vs
FTAI Infrastructure Inc.（FIP）与Forestar Group Inc.（FOR）财务数据对比。点击上方公司名可切换其他公司
Forestar Group Inc.的季度营收约是FTAI Infrastructure Inc.的1.9倍（$273.0M vs $143.5M），Forestar Group Inc.净利率更高（5.6% vs -68.1%，领先73.7%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 9.0%），FTAI Infrastructure Inc.自由现金流更多（$-68.6M vs $-157.1M），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs -9.6%）
FTAI基础设施有限公司持有、运营并投资交通物流、中游能源、发电等核心领域的优质关键基础设施资产，主要面向北美市场，聚焦拥有稳定长期现金流、合同约定收入流的项目，为利益相关方创造可持续回报。
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
FIP vs FOR — 直观对比
营收规模更大
FOR
是对方的1.9倍
$143.5M
营收增速更快
FIP
高出68.7%
9.0%
净利率更高
FOR
高出73.7%
-68.1%
自由现金流更多
FIP
多$88.5M
$-157.1M
两年增速更快
FIP
近两年复合增速
-9.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $273.0M |
| 净利润 | $-97.7M | $15.4M |
| 毛利率 | — | 20.1% |
| 营业利润率 | -45.7% | 7.6% |
| 净利率 | -68.1% | 5.6% |
| 营收同比 | 77.7% | 9.0% |
| 净利润同比 | 21.6% | -6.7% |
| 每股收益（稀释后） | $-1.04 | $0.30 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收FIPFOR
| Q4 25 | $143.5M | $273.0M | ||
| Q3 25 | $140.6M | $670.5M | ||
| Q2 25 | $122.3M | $390.5M | ||
| Q1 25 | $96.2M | $351.0M | ||
| Q4 24 | $80.8M | $250.4M | ||
| Q3 24 | $83.3M | $551.3M | ||
| Q2 24 | $84.9M | $318.4M | ||
| Q1 24 | $82.5M | $333.8M |
净利润FIPFOR
| Q4 25 | $-97.7M | $15.4M | ||
| Q3 25 | $-104.5M | $86.9M | ||
| Q2 25 | $-70.0M | $32.9M | ||
| Q1 25 | $120.2M | $31.6M | ||
| Q4 24 | $-124.7M | $16.5M | ||
| Q3 24 | $-43.0M | $81.5M | ||
| Q2 24 | $-48.1M | $38.7M | ||
| Q1 24 | $-50.3M | $45.0M |
毛利率FIPFOR
| Q4 25 | — | 20.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 20.4% | ||
| Q1 25 | — | 22.6% | ||
| Q4 24 | — | 22.0% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 22.5% | ||
| Q1 24 | — | 24.9% |
营业利润率FIPFOR
| Q4 25 | -45.7% | 7.6% | ||
| Q3 25 | -70.8% | 16.9% | ||
| Q2 25 | -56.4% | 11.2% | ||
| Q1 25 | 81.8% | 11.6% | ||
| Q4 24 | -152.7% | 8.7% | ||
| Q3 24 | -51.7% | 19.7% | ||
| Q2 24 | -56.4% | 16.2% | ||
| Q1 24 | -58.8% | 17.6% |
净利率FIPFOR
| Q4 25 | -68.1% | 5.6% | ||
| Q3 25 | -74.4% | 13.0% | ||
| Q2 25 | -57.2% | 8.4% | ||
| Q1 25 | 125.0% | 9.0% | ||
| Q4 24 | -154.4% | 6.6% | ||
| Q3 24 | -51.6% | 14.8% | ||
| Q2 24 | -56.7% | 12.2% | ||
| Q1 24 | -60.9% | 13.5% |
每股收益（稀释后）FIPFOR
| Q4 25 | $-1.04 | $0.30 | ||
| Q3 25 | $-1.38 | $1.70 | ||
| Q2 25 | $-0.73 | $0.65 | ||
| Q1 25 | $0.89 | $0.62 | ||
| Q4 24 | $-1.21 | $0.32 | ||
| Q3 24 | $-0.45 | $1.59 | ||
| Q2 24 | $-0.52 | $0.76 | ||
| Q1 24 | $-0.54 | $0.89 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $57.4M | $211.7M |
| 总债务越低越好 | $3.8B | $793.2M |
| 股东权益账面价值 | $21.3M | $1.8B |
| 总资产 | $5.7B | $3.2B |
| 负债/权益比越低杠杆越低 | 176.99× | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资FIPFOR
| Q4 25 | $57.4M | $211.7M | ||
| Q3 25 | $34.7M | $379.2M | ||
