FIP Industrials

FTAI Infrastructure Inc.

$2.67-5.99%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Industrials
Industry: Conglomerates
Country: United States
Market cap: 315.5M USD
Enterprise value: 3.0B USD
Full-time employees: 1,110

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.93 vs a peer median of 0.64) and less short-term liquidity (current ratio 0.28 vs a peer median of 1.62)higher risk: bigger price swings (beta 1.93 vs peers 0.64) and less liquidity (current ratio 0.28 vs peers 1.62)

Ranks #1,925 of 2,308 industrials companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Profit lifted by an asset sale. 2025 operating profit includes a $129M gain on selling assets; without it the operating margin was about -24%.
FTAI Infrastructure's 2025 operating profit of $8M includes a one-off $129M gain on selling assets or businesses. Without it, operations would have earned -$121M, an operating margin of about -24%.
Paying shareholders without free cash flow. Paid out $39M over the 3 fiscal years to 2025 with -$587M of free cash flow.
FTAI Infrastructure returned $39M in buybacks and dividends over three fiscal years while its free cash flow totalled -$587M. The money came from its cash pile or from borrowing.
Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
FTAI Infrastructure's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Shareholders being diluted. Shares outstanding up 19% from December 2022 to August 2026.
FTAI Infrastructure had 19% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.FTAI Infrastructure had 19% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

StockQuotient Score

31/ 100

Oct 5 31 → Nov 4 31

Valuation

Is the price right?

22/100

Weak▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 23 → 22

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ FCF yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-148.6%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.28Sector median: 0.0377 · MAD: 0.0294

EBITDA yield4.7%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.54Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield-101.0%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield-104.5%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

91/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 10.8%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.31Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth28.8%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.72Sector median: 0.0421 · MAD: 0.0625

Revenue growth72.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.55Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

9/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 6.3 points to -3.3%

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-3.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.18Sector median: 0.0773 · MAD: 0.0507

Return on assets-8.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.56Sector median: 0.0311 · MAD: 0.0241

Return on invested capital-0.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.41Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin40.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity-84.5%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Debt down 28%

Why

Weaker than most peers on:

▼ Beta
▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.93

Yahoo Finance · 5-year monthly beta vs the marketOutlier capped at sector 5th/95th percentile33% base weight · Z-score -3.49Sector median: 0.6440 · MAD: 0.2745

Current ratio0.28×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -1.77Sector median: 1.6180 · MAD: 0.5360

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -6.37Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about FTAI Infrastructure

Is FTAI Infrastructure getting weaker?: Its latest SEC filing (Aug 10, 2026) was mixed: some things better, some worse: operating margin fell 6.3 points to -3.3%; debt down 28%. Its overall score is unchanged at 31/100 since Oct 28, 2026.
How is FTAI Infrastructure valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 22/100 against 2,459 industrials peers. Earnings yield -148.6% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -148.6% vs peers 3.8% (weaker than 100% of peers).
Is FTAI Infrastructure growing?: Yes, faster than most of its peers. Growth scores 91/100 against 2,459 industrials peers. 3-year revenue growth 28.8% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 28.8% vs peers 4.2% (stronger than 95% of peers).
How profitable is FTAI Infrastructure?: Less profitable than most of its peers. Profitability scores 9/100 against 2,459 industrials peers. Return on assets -8.2% vs a peer median of 3.1% (weaker than 100% of peers).Return on assets -8.2% vs peers 3.1% (weaker than 100% of peers).
How risky is FTAI Infrastructure?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.93 vs a peer median of 0.64 (weaker than 100% of peers).Beta 1.93 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 10, 2026 · compared with the quarter ended Mar 31, 2026

