FTAI Infrastructure Inc. FIP
FTAI Infrastructure Inc. ("we", "us", "our", or the "Company") 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. We were formed on December 13, 2021 as FTAI Infrastructure LLC, a Delaware limited liability company and subsidiary of FTAI Aviation Ltd. (previously Fortress Transportation and Infrastructure Investors LLC; "FTAI" or "Former Parent"). We are a publicly-traded company trading on The Nasdaq Global Select Market under the symbol "FIP."
Our operations consist of four primary business lines: (i) Railroad, (ii) Ports and Terminals, (iii) Power and Gas and (iv) Sustainability and Energy Transition. Our Railroad business primarily invests in and operates short line and regional railroads in North America. Our Ports and Terminals business, consisting of our Jefferson Terminal and Repauno segments, develops or acquires industrial properties in strategic locations that store and handle for third parties a variety of energy products including crude oil, refined products and clean fuels. Our Power and Gas business develops and operates facilities, such as a 485-megawatt power plant at the Long Ridge terminal in Ohio, that leverage the property's location and key attributes to generate incremental value. Our Sustainability and Energy Transition business focuses on investments in companies and assets that utilize green technology, produce sustainable fuels and products or enable customers to reduce their carbon footprint. For the year ended December 31, 2025, our Railroad business accounted for 34% of our total revenue, our Ports and Terminals business accounted for 19% of our total revenue and our Power and Gas business accounted for 36% of our total revenue. Corporate and other sources accounted for the remaining 11% of our total revenue.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $502.5M | $331.5M | $320.5M | $262.0M | $120.2M | $68.6M | $229.5M |
| SG&A | $16.2M | $14.8M | $12.8M | $10.9M | $8.7M | $8.5M | $7.5M |
| Total operating expenses | $299.6M | $247.7M | $253.7M | $208.2M | $98.5M | $69.4M | $331.9M |
| Interest expense | $265.9M | $122.1M | $99.6M | $53.2M | $16.0M | $10.8M | $17.9M |
| Pre-tax income | -$155.4M | -$262.8M | -$157.3M | -$183.0M | -$110.0M | -$73.7M | $3.2M |
| Income tax | $3.3M | $3.3M | $2.5M | $4.5M | $3.6M | $2.0M | $14.4M |
| Net income | -$152.1M | -$266.1M | -$159.8M | -$187.5M | -$106.3M | -$71.7M | -$11.1M |
| EPS, basic | -2.24 | -2.72 | -1.78 | -1.73 | -0.80 | -0.56 | — |
| EPS, diluted | -2.26 | -2.72 | -1.79 | -1.73 | -0.80 | -0.56 | — |
| Shares, diluted (wtd. avg.) | $115.2M | $108.2M | $103.0M | $102.7M | $99.4M | $99.4M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $57.4M | $27.8M | $87.5M | $149.6M | $301.9M | $55.4M | $16.9M |
| Total current assets | $484.0M | $219.9M | $185.5M | $277.8M | $413.0M | — | — |
| Property, plant and equipment | $4.58B | $1.65B | $1.63B | $1.67B | $1.52B | — | — |
| Goodwill | $365.7M | $275.4M | $275.4M | $260.3M | $257.1M | — | — |
| Other intangibles | $43.2M | $46.2M | $52.6M | $60.2M | $67.7M | — | — |
| Total assets | $5.75B | $2.37B | $2.38B | $2.48B | $2.44B | — | — |
| Short-term debt | $65.4M | $48.6M | $0 | $0 | $0 | — | — |
| Total current liabilities | $410.0M | $250.8M | $150.6M | $159.6M | $129.5M | — | — |
| Long-term debt | $3.71B | $1.54B | $1.34B | $1.23B | $718.6M | — | — |
| Total liabilities | $4.80B | $1.92B | $1.64B | $1.69B | $980.3M | — | — |
| Retained earnings | -$513.0M | -$405.8M | -$182.2M | -$60.8M | $0 | — | — |
| Total equity | $21.3M | $202.7M | $412.9M | $524.8M | $1.46B | $995.4M | $766.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$118.0M | -$15.3M | $5.5M | -$42.7M | -$61.7M | -$46.9M | -$52.7M |
| Depreciation and amortisation | $132.5M | $79.4M | $81.0M | $70.7M | $54.0M | $31.1M | $33.1M |
| Capital expenditure | $280.5M | $79.5M | $99.0M | $217.1M | $140.9M | $247.5M | $323.0M |
| Investing cash flow | -$1.14B | -$118.1M | -$147.1M | -$267.3M | -$828.7M | -$252.2M | -$258.6M |
| Financing cash flow | $1.44B | $193.2M | $79.4M | $157.7M | $1.14B | $337.6M | $293.6M |
| Dividends paid | $13.8M | $13.1M | $12.4M | $3.1M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001899883-26-000015.
Others in SIC 4011
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| UNP | UNION PACIFIC CORP | $172.06B | 24.2x | 1.1% |
| CSX | CSX CORP | $91.53B | 32.1x | -3.1% |
| CP | CANADIAN PACIFIC KANSAS CITY LTD/CN | $80.52B | — | — |
| NSC | NORFOLK SOUTHERN CORP | $74.00B | 25.8x | 0.5% |
| CNI | CANADIAN NATIONAL RAILWAY CO | — | — | — |