FTAI Infrastructure Incorporation (FIP)
NASDAQ:FIP
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FTAI Infrastructure Incorporation
(NASDAQ:FIP)
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Rating:52Neutral
Price Target:
$5.00
▼(-2.53% Downside)
Action:ReiteratedDate:02/28/26
The score is held down primarily by weak financial performance (ongoing losses, negative free cash flow, and negative equity). Offsetting this, the latest earnings call pointed to improving operational momentum and a credible deleveraging plan, while technicals are only moderately supportive and valuation remains constrained by unprofitability.
Positive Factors
Revenue Growth & Scale
Sustained revenue expansion over multiple years shows the business is scaling and broadening its customer footprint. Larger top-line creates room to absorb fixed costs, supports future margin improvement as new projects ramp, and provides a durable base for converting growth into cash flow if operational execution holds.
Negative Factors
Persistently Negative Free Cash Flow
Consistent negative free cash flow forces reliance on external financing or asset sales to fund operations and capex. This structural cash-generation weakness limits the company's ability to organically deleverage, sustain distributions, or fund growth without repeating monetizations or taking on higher-cost debt.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Scale
Sustained revenue expansion over multiple years shows the business is scaling and broadening its customer footprint. Larger top-line creates room to absorb fixed costs, supports future margin improvement as new projects ramp, and provides a durable base for converting growth into cash flow if operational execution holds.
Read all positive factors
FTAI Infrastructure Incorporation (FIP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$606.18M
Dividend Yield1.9%
Average Volume (3M)1.87M
Price to Earnings (P/E)―
Beta (1Y)1.47
Revenue Growth32.39%
EPS Growth-19.35%
CountryUS
Employees670
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)-1.08
Shares Outstanding118,163,550
10 Day Avg. Volume1,506,186
30 Day Avg. Volume1,872,350
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)0.48
Price to Sales (P/S)1.06
P/FCF Ratio-1.33
Enterprise Value/Market Cap6.95
Enterprise Value/Revenue8.38
Enterprise Value/Gross Profit75.55
Enterprise Value/Ebitda17.32
Forecast
1Y Price Target
$10.00Price Target Upside94.93% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.21
Revenue Forecast (FY)$791.25M
FTAI Infrastructure Incorporation Business Overview & Revenue Model
Company Description
FTAI Infrastructure Inc. focuses on acquiring, developing, and operating assets and businesses that represent infrastructure for customers in the transportation and energy industries. It operates a multi-modal crude oil and refined products termin...
How the Company Makes Money
FIP makes money primarily by earning cash flows from the operation, leasing, and contracted use of its infrastructure assets. Key revenue streams generally include (i) lease or service income tied to providing rail-related infrastructure capacity ...
FTAI Infrastructure Incorporation Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum and meaningful financial improvement: record quarterly adjusted EBITDA, substantial full-year EBITDA growth (+82% YoY), an end-of-year run-rate exceeding $320M, successful integration start of the Wheeling acquisition with significant early revenue and EBITDA upside, Jefferson ramp with new long-term ammonia contract and multiple high-probability commercial opportunities, progress on Repauno permitting and construction, and a refinancing that provides a path to deleveraging. Challenges include recent Long Ridge outages with a modest EBITDA hit (~$3.5M), some timing uncertainty for Repauno Phase 2 commissioning (guidance leaning to early 2027), elevated parent-level leverage with a 9.75% term loan, and dependence on the successful monetization of Long Ridge to materially improve the capital structure. Overall, the positives materially outweigh the negatives with clear plans to address leverage and to capture incremental growth.Positive Updates
Record Quarterly and Strong Annual Adjusted EBITDA
Adjusted EBITDA for Q4 was $80,200,000, a new quarterly record (up from $70,900,000 in the prior quarter, +13.1% QoQ) and up sharply vs. $29,200,000 in the comparable prior-year quarter (+174.7% YoY). Full-year 2025 adjusted EBITDA was $232,300,000, up from $127,600,000 in fiscal 2024 (+82%).
Negative Updates
Long Ridge Outages and Short-Term EBITDA Impact
Long Ridge experienced a planned outage (8.5 days in October) plus an additional one-time 19-day outage in December for steam turbine repair. Management estimates the additional outage reduced Q4 EBITDA by approximately $3,500,000. Reported plant capacity factor was 81% for the quarter, impacted by outages.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Strong Annual Adjusted EBITDA
Adjusted EBITDA for Q4 was $80,200,000, a new quarterly record (up from $70,900,000 in the prior quarter, +13.1% QoQ) and up sharply vs. $29,200,000 in the comparable prior-year quarter (+174.7% YoY). Full-year 2025 adjusted EBITDA was $232,300,000, up from $127,600,000 in fiscal 2024 (+82%).
Read all positive updates
Company Guidance
Management guided to materially stronger cash flow and deleveraging in 2026, citing an exit EBITDA run‑rate of just over $320,000,000 (FY2025 adj. EBITDA $232.3M vs. $127.6M in 2024; Q4 adj. EBITDA $80.2M excluding a $9M Clean Planet write‑up) and a parent term loan of ~$1.3B (9.75% coupon) put in place to refinance the Wheeling bridge with the option to repay at lower premium using sale proceeds. Near‑term priorities and quantified targets include capturing $20,000,000 of annual cost savings from the Wheeling–Transstar integration ( ~$10M implemented, ~$10M in process), monetizing Long Ridge (transaction targeted in H1 with expected hundreds of millions of net proceeds and minimal tax leakage to drive deleveraging), pursuing four bolt‑on rail M&A opportunities, and growing Jefferson and Repauno where Jefferson’s ammonia contract shifts to a full‑quarter benefit and three commercial opportunities could add >$50,000,000 of annual EBITDA (ammonia $10–15M, refined products $10–15M, Utah crude ~$25M), while Repauno Phase 1+2 capacity of ~80,000 bpd is expected to generate roughly $80,000,000 of annual EBITDA and Phase 3 (two caverns × 640,000 barrels) is permitted and being advanced toward construction pending anchor customers (construction potentially late 2026, revenue early 2027).FTAI Infrastructure Incorporation Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
24
Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 502.52M | 331.50M | 320.47M | 261.97M | 120.22M |
| Gross Profit | 55.73M | 331.50M | -26.66M | -29.90M | 120.22M |
| EBITDA | 243.03M | -61.23M | 23.32M | -59.06M | -39.94M |
| Net Income | -107.17M | -223.65M | -121.34M | -153.58M | -79.87M |
Balance Sheet | |||||
| Total Assets | 5.75B | 2.37B | 2.38B | 2.48B | 2.44B |
| Cash, Cash Equivalents and Short-Term Investments | 325.95M | 27.79M | 29.37M | 36.49M | 49.87M |
| Total Debt | 3.93B | 1.66B | 1.41B | 1.30B | 789.03M |
| Total Liabilities | 4.80B | 1.92B | 1.64B | 1.69B | 980.25M |
| Stockholders Equity | 1.11B | 583.87M | 809.52M | 816.21M | 1.46B |
Cash Flow | |||||
| Free Cash Flow | -399.26M | -98.10M | -95.23M | -259.83M | -202.61M |
| Operating Cash Flow | -118.01M | -15.28M | 5.51M | -42.69M | -61.72M |
| Investing Cash Flow | -1.14B | -118.14M | -147.12M | -267.27M | -828.72M |
| Financing Cash Flow | 1.44B | 193.23M | 79.45M | 157.74M | 1.14B |
FTAI Infrastructure Incorporation Technical Analysis
Neutral
5.13
Price Trends
5.62
Negative
5.21
Negative
5.29
Negative
Market Momentum
-0.18
Negative
48.21
Neutral
75.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FIP, the sentiment is Neutral. The current price of 5.13 is above the 20-day moving average (MA) of 5.09, below the 50-day MA of 5.62, and below the 200-day MA of 5.29, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 48.21 is Neutral, neither overbought nor oversold. The STOCH value of 75.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FIP.
FTAI Infrastructure Incorporation Risk Analysis
FTAI Infrastructure Incorporation disclosed 61 risk factors in its most recent earnings report. FTAI Infrastructure Incorporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
FTAI Infrastructure Incorporation Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $517.60M | 5,666.53 | 0.02% | ― | 15.71% | ― | |
58 Neutral | $113.16M | -1.40 | -30.03% | ― | -21.67% | 60.44% | |
57 Neutral | $797.14M | 4.71 | 4.65% | 3.87% | -16.60% | 58.86% | |
56 Neutral | $718.50M | -1.57 | -40.36% | 20.53% | -15.85% | -59.42% | |
52 Neutral | $606.18M | -1.54 | -13.99% | 1.90% | 32.39% | -19.35% | |
52 Neutral | $73.78M | ― | -25.53% | ― | -9.85% | -11.65% |
* Industrials Sector Average
FIP
FTAI Infrastructure Incorporation
5.13
1.85
56.45%
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19.22
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2.34
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FTAI Infrastructure Incorporation Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
FTAI Infrastructure Secures New Term Loan, Retires Facility
Positive
Feb 27, 2026
On February 25, 2026, FTAI Infrastructure Inc. entered into a secured term loan credit agreement for approximately $1.315 billion maturing in February 2028 at an interest rate of 9.75%, backed by first‑priority security interests in substant...
Business Operations and StrategyPrivate Placements and Financing
FTAI Infrastructure announces Jefferson private notes offering
Positive
Jan 26, 2026
On January 26, 2026, Jefferson announced plans to launch a private offering of up to $255 million in notes, with the final size subject to market conditions, to refinance existing 2024B taxable facility revenue bonds from the Port of Beaumont, cov...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.