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ValueScreener company report

FTAI Infrastructure Inc. (FIP)

NASDAQ / Industrials / Conglomerates

Share price

2.31 USD Market dataClose of Oct 14, 2026

Market capitalisation

273.0M USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Mar 16, 2026
Ratios computed
Oct 14, 2026
Filed years
6, FY2020 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

2.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to book

12.48x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-149.7% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2020 Revenue: 68.6M USDFY2020 Net income: -71.7M USDFY2021 Revenue: 120.2M USDFY2021 Net income: -106.3M USDFY2022 Revenue: 262.0M USDFY2022 Net income: -187.5M USDFY2023 Revenue: 320.5M USDFY2023 Net income: -159.8M USDFY2024 Revenue: 331.5M USDFY2024 Net income: -266.1M USDFY2025 Revenue: 502.5M USDFY2025 Net income: -152.1M USD
Revenue Net income6 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Enterprise value to EBIT is 36.76x at the close of 2026-10-14 on FY2025 figures. No published threshold exists for enterprise value to EBIT, so its standing against peers is the reading.

Today, against the Industrials sector (298 companies), 36.76x sits at the 83rd percentile; the middle half of that group runs from 14.16x to 30.95x.

Is it good

Return on invested capital was 2.8% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Industrials sector (294 companies), 2.8% sits at the 21st percentile; the middle half of that group runs from 4.0% to 15.3%.

Is it safe

Debt to equity was 180.75 in FY2025, in the band labelled "Heavily leveraged" (2.00 and above), on lines anchored on Graham's defensive-investor criteria, suggesting heavy reliance on borrowing.

Today, against the Industrials sector (396 companies), 180.75 sits at the 100th percentile; the middle half of that group runs from 0.32 to 1.25.

Year by year against peers
Whether FTAI Infrastructure Inc.'s return on equity stayed above the median of the Industrials sector, year by year. (FY2021 to FY2025, 5 fiscal years of FTAI Infrastructure Inc. with a comparable figure)
The direction
Which way FTAI Infrastructure Inc.'s free cash flow margin has moved, and how steadily. (FY2020 to FY2025, 6 filed years of FTAI Infrastructure Inc.)
What could explain it
What in FTAI Infrastructure Inc.'s filed statements could explain the movements. (5 readings drawn from the statement lines FTAI Infrastructure Inc. filed)
What to check next
What to check next on FTAI Infrastructure Inc., and where in its filings. (7 questions for FTAI Infrastructure Inc.)
In one paragraph
One paragraph on FTAI Infrastructure Inc.'s returns, cash, balance sheet and price. (10 of sixteen figures read for FTAI Infrastructure Inc.)

These are FIP’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research FIPPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 16, 2026, accession 0001899883-26-000015.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

FTAI Infrastructure Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax2.8% ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Return on equity-713.1% ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Return on capital employed, pre-tax
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Return on assets-2.6% ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Net margin-30.3% ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
FIP -30.3%
NNBR -8.1%RCMT 5.1%TUSK 10.4%
-30.3%10.4%
Net margin: FIP against the 3 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

FTAI Infrastructure Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity180.75 ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Current ratio1.18 ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Quick ratio1.18 ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Net debt3.80B ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Total assets 5.75BTotal liabilities 4.80BShareholders' equity 21.3MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What FTAI Infrastructure Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 16, 2026, 0001899883-26-000015).

FTAI Infrastructure Inc: balance sheet position
Total assets5.75B FiledFY2025 10-K, filed Mar 16, 2026
Total liabilities4.80B FiledFY2025 10-K, filed Mar 16, 2026
Shareholders' equity21.3M FiledFY2025 10-K, filed Mar 16, 2026
Cash57.4M FiledFY2025 10-K, filed Mar 16, 2026
Total debt3.85B FiledFY2025 10-K, filed Mar 16, 2026
Net debt3.80B
Current ratio1.18
Debt to equity180.75
  • Interest cover: FY2025: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

FTAI Infrastructure Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
P/E on trailing twelve months
Why n/a

Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

n/a ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book12.48x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Price to sales0.53x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Enterprise value to EBIT36.76x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Price to earnings over growth
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Diluted earnings per share-2.26 USD FiledFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Graham number
Why n/m

Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

n/m ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015

We publish no fair value or price target of our own. Value FIP on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for FTAI Infrastructure Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

FTAI Infrastructure Inc: valuation
Share price2.31 USD
Market capitalisation273.0M USD
Enterprise value to EBITDAn/a
Graham numbern/m
Diluted earnings per share, FY2025-2.26 USD

Price to earnings on trailing twelve months: Fewer than twenty trading days carry a meaningful trailing price to earnings ratio, so no range is stated.

