FTAI Infrastructure Inc.
FTAI Infrastructure Inc.’s revenue for fiscal 2025 (year ended December 2025) was $502.5 million, up 51.6% from fiscal 2024. In the quarter to June 2026, revenue grew 52.7%, EPS fell 93.2%, free cash flow grew 49.3% and total debt fell 10.4%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five; insiders bought in the last twelve months.
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FTAI Infrastructure Inc. (FIP) Altman Z-score
FTAI Infrastructure Inc.'s Altman Z-score for fiscal 2025 is 0.04, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.04 | 0.09 |
| FY2024 | −0.05 | (0.15) |
| FY2023 | 0.11 | (0.04) |
| FY2022 | 0.14 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.01 | — | 0.02 | |
| Retained earnings / total assets | (0.09) | — | −0.12 | |
| EBIT / total assets | 0.00 | — | 0.00 | |
| Market value of equity / total liabilities | 0.09 | — | 0.05 | |
| Sales / total assets | 0.09 | — | 0.09 | |
| Altman Z-score | Distress zone | 0.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.22 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MAMK MaxsMaking Inc. compare | 7.4× |
| RCMT RCM Technologies, Inc. compare | 4.5× |
| TRC Tejon Ranch Co compare | 2.2× |
| MATW Matthews International Corporation compare | 2.0× |
| BOC Boston Omaha Corporation compare | 1.5× |
| FIP FTAI Infrastructure Inc. | 0.0× |
| NNBR NN, Inc. compare | 0.0× |
| TUSK Mammoth Energy Services, Inc. compare | −0.5× |
| TMS Live Oak Acquisition Corp. V compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets