FTAI Infrastructure Inc. — Earnings Quality Grade F
FIP · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 11 days
AR growth 80.0% exceeds revenue growth 51.6%
Revenue grew 51.6% but CFFO declined -672.4%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory growth 308.0%, COGS data unavailable
CapEx growth 239.6% is >2x revenue growth 51.6%
Insufficient data
Insufficient data
Cash Flow Quality
CFFO/NI = 1.10. Profits backed by cash
FCF is negative ($-0.4B)
Accruals ratio = 0.2%. Low accruals
Cash $0.1B covers only 1% of debt $3.9B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 235% of equity. Over 50%
Debt/EBITDA = 15.9x (>4x). Interest coverage = 0.1x (<2x). Financial stress
Other assets 32.7% vs revenue 51.6%. Normal
Write-offs normal
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change 27% YoY. Normal
Manipulation Score
Insufficient data
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25