Forensic Analysis · Transportation / Logistics · as of Sep 26, 2026
Ftai Infrastructure Inc. (FIP)
A forensic read on Ftai Infrastructure Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
-0.3
Distress distance
Clean
Earnings quality
6
Forensic signals
-0.6
P / E (ttm)
$365M
Market cap
5.34%
Dividend yield
51.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ftai Infrastructure Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -0.3, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+79.2%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +79.2% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by PP&E up +177% against revenue +52% and receivables up +80% against revenue +52%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 0% of net operating assets, against an accruals ratio of 79.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
1.6%
FY2025
Return on invested capital.Return on invested capital is 1.6% in the latest fiscal year, against -2.1% in FY2023, having run between -5.2% and 1.6% across FY2023–FY2025 with no direction held. After-tax operating profit was ($46M) in FY2023 and $87M in FY2025. The capital base behind it grew +143% across FY2023–FY2025, from $2.2B to $5.3B, and the return did not fall doing it, so the dollars added over that window earned at least the -2.1% the older base was already earning. FY2024's operating profit carried a $72M asset write-down that alone took about 2.7 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
+5.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +12% over the last 2 years to FY2025 (+5.8%/yr). The count is growing — 103.0M shares in FY2023, 115.2M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~11%.
Key fundamentals
Latest Revenue$502.5M
Revenue Growth YoY+51.6%
Revenue CAGR (2yr)+25.2%
Net Margin-21.3%
Free Cash Flow-$398.5M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ftai Infrastructure Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 26, 2026. Forensic signals flag probability, not certainty.
2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue in FY2025 — about $0.10 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 5.8% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
FCF ($399M)
FY2025
Shareholder returns.Returned $14M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($399M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
69d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 58 to 69 days FY2024→FY2025 (receivables +80% vs revenue +52%). Across FY2023–FY2025 the day count ran 64 → 58 → 69 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Receivables grew, but deferred revenue grew +39% over the same period too — rising alongside rising unearned revenue reads as upfront billing on multi-period contracts, not slipping collections. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Ftai Infrastructure Inc. (FIP) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy