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) Beneish M-score
FTAI Infrastructure Inc.'s Beneish M-score for fiscal 2025 is −1.92; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.92 | 1.23 |
| FY2024 | −3.16 | (0.32) |
| FY2023 | −2.84 | (0.59) |
| FY2022 | −2.25 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.19 | — | 1.09 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.58 | — | 0.23 | |
| Sales growth index | 1.52 | — | 1.35 | |
| Depreciation index | 1.52 | — | 0.17 | |
| SG&A index | 0.72 | — | −0.12 | |
| Total accruals to total assets | (0.01) | — | −0.03 | |
| Leverage index | 0.95 | — | −0.31 | |
| Beneish M-score | Elevated | −1.92 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| NNBR NN, Inc. compare | −2.9× |
| TUSK Mammoth Energy Services, Inc. compare | −2.9× |
| MATW Matthews International Corporation compare | −2.9× |
| TRC Tejon Ranch Co compare | −2.8× |
| BOC Boston Omaha Corporation compare | −2.6× |
| RCMT RCM Technologies, Inc. compare | −2.4× |
| FIP FTAI Infrastructure Inc. | −1.9× |
| MAMK MaxsMaking Inc. compare | −0.9× |
| TMS Live Oak Acquisition Corp. V compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI