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FTAI Infrastructure Inc.（FIP）与Target Hospitality Corp.（TH）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Target Hospitality Corp.的2.0倍（$143.5M vs $73.5M），Target Hospitality Corp.净利率更高（-20.3% vs -68.1%，领先47.7%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 22.0%），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs 0.7%）
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。
Target Hospitality是一家专业住宿服务提供商，主营石油、天然气及矿业项目用工住宿，也提供大型活动、灾后救援所需的临时模块化住宿，总部位于得克萨斯州伍德兰兹，同时在北达科他州威利斯顿、科罗拉多州丹佛以及阿尔伯塔省卡尔加里设有办事处。
FIP vs TH — 直观对比
营收规模更大
FIP
是对方的2.0倍
$73.5M
营收增速更快
FIP
高出55.7%
22.0%
净利率更高
TH
高出47.7%
-68.1%
两年增速更快
FIP
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $73.5M |
| 净利润 | $-97.7M | $-14.9M |
| 毛利率 | — | 9.6% |
| 营业利润率 | -45.7% | -22.9% |
| 净利率 | -68.1% | -20.3% |
| 营收同比 | 77.7% | 22.0% |
| 净利润同比 | 21.6% | -219.1% |
| 每股收益（稀释后） | $-1.04 | $-0.14 |
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FIPTH
| Q4 25 | $143.5M | $73.5M | ||
| Q3 25 | $140.6M | $91.6M | ||
| Q2 25 | $122.3M | $54.9M | ||
| Q1 25 | $96.2M | $54.9M | ||
| Q4 24 | $80.8M | $60.2M | ||
| Q3 24 | $83.3M | $65.8M | ||
| Q2 24 | $84.9M | $67.5M | ||
| Q1 24 | $82.5M | $72.4M |
净利润FIPTH
| Q4 25 | $-97.7M | $-14.9M | ||
| Q3 25 | $-104.5M | $-795.0K | ||
| Q2 25 | $-70.0M | $-14.9M | ||
| Q1 25 | $120.2M | $-6.5M | ||
| Q4 24 | $-124.7M | $12.5M | ||
| Q3 24 | $-43.0M | $20.0M | ||
| Q2 24 | $-48.1M | $18.4M | ||
| Q1 24 | $-50.3M | $20.4M |
毛利率FIPTH
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
营业利润率FIPTH
| Q4 25 | -45.7% | -22.9% | ||
| Q3 25 | -70.8% | 0.1% | ||
| Q2 25 | -56.4% | -30.8% | ||
| Q1 25 | 81.8% | -2.0% | ||
| Q4 24 | -152.7% | 34.5% | ||
| Q3 24 | -51.7% | 42.5% | ||
| Q2 24 | -56.4% | 43.8% | ||
| Q1 24 | -58.8% | 42.0% |
净利率FIPTH
| Q4 25 | -68.1% | -20.3% | ||
| Q3 25 | -74.4% | -0.9% | ||
| Q2 25 | -57.2% | -27.2% | ||
| Q1 25 | 125.0% | -11.8% | ||
| Q4 24 | -154.4% | 20.8% | ||
| Q3 24 | -51.6% | 30.4% | ||
| Q2 24 | -56.7% | 27.2% | ||
| Q1 24 | -60.9% | 28.2% |
每股收益（稀释后）FIPTH
| Q4 25 | $-1.04 | $-0.14 | ||
| Q3 25 | $-1.38 | $-0.01 | ||
| Q2 25 | $-0.73 | $-0.15 | ||
| Q1 25 | $0.89 | $-0.07 | ||
| Q4 24 | $-1.21 | $0.12 | ||
| Q3 24 | $-0.45 | $0.20 | ||
| Q2 24 | $-0.52 | $0.18 | ||
| Q1 24 | $-0.54 | $0.20 |
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 | $8.3M |
| 总债务越低越好 | $3.8B | $1.7M |
| 股东权益账面价值 | $21.3M | $389.3M |
| 总资产 | $5.7B | $530.2M |
