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FTAI Infrastructure Inc.（FIP）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）财务数据对比。点击上方公司名可切换其他公司
MARTIN MIDSTREAM PARTNERS L.P.的季度营收约是FTAI Infrastructure Inc.的1.3倍（$187.7M vs $143.5M），MARTIN MIDSTREAM PARTNERS L.P.净利率更高（1.7% vs -68.1%，领先69.8%），FTAI Infrastructure Inc.同比增速更快（77.7% vs -2.5%），MARTIN MIDSTREAM PARTNERS L.P.自由现金流更多（$-6.0M vs $-68.6M），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs 0.8%）
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。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
FIP vs MMLP — 直观对比
营收规模更大
MMLP
是对方的1.3倍
$143.5M
营收增速更快
FIP
高出80.2%
-2.5%
净利率更高
MMLP
高出69.8%
-68.1%
自由现金流更多
MMLP
多$62.6M
$-68.6M
两年增速更快
FIP
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $187.7M |
| 净利润 | $-97.7M | $3.2M |
| 毛利率 | — | — |
| 营业利润率 | -45.7% | 4.1% |
| 净利率 | -68.1% | 1.7% |
| 营收同比 | 77.7% | -2.5% |
| 净利润同比 | 21.6% | -37.1% |
| 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FIPMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | $143.5M | $174.2M | ||
| Q3 25 | $140.6M | $168.7M | ||
| Q2 25 | $122.3M | $180.7M | ||
| Q1 25 | $96.2M | $192.5M | ||
| Q4 24 | $80.8M | $171.3M | ||
| Q3 24 | $83.3M | $170.9M | ||
| Q2 24 | $84.9M | $184.5M |
净利润FIPMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | $-97.7M | $-2.9M | ||
| Q3 25 | $-104.5M | $-8.4M | ||
| Q2 25 | $-70.0M | $-2.4M | ||
| Q1 25 | $120.2M | $-1.0M | ||
| Q4 24 | $-124.7M | $-8.9M | ||
| Q3 24 | $-43.0M | $-3.3M | ||
| Q2 24 | $-48.1M | $3.8M |
毛利率FIPMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | 57.1% | ||
| Q3 25 | — | 55.1% | ||
| Q2 25 | — | 56.5% | ||
| Q1 25 | — | 53.5% | ||
| Q4 24 | — | 58.2% | ||
| Q3 24 | — | 58.5% | ||
| Q2 24 | — | 58.4% |
营业利润率FIPMMLP
| Q1 26 | — | 4.1% | ||
| Q4 25 | -45.7% | 7.3% | ||
| Q3 25 | -70.8% | 4.1% | ||
| Q2 25 | -56.4% | 8.2% | ||
| Q1 25 | 81.8% | 7.5% | ||
| Q4 24 | -152.7% | 4.0% | ||
| Q3 24 | -51.7% | 7.4% | ||
| Q2 24 | -56.4% | 10.8% |
净利率FIPMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | -68.1% | -1.7% | ||
| Q3 25 | -74.4% | -5.0% | ||
| Q2 25 | -57.2% | -1.3% | ||
| Q1 25 | 125.0% | -0.5% | ||
| Q4 24 | -154.4% | -5.2% | ||
| Q3 24 | -51.6% | -1.9% | ||
| Q2 24 | -56.7% | 2.0% |
每股收益（稀释后）FIPMMLP
| Q1 26 | — | — | ||
| Q4 25 | $-1.04 | — | ||
| Q3 25 | $-1.38 | — | ||
| Q2 25 | $-0.73 | — | ||
| Q1 25 | $0.89 | — | ||
| Q4 24 | $-1.21 | — | ||
| Q3 24 | $-0.45 | — | ||
| Q2 24 | $-0.52 | — |
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 | $537.1M |
| 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FIPMMLP
| Q1 26 | — | — | ||
| Q4 25 | $57.4M | — | ||
| Q3 25 | $34.7M | — | ||
| Q2 25 | $33.6M | — | ||
| Q1 25 | $26.3M | — | ||
| Q4 24 | $27.8M | — | ||
| Q3 24 | $20.3M | — | ||
| Q2 24 | $33.1M | — |
总债务FIPMMLP
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $428.0M | ||
| Q3 25 | $3.7B | $441.3M | ||
| Q2 25 | $3.1B | $427.8M | ||
| Q1 25 | $2.8B | $451.4M | ||
| Q4 24 | $1.6B | $437.6M | ||
| Q3 24 | $1.5B | $469.3M | ||
| Q2 24 | $1.6B | $439.4M |
股东权益FIPMMLP
| Q1 26 | — | — | ||
| Q4 25 | $21.3M | — | ||
| Q3 25 | $181.1M | — | ||
| Q2 25 | $375.5M | — | ||
| Q1 25 | $476.2M | — | ||
| Q4 24 | $202.7M | — | ||
| Q3 24 | $370.8M | — | ||
| Q2 24 | $394.8M | — |
总资产FIPMMLP
| Q1 26 | — | $537.1M | ||
| Q4 25 | $5.7B | $522.4M | ||
| Q3 25 | $5.5B | $510.1M | ||
| Q2 25 | $4.4B | $515.6M | ||
| Q1 25 | $4.1B | $533.4M | ||
| Q4 24 | $2.4B | $538.5M | ||
| Q3 24 | $2.4B | $554.8M | ||
| Q2 24 | $2.5B | $535.1M |
负债/权益比FIPMMLP
| Q1 26 | — | — | ||
| 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× | — |
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 | $-6.0M |
| 自由现金流率自由现金流/营收 | -47.8% | -3.2% |
| 资本支出强度资本支出/营收 | 45.9% | 1.6% |
| 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 | $27.2M |
8季度趋势，按日历期对齐
经营现金流FIPMMLP
| Q1 26 | — | — | ||
| Q4 25 | $-2.8M | $22.4M | ||
| Q3 25 | $-24.4M | $-1.2M | ||
| Q2 25 | $-5.2M | $30.9M | ||
| Q1 25 | $-85.7M | $-6.0M | ||
| Q4 24 | $-8.1M | $42.2M | ||
| Q3 24 | $14.2M | $-15.8M | ||
| Q2 24 | $-17.6M | $11.8M |
自由现金流FIPMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $-68.6M | $15.6M | ||
| Q3 25 | $-90.7M | $-7.9M | ||
| Q2 25 | $-87.5M | $25.6M | ||
| Q1 25 | $-151.7M | $-11.9M | ||
| Q4 24 | $-34.3M | $34.2M | ||
| Q3 24 | $-11.7M | $-25.6M | ||
| Q2 24 | $-32.1M | $-696.0K |
自由现金流率FIPMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | -47.8% | 8.9% | ||
| Q3 25 | -64.5% | -4.7% | ||
| Q2 25 | -71.6% | 14.2% | ||
| Q1 25 | -157.7% | -6.2% | ||
| Q4 24 | -42.4% | 20.0% | ||
| Q3 24 | -14.0% | -15.0% | ||
| Q2 24 | -37.9% | -0.4% |
资本支出强度FIPMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 45.9% | 3.9% | ||
| Q3 25 | 47.2% | 4.0% | ||
| Q2 25 | 67.3% | 3.0% | ||
| Q1 25 | 68.6% | 3.1% | ||
| Q4 24 | 32.5% | 4.6% | ||
| Q3 24 | 31.1% | 5.8% | ||
| Q2 24 | 17.2% | 6.8% |
现金转化率FIPMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.13× |
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% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
