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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $143.5M, roughly 1.3× FTAI Infrastructure Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -68.1%, a 81.5% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 13.5%).
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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
FIP vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $192.7M |
| Net Profit | $-97.7M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -45.7% | 18.0% |
| Net Margin | -68.1% | 13.4% |
| Revenue YoY | 77.7% | 12.7% |
| Net Profit YoY | 21.6% | 47.2% |
| EPS (diluted) | $-1.04 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $140.6M | $189.9M | ||
| Q2 25 | $122.3M | $187.4M | ||
| Q1 25 | $96.2M | $181.5M | ||
| Q4 24 | $80.8M | $170.9M | ||
| Q3 24 | $83.3M | $163.7M | ||
| Q2 24 | $84.9M | $153.6M | ||
| Q1 24 | $82.5M | $149.6M |
| Q4 25 | $-97.7M | $25.8M | ||
| Q3 25 | $-104.5M | $25.6M | ||
| Q2 25 | $-70.0M | $19.7M | ||
| Q1 25 | $120.2M | $22.2M | ||
| Q4 24 | $-124.7M | $17.6M | ||
| Q3 24 | $-43.0M | $23.5M | ||
| Q2 24 | $-48.1M | $18.0M | ||
| Q1 24 | $-50.3M | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | -45.7% | 18.0% | ||
| Q3 25 | -70.8% | 16.4% | ||
| Q2 25 | -56.4% | 14.1% | ||
| Q1 25 | 81.8% | 14.3% | ||
| Q4 24 | -152.7% | 14.5% | ||
| Q3 24 | -51.7% | 15.6% | ||
| Q2 24 | -56.4% | 15.1% | ||
| Q1 24 | -58.8% | 10.3% |
| Q4 25 | -68.1% | 13.4% | ||
| Q3 25 | -74.4% | 13.5% | ||
| Q2 25 | -57.2% | 10.5% | ||
| Q1 25 | 125.0% | 12.2% | ||
| Q4 24 | -154.4% | 10.3% | ||
| Q3 24 | -51.6% | 14.3% | ||
| Q2 24 | -56.7% | 11.7% | ||
| Q1 24 | -60.9% | 12.0% |
| Q4 25 | $-1.04 | $0.69 | ||
| Q3 25 | $-1.38 | $0.67 | ||
| Q2 25 | $-0.73 | $0.52 | ||
| Q1 25 | $0.89 | $0.58 | ||
| Q4 24 | $-1.21 | $0.46 | ||
| Q3 24 | $-0.45 | $0.62 | ||
| Q2 24 | $-0.52 | $0.48 | ||
| Q1 24 | $-0.54 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $973.9M |
| Total Assets | $5.7B | $1.2B |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $151.4M | ||
| Q3 25 | $34.7M | $133.7M | ||
| Q2 25 | $33.6M | $107.6M | ||
| Q1 25 | $26.3M | $94.9M | ||
| Q4 24 | $27.8M | $241.0M | ||
| Q3 24 | $20.3M | $205.8M | ||
| Q2 24 | $33.1M | $271.8M | ||
| Q1 24 | $23.0M | $290.8M |
| 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 | $973.9M | ||
| Q3 25 | $181.1M | $958.9M | ||
| Q2 25 | $375.5M | $949.8M | ||
| Q1 25 | $476.2M | $920.9M | ||
| Q4 24 | $202.7M | $854.7M | ||
| Q3 24 | $370.8M | $829.4M | ||
| Q2 24 | $394.8M | $703.4M | ||
| Q1 24 | $402.5M | $683.0M |
| Q4 25 | $5.7B | $1.2B | ||
| Q3 25 | $5.5B | $1.2B | ||
| Q2 25 | $4.4B | $1.1B | ||
| Q1 25 | $4.1B | $1.1B | ||
| Q4 24 | $2.4B | $1.0B | ||
| Q3 24 | $2.4B | $1.0B | ||
| Q2 24 | $2.5B | $854.5M | ||
| Q1 24 | $2.3B | $839.8M |
| 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 | $45.9M |
| Free Cash FlowOCF − Capex | $-68.6M | $38.2M |
| FCF MarginFCF / Revenue | -47.8% | 19.8% |
| Capex IntensityCapex / Revenue | 45.9% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $45.9M | ||
| Q3 25 | $-24.4M | $60.6M | ||
| Q2 25 | $-5.2M | $32.3M | ||
| Q1 25 | $-85.7M | $40.0M | ||
| Q4 24 | $-8.1M | $40.6M | ||
| Q3 24 | $14.2M | $53.3M | ||
| Q2 24 | $-17.6M | $29.4M | ||
| Q1 24 | $-3.9M | $34.1M |
| Q4 25 | $-68.6M | $38.2M | ||
| Q3 25 | $-90.7M | $54.6M | ||
| Q2 25 | $-87.5M | $25.7M | ||
| Q1 25 | $-151.7M | $33.8M | ||
| Q4 24 | $-34.3M | $34.3M | ||
| Q3 24 | $-11.7M | $48.1M | ||
| Q2 24 | $-32.1M | $24.4M | ||
| Q1 24 | $-16.7M | $30.5M |
| Q4 25 | -47.8% | 19.8% | ||
| Q3 25 | -64.5% | 28.7% | ||
| Q2 25 | -71.6% | 13.7% | ||
| Q1 25 | -157.7% | 18.6% | ||
| Q4 24 | -42.4% | 20.1% | ||
| Q3 24 | -14.0% | 29.4% | ||
| Q2 24 | -37.9% | 15.9% | ||
| Q1 24 | -20.3% | 20.4% |
| Q4 25 | 45.9% | 4.0% | ||
| Q3 25 | 47.2% | 3.2% | ||
| Q2 25 | 67.3% | 3.6% | ||
| Q1 25 | 68.6% | 3.4% | ||
| Q4 24 | 32.5% | 3.6% | ||
| Q3 24 | 31.1% | 3.2% | ||
| Q2 24 | 17.2% | 3.3% | ||
| Q1 24 | 15.6% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | -0.71× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