Companies like FTAI Infrastructure Inc

  1. NN, Inc. (NNBR)Market cap 285.3M USD
  2. RCM Technologies, Inc. (RCMT)Market cap 274.4M USD
  3. Mammoth Energy Services, Inc. (TUSK)Market cap 130.5M USD

Same industry (Conglomerates) and size band (Micro, 50M to 300M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

FTAI Infrastructure Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-149.7% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Free cash flow-398.5M USD ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Free cash flow margin-79.3% ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Dividend yield5.2% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
FY2020 Free cash flow: -294.4M USDFY2020 Net income: -71.7M USDFY2021 Free cash flow: -202.6M USDFY2021 Net income: -106.3M USDFY2022 Free cash flow: -259.8M USDFY2022 Net income: -187.5M USDFY2023 Free cash flow: -93.5M USDFY2023 Net income: -159.8M USDFY2024 Free cash flow: -94.8M USDFY2024 Net income: -266.1M USDFY2025 Free cash flow: -398.5M USDFY2025 Net income: -152.1M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

FTAI Infrastructure Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
12.48xFY2025Oct 14, 2026
36.76xFY2025Oct 14, 2026
-149.7%FY2025Oct 14, 2026
2.8%FY2025Mar 16, 2026
5.2%FY2025Oct 14, 2026
180.75FY2025Mar 16, 2026
1.18FY2025Mar 16, 2026
0.53xFY2025Oct 14, 2026
n/mFY2025Oct 14, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
n/aFY2025Oct 14, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.11FY2025Mar 16, 2026
4/9FY2025Mar 16, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 6 filed fiscal years on record, FY2020 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

6 filed fiscal years, FY2020 to FY2025, read from the annual reports FTAI Infrastructure Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

FTAI Infrastructure Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025502.5M110.5M-152.1M-2.26-398.5Mn/a-713.1%10-K, Mar 16, 20260001899883-26-000015
FY2024331.5M-140.6M-266.1M-2.72-94.8Mn/a-131.3%10-K, Mar 13, 20250001899883-25-000007
FY2023320.5M-57.7M-159.8M-1.79-93.5Mn/a-33.0%10-K, Mar 27, 20240001899883-24-000012
FY2022262.0M-129.8M-187.5M-1.73-259.8Mn/a-34.0%10-K, Mar 9, 20230001899883-23-000002
FY2021120.2M-94.0M-106.3M-0.80-202.6Mn/a-7.3%10-K, Mar 9, 20230001899883-23-000002
FY202068.6M-62.9M-71.7M-0.56-294.4Mn/an/a10-K, Mar 9, 20230001899883-23-000002
  • Revenue, compound annual growth FY2020 to FY2025: 48.9%
  • Earnings: Earnings was not positive in both 2020 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2020 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2020 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

FTAI Infrastructure Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.11 ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Piotroski F-score4/9 ComputedFY2025 10-K, filed Mar 16, 2026, 0001899883-26-000015
Named tests met1 of 30 Computed
Beta1.45 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 1 met, 25 not met, 4 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Low P/S, rising earnings (James O'Shaughnessy)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
EV/EBITDA and coverage; P/E times P/B (Benjamin Graham); Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(11)
  • P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Rev Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No operating income line is filed for this year.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 11 figures could not be read on this company, among them P/E Ratio, Altman Z-Score, PEG Ratio. Each blank in the table above names the rest, with its reason. 4 named tests come back incomplete because of them, which is neither met nor missed.
  • We hold 6 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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