.2% | ||
| Q2 24 | 17.2% | 94.2% | ||
| Q1 24 | 15.6% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
