Latest Ratios: P/E Ratio -1.9x · EV/EBITDA 23.9x · ROE -15.3%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $515M | $531M | $786M | $401M | $293M | — | — | — |
| Enterprise Value | $4.1B | $4.1B | $2.4B | $1.8B | $1.6B | — | — | — |
| P/E Ratio → | -1.93 | — | — | — | — | — | — | — |
| P/S Ratio | 1.03 | 1.06 | 2.37 | 1.25 | 1.12 | — | — | — |
| P/B Ratio | 0.53 | 0.56 | 1.72 | 0.54 | 0.37 | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | 72.65 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.22 | 7.28 | 5.56 | 5.94 | — | — | — |
| EV / EBITDA | 23.92 | 24.01 | 41.83 | 42.93 | 51.99 | — | — | — |
| EV / EBIT | 104.14 | 37.37 | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 11.1% | 11.1% | 100.0% | -8.3% | -11.4% | 100.0% | -65.7% | -35.4% |
| Operating Margin | 7.9% | 7.9% | -6.5% | -12.3% | -15.6% | -47.2% | -78.1% | -38.6% |
| Net Profit Margin | -21.3% | -21.3% | -67.5% | -37.9% | -58.6% | -66.4% | -80.5% | 2.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -15.3% | -15.3% | -37.4% | -15.9% | -13.6% | -6.5% | -6.3% | 0.8% |
| ROA | -2.6% | -2.6% | -9.4% | -5.0% | -6.2% | -4.2% | -4.3% | 0.6% |
| ROIC | 0.9% | 0.9% | -0.8% | -1.4% | -1.4% | -2.4% | -3.4% | -6.3% |
| ROCE | 1.3% | 1.3% | -1.0% | -1.7% | -1.8% | -3.1% | -4.8% | -9.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.16 | 4.16 | 3.63 | 1.91 | 1.65 | 0.54 | 0.34 | 0.38 |
| Debt / EBITDA | 22.82 | 22.82 | 28.69 | 33.99 | 43.41 | — | — | — |
| Net Debt / Equity | — | 3.81 | 3.57 | 1.87 | 1.60 | 0.51 | 0.33 | 0.37 |
| Net Debt / EBITDA | 20.93 | 20.93 | 28.21 | 33.28 | 42.19 | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | 0.42 | 0.42 | -1.15 | -0.58 | -2.44 | -5.87 | -5.85 | 1.18 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.25 | 0.25 | 0.88 | 1.23 | 1.74 | 3.19 | 1.03 | 0.18 |
| Quick Ratio | 0.25 | 0.25 | 0.88 | 1.23 | 1.03 | 1.24 | 1.02 | 0.16 |
| Cash Ratio | 0.17 | 0.17 | 0.11 | 0.19 | 0.23 | 0.39 | 0.19 | 0.03 |
| Asset Turnover | — | 0.09 | 0.14 | 0.13 | 0.11 | 0.05 | 0.05 | 0.20 |
| Inventory Turnover | — | — | — | 1157.10 | 2.58 | — | 1135.78 | 55.46 |
| Days Sales Outstanding | — | 69.28 | 58.77 | 63.77 | 84.72 | 152.72 | 26.36 | 23.78 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 2.6% | 1.7% | 3.1% | 1.1% | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 86.8% | 84.2% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 89.5% | 86.8% | 1.7% | 3.1% | 1.1% | — | — | — |
| Shares Outstanding | — | $115M | $108M | $103M | $99M | $99M | $99M | $99M |
High Debt Service Burden
Based on reported figures, FIP trades at a P/S of 1.16 and an EV/EBITDA of 24.33, suggesting that investors are pricing the company as a speculative infrastructure play rather than a traditional utility, likely anticipating future value realization from its permitted brownfield industrial sites.
The absence of a positive P/E ratio underscores that the market is currently valuing the company on its potential terminal value rather than near-term earnings. This valuation approach appears to discount the current lack of profitability, focusing instead on the long-term optionality inherent in the company's specialized port and rail assets.
As reported in financial statements, FIP's gross margin of 11.09% and negative net margin of -21.33% indicate that the company's current revenue scale is insufficient to cover its substantial fixed operating costs and interest expenses, leaving little room for operational error in the near term.
The wide gap between gross and net margins suggests that the company's profitability is heavily burdened by non-operating costs, including significant depreciation and interest from its capital-intensive asset base. Investors should monitor whether throughput utilization can increase sufficiently to drive meaningful margin expansion without further capital investment.
According to recent SEC filings, FIP's ROIC remains near zero, reflecting the company's ongoing struggle to generate positive returns on its massive $4.8 billion investment in property, plant, and equipment while it continues to navigate a heavy ramp-up phase across its diverse infrastructure portfolio.
The inability to consistently generate positive ROIC suggests that the company's capital allocation strategy is currently focused on asset development rather than immediate yield. This trend warrants further investigation into whether the current asset base can eventually achieve the efficiency levels required to justify the high cost of capital.
Based on the company's reported figures, the debt-to-equity ratio of 4.16x highlights a highly leveraged capital structure that leaves the firm vulnerable to interest rate volatility and potential refinancing risks as it attempts to fund its ongoing infrastructure development projects through external debt markets.
The low interest coverage ratio suggests that the company's ability to service its debt obligations is currently precarious and highly dependent on future revenue growth. This leverage profile appears to be a structural feature of the company's growth strategy, which prioritizes aggressive asset acquisition over balance sheet stability.
As indicated by the company's financial profile, the most commonly misapplied metric for FIP is the dividend yield, which obscures the reality that the company is currently burning cash and funding its operations through debt rather than through sustainable, recurring free cash flow from its core assets.
Investors should instead focus on EV/EBITDA or sum-of-the-parts valuations, as these metrics better capture the underlying value of the company's permitted industrial sites. Relying on yield-based metrics for a company in a heavy development phase may lead to a fundamental misunderstanding of the firm's true risk-reward profile.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying FIP stock.
FTAI Infrastructure Inc.'s current P/E ratio is -1.9x. This places it at the 50th percentile of its historical range.
FTAI Infrastructure Inc.'s current EV/EBITDA is 23.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 40.2x.
FTAI Infrastructure Inc.'s return on equity (ROE) is -15.3%. The historical average is -13.5%.
Based on historical data, FTAI Infrastructure Inc. is trading at a P/E of -1.9x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FTAI Infrastructure Inc.'s current dividend yield is 2.75%.
FTAI Infrastructure Inc. has 11.1% gross margin and 7.9% operating margin.
FTAI Infrastructure Inc.'s Debt/EBITDA ratio is 22.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.