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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $143.5M, roughly 1.0× FTAI Infrastructure Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -68.1%, a 73.6% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 38.6%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 27.8%).
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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
FIP vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $148.3M |
| Net Profit | $-97.7M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | -45.7% | 11.7% |
| Net Margin | -68.1% | 5.5% |
| Revenue YoY | 77.7% | 38.6% |
| Net Profit YoY | 21.6% | 3.9% |
| EPS (diluted) | $-1.04 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $140.6M | $135.8M | ||
| Q2 25 | $122.3M | $110.8M | ||
| Q1 25 | $96.2M | $80.4M | ||
| Q4 24 | $80.8M | $107.0M | ||
| Q3 24 | $83.3M | $102.2M | ||
| Q2 24 | $84.9M | $99.2M | ||
| Q1 24 | $82.5M | $90.8M |
| Q4 25 | $-97.7M | $8.1M | ||
| Q3 25 | $-104.5M | $11.9M | ||
| Q2 25 | $-70.0M | $13.9M | ||
| Q1 25 | $120.2M | $-282.0K | ||
| Q4 24 | $-124.7M | $7.8M | ||
| Q3 24 | $-43.0M | $-267.0K | ||
| Q2 24 | $-48.1M | $11.8M | ||
| Q1 24 | $-50.3M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | -45.7% | 11.7% | ||
| Q3 25 | -70.8% | 13.7% | ||
| Q2 25 | -56.4% | 14.4% | ||
| Q1 25 | 81.8% | 5.4% | ||
| Q4 24 | -152.7% | 15.4% | ||
| Q3 24 | -51.7% | 4.4% | ||
| Q2 24 | -56.4% | 18.7% | ||
| Q1 24 | -58.8% | 12.8% |
| Q4 25 | -68.1% | 5.5% | ||
| Q3 25 | -74.4% | 8.7% | ||
| Q2 25 | -57.2% | 12.5% | ||
| Q1 25 | 125.0% | -0.4% | ||
| Q4 24 | -154.4% | 7.3% | ||
| Q3 24 | -51.6% | -0.3% | ||
| Q2 24 | -56.7% | 11.9% | ||
| Q1 24 | -60.9% | 5.3% |
| Q4 25 | $-1.04 | $0.05 | ||
| Q3 25 | $-1.38 | $0.07 | ||
| Q2 25 | $-0.73 | $0.08 | ||
| Q1 25 | $0.89 | $0.00 | ||
| Q4 24 | $-1.21 | $0.04 | ||
| Q3 24 | $-0.45 | $0.00 | ||
| Q2 24 | $-0.52 | $0.07 | ||
| Q1 24 | $-0.54 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $600.0M |
| Total Assets | $5.7B | $904.1M |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $7.3M | ||
| Q3 25 | $34.7M | $8.6M | ||
| Q2 25 | $33.6M | $4.7M | ||
| Q1 25 | $26.3M | $35.6M | ||
| Q4 24 | $27.8M | $23.5M | ||
| Q3 24 | $20.3M | $11.1M | ||
| Q2 24 | $33.1M | $3.2M | ||
| Q1 24 | $23.0M | $15.2M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | $141.8M | ||
| Q4 24 | $1.6B | $141.8M | ||
| Q3 24 | $1.5B | $141.8M | ||
| Q2 24 | $1.6B | $146.8M | ||
| Q1 24 | $1.3B | $168.8M |
| Q4 25 | $21.3M | $600.0M | ||
| Q3 25 | $181.1M | $589.6M | ||
| Q2 25 | $375.5M | $575.4M | ||
| Q1 25 | $476.2M | $558.9M | ||
| Q4 24 | $202.7M | $556.8M | ||
| Q3 24 | $370.8M | $545.2M | ||
| Q2 24 | $394.8M | $544.6M | ||
| Q1 24 | $402.5M | $554.0M |
| Q4 25 | $5.7B | $904.1M | ||
| Q3 25 | $5.5B | $851.8M | ||
| Q2 25 | $4.4B | $795.0M | ||
| Q1 25 | $4.1B | $788.4M | ||
| Q4 24 | $2.4B | $793.1M | ||
| Q3 24 | $2.4B | $801.3M | ||
| Q2 24 | $2.5B | $788.4M | ||
| Q1 24 | $2.3B | $825.3M |
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | 0.25× | ||
| Q4 24 | 7.84× | 0.25× | ||
| Q3 24 | 4.14× | 0.26× | ||
| Q2 24 | 3.94× | 0.27× | ||
| Q1 24 | 3.34× | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-68.6M | $-11.3M |
| FCF MarginFCF / Revenue | -47.8% | -7.6% |
| Capex IntensityCapex / Revenue | 45.9% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $-4.1M | ||
| Q3 25 | $-24.4M | $19.4M | ||
| Q2 25 | $-5.2M | $-13.8M | ||
| Q1 25 | $-85.7M | $15.6M | ||
| Q4 24 | $-8.1M | $14.0M | ||
| Q3 24 | $14.2M | $15.7M | ||
| Q2 24 | $-17.6M | $37.8M | ||
| Q1 24 | $-3.9M | $12.9M |
| Q4 25 | $-68.6M | $-11.3M | ||
| Q3 25 | $-90.7M | $9.0M | ||
| Q2 25 | $-87.5M | $-26.0M | ||
| Q1 25 | $-151.7M | $12.3M | ||
| Q4 24 | $-34.3M | $12.5M | ||
| Q3 24 | $-11.7M | $13.3M | ||
| Q2 24 | $-32.1M | $35.8M | ||
| Q1 24 | $-16.7M | $10.4M |
| Q4 25 | -47.8% | -7.6% | ||
| Q3 25 | -64.5% | 6.6% | ||
| Q2 25 | -71.6% | -23.5% | ||
| Q1 25 | -157.7% | 15.4% | ||
| Q4 24 | -42.4% | 11.6% | ||
| Q3 24 | -14.0% | 13.0% | ||
| Q2 24 | -37.9% | 36.1% | ||
| Q1 24 | -20.3% | 11.4% |
| Q4 25 | 45.9% | 4.8% | ||
| Q3 25 | 47.2% | 7.7% | ||
| Q2 25 | 67.3% | 11.0% | ||
| Q1 25 | 68.6% | 4.0% | ||
| Q4 24 | 32.5% | 1.4% | ||
| Q3 24 | 31.1% | 2.3% | ||
| Q2 24 | 17.2% | 2.0% | ||
| Q1 24 | 15.6% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