Mixed: some things better, some worse

Operating margin fell 6.3 points to -3.3%
Debt down 28%

Worth watching: FTAI Infrastructure is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	594.7M USD	659.2M USD	+10.8%
Net income (12 months)	−399.4M USD	−468.9M USD	+17.4%
Operating margin	3.0%	-3.3%	−6.3 pts
Free cash flow (12 months)	−362.2M USD	−318.7M USD	−12.0%
Debt	3.8B USD	2.8B USD	−27.5%
Cash	37.9M USD	32.6M USD	−13.8%
Shares outstanding	118.2M	118.2M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Conglomerates companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-59.5%	-22.0%	-13.8%	-30.0%	1.6%	▲ 32 pts
Net margin	-88.5%	-71.6%	-49.8%	-80.3%	-30.3%	▲ 50 pts
Return on assets (ROA)	-4.4%	-7.6%	-6.7%	-11.2%	-2.6%	▲ 8.6 pts
Return on equity (ROE)	-7.3%	-34.0%	-33.0%	-131.3%	—	—
Free cash flow margin	-168.5%	-99.2%	-29.2%	-28.6%	-79.3%	▼ 51 pts
Current ratio	3.19×	1.74×	1.23×	0.88×	1.18×	▲ 35%
Debt to equity	0.49×	2.23×	2.77×	7.84×	—	—
Interest coverage	-4.47×	-1.08×	-0.45×	-0.81×	0.03×	▲ 104%

FIP price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.93 vs a peer median of 0.64) and less short-term liquidity (current ratio 0.28 vs a peer median of 1.62)higher risk: bigger price swings (beta 1.93 vs peers 0.64) and less liquidity (current ratio 0.28 vs peers 1.62)

Ranks #1,925 of 2,308 industrials companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Profit lifted by an asset sale. 2025 operating profit includes a $129M gain on selling assets; without it the operating margin was about -24%.

FTAI Infrastructure's 2025 operating profit of $8M includes a one-off $129M gain on selling assets or businesses. Without it, operations would have earned -$121M, an operating margin of about -24%.

Paying shareholders without free cash flow. Paid out $39M over the 3 fiscal years to 2025 with -$587M of free cash flow.

FTAI Infrastructure returned $39M in buybacks and dividends over three fiscal years while its free cash flow totalled -$587M. The money came from its cash pile or from borrowing.

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

FTAI Infrastructure's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Shareholders being diluted. Shares outstanding up 19% from December 2022 to August 2026.

FTAI Infrastructure had 19% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.FTAI Infrastructure had 19% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Questions investors ask about FTAI Infrastructure

Is FTAI Infrastructure getting weaker?

Its latest SEC filing (Aug 10, 2026) was mixed: some things better, some worse: operating margin fell 6.3 points to -3.3%; debt down 28%. Its overall score is unchanged at 31/100 since Oct 28, 2026.

How is FTAI Infrastructure valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 22/100 against 2,459 industrials peers. Earnings yield -148.6% vs a peer median of 3.8% (weaker than 100% of peers).Earnings yield -148.6% vs peers 3.8% (weaker than 100% of peers).

Is FTAI Infrastructure growing?

Yes, faster than most of its peers. Growth scores 91/100 against 2,459 industrials peers. 3-year revenue growth 28.8% vs a peer median of 4.2% (stronger than 95% of peers).3-year revenue growth 28.8% vs peers 4.2% (stronger than 95% of peers).

How profitable is FTAI Infrastructure?

Less profitable than most of its peers. Profitability scores 9/100 against 2,459 industrials peers. Return on assets -8.2% vs a peer median of 3.1% (weaker than 100% of peers).Return on assets -8.2% vs peers 3.1% (weaker than 100% of peers).

How risky is FTAI Infrastructure?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Beta 1.93 vs a peer median of 0.64 (weaker than 100% of peers).Beta 1.93 vs peers 0.64 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

594.7M USD

659.2M USD

+10.8%

Net income (12 months)

−399.4M USD

−468.9M USD

+17.4%

Operating margin

3.0%

-3.3%

−6.3 pts

Free cash flow (12 months)

−362.2M USD

−318.7M USD

−12.0%

Debt

3.8B USD

2.8B USD

−27.5%

Cash

37.9M USD

32.6M USD

−13.8%

Shares outstanding

118.2M

118.2M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-59.5%

-22.0%

-13.8%

-30.0%

1.6%

▲ 32 pts

Net margin

-88.5%

-71.6%

-49.8%

-80.3%

-30.3%

▲ 50 pts

Return on assets (ROA)

-4.4%

-7.6%

-6.7%

-11.2%

-2.6%

▲ 8.6 pts

Return on equity (ROE)

-7.3%

-34.0%

-33.0%

-131.3%

—

Free cash flow margin

-168.5%

-99.2%

-29.2%

-28.6%

-79.3%

▼ 51 pts

Current ratio

3.19×

1.74×

1.23×

0.88×

1.18×

▲ 35%

Debt to equity

0.49×

2.23×

2.77×

7.84×

—

Interest coverage

-4.47×

-1.08×

-0.45×

-0.81×

0.03×

▲ 104%