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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Vericel Corp (VCEL). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $92.9M, roughly 1.5× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -68.1%, a 93.1% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M vs $-68.6M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% CAGR vs 31.9%).
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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
FIP vs VCEL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $92.9M |
| Net Profit | $-97.7M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | -45.7% | 24.1% |
| Net Margin | -68.1% | 25.0% |
| Revenue YoY | 77.7% | 23.3% |
| Net Profit YoY | 21.6% | 17.3% |
| EPS (diluted) | $-1.04 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $140.6M | $67.5M | ||
| Q2 25 | $122.3M | $63.2M | ||
| Q1 25 | $96.2M | $52.6M | ||
| Q4 24 | $80.8M | $75.4M | ||
| Q3 24 | $83.3M | $57.9M | ||
| Q2 24 | $84.9M | $52.7M | ||
| Q1 24 | $82.5M | $51.3M |
| Q4 25 | $-97.7M | $23.2M | ||
| Q3 25 | $-104.5M | $5.1M | ||
| Q2 25 | $-70.0M | $-553.0K | ||
| Q1 25 | $120.2M | $-11.2M | ||
| Q4 24 | $-124.7M | $19.8M | ||
| Q3 24 | $-43.0M | $-901.0K | ||
| Q2 24 | $-48.1M | $-4.7M | ||
| Q1 24 | $-50.3M | $-3.9M |
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | -45.7% | 24.1% | ||
| Q3 25 | -70.8% | 5.1% | ||
| Q2 25 | -56.4% | -3.2% | ||
| Q1 25 | 81.8% | -24.3% | ||
| Q4 24 | -152.7% | 24.5% | ||
| Q3 24 | -51.7% | -4.3% | ||
| Q2 24 | -56.4% | -11.5% | ||
| Q1 24 | -58.8% | -10.7% |
| Q4 25 | -68.1% | 25.0% | ||
| Q3 25 | -74.4% | 7.5% | ||
| Q2 25 | -57.2% | -0.9% | ||
| Q1 25 | 125.0% | -21.4% | ||
| Q4 24 | -154.4% | 26.3% | ||
| Q3 24 | -51.6% | -1.6% | ||
| Q2 24 | -56.7% | -8.9% | ||
| Q1 24 | -60.9% | -7.5% |
| Q4 25 | $-1.04 | $0.46 | ||
| Q3 25 | $-1.38 | $0.10 | ||
| Q2 25 | $-0.73 | $-0.01 | ||
| Q1 25 | $0.89 | $-0.23 | ||
| Q4 24 | $-1.21 | $0.40 | ||
| Q3 24 | $-0.45 | $-0.02 | ||
| Q2 24 | $-0.52 | $-0.10 | ||
| Q1 24 | $-0.54 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $354.6M |
| Total Assets | $5.7B | $488.0M |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $137.5M | ||
| Q3 25 | $34.7M | $135.4M | ||
| Q2 25 | $33.6M | $116.9M | ||
| Q1 25 | $26.3M | $112.9M | ||
| Q4 24 | $27.8M | $116.2M | ||
| Q3 24 | $20.3M | $101.7M | ||
| Q2 24 | $33.1M | $102.5M | ||
| Q1 24 | $23.0M | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $181.1M | $321.9M | ||
| Q2 25 | $375.5M | $306.8M | ||
| Q1 25 | $476.2M | $295.5M | ||
| Q4 24 | $202.7M | $292.0M | ||
| Q3 24 | $370.8M | $257.5M | ||
| Q2 24 | $394.8M | $243.0M | ||
| Q1 24 | $402.5M | $233.9M |
| Q4 25 | $5.7B | $488.0M | ||
| Q3 25 | $5.5B | $453.3M | ||
| Q2 25 | $4.4B | $435.6M | ||
| Q1 25 | $4.1B | $424.6M | ||
| Q4 24 | $2.4B | $432.7M | ||
| Q3 24 | $2.4B | $390.4M | ||
| Q2 24 | $2.5B | $376.8M | ||
| Q1 24 | $2.3B | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $-68.6M | $12.8M |
| FCF MarginFCF / Revenue | -47.8% | 13.8% |
| Capex IntensityCapex / Revenue | 45.9% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $15.0M | ||
| Q3 25 | $-24.4M | $22.1M | ||
| Q2 25 | $-5.2M | $8.2M | ||
| Q1 25 | $-85.7M | $6.6M | ||
| Q4 24 | $-8.1M | $22.2M | ||
| Q3 24 | $14.2M | $10.2M | ||
| Q2 24 | $-17.6M | $18.5M | ||
| Q1 24 | $-3.9M | $7.2M |
| Q4 25 | $-68.6M | $12.8M | ||
| Q3 25 | $-90.7M | $19.5M | ||
| Q2 25 | $-87.5M | $81.0K | ||
| Q1 25 | $-151.7M | $-7.6M | ||
| Q4 24 | $-34.3M | $8.5M | ||
| Q3 24 | $-11.7M | $-9.2M | ||
| Q2 24 | $-32.1M | $1.8M | ||
| Q1 24 | $-16.7M | $-6.8M |
| Q4 25 | -47.8% | 13.8% | ||
| Q3 25 | -64.5% | 28.8% | ||
| Q2 25 | -71.6% | 0.1% | ||
| Q1 25 | -157.7% | -14.5% | ||
| Q4 24 | -42.4% | 11.2% | ||
| Q3 24 | -14.0% | -15.9% | ||
| Q2 24 | -37.9% | 3.4% | ||
| Q1 24 | -20.3% | -13.3% |
| Q4 25 | 45.9% | 2.4% | ||
| Q3 25 | 47.2% | 3.9% | ||
| Q2 25 | 67.3% | 12.9% | ||
| Q1 25 | 68.6% | 27.0% | ||
| Q4 24 | 32.5% | 18.3% | ||
| Q3 24 | 31.1% | 33.5% | ||
| Q2 24 | 17.2% | 31.8% | ||
| Q1 24 | 15.6% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
