FTAI Infrastructure Inc. FIP

IndustrialsFreight & Logistics ServicesUnited States of America

Last close 2.86 USD on Nov 1, 2026, −36.7% year to date

Quant rating

Quant rating D Rank 404 of 486 in Industrials

Growth A 13 of 486
Valuation D 396 of 486
Quality D 441 of 486
Revisions C 309 of 486
Momentum D 415 of 486

Wall Street consensus Strong Buy (1.50)Average target 9.44 USD +230.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 338M
Enterprise value: 4.0B
52-week range: 2.23 – 6.68
3-year range: 2.23 – 10.31
Dividend yield: 4.20%
Beta (5 years): 1.94
Shares outstanding: 118M
Next earnings: Nov 5, 2026

About the company

FTAI Infrastructure Inc. is in the business of acquiring, developing and operating assets and businesses that represent critical infrastructure for customers in the transportation, energy and industrial products industries. Its Railroad segment is comprised of over six freight railroads and one switching company that provides rail service to certain manufacturing and production facilities; Jefferson Terminal segment consists of a multi-modal crude oil and refined products terminal and other related assets; Repauno segment consists of deep-water port located along the Delaware River with an underground storage cavern, a multipurpose dock, and a rail-to-ship transloading system; Power and Gas segment is comprised of an equity method investment in Long Ridge, which is a multi-modal port located along the Ohio River with rail, dock and multiple industrial development opportunities, and Sustainability and Energy Transition segment is comprised of Aleon/Gladieux, Clean Planet and CarbonFree.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	503	331	320	262	120	–
Revenue growth	51.6%	3.4%	22.3%	117.9%	75.3%	48.9%
EPS (basic, normalized)	−2.20	−2.05	−1.79	−1.73	–	–
EPS growth	–	–	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	−51.8%	−88.8%	−57.3%	−67.7%	−66.4%	−66.4%
ROE	−12.6%	−32.1%	−14.9%	−13.5%	−6.6%	−15.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	32.6
Current ratio	0.28x
Long-term debt (mil)	2,287
Net debt (mil)	3,699
Total equity (mil)	827
Net debt / equity	4.47x
Net debt / EBITDA	10.24x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	503	+51.6%	8.0x	361	+163.3%	11.2x	−2.20	−7.3%	−1.3x
2026	730	+45.3%	5.5x	239	−33.8%	16.9x	−3.83	−74.2%	−0.7x
2027	868	+18.9%	4.7x	387	+61.9%	10.4x	−0.92	+75.9%	−3.1x
2028	1,175	+35.4%	3.4x	449	+16.0%	9.0x	0.12	+113.0%	23.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	730	0.0%	+2.9%	−7.2%	−3.83	+2.2%	−38.6%	−176.9%
2027	868	+12.5%	+4.2%	−15.5%	−0.92	+35.4%	+2.3%	−88.2%
2028	1,175	–	–	–	0.12	–	–	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	82.5	84.9	83.3	80.8	96.2	122	141	144	188	187
Sales mean (mil)	93.7	93.8	94.3	94.8	108	136	146	169	182	187
Surprise	−11.9%	−9.5%	−11.7%	−14.8%	−10.8%	−9.8%	−4.0%	−15.1%	+3.3%	−0.2%
EPS reported	−0.54	−0.52	−0.45	−0.57	0.89	−0.65	−1.37	−1.08	−1.00	−1.41
EPS mean	−0.34	−0.36	−0.40	−0.37	−0.29	−0.37	−0.59	−0.43	−0.42	−0.57
Surprise	−58.8%	−46.3%	−13.4%	−55.3%	−403.8%	−77.4%	−132.2%	−153.7%	−138.7%	−148.5%

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FIP FTAI Infrastructure Inc.	338M	10.24x	−51.8%	0.41x	−0.7x	−3.1x	16.9x	10.4x
UNP Union Pacific Corporation	180.7B	2.19x	29.1%	8.20x	23.1x	21.1x	15.2x	14.1x
CNR Canadian National Railway Co	74.8B	2.56x	27.3%	4.77x	21.2x	19.3x	13.9x	13.1x
CSX CSX Corporation	95.8B	2.70x	20.5%	6.67x	25.3x	22.2x	15.3x	14.0x
NSC Norfolk Southern Corp	77.0B	2.68x	23.6%	4.60x	26.2x	23.5x	15.5x	14.4x
ODFL Old Dominion Freight Line, Inc.	35.8B	−0.26x	18.6%	7.66x	29.1x	25.6x	17.7x	16.0x
Mean		3.35x	11.2%	5.39x	20.7x	18.1x	15.8x	13.7x
Median		2.62x	22.0%	5.72x	24.2x	21.7x	15.4x	14.1x

Technical analysis

1M−1.0%
3M−29.3%
1Y−45.6%
3Y−0.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, FTAI Infrastructure Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	503	331	320	262	120	68.6
Cost of revenue	–	–	–	–	–	–
Gross profit	503	331	320	262	120	68.6
Selling, general & administrative expenses	30.9	26.1	25.3	23.9	24.4	21.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	132	79.4	81.0	70.7	54.0	31.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	90.9	86.7	6.9	16.8	14.8	6.4
Other operating expenses	300	248	254	208	98.5	69.4
Operating income	−51.4	−108	−46.4	−57.6	−71.5	−59.9
Net interest income (expense)	−254	−178	−124	−121	−29.5	−13.9
Gain (loss) on sale of assets	129	2.4	6.9	−1.6	0	0
Other non-operating income (expense)	20.8	20.9	6.6	−3.2	−8.9	0.1
Net income before taxes	−155	−263	−157	−183	−110	−73.7
Provision for taxes	−3.3	3.3	2.5	4.5	−3.6	−2.0
Minority interest	44.9	42.4	38.4	33.9	26.5	16.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−107	−224	−121	−154	−79.9	−55.2
Extraordinary items	–	–	–	–	–	–
Net income	−107	−224	−121	−154	−79.9	−55.2
EBIT, normalized	41.8	−21.7	−37.0	−40.8	−56.7	−53.5
EBITDA, normalized	174	58.9	45.1	30.9	−2.3	−22.4
Basic EPS, normalized	−2.20	−2.05	−1.79	−1.73	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, FTAI Infrastructure Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	57.4	27.8	29.4	36.5	49.9	15.7
Receivables	120	53.0	77.4	80.8	50.3	5.0
Total inventory	1.3	0.3	0.3	3.6	–	–
Prepaid expenses	24.2	9.8	8.9	16.4	–	–
Other current assets	282	129	69.5	141	313	63.9
Total current assets	484	220	186	278	413	84.5
Property, plant & equipment	4,752	1,759	1,736	1,780	1,625	1,038
Goodwill	366	275	275	260	257	123
Intangibles	43.2	46.2	52.6	60.2	67.7	13.0
Long-term investments	27.2	12.5	72.7	73.6	54.4	124
Note receivable	–	11.9	11.7	10.8	–	–
Other long-term assets	76.7	49.7	45.6	16.0	24.9	17.0
Total assets	5,749	2,374	2,380	2,478	2,442	1,399
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	281	176	131	136	116	52.3
Accrued expenses	9.1	7.2	7.2	7.0	2.9	0.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	68.5	48.6	–	–	0	25.0
Other current liabilities	51.7	18.6	12.6	16.5	10.9	4.2
Total current liabilities	410	251	151	160	129	82.4
Long-term debt	3,709	1,539	1,341	1,230	719	253
Minority interest	−168	−128	−71.4	−26.8	−0.1	22.3
Other liabilities	686	128	150	299	132	67.8
Total liabilities	4,637	1,791	1,570	1,662	980	426
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.2	1.1	1.0	1.0	–	–
Additional paid-in capital	624	764	844	912	–	–
Retained earnings (accumulated deficit)	−513	−406	−182	−60.8	1,618	999
Treasury stock	–	–	–	–	–	–
Other equity	1,000	224	147	−35.5	−155	−26.2
Total equity	1,112	584	810	816	1,462	973
Total liabilities & shareholders' equity	5,749	2,374	2,380	2,478	2,442	1,399

Cash flow statement in millions of USD, fiscal years

Cash flow statement, FTAI Infrastructure Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−152	−266	−160	−188	−106	−71.7
Depreciation, depletion & amortization	132	79.4	81.0	70.7	54.0	31.1
Deferred taxes	−5.8	1.9	2.0	4.0	−3.9	−2.3
Non-cash items	−50.8	155	44.6	78.9	18.0	11.9
Changes in working capital	−41.9	14.1	37.7	−8.8	−23.5	−15.9
Cash from operations	−118	−15.3	5.5	−42.7	−61.7	−46.9
Investing activities
Capital expenditures	−281	−82.8	−101	−217	−141	−248
Other investing cash flows	−861	−35.3	−46.4	−50.1	−688	−4.7
Cash from investing	−1,143	−118	−147	−267	−829	−252
Financing activities
Financing cash flow items	−84.6	−26.5	−10.5	−647	686	314
Cash dividends paid	−39.3	−27.8	−14.1	−4.8	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,563	247	104	809	451	24.0
Cash from financing	1,439	193	79.4	158	1,137	338
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	179	59.8	−62.2	−152	246	38.6
Free cash flow	−399	−98.1	−95.2	−260	−203	−294

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.