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FTAI Infrastructure Inc.（FIP）与NLIGHT, INC.（LASR）财务数据对比。点击上方公司名可切换其他公司
FTAI Infrastructure Inc.的季度营收约是NLIGHT, INC.的1.8倍（$143.5M vs $81.2M），NLIGHT, INC.净利率更高（-6.0% vs -68.1%，领先62.0%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 71.3%），NLIGHT, INC.自由现金流更多（$15.9M vs $-68.6M），过去两年NLIGHT, INC.的营收复合增速更高（35.0% vs 31.9%）
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。
nLight Inc.是全球领先的高性能半导体激光器、光纤激光器及相关光学组件研发生产商，产品广泛应用于工业精密制造、航空航天与国防、医疗设备、前沿研究等核心领域，客户遍及北美、欧洲及亚太地区。
FIP vs LASR — 直观对比
营收规模更大
FIP
是对方的1.8倍
$81.2M
营收增速更快
FIP
高出6.4%
71.3%
净利率更高
LASR
高出62.0%
-68.1%
自由现金流更多
LASR
多$84.6M
$-68.6M
两年增速更快
LASR
近两年复合增速
31.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $81.2M |
| 净利润 | $-97.7M | $-4.9M |
| 毛利率 | — | 30.7% |
| 营业利润率 | -45.7% | -6.7% |
| 净利率 | -68.1% | -6.0% |
| 营收同比 | 77.7% | 71.3% |
| 净利润同比 | 21.6% | 80.3% |
| 每股收益（稀释后） | $-1.04 | $-0.10 |
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FIPLASR
| Q4 25 | $143.5M | $81.2M | ||
| Q3 25 | $140.6M | $66.7M | ||
| Q2 25 | $122.3M | $61.7M | ||
| Q1 25 | $96.2M | $51.7M | ||
| Q4 24 | $80.8M | $47.4M | ||
| Q3 24 | $83.3M | $56.1M | ||
| Q2 24 | $84.9M | $50.5M | ||
| Q1 24 | $82.5M | $44.5M |
净利润FIPLASR
| Q4 25 | $-97.7M | $-4.9M | ||
| Q3 25 | $-104.5M | $-6.9M | ||
| Q2 25 | $-70.0M | $-3.6M | ||
| Q1 25 | $120.2M | $-8.1M | ||
| Q4 24 | $-124.7M | $-25.0M | ||
| Q3 24 | $-43.0M | $-10.3M | ||
| Q2 24 | $-48.1M | $-11.7M | ||
| Q1 24 | $-50.3M | $-13.8M |
毛利率FIPLASR
| Q4 25 | — | 30.7% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 29.9% | ||
| Q1 25 | — | 26.7% | ||
| Q4 24 | — | 2.4% | ||
| Q3 24 | — | 22.4% | ||
| Q2 24 | — | 23.5% | ||
| Q1 24 | — | 16.8% |
营业利润率FIPLASR
| Q4 25 | -45.7% | -6.7% | ||
| Q3 25 | -70.8% | -10.9% | ||
| Q2 25 | -56.4% | -6.9% | ||
| Q1 25 | 81.8% | -18.6% | ||
| Q4 24 | -152.7% | -55.8% | ||
| Q3 24 | -51.7% | -21.0% | ||
| Q2 24 | -56.4% | -25.1% | ||
| Q1 24 | -58.8% | -33.1% |
净利率FIPLASR
| Q4 25 | -68.1% | -6.0% | ||
| Q3 25 | -74.4% | -10.3% | ||
| Q2 25 | -57.2% | -5.8% | ||
| Q1 25 | 125.0% | -15.7% | ||
| Q4 24 | -154.4% | -52.7% | ||
| Q3 24 | -51.6% | -18.4% | ||
| Q2 24 | -56.7% | -23.2% | ||
| Q1 24 | -60.9% | -30.9% |
每股收益（稀释后）FIPLASR
| Q4 25 | $-1.04 | $-0.10 | ||
| Q3 25 | $-1.38 | $-0.14 | ||
| Q2 25 | $-0.73 | $-0.07 | ||
| Q1 25 | $0.89 | $-0.16 | ||
| Q4 24 | $-1.21 | $-0.52 | ||
| Q3 24 | $-0.45 | $-0.21 | ||
| Q2 24 | $-0.52 | $-0.25 | ||
| Q1 24 | $-0.54 | $-0.29 |
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 | $98.7M |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | $21.3M | $226.7M |
