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FTAI Infrastructure Inc.（FIP）与铱星通信（IRDM）财务数据对比。点击上方公司名可切换其他公司
铱星通信的季度营收约是FTAI Infrastructure Inc.的1.5倍（$219.1M vs $143.5M），铱星通信净利率更高（9.9% vs -68.1%，领先77.9%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 1.9%），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs 4.4%）
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。
铱星通信是一家总部位于美国弗吉尼亚州麦克莱恩的上市企业，运营着由80颗卫星组成的铱星星座，其中66颗为工作星，14颗为在轨备用星。其卫星网络支持手持卫星电话、卫星通信终端及集成收发设备实现全球范围的语音和数据传输，还可提供双向卫星消息服务，满足全球各场景的通信需求。
FIP vs IRDM — 直观对比
营收规模更大
IRDM
是对方的1.5倍
$143.5M
营收增速更快
FIP
高出75.8%
1.9%
净利率更高
IRDM
高出77.9%
-68.1%
两年增速更快
FIP
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $219.1M |
| 净利润 | $-97.7M | $21.6M |
| 毛利率 | — | — |
| 营业利润率 | -45.7% | 23.2% |
| 净利率 | -68.1% | 9.9% |
| 营收同比 | 77.7% | 1.9% |
| 净利润同比 | 21.6% | — |
| 每股收益（稀释后） | $-1.04 | — |
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FIPIRDM
| Q1 26 | — | $219.1M | ||
| Q4 25 | $143.5M | $212.9M | ||
| Q3 25 | $140.6M | $226.9M | ||
| Q2 25 | $122.3M | $216.9M | ||
| Q1 25 | $96.2M | $214.9M | ||
| Q4 24 | $80.8M | $213.0M | ||
| Q3 24 | $83.3M | $212.8M | ||
| Q2 24 | $84.9M | $201.1M |
净利润FIPIRDM
| Q1 26 | — | $21.6M | ||
| Q4 25 | $-97.7M | $24.9M | ||
| Q3 25 | $-104.5M | $37.1M | ||
| Q2 25 | $-70.0M | $22.0M | ||
| Q1 25 | $120.2M | $30.4M | ||
| Q4 24 | $-124.7M | $36.3M | ||
| Q3 24 | $-43.0M | $24.4M | ||
| Q2 24 | $-48.1M | $32.3M |
营业利润率FIPIRDM
| Q1 26 | — | 23.2% | ||
| Q4 25 | -45.7% | 25.9% | ||
| Q3 25 | -70.8% | 30.9% | ||
| Q2 25 | -56.4% | 23.2% | ||
| Q1 25 | 81.8% | 28.1% | ||
| Q4 24 | -152.7% | 24.5% | ||
| Q3 24 | -51.7% | 25.8% | ||
| Q2 24 | -56.4% | 21.7% |
净利率FIPIRDM
| Q1 26 | — | 9.9% | ||
| Q4 25 | -68.1% | 11.7% | ||
| Q3 25 | -74.4% | 16.4% | ||
| Q2 25 | -57.2% | 10.1% | ||
| Q1 25 | 125.0% | 14.2% | ||
| Q4 24 | -154.4% | 17.1% | ||
| Q3 24 | -51.6% | 11.5% | ||
| Q2 24 | -56.7% | 16.1% |
每股收益（稀释后）FIPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $-1.04 | $0.24 | ||
| Q3 25 | $-1.38 | $0.35 | ||
| Q2 25 | $-0.73 | $0.20 | ||
| Q1 25 | $0.89 | $0.27 | ||
| Q4 24 | $-1.21 | $0.30 | ||
| Q3 24 | $-0.45 | $0.21 | ||
| Q2 24 | $-0.52 | $0.27 |
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 | — |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | $21.3M | — |
| 总资产 | $5.7B | — |
| 负债/权益比越低杠杆越低 | 176.99× | — |
8季度趋势，按日历期对齐
现金及短期投资FIPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $57.4M | $96.5M | ||
| Q3 25 | $34.7M | $88.5M | ||
| Q2 25 | $33.6M | $79.3M | ||
| Q1 25 | $26.3M | $50.9M | ||
| Q4 24 | $27.8M | $93.5M | ||
| Q3 24 | $20.3M | $159.6M | ||
| Q2 24 | $33.1M | $63.5M |
总债务FIPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $1.8B | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — |
股东权益FIPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $21.3M | $462.6M | ||
| Q3 25 | $181.1M | $450.5M | ||
| Q2 25 | $375.5M | $473.6M | ||
| Q1 25 | $476.2M | $518.4M | ||
| Q4 24 | $202.7M | $576.6M | ||
| Q3 24 | $370.8M | $663.8M | ||
| Q2 24 | $394.8M | $786.7M |
总资产FIPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $5.7B | $2.5B | ||
| Q3 25 | $5.5B | $2.6B | ||
| Q2 25 | $4.4B | $2.6B | ||
| Q1 25 | $4.1B | $2.6B | ||
| Q4 24 | $2.4B | $2.7B | ||
| Q3 24 | $2.4B | $2.8B | ||
| Q2 24 | $2.5B | $2.7B |
负债/权益比FIPIRDM
| Q1 26 | — | — | ||
| Q4 25 | 176.99× | 3.80× | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | 3.05× | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $-68.6M | — |
| 自由现金流率自由现金流/营收 | -47.8% | — |
| 资本支出强度资本支出/营收 | 45.9% | 13.7% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流FIPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $-2.8M | $108.6M | ||
| Q3 25 | $-24.4M | $100.8M | ||
| Q2 25 | $-5.2M | $129.6M | ||
| Q1 25 | $-85.7M | $61.1M | ||
| Q4 24 | $-8.1M | $104.8M | ||
| Q3 24 | $14.2M | $118.6M | ||
| Q2 24 | $-17.6M | $81.1M |
自由现金流FIPIRDM
| Q1 26 | — | — | ||
| Q4 25 | $-68.6M | $75.1M | ||
| Q3 25 | $-90.7M | $79.2M | ||
| Q2 25 | $-87.5M | $108.9M | ||
| Q1 25 | $-151.7M | $36.5M | ||
| Q4 24 | $-34.3M | $80.5M | ||
| Q3 24 | $-11.7M | $100.0M | ||
| Q2 24 | $-32.1M | $68.7M |
自由现金流率FIPIRDM
| Q1 26 | — | — | ||
| Q4 25 | -47.8% | 35.3% | ||
| Q3 25 | -64.5% | 34.9% | ||
| Q2 25 | -71.6% | 50.2% | ||
| Q1 25 | -157.7% | 17.0% | ||
| Q4 24 | -42.4% | 37.8% | ||
| Q3 24 | -14.0% | 47.0% | ||
| Q2 24 | -37.9% | 34.2% |
资本支出强度FIPIRDM
| Q1 26 | — | 13.7% | ||
| Q4 25 | 45.9% | 15.7% | ||
| Q3 25 | 47.2% | 9.5% | ||
| Q2 25 | 67.3% | 9.5% | ||
| Q1 25 | 68.6% | 11.4% | ||
| Q4 24 | 32.5% | 11.4% | ||
| Q3 24 | 31.1% | 8.7% | ||
| Q2 24 | 17.2% | 6.2% |
现金转化率FIPIRDM
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | — | 2.71× | ||
| Q2 25 | — | 5.90× | ||
| Q1 25 | -0.71× | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | — | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