| 负债/权益比越低杠杆越低 | 176.99× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资FIPTH
| Q4 25 | $57.4M | $8.3M | ||
| Q3 25 | $34.7M | $30.4M | ||
| Q2 25 | $33.6M | $19.2M | ||
| Q1 25 | $26.3M | $34.5M | ||
| Q4 24 | $27.8M | $190.7M | ||
| Q3 24 | $20.3M | $177.7M | ||
| Q2 24 | $33.1M | $154.3M | ||
| Q1 24 | $23.0M | $124.3M |
总债务FIPTH
| Q4 25 | $3.8B | $1.7M | ||
| Q3 25 | $3.7B | $2.0M | ||
| Q2 25 | $3.1B | $26.3M | ||
| Q1 25 | $2.8B | $42.9M | ||
| Q4 24 | $1.6B | $1.5M | ||
| Q3 24 | $1.5B | $994.0K | ||
| Q2 24 | $1.6B | $1.1M | ||
| Q1 24 | $1.3B | $179.9M |
股东权益FIPTH
| Q4 25 | $21.3M | $389.3M | ||
| Q3 25 | $181.1M | $402.4M | ||
| Q2 25 | $375.5M | $401.3M | ||
| Q1 25 | $476.2M | $415.3M | ||
| Q4 24 | $202.7M | $421.1M | ||
| Q3 24 | $370.8M | $417.6M | ||
| Q2 24 | $394.8M | $397.2M | ||
| Q1 24 | $402.5M | $375.5M |
总资产FIPTH
| Q4 25 | $5.7B | $530.2M | ||
| Q3 25 | $5.5B | $541.2M | ||
| Q2 25 | $4.4B | $533.7M | ||
| Q1 25 | $4.1B | $562.5M | ||
| Q4 24 | $2.4B | $725.8M | ||
| Q3 24 | $2.4B | $709.8M | ||
| Q2 24 | $2.5B | $697.0M | ||
| Q1 24 | $2.3B | $687.2M |
负债/权益比FIPTH
| Q4 25 | 176.99× | 0.00× | ||
| Q3 25 | 20.59× | 0.01× | ||
| Q2 25 | 8.21× | 0.07× | ||
| Q1 25 | 5.79× | 0.10× | ||
| Q4 24 | 7.84× | 0.00× | ||
| Q3 24 | 4.14× | 0.00× | ||
| Q2 24 | 3.94× | 0.00× | ||
| 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 | $5.7M |
| 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% | — |
| 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FIPTH
| Q4 25 | $-2.8M | $5.7M | ||
| Q3 25 | $-24.4M | $53.4M | ||
| Q2 25 | $-5.2M | $11.1M | ||
| Q1 25 | $-85.7M | $3.9M | ||
| Q4 24 | $-8.1M | $30.6M | ||
| Q3 24 | $14.2M | $31.4M | ||
| Q2 24 | $-17.6M | $39.1M | ||
| Q1 24 | $-3.9M | $50.6M |
自由现金流FIPTH
| Q4 25 | $-68.6M | — | ||
| Q3 25 | $-90.7M | — | ||
| Q2 25 | $-87.5M | — | ||
| Q1 25 | $-151.7M | $-11.6M | ||
| Q4 24 | $-34.3M | — | ||
| Q3 24 | $-11.7M | — | ||
| Q2 24 | $-32.1M | — | ||
| Q1 24 | $-16.7M | — |
自由现金流率FIPTH
| Q4 25 | -47.8% | — | ||
| Q3 25 | -64.5% | — | ||
| Q2 25 | -71.6% | — | ||
| Q1 25 | -157.7% | -21.1% | ||
| Q4 24 | -42.4% | — | ||
| Q3 24 | -14.0% | — | ||
| Q2 24 | -37.9% | — | ||
| Q1 24 | -20.3% | — |
资本支出强度FIPTH
| Q4 25 | 45.9% | — | ||
| Q3 25 | 47.2% | — | ||
| Q2 25 | 67.3% | — | ||
| Q1 25 | 68.6% | 28.2% | ||
| Q4 24 | 32.5% | — | ||
| Q3 24 | 31.1% | — | ||
| Q2 24 | 17.2% | — | ||
| Q1 24 | 15.6% | — |
现金转化率FIPTH
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | — | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
