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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $73.5M, roughly 2.0× Target Hospitality Corp.). Target Hospitality Corp. runs the higher net margin — -20.3% vs -68.1%, a 47.7% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 22.0%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 0.7%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
FIP vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $73.5M |
| Net Profit | $-97.7M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | -45.7% | -22.9% |
| Net Margin | -68.1% | -20.3% |
| Revenue YoY | 77.7% | 22.0% |
| Net Profit YoY | 21.6% | -219.1% |
| EPS (diluted) | $-1.04 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $140.6M | $91.6M | ||
| Q2 25 | $122.3M | $54.9M | ||
| Q1 25 | $96.2M | $54.9M | ||
| Q4 24 | $80.8M | $60.2M | ||
| Q3 24 | $83.3M | $65.8M | ||
| Q2 24 | $84.9M | $67.5M | ||
| Q1 24 | $82.5M | $72.4M |
| Q4 25 | $-97.7M | $-14.9M | ||
| Q3 25 | $-104.5M | $-795.0K | ||
| Q2 25 | $-70.0M | $-14.9M | ||
| Q1 25 | $120.2M | $-6.5M | ||
| Q4 24 | $-124.7M | $12.5M | ||
| Q3 24 | $-43.0M | $20.0M | ||
| Q2 24 | $-48.1M | $18.4M | ||
| Q1 24 | $-50.3M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
| Q4 25 | -45.7% | -22.9% | ||
| Q3 25 | -70.8% | 0.1% | ||
| Q2 25 | -56.4% | -30.8% | ||
| Q1 25 | 81.8% | -2.0% | ||
| Q4 24 | -152.7% | 34.5% | ||
| Q3 24 | -51.7% | 42.5% | ||
| Q2 24 | -56.4% | 43.8% | ||
| Q1 24 | -58.8% | 42.0% |
| Q4 25 | -68.1% | -20.3% | ||
| Q3 25 | -74.4% | -0.9% | ||
| Q2 25 | -57.2% | -27.2% | ||
| Q1 25 | 125.0% | -11.8% | ||
| Q4 24 | -154.4% | 20.8% | ||
| Q3 24 | -51.6% | 30.4% | ||
| Q2 24 | -56.7% | 27.2% | ||
| Q1 24 | -60.9% | 28.2% |
| Q4 25 | $-1.04 | $-0.14 | ||
| Q3 25 | $-1.38 | $-0.01 | ||
| Q2 25 | $-0.73 | $-0.15 | ||
| Q1 25 | $0.89 | $-0.07 | ||
| Q4 24 | $-1.21 | $0.12 | ||
| Q3 24 | $-0.45 | $0.20 | ||
| Q2 24 | $-0.52 | $0.18 | ||
| Q1 24 | $-0.54 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | $3.8B | $1.7M |
| Stockholders' EquityBook value | $21.3M | $389.3M |
| Total Assets | $5.7B | $530.2M |
| Debt / EquityLower = less leverage | 176.99× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $8.3M | ||
| Q3 25 | $34.7M | $30.4M | ||
| Q2 25 | $33.6M | $19.2M | ||
| Q1 25 | $26.3M | $34.5M | ||
| Q4 24 | $27.8M | $190.7M | ||
| Q3 24 | $20.3M | $177.7M | ||
| Q2 24 | $33.1M | $154.3M | ||
| Q1 24 | $23.0M | $124.3M |
| Q4 25 | $3.8B | $1.7M | ||
| Q3 25 | $3.7B | $2.0M | ||
| Q2 25 | $3.1B | $26.3M | ||
| Q1 25 | $2.8B | $42.9M | ||
| Q4 24 | $1.6B | $1.5M | ||
| Q3 24 | $1.5B | $994.0K | ||
| Q2 24 | $1.6B | $1.1M | ||
| Q1 24 | $1.3B | $179.9M |
| Q4 25 | $21.3M | $389.3M | ||
| Q3 25 | $181.1M | $402.4M | ||
| Q2 25 | $375.5M | $401.3M | ||
| Q1 25 | $476.2M | $415.3M | ||
| Q4 24 | $202.7M | $421.1M | ||
| Q3 24 | $370.8M | $417.6M | ||
| Q2 24 | $394.8M | $397.2M | ||
| Q1 24 | $402.5M | $375.5M |
| Q4 25 | $5.7B | $530.2M | ||
| Q3 25 | $5.5B | $541.2M | ||
| Q2 25 | $4.4B | $533.7M | ||
| Q1 25 | $4.1B | $562.5M | ||
| Q4 24 | $2.4B | $725.8M | ||
| Q3 24 | $2.4B | $709.8M | ||
| Q2 24 | $2.5B | $697.0M | ||
| Q1 24 | $2.3B | $687.2M |
| Q4 25 | 176.99× | 0.00× | ||
| Q3 25 | 20.59× | 0.01× | ||
| Q2 25 | 8.21× | 0.07× | ||
| Q1 25 | 5.79× | 0.10× | ||
| Q4 24 | 7.84× | 0.00× | ||
| Q3 24 | 4.14× | 0.00× | ||
| Q2 24 | 3.94× | 0.00× | ||
| Q1 24 | 3.34× | 0.48× |
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 | $5.7M |
| Free Cash FlowOCF − Capex | $-68.6M | — |
| FCF MarginFCF / Revenue | -47.8% | — |
| Capex IntensityCapex / Revenue | 45.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $5.7M | ||
| Q3 25 | $-24.4M | $53.4M | ||
| Q2 25 | $-5.2M | $11.1M | ||
| Q1 25 | $-85.7M | $3.9M | ||
| Q4 24 | $-8.1M | $30.6M | ||
| Q3 24 | $14.2M | $31.4M | ||
| Q2 24 | $-17.6M | $39.1M | ||
| Q1 24 | $-3.9M | $50.6M |
| Q4 25 | $-68.6M | — | ||
| Q3 25 | $-90.7M | — | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-151.7M | $-11.6M | ||
| Q4 24 | $-34.3M | — | ||
| Q3 24 | $-11.7M | — | ||
| Q2 24 | $-32.1M | — | ||
| Q1 24 | $-16.7M | — |
| Q4 25 | -47.8% | — | ||
| Q3 25 | -64.5% | — | ||
| Q2 25 | -71.6% | — | ||
| Q1 25 | -157.7% | -21.1% | ||
| Q4 24 | -42.4% | — | ||
| Q3 24 | -14.0% | — | ||
| Q2 24 | -37.9% | — | ||
| Q1 24 | -20.3% | — |
| Q4 25 | 45.9% | — | ||
| Q3 25 | 47.2% | — | ||
| Q2 25 | 67.3% | — | ||
| Q1 25 | 68.6% | 28.2% | ||
| Q4 24 | 32.5% | — | ||
| Q3 24 | 31.1% | — | ||
| Q2 24 | 17.2% | — | ||
| Q1 24 | 15.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
