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FTAI Infrastructure Inc.（FIP）与IONIS PHARMACEUTICALS INC（IONS）财务数据对比。点击上方公司名可切换其他公司
IONIS PHARMACEUTICALS INC的季度营收约是FTAI Infrastructure Inc.的1.4倍（$203.3M vs $143.5M），FTAI Infrastructure Inc.净利率更高（-68.1% vs -112.8%，领先44.7%），FTAI Infrastructure Inc.同比增速更快（77.7% vs -10.3%），FTAI Infrastructure Inc.自由现金流更多（$-68.6M vs $-159.0M），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs 30.4%）
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。
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
FIP vs IONS — 直观对比
营收规模更大
IONS
是对方的1.4倍
$143.5M
营收增速更快
FIP
高出88.0%
-10.3%
净利率更高
FIP
高出44.7%
-112.8%
自由现金流更多
FIP
多$90.4M
$-159.0M
两年增速更快
FIP
近两年复合增速
30.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $203.3M |
| 净利润 | $-97.7M | $-229.4M |
| 毛利率 | — | 96.1% |
| 营业利润率 | -45.7% | -105.5% |
| 净利率 | -68.1% | -112.8% |
| 营收同比 | 77.7% | -10.3% |
| 净利润同比 | 21.6% | -119.8% |
| 每股收益（稀释后） | $-1.04 | $-1.35 |
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FIPIONS
| Q4 25 | $143.5M | $203.3M | ||
| Q3 25 | $140.6M | $156.7M | ||
| Q2 25 | $122.3M | $452.0M | ||
| Q1 25 | $96.2M | $131.6M | ||
| Q4 24 | $80.8M | $226.6M | ||
| Q3 24 | $83.3M | $133.8M | ||
| Q2 24 | $84.9M | $225.3M | ||
| Q1 24 | $82.5M | $119.5M |
净利润FIPIONS
| Q4 25 | $-97.7M | $-229.4M | ||
| Q3 25 | $-104.5M | $-128.6M | ||
| Q2 25 | $-70.0M | $123.6M | ||
| Q1 25 | $120.2M | $-146.9M | ||
| Q4 24 | $-124.7M | $-104.3M | ||
| Q3 24 | $-43.0M | $-140.5M | ||
| Q2 24 | $-48.1M | $-66.3M | ||
| Q1 24 | $-50.3M | $-142.8M |
毛利率FIPIONS
| Q4 25 | — | 96.1% | ||
| Q3 25 | — | 98.5% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 98.9% | ||
| Q4 24 | — | 98.3% | ||
| Q3 24 | — | 99.2% | ||
| Q2 24 | — | 98.2% | ||
| Q1 24 | — | 98.2% |
营业利润率FIPIONS
| Q4 25 | -45.7% | -105.5% | ||
| Q3 25 | -70.8% | -102.2% | ||
| Q2 25 | -56.4% | 30.9% | ||
| Q1 25 | 81.8% | -111.6% | ||
| Q4 24 | -152.7% | -48.9% | ||
| Q3 24 | -51.7% | -111.1% | ||
| Q2 24 | -56.4% | -29.3% | ||
| Q1 24 | -58.8% | -125.1% |
净利率FIPIONS
| Q4 25 | -68.1% | -112.8% | ||
| Q3 25 | -74.4% | -82.1% | ||
| Q2 25 | -57.2% | 27.3% | ||
| Q1 25 | 125.0% | -111.6% | ||
| Q4 24 | -154.4% | -46.1% | ||
| Q3 24 | -51.6% | -105.0% | ||
| Q2 24 | -56.7% | -29.4% | ||
| Q1 24 | -60.9% | -119.5% |
每股收益（稀释后）FIPIONS
| Q4 25 | $-1.04 | $-1.35 | ||
| Q3 25 | $-1.38 | $-0.80 | ||
| Q2 25 | $-0.73 | $0.70 | ||
| Q1 25 | $0.89 | $-0.93 | ||
| Q4 24 | $-1.21 | $-0.66 | ||
| Q3 24 | $-0.45 | $-0.95 | ||
| Q2 24 | $-0.52 | $-0.45 | ||
| Q1 24 | $-0.54 | $-0.98 |
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 | $2.7B |
| 总债务越低越好 | $3.8B | $1.8B |
