Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 27, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.4
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-32.9%
ROE
$585M
Market cap
2.52%
Dividend yield
FTAI Infrastructure Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.4, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+79.2%Accruals ratio.Net operating assets grew +79.2% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by -1% of net operating assets.
69d DSOReceivables vs revenue.Days sales outstanding moved from 58 to 69 days FY2024→FY2025 (receivables +80% vs revenue +52%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-2%Return on invested capital.Return on invested capital is -2% and rising from -6% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+4.0%/yrShare-count dilution.Diluted share count changed +12% over the last 3 years to FY2025 (+4.0%/yr). The count is GROWING — existing holders are being diluted. That's ~4.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~12%.
Key fundamentals
Net Margin-30.3%
Free Cash Flow$-398.5M
Latest Revenue$502.5M
Revenue Growth YoY+51.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on FTAI Infrastructure Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FIP's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown