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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Latham Group, Inc. (SWIM). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $100.0M, roughly 1.4× Latham Group, Inc.). Latham Group, Inc. runs the higher net margin — -7.0% vs -68.1%, a 61.1% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 14.5%). Latham Group, Inc. produced more free cash flow last quarter ($14.1M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
FIP vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $100.0M |
| Net Profit | $-97.7M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | -45.7% | -10.7% |
| Net Margin | -68.1% | -7.0% |
| Revenue YoY | 77.7% | 14.5% |
| Net Profit YoY | 21.6% | 76.0% |
| EPS (diluted) | $-1.04 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $140.6M | $161.9M | ||
| Q2 25 | $122.3M | $172.6M | ||
| Q1 25 | $96.2M | $111.4M | ||
| Q4 24 | $80.8M | $87.3M | ||
| Q3 24 | $83.3M | $150.5M | ||
| Q2 24 | $84.9M | $160.1M | ||
| Q1 24 | $82.5M | $110.6M |
| Q4 25 | $-97.7M | $-7.0M | ||
| Q3 25 | $-104.5M | $8.1M | ||
| Q2 25 | $-70.0M | $16.0M | ||
| Q1 25 | $120.2M | $-6.0M | ||
| Q4 24 | $-124.7M | $-29.2M | ||
| Q3 24 | $-43.0M | $5.9M | ||
| Q2 24 | $-48.1M | $13.3M | ||
| Q1 24 | $-50.3M | $-7.9M |
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% | ||
| Q1 24 | — | 27.7% |
| Q4 25 | -45.7% | -10.7% | ||
| Q3 25 | -70.8% | 13.3% | ||
| Q2 25 | -56.4% | 14.3% | ||
| Q1 25 | 81.8% | -4.4% | ||
| Q4 24 | -152.7% | -14.9% | ||
| Q3 24 | -51.7% | 8.9% | ||
| Q2 24 | -56.4% | 12.5% | ||
| Q1 24 | -58.8% | -1.9% |
| Q4 25 | -68.1% | -7.0% | ||
| Q3 25 | -74.4% | 5.0% | ||
| Q2 25 | -57.2% | 9.3% | ||
| Q1 25 | 125.0% | -5.4% | ||
| Q4 24 | -154.4% | -33.4% | ||
| Q3 24 | -51.6% | 3.9% | ||
| Q2 24 | -56.7% | 8.3% | ||
| Q1 24 | -60.9% | -7.1% |
| Q4 25 | $-1.04 | $-0.06 | ||
| Q3 25 | $-1.38 | $0.07 | ||
| Q2 25 | $-0.73 | $0.13 | ||
| Q1 25 | $0.89 | $-0.05 | ||
| Q4 24 | $-1.21 | $-0.24 | ||
| Q3 24 | $-0.45 | $0.05 | ||
| Q2 24 | $-0.52 | $0.11 | ||
| Q1 24 | $-0.54 | $-0.07 |
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 | — |
| Total DebtLower is stronger | $3.8B | $279.8M |
| Stockholders' EquityBook value | $21.3M | $405.9M |
| Total Assets | $5.7B | $823.2M |
| Debt / EquityLower = less leverage | 176.99× | 0.69× |
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 | — | ||
| Q3 24 | $20.3M | — | ||
| Q2 24 | $33.1M | — | ||
| Q1 24 | $23.0M | — |
| Q4 25 | $3.8B | $279.8M | ||
| Q3 25 | $3.7B | $281.1M | ||
| Q2 25 | $3.1B | $281.5M | ||
| Q1 25 | $2.8B | $306.9M | ||
| Q4 24 | $1.6B | $281.5M | ||
| Q3 24 | $1.5B | $282.8M | ||
| Q2 24 | $1.6B | $282.4M | ||
| Q1 24 | $1.3B | $282.8M |
| Q4 25 | $21.3M | $405.9M | ||
| Q3 25 | $181.1M | $408.4M | ||
| Q2 25 | $375.5M | $398.4M | ||
| Q1 25 | $476.2M | $381.1M | ||
| Q4 24 | $202.7M | $387.2M | ||
| Q3 24 | $370.8M | $416.6M | ||
| Q2 24 | $394.8M | $408.1M | ||
| Q1 24 | $402.5M | $391.8M |
| Q4 25 | $5.7B | $823.2M | ||
| Q3 25 | $5.5B | $844.4M | ||
| Q2 25 | $4.4B | $822.1M | ||
| Q1 25 | $4.1B | $824.6M | ||
| Q4 24 | $2.4B | $794.2M | ||
| Q3 24 | $2.4B | $853.4M | ||
| Q2 24 | $2.5B | $830.0M | ||
| Q1 24 | $2.3B | $808.6M |
| Q4 25 | 176.99× | 0.69× | ||
| Q3 25 | 20.59× | 0.69× | ||
| Q2 25 | 8.21× | 0.71× | ||
| Q1 25 | 5.79× | 0.81× | ||
| Q4 24 | 7.84× | 0.73× | ||
| Q3 24 | 4.14× | 0.68× | ||
| Q2 24 | 3.94× | 0.69× | ||
| Q1 24 | 3.34× | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $-68.6M | $14.1M |
| FCF MarginFCF / Revenue | -47.8% | 14.1% |
| Capex IntensityCapex / Revenue | 45.9% | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $23.3M | ||
| Q3 25 | $-24.4M | $51.0M | ||
| Q2 25 | $-5.2M | $36.0M | ||
| Q1 25 | $-85.7M | $-46.9M | ||
| Q4 24 | $-8.1M | $6.2M | ||
| Q3 24 | $14.2M | $37.2M | ||
| Q2 24 | $-17.6M | $52.4M | ||
| Q1 24 | $-3.9M | $-34.5M |
| Q4 25 | $-68.6M | $14.1M | ||
| Q3 25 | $-90.7M | $45.2M | ||
| Q2 25 | $-87.5M | $29.1M | ||
| Q1 25 | $-151.7M | $-50.3M | ||
| Q4 24 | $-34.3M | $-98.0K | ||
| Q3 24 | $-11.7M | $33.2M | ||
| Q2 24 | $-32.1M | $47.9M | ||
| Q1 24 | $-16.7M | $-39.9M |
| Q4 25 | -47.8% | 14.1% | ||
| Q3 25 | -64.5% | 27.9% | ||
| Q2 25 | -71.6% | 16.8% | ||
| Q1 25 | -157.7% | -45.2% | ||
| Q4 24 | -42.4% | -0.1% | ||
| Q3 24 | -14.0% | 22.1% | ||
| Q2 24 | -37.9% | 29.9% | ||
| Q1 24 | -20.3% | -36.0% |
| Q4 25 | 45.9% | 9.2% | ||
| Q3 25 | 47.2% | 3.6% | ||
| Q2 25 | 67.3% | 4.0% | ||
| Q1 25 | 68.6% | 3.1% | ||
| Q4 24 | 32.5% | 7.2% | ||
| Q3 24 | 31.1% | 2.7% | ||
| Q2 24 | 17.2% | 2.8% | ||
| Q1 24 | 15.6% | 4.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 6.29× | ||
| Q2 25 | — | 2.25× | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.32× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | — |
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% |
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
