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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
VARONIS SYSTEMS INC is the larger business by last-quarter revenue ($173.1M vs $143.5M, roughly 1.2× FTAI Infrastructure Inc.). On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 26.9%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M vs $-68.6M). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs 15.2%).
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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
FIP vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $173.1M |
| Net Profit | $-97.7M | — |
| Gross Margin | — | 76.0% |
| Operating Margin | -45.7% | -1.7% |
| Net Margin | -68.1% | — |
| Revenue YoY | 77.7% | 26.9% |
| Net Profit YoY | 21.6% | — |
| EPS (diluted) | $-1.04 | — |
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 | — | $173.1M | ||
| Q4 25 | $143.5M | $173.4M | ||
| Q3 25 | $140.6M | $161.6M | ||
| Q2 25 | $122.3M | $152.2M | ||
| Q1 25 | $96.2M | $136.4M | ||
| Q4 24 | $80.8M | $158.5M | ||
| Q3 24 | $83.3M | $148.1M | ||
| Q2 24 | $84.9M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-97.7M | $-27.8M | ||
| Q3 25 | $-104.5M | $-29.9M | ||
| Q2 25 | $-70.0M | $-35.8M | ||
| Q1 25 | $120.2M | $-35.8M | ||
| Q4 24 | $-124.7M | $-13.0M | ||
| Q3 24 | $-43.0M | $-18.3M | ||
| Q2 24 | $-48.1M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | — | 78.9% | ||
| Q3 25 | — | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | — | 83.6% | ||
| Q3 24 | — | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -45.7% | -17.5% | ||
| Q3 25 | -70.8% | -22.2% | ||
| Q2 25 | -56.4% | -24.0% | ||
| Q1 25 | 81.8% | -32.1% | ||
| Q4 24 | -152.7% | -11.1% | ||
| Q3 24 | -51.7% | -16.0% | ||
| Q2 24 | -56.4% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -68.1% | -16.0% | ||
| Q3 25 | -74.4% | -18.5% | ||
| Q2 25 | -57.2% | -23.5% | ||
| Q1 25 | 125.0% | -26.2% | ||
| Q4 24 | -154.4% | -8.2% | ||
| Q3 24 | -51.6% | -12.4% | ||
| Q2 24 | -56.7% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-1.04 | $-0.23 | ||
| Q3 25 | $-1.38 | $-0.26 | ||
| Q2 25 | $-0.73 | $-0.32 | ||
| Q1 25 | $0.89 | $-0.32 | ||
| Q4 24 | $-1.21 | $-0.12 | ||
| Q3 24 | $-0.45 | $-0.16 | ||
| Q2 24 | $-0.52 | $-0.21 |
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 | $179.3M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $453.5M |
| Total Assets | $5.7B | $1.6B |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $57.4M | $883.7M | ||
| Q3 25 | $34.7M | $671.3M | ||
| Q2 25 | $33.6M | $770.9M | ||
| Q1 25 | $26.3M | $567.6M | ||
| Q4 24 | $27.8M | $529.0M | ||
| Q3 24 | $20.3M | $844.8M | ||
| Q2 24 | $33.1M | $582.5M |
| Q1 26 | — | — | ||
| 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 26 | — | $453.5M | ||
| Q4 25 | $21.3M | $598.7M | ||
| Q3 25 | $181.1M | $604.8M | ||
| Q2 25 | $375.5M | $341.5M | ||
| Q1 25 | $476.2M | $367.7M | ||
| Q4 24 | $202.7M | $455.7M | ||
| Q3 24 | $370.8M | $428.6M | ||
| Q2 24 | $394.8M | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $5.7B | $1.8B | ||
| Q3 25 | $5.5B | $1.7B | ||
| Q2 25 | $4.4B | $1.6B | ||
| Q1 25 | $4.1B | $1.6B | ||
| Q4 24 | $2.4B | $1.7B | ||
| Q3 24 | $2.4B | $1.5B | ||
| Q2 24 | $2.5B | $1.1B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $55.0M |
| Free Cash FlowOCF − Capex | $-68.6M | $49.0M |
| FCF MarginFCF / Revenue | -47.8% | 28.3% |
| Capex IntensityCapex / Revenue | 45.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $-2.8M | $24.7M | ||
| Q3 25 | $-24.4M | $33.4M | ||
| Q2 25 | $-5.2M | $21.3M | ||
| Q1 25 | $-85.7M | $68.0M | ||
| Q4 24 | $-8.1M | $24.3M | ||
| Q3 24 | $14.2M | $22.5M | ||
| Q2 24 | $-17.6M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-68.6M | $20.7M | ||
| Q3 25 | $-90.7M | $30.4M | ||
| Q2 25 | $-87.5M | $18.0M | ||
| Q1 25 | $-151.7M | $65.7M | ||
| Q4 24 | $-34.3M | $19.9M | ||
| Q3 24 | $-11.7M | $21.3M | ||
| Q2 24 | $-32.1M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -47.8% | 12.0% | ||
| Q3 25 | -64.5% | 18.8% | ||
| Q2 25 | -71.6% | 11.8% | ||
| Q1 25 | -157.7% | 48.1% | ||
| Q4 24 | -42.4% | 12.6% | ||
| Q3 24 | -14.0% | 14.4% | ||
| Q2 24 | -37.9% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 45.9% | 2.3% | ||
| Q3 25 | 47.2% | 1.8% | ||
| Q2 25 | 67.3% | 2.2% | ||
| Q1 25 | 68.6% | 1.7% | ||
| Q4 24 | 32.5% | 2.7% | ||
| Q3 24 | 31.1% | 0.8% | ||
| Q2 24 | 17.2% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
