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FTAI Infrastructure Inc.（FIP）与Tilray Brands, Inc.（TLRY）财务数据对比。点击上方公司名可切换其他公司
Tilray Brands, Inc.的季度营收约是FTAI Infrastructure Inc.的1.5倍（$217.5M vs $143.5M），Tilray Brands, Inc.净利率更高（-20.7% vs -68.1%，领先47.4%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 3.1%），过去两年FTAI Infrastructure Inc.的营收复合增速更高（31.9% vs 7.5%）
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。
Tilray Brands, Inc.是一家美国企业，主营医药、大麻生活方式产品以及包装消费品业务，公司注册于美国，总部坐落于纽约。该公司在加拿大、澳大利亚、新西兰、拉美地区均开展业务，同时在德国和葡萄牙拥有大麻种植基地。
FIP vs TLRY — 直观对比
营收规模更大
TLRY
是对方的1.5倍
$143.5M
营收增速更快
FIP
高出74.6%
3.1%
净利率更高
TLRY
高出47.4%
-68.1%
两年增速更快
FIP
近两年复合增速
7.5%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $217.5M |
| 净利润 | $-97.7M | $-44.9M |
| 毛利率 | — | 26.4% |
| 营业利润率 | -45.7% | -10.2% |
| 净利率 | -68.1% | -20.7% |
| 营收同比 | 77.7% | 3.1% |
| 净利润同比 | 21.6% | 47.4% |
| 每股收益（稀释后） | $-1.04 | $-0.41 |
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FIPTLRY
| Q4 25 | $143.5M | $217.5M | ||
| Q3 25 | $140.6M | $209.5M | ||
| Q2 25 | $122.3M | $224.5M | ||
| Q1 25 | $96.2M | $185.8M | ||
| Q4 24 | $80.8M | $210.9M | ||
| Q3 24 | $83.3M | $200.0M | ||
| Q2 24 | $84.9M | $229.9M | ||
| Q1 24 | $82.5M | $188.3M |
净利润FIPTLRY
| Q4 25 | $-97.7M | $-44.9M | ||
| Q3 25 | $-104.5M | $-322.0K | ||
| Q2 25 | $-70.0M | $-1.3B | ||
| Q1 25 | $120.2M | $-789.4M | ||
| Q4 24 | $-124.7M | $-85.3M | ||
| Q3 24 | $-43.0M | $-39.2M | ||
| Q2 24 | $-48.1M | $-31.7M | ||
| Q1 24 | $-50.3M | $-92.7M |
毛利率FIPTLRY
| Q4 25 | — | 26.4% | ||
| Q3 25 | — | 27.4% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | — | 28.0% | ||
| Q4 24 | — | 29.0% | ||
| Q3 24 | — | 29.8% | ||
| Q2 24 | — | 35.8% | ||
| Q1 24 | — | 26.2% |
营业利润率FIPTLRY
| Q4 25 | -45.7% | -10.2% | ||
| Q3 25 | -70.8% | 1.0% | ||
| Q2 25 | -56.4% | -643.1% | ||
| Q1 25 | 81.8% | -409.0% | ||
| Q4 24 | -152.7% | -20.0% | ||
| Q3 24 | -51.7% | -18.3% | ||
| Q2 24 | -56.4% | -7.2% | ||
| Q1 24 | -58.8% | -43.6% |
净利率FIPTLRY
| Q4 25 | -68.1% | -20.7% | ||
| Q3 25 | -74.4% | -0.2% | ||
| Q2 25 | -57.2% | -566.9% | ||
| Q1 25 | 125.0% | -424.9% | ||
| Q4 24 | -154.4% | -40.5% | ||
| Q3 24 | -51.6% | -19.6% | ||
| Q2 24 | -56.7% | -13.8% | ||
| Q1 24 | -60.9% | -49.2% |
每股收益（稀释后）FIPTLRY
| Q4 25 | $-1.04 | $-0.41 | ||
| Q3 25 | $-1.38 | $0.00 | ||
| Q2 25 | $-0.73 | $7.26 | ||
| Q1 25 | $0.89 | $-8.69 | ||
| Q4 24 | $-1.21 | $-0.99 | ||
| Q3 24 | $-0.45 | $-0.04 | ||
| Q2 24 | $-0.52 | $-0.04 | ||
| Q1 24 | $-0.54 | $-0.12 |
