FIP FTAI Infrastructure Inc. - Common Stock
$4.13
Price · Aug 18, 2026
Fundamentals as of Aug 10, 2026
52W Range
$3–$7
30% of range
Analyst Rating
BUY
8 analysts
Price Target
$10
+141% upside
P/E (TTM)
-1.8
ROE
-135.8%
Net Profit Margin
-30.3%
FIP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.13
Market Cap
$480M
P/E (TTM)
-1.8
EPS (TTM)
$-2.26
Revenue (TTM)
$503M
Div Yield
2.9%
ROE
-135.8%
Debt/Equity
177.0
52W Range
$3 – $7
FIP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$503M
2020-12-31
→
2025-12-31
EPS
$-2.26
2020-12-31
→
2025-12-31
Free Cash Flow
$-399M
2022-12-31
→
2025-12-31
Margins
-30.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FIP
Peer Median
P/E (TTM)
-1.8
29.9
P/S (TTM)
1.0
6.5
P/B
22.5
4.8
EV / EBITDA
31.7
—
Price / FCF
-1.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FIP
Peer Median
Net Profit Margin
-30.3%
21.6%
ROA
-3.7%
6.6%
ROE
-135.8%
20.4%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FIP
Peer Median
Debt / Equity
177.0
—
Current Ratio
1.2
0.9
Quick Ratio
0.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FIP
Peer Median
Revenue YoY
51.6%
—
Revenue CAGR 3Y
24.2%
—
Revenue CAGR 5Y
48.9%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FIP
Peer Median
Payout Ratio
-9.1%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
2.9%
Payout Ratio
-9.1%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| May 18, 2026 | $0.0300 |
| March 13, 2026 | $0.0300 |
| Nov. 14, 2025 | $0.0300 |
| Aug. 25, 2025 | $0.0300 |
| May 19, 2025 | $0.0300 |
| March 14, 2025 | $0.0300 |
| Nov. 12, 2024 | $0.0300 |
| Aug. 12, 2024 | $0.0300 |
| May 16, 2024 | $0.0300 |
| March 26, 2024 | $0.0300 |
| Nov. 8, 2023 | $0.0300 |
| Aug. 7, 2023 | $0.0300 |
| May 12, 2023 | $0.0300 |
| March 13, 2023 | $0.0300 |
| Nov. 10, 2022 | $0.0300 |
FIP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 3 37.5%
- Buy 4 50.0%
- Hold 1 12.5%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-19
Median
$9.50
Mean
$9.94
← Below all targets
$4.13
Low
$8.75
High
$12.00
Median target
$9.50
+130.1%
Mean target
$9.94
+140.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.32%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-1.41 | $-0.57 | -0.84% |
| March 31, 2026 | $-1.00 | $-0.42 | -0.58% |
| Dec. 31, 2025 | $-1.08 | $-0.43 | -0.65% |
| Sept. 30, 2025 | $-1.37 | $-0.60 | -0.77% |
| June 30, 2025 | $-0.65 | $-0.37 | -0.28% |
| March 31, 2025 | $0.89 | $-0.30 | 1.2% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FIP | $536M | -2.0 | 51.6% | -30.3% | -135.8% | — |
| UNP | $137.23B | 19.3 | 1.1% | 29.1% | 41.1% | — |
| CSX | $67.42B | 23.5 | -3.1% | 20.5% | 22.6% | — |
| NSC | $64.79B | 22.6 | 0.47% | 23.6% | 18.9% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue | $503M | $331M | $320M | $262M | $120M | |
| SG&A Expense | $16M | $15M | $13M | $11M | $9M | |
| Operating Expenses | $300M | $248M | $254M | $208M | $99M | |
| Interest Expense | $266M | $122M | $100M | $53M | $16M | |
| Other Non-op | $21M | $21M | $7M | $-3M | $-9M | |
| Pretax Income | $-155M | $-263M | $-157M | $-183M | $-110M | |
| Income Tax | $-3M | $3M | $2M | $4M | $-4M | |
| Net Income | $-152M | $-266M | $-160M | $-188M | $-106M | |
| EPS (Basic) | $-2.24 | $-2.72 | $-1.78 | $-1.73 | $-0.80 | |
| EPS (Diluted) | $-2.26 | $-2.72 | $-1.79 | $-1.73 | $-0.80 | |
