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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($199.5M vs $143.5M, roughly 1.4× FTAI Infrastructure Inc.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 3.6% vs -68.1%, a 71.6% gap on every dollar of revenue. On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs -4.1%). Over the past eight quarters, FTAI Infrastructure Inc.'s revenue compounded faster (31.9% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
FIP vs VRTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $199.5M |
| Net Profit | $-97.7M | $7.1M |
| Gross Margin | — | — |
| Operating Margin | -45.7% | 7.7% |
| Net Margin | -68.1% | 3.6% |
| Revenue YoY | 77.7% | -4.1% |
| Net Profit YoY | 21.6% | -78.1% |
| EPS (diluted) | $-1.04 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | $143.5M | $208.0M | ||
| Q3 25 | $140.6M | $216.4M | ||
| Q2 25 | $122.3M | $210.5M | ||
| Q1 25 | $96.2M | $217.9M | ||
| Q4 24 | $80.8M | $233.5M | ||
| Q3 24 | $83.3M | $227.0M | ||
| Q2 24 | $84.9M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $-97.7M | $33.9M | ||
| Q3 25 | $-104.5M | $31.3M | ||
| Q2 25 | $-70.0M | $42.7M | ||
| Q1 25 | $120.2M | $28.1M | ||
| Q4 24 | $-124.7M | $39.5M | ||
| Q3 24 | $-43.0M | $49.1M | ||
| Q2 24 | $-48.1M | $26.0M |
| Q1 26 | — | 7.7% | ||
| Q4 25 | -45.7% | 19.1% | ||
| Q3 25 | -70.8% | 21.7% | ||
| Q2 25 | -56.4% | 21.5% | ||
| Q1 25 | 81.8% | 16.8% | ||
| Q4 24 | -152.7% | 21.7% | ||
| Q3 24 | -51.7% | 24.3% | ||
| Q2 24 | -56.4% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | -68.1% | 16.3% | ||
| Q3 25 | -74.4% | 14.5% | ||
| Q2 25 | -57.2% | 20.3% | ||
| Q1 25 | 125.0% | 12.9% | ||
| Q4 24 | -154.4% | 16.9% | ||
| Q3 24 | -51.6% | 21.6% | ||
| Q2 24 | -56.7% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $-1.04 | $5.15 | ||
| Q3 25 | $-1.38 | $4.65 | ||
| Q2 25 | $-0.73 | $6.12 | ||
| Q1 25 | $0.89 | $4.05 | ||
| Q4 24 | $-1.21 | $4.65 | ||
| Q3 24 | $-0.45 | $5.71 | ||
| Q2 24 | $-0.52 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $93.6B |
| Total Assets | $5.7B | — |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| 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 26 | — | — | ||
| Q4 25 | $3.8B | $390.0M | ||
| Q3 25 | $3.7B | $390.6M | ||
| Q2 25 | $3.1B | $231.3M | ||
| Q1 25 | $2.8B | $231.7M | ||
| Q4 24 | $1.6B | $232.1M | ||
| Q3 24 | $1.5B | $237.5M | ||
| Q2 24 | $1.6B | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $21.3M | $934.0M | ||
| Q3 25 | $181.1M | $918.7M | ||
| Q2 25 | $375.5M | $896.4M | ||
| Q1 25 | $476.2M | $893.7M | ||
| Q4 24 | $202.7M | $897.5M | ||
| Q3 24 | $370.8M | $889.0M | ||
| Q2 24 | $394.8M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $5.7B | $4.3B | ||
| Q3 25 | $5.5B | $3.9B | ||
| Q2 25 | $4.4B | $3.7B | ||
| Q1 25 | $4.1B | $3.7B | ||
| Q4 24 | $2.4B | $4.0B | ||
| Q3 24 | $2.4B | $3.6B | ||
| Q2 24 | $2.5B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 176.99× | 0.42× | ||
| Q3 25 | 20.59× | 0.43× | ||
| Q2 25 | 8.21× | 0.26× | ||
| Q1 25 | 5.79× | 0.26× | ||
| Q4 24 | 7.84× | 0.26× | ||
| Q3 24 | 4.14× | 0.27× | ||
| Q2 24 | 3.94× | 0.29× |
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 | — |
| 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.
| Q1 26 | — | — | ||
| Q4 25 | $-2.8M | $-67.2M | ||
| Q3 25 | $-24.4M | $108.3M | ||
| Q2 25 | $-5.2M | $75.8M | ||
| Q1 25 | $-85.7M | $-3.8M | ||
| Q4 24 | $-8.1M | $1.8M | ||
| Q3 24 | $14.2M | $69.1M | ||
| Q2 24 | $-17.6M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $-68.6M | $-74.1M | ||
| Q3 25 | $-90.7M | $106.9M | ||
| Q2 25 | $-87.5M | $74.2M | ||
| Q1 25 | $-151.7M | $-6.8M | ||
| Q4 24 | $-34.3M | $-3.8M | ||
| Q3 24 | $-11.7M | $68.7M | ||
| Q2 24 | $-32.1M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | -47.8% | -35.6% | ||
| Q3 25 | -64.5% | 49.4% | ||
| Q2 25 | -71.6% | 35.2% | ||
| Q1 25 | -157.7% | -3.1% | ||
| Q4 24 | -42.4% | -1.6% | ||
| Q3 24 | -14.0% | 30.3% | ||
| Q2 24 | -37.9% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 45.9% | 3.3% | ||
| Q3 25 | 47.2% | 0.7% | ||
| Q2 25 | 67.3% | 0.7% | ||
| Q1 25 | 68.6% | 1.4% | ||
| Q4 24 | 32.5% | 2.4% | ||
| Q3 24 | 31.1% | 0.2% | ||
| Q2 24 | 17.2% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | -0.71× | -0.13× | ||
| Q4 24 | — | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