| 股东权益账面价值 | $21.3M | $489.1M |
| 总资产 | $5.7B | $3.5B |
| 负债/权益比越低杠杆越低 | 176.99× | 3.71× |
8季度趋势，按日历期对齐
现金及短期投资FIPIONS
| Q4 25 | $57.4M | $2.7B | ||
| Q3 25 | $34.7M | $2.2B | ||
| Q2 25 | $33.6M | $2.3B | ||
| Q1 25 | $26.3M | $2.1B | ||
| Q4 24 | $27.8M | $2.3B | ||
| Q3 24 | $20.3M | $2.5B | ||
| Q2 24 | $33.1M | $2.1B | ||
| Q1 24 | $23.0M | $2.2B |
总债务FIPIONS
| Q4 25 | $3.8B | $1.8B | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | $1.3B | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
股东权益FIPIONS
| Q4 25 | $21.3M | $489.1M | ||
| Q3 25 | $181.1M | $618.0M | ||
| Q2 25 | $375.5M | $631.7M | ||
| Q1 25 | $476.2M | $475.7M | ||
| Q4 24 | $202.7M | $588.4M | ||
| Q3 24 | $370.8M | $662.5M | ||
| Q2 24 | $394.8M | $263.7M | ||
| Q1 24 | $402.5M | $296.5M |
总资产FIPIONS
| Q4 25 | $5.7B | $3.5B | ||
| Q3 25 | $5.5B | $3.0B | ||
| Q2 25 | $4.4B | $3.0B | ||
| Q1 25 | $4.1B | $2.8B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $2.4B | $3.1B | ||
| Q2 24 | $2.5B | $2.7B | ||
| Q1 24 | $2.3B | $2.8B |
负债/权益比FIPIONS
| Q4 25 | 176.99× | 3.71× | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | 2.13× | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | — |
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 | $-137.7M |
| 自由现金流经营现金流 - 资本支出 | $-68.6M | $-159.0M |
| 自由现金流率自由现金流/营收 | -47.8% | -78.2% |
| 资本支出强度资本支出/营收 | 45.9% | 10.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-398.5M | $-320.0M |
8季度趋势，按日历期对齐
经营现金流FIPIONS
| Q4 25 | $-2.8M | $-137.7M | ||
| Q3 25 | $-24.4M | $-131.4M | ||
| Q2 25 | $-5.2M | $151.3M | ||
| Q1 25 | $-85.7M | $-150.8M | ||
| Q4 24 | $-8.1M | $-116.1M | ||
| Q3 24 | $14.2M | $-115.0M | ||
| Q2 24 | $-17.6M | $-119.9M | ||
| Q1 24 | $-3.9M | $-149.9M |
自由现金流FIPIONS
| Q4 25 | $-68.6M | $-159.0M | ||
| Q3 25 | $-90.7M | $-136.7M | ||
| Q2 25 | $-87.5M | $139.0M | ||
| Q1 25 | $-151.7M | $-163.4M | ||
| Q4 24 | $-34.3M | $-141.6M | ||
| Q3 24 | $-11.7M | $-124.0M | ||
| Q2 24 | $-32.1M | $-126.1M | ||
| Q1 24 | $-16.7M | $-154.4M |
自由现金流率FIPIONS
| Q4 25 | -47.8% | -78.2% | ||
| Q3 25 | -64.5% | -87.2% | ||
| Q2 25 | -71.6% | 30.8% | ||
| Q1 25 | -157.7% | -124.1% | ||
| Q4 24 | -42.4% | -62.5% | ||
| Q3 24 | -14.0% | -92.7% | ||
| Q2 24 | -37.9% | -56.0% | ||
| Q1 24 | -20.3% | -129.2% |
资本支出强度FIPIONS
| Q4 25 | 45.9% | 10.5% | ||
| Q3 25 | 47.2% | 3.4% | ||
| Q2 25 | 67.3% | 2.7% | ||
| Q1 25 | 68.6% | 9.6% | ||
| Q4 24 | 32.5% | 11.3% | ||
| Q3 24 | 31.1% | 6.8% | ||
| Q2 24 | 17.2% | 2.8% | ||
| Q1 24 | 15.6% | 3.8% |
现金转化率FIPIONS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.22× | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 3% |