| Shares (Basic) | 115,214,910 | 108,217,871 | 102,960,812 | 102,747,121 | 99,387,467 | |
| Shares (Diluted) | 115,214,910 | 108,217,871 | 102,960,812 | 102,747,121 | 99,387,467 | |
| EBITDA | $132M | $79M | $81M | $71M | · |
Balance Sheet 22
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $57M | $28M | $29M | $36M | $50M | |
| Other Current Assets | $63M | $20M | $42M | $67M | $61M | |
| Current Assets | $484M | $220M | $186M | $278M | $278M | |
| PP&E (Net) | $4.58B | $1.65B | $1.63B | $1.67B | $1.52B | |
| PP&E (Gross) | $5.06B | $2.00B | $1.91B | $1.88B | $1.66B | |
| Accum. Depreciation | $478M | $351M | $276M | $206M | $144M | |
| Goodwill | $366M | $275M | $275M | $260M | $257M | |
| Intangibles | $43M | $46M | $53M | $60M | $68M | |
| Other Non-current Assets | $82M | $62M | $57M | $27M | $25M | |
| Total Assets | $5.75B | $2.37B | $2.38B | $2.48B | $2.48B | |
| Current Liabilities | $410M | $251M | $151M | $160M | $160M | |
| Capital Leases | $71M | $61M | $62M | $63M | $68M | |
| Total Liabilities | $4.80B | $1.92B | $1.64B | $1.69B | $1.69B | |
| Long-term Debt | $3.77B | $1.59B | $1.34B | $1.23B | $1.23B | |
| Total Debt | $3.77B | $1.59B | $1.34B | $1.23B | · | |
| Common Stock | $1M | $1M | $1M | $994.0K | $0 | |
| Paid-in Capital | $624M | $764M | $844M | $912M | $0 | |
| Retained Earnings | $-513M | $-406M | $-182M | $-61M | $0 | |
| AOCI | $-91M | $-157M | $-179M | $-300M | $-155M | |
| Stockholders' Equity | $21M | $203M | $484M | $552M | $1.46B | |
| Liabilities + Equity | $5.75B | $2.37B | $2.38B | $2.48B | $2.48B | |
| Shares Outstanding | 116,294,461 | 113,934,860 | 100,589,572 | 99,445,074 | · |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $132M | $79M | $81M | $71M | $54M | |
| Deferred Tax | $-6M | $2M | $2M | $4M | $-4M | |
| Other Non-cash | $-93M | $169M | $82M | $70M | · | |
| Operating Cash Flow | $-118M | $-15M | $6M | $-43M | $-62M | |
| CapEx | $281M | $80M | $99M | $217M | $141M | |
| Investing Cash Flow | $-1.14B | $-118M | $-147M | $-267M | $-829M | |
| Debt Issued | $1.79B | $498M | $181M | $519M | $451M | |
| Net Debt Issued | $1.01B | $251M | $106M | $519M | · | |
| Stock Issued | $3M | $0 | $0 | · | · | |
| Net Stock Activity | $3M | · | · | · | · | |
| Dividends Paid | $14M | $13M | $12M | $3M | $0 | |
| Financing Cash Flow | $1.44B | $193M | $79M | $158M | $1.14B | |
| Net Change in Cash | $179M | $60M | $-62M | $-152M | $246M | |
| Taxes Paid | · | $457.0K | $459.0K | $379.0K | $334.0K | |
| Free Cash Flow | $-399M | $-95M | $-94M | $-260M | · | |
| Levered FCF | $-659M | $-218M | $-195M | $-314M | · |
Profitability 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Net Margin | -30.3% | -80.3% | -49.9% | -71.6% | · | |
| Pretax Margin | -30.9% | -79.3% | -49.1% | -69.9% | · | |
| EBITDA Margin | 26.4% | 23.9% | 25.3% | 27.0% | · | |
| ROA | -3.7% | -11.2% | -6.6% | -7.6% | · | |
| ROE | -135.8% | -77.5% | -30.8% | -18.6% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 1.2 | 0.9 | 1.2 | 1.7 | · | |
| Quick Ratio | 0.1 | 0.1 | 0.2 | 0.2 | · | |
| Debt / Equity | 177.0 | 7.8 | 2.8 | 2.2 | · | |
| LT Debt / Equity | 173.9 | 7.6 | 2.8 | 2.2 | · |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | 0.1 | 0.1 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue YoY | 51.6% | 3.4% | 22.3% | 117.9% | 75.3% | |