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 | $291.6M |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | $21.3M | $1.6B |
| 总资产 | $5.7B | $2.1B |
| 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FIPTLRY
| Q4 25 | $57.4M | $291.6M | ||
| Q3 25 | $34.7M | $264.8M | ||
| Q2 25 | $33.6M | $256.4M | ||
| Q1 25 | $26.3M | — | ||
| Q4 24 | $27.8M | $252.2M | ||
| Q3 24 | $20.3M | $280.1M | ||
| Q2 24 | $33.1M | $260.5M | ||
| Q1 24 | $23.0M | $225.9M |
总债务FIPTLRY
| 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FIPTLRY
| Q4 25 | $21.3M | $1.6B | ||
| Q3 25 | $181.1M | $1.5B | ||
| Q2 25 | $375.5M | $1.5B | ||
| Q1 25 | $476.2M | $2.7B | ||
| Q4 24 | $202.7M | $3.5B | ||
| Q3 24 | $370.8M | $3.5B | ||
| Q2 24 | $394.8M | $3.4B | ||
| Q1 24 | $402.5M | $3.4B |
总资产FIPTLRY
| Q4 25 | $5.7B | $2.1B | ||
| Q3 25 | $5.5B | $2.1B | ||
| Q2 25 | $4.4B | $2.1B | ||
| Q1 25 | $4.1B | — | ||
| Q4 24 | $2.4B | $4.2B | ||
| Q3 24 | $2.4B | $4.3B | ||
| Q2 24 | $2.5B | $4.2B | ||
| Q1 24 | $2.3B | $4.2B |
负债/权益比FIPTLRY
| 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 | $-8.5M |
| 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FIPTLRY
| Q4 25 | $-2.8M | $-8.5M | ||
| Q3 25 | $-24.4M | $-1.3M | ||
| Q2 25 | $-5.2M | $-12.8M | ||
| Q1 25 | $-85.7M | $-5.8M | ||
| Q4 24 | $-8.1M | $-40.7M | ||
| Q3 24 | $14.2M | $-35.3M | ||
| Q2 24 | $-17.6M | $30.7M | ||
| Q1 24 | $-3.9M | $-15.4M |
自由现金流FIPTLRY
| Q4 25 | $-68.6M | — | ||
| Q3 25 | $-90.7M | — | ||
| Q2 25 | $-87.5M | $-19.1M | ||
| Q1 25 | $-151.7M | $-20.2M | ||
| Q4 24 | $-34.3M | $-46.2M | ||
| Q3 24 | $-11.7M | $-42.0M | ||
| Q2 24 | $-32.1M | $21.0M | ||
| Q1 24 | $-16.7M | $-24.9M |
自由现金流率FIPTLRY
| Q4 25 | -47.8% | — | ||
| Q3 25 | -64.5% | — | ||
| Q2 25 | -71.6% | -8.5% | ||
| Q1 25 | -157.7% | -10.9% | ||
| Q4 24 | -42.4% | -21.9% | ||
| Q3 24 | -14.0% | -21.0% | ||
| Q2 24 | -37.9% | 9.1% | ||
| Q1 24 | -20.3% | -13.2% |
资本支出强度FIPTLRY
| Q4 25 | 45.9% | — | ||
| Q3 25 | 47.2% | — | ||
| Q2 25 | 67.3% | 2.8% | ||
| Q1 25 | 68.6% | 7.8% | ||
| Q4 24 | 32.5% | 2.6% | ||
| Q3 24 | 31.1% | 3.4% | ||
| Q2 24 | 17.2% | 4.2% | ||
| Q1 24 | 15.6% | 5.1% |
现金转化率FIPTLRY
| 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% |
TLRY
| Adultuse Cannabis Products | $62.4M | 29% |
| Other | $59.2M | 27% |
| Beverage Alcohol Business | $53.6M | 25% |
| International Cannabis Products | $20.2M | 9% |
| Wellness Business | $14.6M | 7% |
| Medical Cannabis Products | $6.2M | 3% |
| Wholesale Cannabis Products | $1.3M | 1% |
