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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Varex Imaging Corp is the larger business by last-quarter revenue ($209.6M vs $188.4M, roughly 1.1× FTAI Infrastructure Inc.). Varex Imaging Corp runs the higher net margin — 1.1% vs -79.7%, a 80.8% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (95.9% vs 4.9%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (49.0% CAGR vs 0.8%).
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.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
FIP vs VREX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $188.4M | $209.6M |
| Net Profit | $-150.2M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | — | 7.3% |
| Net Margin | -79.7% | 1.1% |
| Revenue YoY | 95.9% | 4.9% |
| Net Profit YoY | -387.6% | 866.7% |
| EPS (diluted) | $-1.32 | $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.
| Q1 26 | $188.4M | $209.6M | ||
| Q4 25 | $143.5M | $228.9M | ||
| Q3 25 | $140.6M | $203.0M | ||
| Q2 25 | $122.3M | $212.9M | ||
| Q1 25 | $96.2M | $199.8M | ||
| Q4 24 | $80.8M | — | ||
| Q3 24 | $83.3M | $205.7M | ||
| Q2 24 | $84.9M | $209.1M |
| Q1 26 | $-150.2M | $2.3M | ||
| Q4 25 | $-97.7M | $12.2M | ||
| Q3 25 | $-104.5M | $-89.1M | ||
| Q2 25 | $-70.0M | $6.9M | ||
| Q1 25 | $120.2M | $-300.0K | ||
| Q4 24 | $-124.7M | — | ||
| Q3 24 | $-43.0M | $-51.1M | ||
| Q2 24 | $-48.1M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | -45.7% | 8.6% | ||
| Q3 25 | -70.8% | -39.8% | ||
| Q2 25 | -56.4% | 10.4% | ||
| Q1 25 | 81.8% | 5.6% | ||
| Q4 24 | -152.7% | — | ||
| Q3 24 | -51.7% | 5.3% | ||
| Q2 24 | -56.4% | 4.4% |
| Q1 26 | -79.7% | 1.1% | ||
| Q4 25 | -68.1% | 5.3% | ||
| Q3 25 | -74.4% | -43.9% | ||
| Q2 25 | -57.2% | 3.2% | ||
| Q1 25 | 125.0% | -0.2% | ||
| Q4 24 | -154.4% | — | ||
| Q3 24 | -51.6% | -24.8% | ||
| Q2 24 | -56.7% | 0.7% |
| Q1 26 | $-1.32 | $0.05 | ||
| Q4 25 | $-1.04 | $0.29 | ||
| Q3 25 | $-1.38 | $-2.15 | ||
| Q2 25 | $-0.73 | $0.17 | ||
| Q1 25 | $0.89 | $-0.01 | ||
| Q4 24 | $-1.21 | — | ||
| Q3 24 | $-0.45 | $-1.25 | ||
| Q2 24 | $-0.52 | $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 | $37.9M | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $-122.5K | $476.9M |
| Total Assets | $5.7B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.9M | $125.6M | ||
| Q4 25 | $57.4M | $155.1M | ||
| Q3 25 | $34.7M | $152.6M | ||
| Q2 25 | $33.6M | $223.0M | ||
| Q1 25 | $26.3M | $212.6M | ||
| Q4 24 | $27.8M | — | ||
| Q3 24 | $20.3M | $200.5M | ||
| Q2 24 | $33.1M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $3.8B | $367.5M | ||
| Q3 25 | $3.7B | $367.5M | ||
| Q2 25 | $3.1B | $567.2M | ||
| Q1 25 | $2.8B | $567.0M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | $443.4M | ||
| Q2 24 | $1.6B | $443.1M |
| Q1 26 | $-122.5K | $476.9M | ||
| Q4 25 | $21.3M | $472.6M | ||
| Q3 25 | $181.1M | $455.3M | ||
| Q2 25 | $375.5M | $549.7M | ||
| Q1 25 | $476.2M | $540.2M | ||
| Q4 24 | $202.7M | — | ||
| Q3 24 | $370.8M | $529.1M | ||
| Q2 24 | $394.8M | $581.2M |
| Q1 26 | $5.7B | $1.1B | ||
| Q4 25 | $5.7B | $1.1B | ||
| Q3 25 | $5.5B | $1.1B | ||
| Q2 25 | $4.4B | $1.4B | ||
| Q1 25 | $4.1B | $1.3B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.5B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 176.99× | 0.78× | ||
| Q3 25 | 20.59× | 0.81× | ||
| Q2 25 | 8.21× | 1.03× | ||
| Q1 25 | 5.79× | 1.05× | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | 0.84× | ||
| Q2 24 | 3.94× | 0.76× |
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 | $-69.4M | $-16.1M |
| Free Cash FlowOCF − Capex | — | $-26.8M |
| FCF MarginFCF / Revenue | — | -12.8% |
| Capex IntensityCapex / Revenue | — | 5.1% |
| Cash ConversionOCF / Net Profit | — | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-69.4M | $-16.1M | ||
| Q4 25 | $-2.8M | $7.9M | ||
| Q3 25 | $-24.4M | $7.7M | ||
| Q2 25 | $-5.2M | $16.6M | ||
| Q1 25 | $-85.7M | $9.5M | ||
| Q4 24 | $-8.1M | — | ||
| Q3 24 | $14.2M | $25.9M | ||
| Q2 24 | $-17.6M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $-68.6M | $2.3M | ||
| Q3 25 | $-90.7M | $1.4M | ||
| Q2 25 | $-87.5M | $9.8M | ||
| Q1 25 | $-151.7M | $5.3M | ||
| Q4 24 | $-34.3M | — | ||
| Q3 24 | $-11.7M | $19.9M | ||
| Q2 24 | $-32.1M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | -47.8% | 1.0% | ||
| Q3 25 | -64.5% | 0.7% | ||
| Q2 25 | -71.6% | 4.6% | ||
| Q1 25 | -157.7% | 2.7% | ||
| Q4 24 | -42.4% | — | ||
| Q3 24 | -14.0% | 9.7% | ||
| Q2 24 | -37.9% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 45.9% | 2.4% | ||
| Q3 25 | 47.2% | 3.1% | ||
| Q2 25 | 67.3% | 3.2% | ||
| Q1 25 | 68.6% | 2.1% | ||
| Q4 24 | 32.5% | — | ||
| Q3 24 | 31.1% | 2.9% | ||
| Q2 24 | 17.2% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.71× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIP
Segment breakdown not available.
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
