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FTAI Infrastructure Inc.（FIP）与Vericel Corp（VCEL）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Vericel Corp的1.5倍（$143.5M vs $92.9M），Vericel Corp净利率更高（25.0% vs -68.1%，领先93.1%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 23.3%），Vericel Corp自由现金流更多（$12.8M vs $-68.6M），过去两年Vericel Corp的营收复合增速更高（34.6% 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。
Vericel Corp是一家美国上市生物制药企业，前身为1989年在密歇根州安娜堡成立的Aastrom Bio，2014年10月正式更为现名，专注于生物制药相关领域的研发与商业化运营。
FIP vs VCEL — 直观对比
营收规模更大
FIP
是对方的1.5倍
$92.9M
营收增速更快
FIP
高出54.4%
23.3%
净利率更高
VCEL
高出93.1%
-68.1%
自由现金流更多
VCEL
多$81.5M
$-68.6M
两年增速更快
VCEL
近两年复合增速
31.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $92.9M |
| 净利润 | $-97.7M | $23.2M |
| 毛利率 | — | 78.7% |
| 营业利润率 | -45.7% | 24.1% |
| 净利率 | -68.1% | 25.0% |
| 营收同比 | 77.7% | 23.3% |
| 净利润同比 | 21.6% | 17.3% |
| 每股收益（稀释后） | $-1.04 | $0.46 |
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FIPVCEL
| Q4 25 | $143.5M | $92.9M | ||
| Q3 25 | $140.6M | $67.5M | ||
| Q2 25 | $122.3M | $63.2M | ||
| Q1 25 | $96.2M | $52.6M | ||
| Q4 24 | $80.8M | $75.4M | ||
| Q3 24 | $83.3M | $57.9M | ||
| Q2 24 | $84.9M | $52.7M | ||
| Q1 24 | $82.5M | $51.3M |
净利润FIPVCEL
| Q4 25 | $-97.7M | $23.2M | ||
| Q3 25 | $-104.5M | $5.1M | ||
| Q2 25 | $-70.0M | $-553.0K | ||
| Q1 25 | $120.2M | $-11.2M | ||
| Q4 24 | $-124.7M | $19.8M | ||
| Q3 24 | $-43.0M | $-901.0K | ||
| Q2 24 | $-48.1M | $-4.7M | ||
| Q1 24 | $-50.3M | $-3.9M |
毛利率FIPVCEL
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
营业利润率FIPVCEL
| Q4 25 | -45.7% | 24.1% | ||
| Q3 25 | -70.8% | 5.1% | ||
| Q2 25 | -56.4% | -3.2% | ||
| Q1 25 | 81.8% | -24.3% | ||
| Q4 24 | -152.7% | 24.5% | ||
| Q3 24 | -51.7% | -4.3% | ||
| Q2 24 | -56.4% | -11.5% | ||
| Q1 24 | -58.8% | -10.7% |
净利率FIPVCEL
| Q4 25 | -68.1% | 25.0% | ||
| Q3 25 | -74.4% | 7.5% | ||
| Q2 25 | -57.2% | -0.9% | ||
| Q1 25 | 125.0% | -21.4% | ||
| Q4 24 | -154.4% | 26.3% | ||
| Q3 24 | -51.6% | -1.6% | ||
| Q2 24 | -56.7% | -8.9% | ||
| Q1 24 | -60.9% | -7.5% |
每股收益（稀释后）FIPVCEL
| Q4 25 | $-1.04 | $0.46 | ||
| Q3 25 | $-1.38 | $0.10 | ||
| Q2 25 | $-0.73 | $-0.01 | ||
| Q1 25 | $0.89 | $-0.23 | ||
| Q4 24 | $-1.21 | $0.40 | ||
| Q3 24 | $-0.45 | $-0.02 | ||
| Q2 24 | $-0.52 | $-0.10 | ||
| Q1 24 | $-0.54 | $-0.08 |
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 | $137.5M |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | $21.3M | $354.6M |