| Q2 25 | $33.6M | $189.2M | ||
| Q1 25 | $26.3M | $174.3M | ||
| Q4 24 | $27.8M | $132.0M | ||
| Q3 24 | $20.3M | $481.2M | ||
| Q2 24 | $33.1M | $359.2M | ||
| Q1 24 | $23.0M | $416.2M |
总债务FIPFOR
| Q4 25 | $3.8B | $793.2M | ||
| Q3 25 | $3.7B | $802.7M | ||
| Q2 25 | $3.1B | $872.8M | ||
| Q1 25 | $2.8B | $872.5M | ||
| Q4 24 | $1.6B | $806.8M | ||
| Q3 24 | $1.5B | $706.4M | ||
| Q2 24 | $1.6B | $706.1M | ||
| Q1 24 | $1.3B | $705.7M |
股东权益FIPFOR
| Q4 25 | $21.3M | $1.8B | ||
| Q3 25 | $181.1M | $1.8B | ||
| Q2 25 | $375.5M | $1.7B | ||
| Q1 25 | $476.2M | $1.6B | ||
| Q4 24 | $202.7M | $1.6B | ||
| Q3 24 | $370.8M | $1.6B | ||
| Q2 24 | $394.8M | $1.5B | ||
| Q1 24 | $402.5M | $1.5B |
总资产FIPFOR
| Q4 25 | $5.7B | $3.2B | ||
| Q3 25 | $5.5B | $3.1B | ||
| Q2 25 | $4.4B | $3.1B | ||
| Q1 25 | $4.1B | $3.0B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $2.5B | $2.7B | ||
| Q1 24 | $2.3B | $2.6B |
负债/权益比FIPFOR
| Q4 25 | 176.99× | 0.44× | ||
| Q3 25 | 20.59× | 0.45× | ||
| Q2 25 | 8.21× | 0.52× | ||
| Q1 25 | 5.79× | 0.53× | ||
| Q4 24 | 7.84× | 0.50× | ||
| Q3 24 | 4.14× | 0.44× | ||
| Q2 24 | 3.94× | 0.47× | ||
| Q1 24 | 3.34× | 0.48× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-2.8M | $-157.0M |
| 自由现金流经营现金流 - 资本支出 | $-68.6M | $-157.1M |
| 自由现金流率自由现金流/营收 | -47.8% | -57.5% |
| 资本支出强度资本支出/营收 | 45.9% | 0.0% |
| 现金转化率经营现金流/净利润 | — | -10.19× |
| 过去12个月自由现金流最近4个季度 | $-398.5M | $93.0M |
8季度趋势，按日历期对齐
经营现金流FIPFOR
| Q4 25 | $-2.8M | $-157.0M | ||
| Q3 25 | $-24.4M | $256.3M | ||
| Q2 25 | $-5.2M | $15.8M | ||
| Q1 25 | $-85.7M | $-19.8M | ||
| Q4 24 | $-8.1M | $-450.0M | ||
| Q3 24 | $14.2M | $119.2M | ||
| Q2 24 | $-17.6M | $-61.7M | ||
| Q1 24 | $-3.9M | $-59.2M |
自由现金流FIPFOR
| Q4 25 | $-68.6M | $-157.1M | ||
| Q3 25 | $-90.7M | $255.6M | ||
| Q2 25 | $-87.5M | $15.0M | ||
| Q1 25 | $-151.7M | $-20.5M | ||
| Q4 24 | $-34.3M | — | ||
| Q3 24 | $-11.7M | $118.4M | ||
| Q2 24 | $-32.1M | $-62.3M | ||
| Q1 24 | $-16.7M | $-59.8M |
自由现金流率FIPFOR
| Q4 25 | -47.8% | -57.5% | ||
| Q3 25 | -64.5% | 38.1% | ||
| Q2 25 | -71.6% | 3.8% | ||
| Q1 25 | -157.7% | -5.8% | ||
| Q4 24 | -42.4% | — | ||
| Q3 24 | -14.0% | 21.5% | ||
| Q2 24 | -37.9% | -19.6% | ||
| Q1 24 | -20.3% | -17.9% |
资本支出强度FIPFOR
| Q4 25 | 45.9% | 0.0% | ||
| Q3 25 | 47.2% | 0.1% | ||
| Q2 25 | 67.3% | 0.2% | ||
| Q1 25 | 68.6% | 0.2% | ||
| Q4 24 | 32.5% | 0.0% | ||
| Q3 24 | 31.1% | 0.1% | ||
| Q2 24 | 17.2% | 0.2% | ||
| Q1 24 | 15.6% | 0.2% |
现金转化率FIPFOR
| Q4 25 | — | -10.19× | ||
| Q3 25 | — | 2.95× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | -0.71× | -0.63× | ||
| Q4 24 | — | -27.27× | ||
| Q3 24 | — | 1.46× | ||
| Q2 24 | — | -1.59× | ||
| Q1 24 | — | -1.32× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
