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FTAI Infrastructure

FIP on Nasdaq. FTAI Infrastructure operates railroads, ports, and power facilities serving transportation, energy, and industrial customers. Market value $320m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Industrials stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
-101.0%low

For every $100 of what the whole company costs, it produced $-101.00 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 30 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$2.67 a share, 3% above its 1-year low

Over the past year the price has ranged from $2.59 to $6.69.

Dividend: 4.4% a year

Paid every year for 4 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

-0.3
-0.1
-0.1
-0.4
-0.3
202220232024202512 monthsto Jun '26
Revenue
$262m$320m$331m$503m
Operating margin
-49.6%-18.0%-42.4%22.0%
Debt to equity
2.232.777.84176.99
Shares outstanding
0.10bn0.11bn0.12bn0.12bn

Health checks

  • Free cash flow positive0 of 4 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)2 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt176.99× equity
  • Revenue growth, five yearsStrong, 24.2% a year
  • Buying back its own sharesNo, 19% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $187 million last quarter, up 53% on a year ago.
  • A loss of $166 million, compared with a loss of $84 million a year ago.
  • Over the past 12 months it spent $319 million more cash than it brought in, compared with $285 million a year earlier.
  • 3% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $2.7 billion more than cash, down from $3.1 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$83m
December 2024$81m
March 2025$96m
June 2025$122m
September 2025$141m
December 2025$144m
March 2026$188m
June 2026$187m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$50m
December 2024-$134m
March 2025$110m
June 2025-$84m
September 2025-$118m
December 2025-$119m
March 2026-$150m
June 2026-$166m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
16 March 2026
Next quarterly (estimated, 10-Q)
9 November 2026

Who owns it

3 long-term investors we follow own it, unchanged from 3 last quarter. 176 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $45,800 of shares on the open market.

  • Fletcher Carl Russell IV
    CFO and CAO
    Bought
    Date
    28 May 2026
    Shares
    10,000
    Price
    $4.58
    Value
    $45,800

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 2 things worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 16 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 7 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On April 15, 2026, in connection with the appointment of KPMG, the Company, based on the approval of the Audit Committee, dismissed Ernst & Young LLP (“EY”), which served as the Company’s independent registered public accounting firm since 2021.”

    From an 8-K filed 17 April 2026: Change of auditor. Read it in the filing

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 27% last year. Losing that customer would hurt.

    “As of and for the year ended December 31, 2025, our largest customer accounted for 27% of our revenue and 17% of total accounts receivable, net.”

    From the 10-K filed 16 March 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 177.0× its equity.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.