| 总资产 | $5.7B | $488.0M |
| 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FIPVCEL
| Q4 25 | $57.4M | $137.5M | ||
| Q3 25 | $34.7M | $135.4M | ||
| Q2 25 | $33.6M | $116.9M | ||
| Q1 25 | $26.3M | $112.9M | ||
| Q4 24 | $27.8M | $116.2M | ||
| Q3 24 | $20.3M | $101.7M | ||
| Q2 24 | $33.1M | $102.5M | ||
| Q1 24 | $23.0M | $110.6M |
总债务FIPVCEL
| 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FIPVCEL
| Q4 25 | $21.3M | $354.6M | ||
| Q3 25 | $181.1M | $321.9M | ||
| Q2 25 | $375.5M | $306.8M | ||
| Q1 25 | $476.2M | $295.5M | ||
| Q4 24 | $202.7M | $292.0M | ||
| Q3 24 | $370.8M | $257.5M | ||
| Q2 24 | $394.8M | $243.0M | ||
| Q1 24 | $402.5M | $233.9M |
总资产FIPVCEL
| Q4 25 | $5.7B | $488.0M | ||
| Q3 25 | $5.5B | $453.3M | ||
| Q2 25 | $4.4B | $435.6M | ||
| Q1 25 | $4.1B | $424.6M | ||
| Q4 24 | $2.4B | $432.7M | ||
| Q3 24 | $2.4B | $390.4M | ||
| Q2 24 | $2.5B | $376.8M | ||
| Q1 24 | $2.3B | $356.7M |
负债/权益比FIPVCEL
| 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 | $15.0M |
| 自由现金流经营现金流 - 资本支出 | $-68.6M | $12.8M |
| 自由现金流率自由现金流/营收 | -47.8% | 13.8% |
| 资本支出强度资本支出/营收 | 45.9% | 2.4% |
| 现金转化率经营现金流/净利润 | — | 0.65× |
| 过去12个月自由现金流最近4个季度 | $-398.5M | $24.7M |
8季度趋势，按日历期对齐
经营现金流FIPVCEL
| Q4 25 | $-2.8M | $15.0M | ||
| Q3 25 | $-24.4M | $22.1M | ||
| Q2 25 | $-5.2M | $8.2M | ||
| Q1 25 | $-85.7M | $6.6M | ||
| Q4 24 | $-8.1M | $22.2M | ||
| Q3 24 | $14.2M | $10.2M | ||
| Q2 24 | $-17.6M | $18.5M | ||
| Q1 24 | $-3.9M | $7.2M |
自由现金流FIPVCEL
| Q4 25 | $-68.6M | $12.8M | ||
| Q3 25 | $-90.7M | $19.5M | ||
| Q2 25 | $-87.5M | $81.0K | ||
| Q1 25 | $-151.7M | $-7.6M | ||
| Q4 24 | $-34.3M | $8.5M | ||
| Q3 24 | $-11.7M | $-9.2M | ||
| Q2 24 | $-32.1M | $1.8M | ||
| Q1 24 | $-16.7M | $-6.8M |
自由现金流率FIPVCEL
| Q4 25 | -47.8% | 13.8% | ||
| Q3 25 | -64.5% | 28.8% | ||
| Q2 25 | -71.6% | 0.1% | ||
| Q1 25 | -157.7% | -14.5% | ||
| Q4 24 | -42.4% | 11.2% | ||
| Q3 24 | -14.0% | -15.9% | ||
| Q2 24 | -37.9% | 3.4% | ||
| Q1 24 | -20.3% | -13.3% |
资本支出强度FIPVCEL
| Q4 25 | 45.9% | 2.4% | ||
| Q3 25 | 47.2% | 3.9% | ||
| Q2 25 | 67.3% | 12.9% | ||
| Q1 25 | 68.6% | 27.0% | ||
| Q4 24 | 32.5% | 18.3% | ||
| Q3 24 | 31.1% | 33.5% | ||
| Q2 24 | 17.2% | 31.8% | ||
| Q1 24 | 15.6% | 27.3% |
现金转化率FIPVCEL
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | 1.12× | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
