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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $57.6M, roughly 2.0× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 13.3%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
HASI vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $57.6M |
| Net Profit | $-53.8M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | -57.4% | — |
| Net Margin | -46.8% | — |
| Revenue YoY | 13.3% | 94.1% |
| Net Profit YoY | -176.7% | 71.6% |
| EPS (diluted) | $-0.38 | — |
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 | $114.8M | $57.6M | ||
| Q3 25 | $103.1M | $49.5M | ||
| Q2 25 | $85.7M | $39.5M | ||
| Q1 25 | $96.9M | $28.5M | ||
| Q4 24 | $101.3M | $29.7M | ||
| Q3 24 | $82.0M | $16.4M | ||
| Q2 24 | $94.5M | $7.3M | ||
| Q1 24 | $105.8M | — |
| Q4 25 | $-53.8M | — | ||
| Q3 25 | $83.3M | $-30.0M | ||
| Q2 25 | $98.4M | $-75.8M | ||
| Q1 25 | $56.6M | $-94.3M | ||
| Q4 24 | $70.1M | — | ||
| Q3 24 | $-19.6M | $-85.6M | ||
| Q2 24 | $26.5M | $-91.4M | ||
| Q1 24 | $123.0M | — |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% | ||
| Q1 24 | — | — |
| Q4 25 | -57.4% | — | ||
| Q3 25 | — | -30.8% | ||
| Q2 25 | — | -151.7% | ||
| Q1 25 | 84.7% | -276.5% | ||
| Q4 24 | 90.9% | — | ||
| Q3 24 | -32.1% | -433.0% | ||
| Q2 24 | 39.5% | -1055.4% | ||
| Q1 24 | — | — |
| Q4 25 | -46.8% | — | ||
| Q3 25 | 80.8% | -60.5% | ||
| Q2 25 | 114.9% | -191.9% | ||
| Q1 25 | 58.4% | -330.7% | ||
| Q4 24 | 69.2% | — | ||
| Q3 24 | -23.9% | -523.3% | ||
| Q2 24 | 28.1% | -1248.6% | ||
| Q1 24 | 116.3% | — |
| Q4 25 | $-0.38 | — | ||
| Q3 25 | $0.61 | $-0.41 | ||
| Q2 25 | $0.74 | $-1.05 | ||
| Q1 25 | $0.44 | $-1.31 | ||
| Q4 24 | $0.58 | — | ||
| Q3 24 | $-0.17 | $-1.32 | ||
| Q2 24 | $0.23 | $-1.56 | ||
| Q1 24 | $0.98 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $110.2M | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $2.7B | $-438.2M |
| Total Assets | $8.2B | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $130.0M | ||
| Q3 25 | $301.8M | $135.2M | ||
| Q2 25 | $86.5M | $149.6M | ||
| Q1 25 | $67.4M | $212.3M | ||
| Q4 24 | $129.8M | $297.3M | ||
| Q3 24 | $44.1M | $334.7M | ||
| Q2 24 | $145.7M | $276.2M | ||
| Q1 24 | $61.4M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $2.7B | $-438.2M | ||
| Q3 25 | $2.7B | $-422.5M | ||
| Q2 25 | $2.6B | $-405.8M | ||
| Q1 25 | $2.5B | $-338.4M | ||
| Q4 24 | $2.4B | $-253.6M | ||
| Q3 24 | $2.3B | $-187.1M | ||
| Q2 24 | $2.3B | $-233.8M | ||
| Q1 24 | $2.3B | — |
| Q4 25 | $8.2B | $259.1M | ||
| Q3 25 | $8.2B | $240.3M | ||
| Q2 25 | $7.6B | $250.2M | ||
| Q1 25 | $7.5B | $294.2M | ||
| Q4 24 | $7.1B | $378.3M | ||
| Q3 24 | $6.7B | $387.0M | ||
| Q2 24 | $6.7B | $319.4M | ||
| Q1 24 | $6.7B | — |
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 | $167.3M | $-166.8M |
| Free Cash FlowOCF − Capex | — | $-167.0M |
| FCF MarginFCF / Revenue | — | -290.0% |
| Capex IntensityCapex / Revenue | — | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $-166.8M | ||
| Q3 25 | $-121.8M | $-14.1M | ||
| Q2 25 | $79.6M | $-62.7M | ||
| Q1 25 | $-37.1M | $-84.9M | ||
| Q4 24 | $5.9M | $-266.8M | ||
| Q3 24 | $21.9M | $-63.6M | ||
| Q2 24 | $-24.8M | $-70.7M | ||
| Q1 24 | $20.9M | — |
| Q4 25 | — | $-167.0M | ||
| Q3 25 | — | $-14.1M | ||
| Q2 25 | — | $-62.8M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | — | $-266.9M | ||
| Q3 24 | — | $-63.6M | ||
| Q2 24 | — | $-70.8M | ||
| Q1 24 | — | — |
| Q4 25 | — | -290.0% | ||
| Q3 25 | — | -28.6% | ||
| Q2 25 | — | -159.0% | ||
| Q1 25 | — | -297.9% | ||
| Q4 24 | — | -899.8% | ||
| Q3 24 | — | -389.0% | ||
| Q2 24 | — | -966.2% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | — | ||
| Q1 24 | 0.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
