# FTAI Infrastructure (FIP.US)

Canonical: https://gigainvestors.com/s/FIP

Analysis as of: 2026-10-16T07:28:31.395Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $2.56 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 1

- Years with a net loss: 7

- Operating margin variation: 1.12×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.39×

- FY2020: -0.78×

- FY2021: -0.47×

- FY2022: -0.16×

- FY2023: -0.12×

- FY2024: -0.07×

- FY2025: 0.08×

- LTM to Jun 2026: -0.01×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -1.7%

- ROIC, second-lowest year: -3.6%

- Typical minus recent gross margin: -26.1 pp

- Typical gross margin (annual median): 1.4%

- Recent gross margin (lower of latest and 3-year median): 27.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 69.4%

- ROIC including acquisitions, ten-year median: -7.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -6.4%

- FY2020: -3.6%

- FY2021: -2.3%

- FY2022: -1.8%

- FY2023: -1.6%

- FY2024: -0.9%

- FY2025: 0.7%

- LTM to Jun 2026: -0.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$1.0B

- Net income, five-year total: -$1.0B

- Return on incremental invested capital: 8.3%

- Working capital / revenue, annual change: -5.2 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: -$154M

- FY2023: -$121M

- FY2024: -$224M

- FY2025: -$107M

- LTM to Jun 2026: -$421M

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -3.6% vs -0.9%

- Per-share earnings: -0.56 to -1.18 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.0%

- Diluted shares, 5-year annual growth: 3.0%

- Per-share value change: -$0.62

- Per-share value, starting three-year median: -$0.56

- Per-share value, ending three-year median: -$1.18

- Average buyback yield: 83.4%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -3.6%

- ROIC, last three-year median: -0.9%

Chart: Earnings per share; fiscal year observations.

- FY2019: $0.06

- FY2020: -$0.56

- FY2021: -$0.80

- FY2022: -$1.49

- FY2023: -$1.18

- FY2024: -$2.07

- FY2025: -$0.93

### accounting: pass

- Sloan accruals: 0.2%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 1

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.37×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 5.1%

- FY2020: -0.6%

- FY2021: -0.7%

- FY2022: -4.5%

- FY2023: -5.3%

- FY2024: -8.8%

- FY2025: 0.2%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 75% since Jul 2024 · sales +31.2%

Story as of 2026-10-16T09:58:45.450Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +31.2%; source https://www.sec.gov/Archives/edgar/data/1899883/000189988326000015/ftai-20251231.htm; observed 2026-03-16.

- FY2019: $229M 

- FY2020: $69M 

- FY2021: $120M 

- FY2022: $262M 

- FY2023: $320M 

- FY2024: $331M 

- FY2025: $503M 

- FY2026: $659M 

### Gross margin · FY2026

gross margin 27.5%; source https://www.sec.gov/Archives/edgar/data/1899883/000189988326000015/ftai-20251231.htm; observed 2026-03-16.

- FY2025: 11.1% 

- FY2026: 27.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in conglomerates; annual sales are USD 502.5 million.

- Source: https://www.sec.gov/Archives/edgar/data/1899883/000189988326000015/ftai-20251231.htm (filed 2026-03-16); FY2025: revenue 502520000; grossProfit 55729999; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); FIP.US: FTAI Infrastructure Inc. engages in acquiring, developing, and operating assets and businesses that represent infrastructure for customers in the transportation, energy, and industrial products industries in North America. It operates through four segments: Railroad, Ports and Terminals, Power and Gas, and Sustainability and Energy Transition. The company operates a multi-modal crude oil and refined products terminal, and other related assets; and Jefferson Terminal and Repauno that develops or acquires industrial properties in strategic locations that store and handle for third parties various energy products, including crude oil, refined products, and clean fuels. It also has a 1,630-acre deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, a rail-to-ship transloading system, and multiple industrial development opportunities; and a 1,660-acre multi-modal port located along the Ohio River with rail, dock, and multiple industrial development opportunities, including a power plant. In addition, the company owns and operates eight freight railroads and one switching company that provides rail service to certain manufacturing and production facilities. Further, it focuses on waste plastic to renewable fuel, hydrogen-fueled power plant, and carbon capture businesses. FTAI Infrastructure Inc. was incorporated in 2021 and is headquartered in New York, New York.

### Why customers stay

It lost 1.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2023: grossProfit / revenue = -8.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); FY2024: grossProfit / revenue = 100%.

- Source: https://www.sec.gov/Archives/edgar/data/1899883/000189988326000015/ftai-20251231.htm (filed 2026-03-16); FY2025: grossProfit / revenue = 11.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); 8-year return on capital observations [[2019,-0.06444664414245538],[2020,-0.03602676004630367],[2021,-0.02304510029030592],[2022,-0.01770943234070987],[2023,-0.01628871081929417],[2024,-0.008853258026754903],[2025,0.00718298177104909],[2026,-0.0017227790583055566]]; median -0.01699907158000202. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years; bought back USD 447.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Dividend observations: [[2019,4918000],[2020,4918000],[2021,4918000],[2022,4918000],[2023,14130000],[2024,27788000],[2025,13831000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1899883/000189988326000015/ftai-20251231.htm (filed 2026-03-16); FY2025: cash repurchases 447121000 USD.

### What the price says

The price is 0.6 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-16); Closing price 2.56 USD; reporting-to-trading FX 1; FY2025 annual sales per share 4.361588270129274; price multiple 0.5869421507601688. FY2025 cash earnings/share -0.9302094668129325. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2022-07: $3.69 per share

- 2022-08: $2.75 per share

- 2022-09: $2.40 per share

- 2022-10: $2.75 per share

- 2022-11: $2.85 per share

- 2022-12: $2.95 per share

- 2023-01: $3.31 per share

- 2023-02: $3.13 per share

- 2023-03: $3.00 per share

- 2023-04: $3.10 per share

- 2023-05: $3.25 per share

- 2023-06: $3.69 per share

- 2023-07: $3.55 per share

- 2023-08: $3.48 per share

- 2023-09: $3.22 per share

- 2023-10: $3.06 per share

- 2023-11: $3.70 per share

- 2023-12: $3.89 per share

- 2024-01: $4.26 per share

- 2024-02: $4.58 per share

- 2024-03: $6.28 per share

- 2024-04: $7.24 per share

- 2024-05: $8.55 per share

- 2024-06: $8.63 per share

- 2024-07: $10.31 per share

- 2024-08: $9.94 per share

- 2024-09: $9.36 per share

- 2024-10: $8.07 per share

- 2024-11: $8.65 per share

- 2024-12: $7.26 per share

- 2025-01: $7.02 per share

- 2025-02: $5.84 per share

- 2025-03: $4.53 per share

- 2025-04: $4.32 per share

- 2025-05: $6.11 per share

- 2025-06: $6.17 per share

- 2025-07: $6.27 per share

- 2025-08: $4.80 per share

- 2025-09: $4.36 per share

- 2025-10: $5.34 per share

- 2025-11: $4.28 per share

- 2025-12: $4.61 per share

- 2026-01: $5.82 per share

- 2026-02: $5.81 per share

- 2026-03: $4.94 per share

- 2026-04: $6.15 per share

- 2026-05: $4.46 per share

- 2026-06: $4.64 per share

- 2026-07: $3.73 per share

- 2026-08: $3.48 per share

- 2026-09: $2.76 per share

- 2026-10: $2.56 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1899883/000189988326000015/ftai-20251231.htm); period 2025-12-31, filed 2026-03-16.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.