| 总资产 | $5.7B | $315.2M |
| 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FIPLASR
| Q4 25 | $57.4M | $98.7M | ||
| Q3 25 | $34.7M | $81.1M | ||
| Q2 25 | $33.6M | $78.8M | ||
| Q1 25 | $26.3M | $82.2M | ||
| Q4 24 | $27.8M | $65.8M | ||
| Q3 24 | $20.3M | $41.5M | ||
| Q2 24 | $33.1M | $49.4M | ||
| Q1 24 | $23.0M | $61.3M |
总债务FIPLASR
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
股东权益FIPLASR
| Q4 25 | $21.3M | $226.7M | ||
| Q3 25 | $181.1M | $218.5M | ||
| Q2 25 | $375.5M | $216.0M | ||
| Q1 25 | $476.2M | $212.8M | ||
| Q4 24 | $202.7M | $216.4M | ||
| Q3 24 | $370.8M | $235.3M | ||
| Q2 24 | $394.8M | $239.5M | ||
| Q1 24 | $402.5M | $244.4M |
总资产FIPLASR
| Q4 25 | $5.7B | $315.2M | ||
| Q3 25 | $5.5B | $298.7M | ||
| Q2 25 | $4.4B | $295.3M | ||
| Q1 25 | $4.1B | $290.0M | ||
| Q4 24 | $2.4B | $270.2M | ||
| Q3 24 | $2.4B | $291.3M | ||
| Q2 24 | $2.5B | $294.3M | ||
| Q1 24 | $2.3B | $302.8M |
负债/权益比FIPLASR
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| 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 | $17.5M |
| 自由现金流经营现金流 - 资本支出 | $-68.6M | $15.9M |
| 自由现金流率自由现金流/营收 | -47.8% | 19.6% |
| 资本支出强度资本支出/营收 | 45.9% | 2.0% |
| 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 | $12.3M |
8季度趋势，按日历期对齐
经营现金流FIPLASR
| Q4 25 | $-2.8M | $17.5M | ||
| Q3 25 | $-24.4M | $5.2M | ||
| Q2 25 | $-5.2M | $-1.4M | ||
| Q1 25 | $-85.7M | $-20.0K | ||
| Q4 24 | $-8.1M | $-3.9M | ||
| Q3 24 | $14.2M | $-5.6M | ||
| Q2 24 | $-17.6M | $-4.2M | ||
| Q1 24 | $-3.9M | $11.4M |
自由现金流FIPLASR
| Q4 25 | $-68.6M | $15.9M | ||
| Q3 25 | $-90.7M | $2.4M | ||
| Q2 25 | $-87.5M | $-3.8M | ||
| Q1 25 | $-151.7M | $-2.3M | ||
| Q4 24 | $-34.3M | $-6.5M | ||
| Q3 24 | $-11.7M | $-7.2M | ||
| Q2 24 | $-32.1M | $-6.4M | ||
| Q1 24 | $-16.7M | $9.8M |
自由现金流率FIPLASR
| Q4 25 | -47.8% | 19.6% | ||
| Q3 25 | -64.5% | 3.7% | ||
| Q2 25 | -71.6% | -6.1% | ||
| Q1 25 | -157.7% | -4.5% | ||
| Q4 24 | -42.4% | -13.7% | ||
| Q3 24 | -14.0% | -12.9% | ||
| Q2 24 | -37.9% | -12.6% | ||
| Q1 24 | -20.3% | 22.1% |
资本支出强度FIPLASR
| Q4 25 | 45.9% | 2.0% | ||
| Q3 25 | 47.2% | 4.2% | ||
| Q2 25 | 67.3% | 3.9% | ||
| Q1 25 | 68.6% | 4.4% | ||
| Q4 24 | 32.5% | 5.5% | ||
| Q3 24 | 31.1% | 2.9% | ||
| Q2 24 | 17.2% | 4.2% | ||
| Q1 24 | 15.6% | 3.5% |
现金转化率FIPLASR
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| 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% |
LASR
| Aerospaceand Defense | $56.3M | 69% |
| Microfabrication | $14.2M | 18% |
| Industrial | $10.7M | 13% |