| Revenue CAGR 3Y | 24.2% | 40.2% | 67.2% | · | · | |
| Revenue CAGR 5Y | 48.9% | · | · | · | · |
Valuation (TTM) 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Revenue TTM | $503M | $331M | $320M | $262M | · | |
| Net Income TTM | $-152M | $-266M | $-160M | $-188M | · | |
| Market Cap | $536M | $827M | $391M | $293M | · | |
| Enterprise Value | $4.25B | $2.39B | $1.70B | $1.49B | · | |
| P/E | -2.0 | -2.7 | -2.2 | -1.7 | · | |
| P/S | 1.1 | 2.5 | 1.2 | 1.1 | · | |
| P/B | 25.1 | 4.1 | 0.8 | 0.5 | · | |
| P / Tangible Book | · | · | 2.5 | 1.3 | · | |
| P / Cash Flow | -4.5 | -54.1 | 71.0 | -6.9 | · | |
| P / FCF | -1.3 | -8.7 | -4.2 | -1.1 | · | |
| EV / EBITDA | 32.1 | 30.1 | 21.0 | 21.0 | · | |
| EV / FCF | -10.7 | -25.2 | -18.2 | -5.7 | · | |
| EV / Revenue | 8.5 | 7.2 | 5.3 | 5.7 | · | |
| Dividend Yield | 2.6% | 1.6% | 3.2% | 1.1% | · | |
| Earnings Yield | -49.0% | -37.5% | -46.0% | -58.6% | · | |
| Payout Ratio | -9.1% | -4.9% | -7.7% | -1.6% | · | |
| Annual Payout | $14M | $13M | $12M | $3M | · |
Income Statement 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $187M | $188M | $144M | $141M | $122M | $96M | $81M | $83M | $85M | $83M | $81M | $81M | $82M | $76M | $71M | $79M | |
| SG&A Expense | $4M | $4M | $4M | $3M | $4M | $5M | $4M | $3M | $3M | $5M | $3M | $2M | $4M | $3M | $3M | $3M | |
| Operating Expenses | $233M | $186M | $-54M | $120M | $129M | $103M | $-25M | $91M | $88M | $94M | $-24M | $95M | $91M | $92M | $-26M | $88M | |
| Interest Expense | $105M | $82M | $90M | $73M | $59M | $43M | $33M | $32M | $30M | $28M | $26M | $26M | $24M | $23M | $21M | $19M | |
| Other Non-op | $3M | $3M | $8M | $6M | $3M | $4M | $5M | $7M | $7M | $2M | $3M | $2M | $1M | $221.0K | $-1M | $-1M | |
| Pretax Income | $-151M | $-124M | $-66M | $-99M | $-69M | $79M | $-123M | $-43M | $-48M | $-48M | $-40M | $-50M | $-33M | $-34M | $-57M | $-42M | |
| Income Tax | $-12M | $4M | $32M | $5M | $952.0K | $-42M | $1M | $-92.0K | $267.0K | $2M | $-90.0K | $8.0K | $823.0K | $2M | $-618.0K | $2M | |
| Net Income | $-139M | $-127M | $-98M | $-105M | $-70M | $120M | $-125M | $-43M | $-48M | $-50M | $-40M | $-50M | $-34M | $-36M | $-56M | $-43M | |
| EPS (Basic) | $-1.41 | $-1.32 | $-1.08 | $-1.38 | $-0.73 | $0.95 | $-1.21 | $-0.45 | $-0.52 | $-0.54 | $-0.46 | $-0.55 | $-0.38 | $-0.39 | $-0.57 | $-0.43 | |
| EPS (Diluted) | $-1.41 | $-1.32 | $-1.04 | $-1.38 | $-0.73 | $0.89 | $-1.21 | $-0.45 | $-0.52 | $-0.54 | $-0.46 | $-0.55 | $-0.38 | $-0.40 | $-0.57 | $-0.43 | |
| Shares (Basic) | 118,163,955 | 116,689,474 | -229,323,740 | 115,555,973 | 114,880,817 | 114,101,860 | -210,735,078 | 109,723,831 | 105,039,831 | 104,189,287 | -205,441,279 | 102,820,651 | 102,793,800 | 102,787,640 | -198,757,846 | 102,730,033 | |
| Shares (Diluted) | 118,163,955 | 116,689,474 | -237,980,739 | 115,555,973 | 114,880,817 | 122,758,859 | -210,735,078 | 109,723,831 | 105,039,831 | 104,189,287 | -205,441,279 | 102,820,651 | 102,793,800 | 102,787,640 | -198,757,846 | 102,730,033 | |
| EBITDA | $40M | $51M | · | $35M | $34M | $25M | · | $19M | $20M | $21M | · | $20M | $20M | $20M | · | $18M |
Balance Sheet 22
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33M | $38M | $57M | $35M | $34M | $26M | $28M | $20M | $33M | $23M | · | $24M | $43M | $40M | · | $69M | |
| Other Current Assets | $48M | $73M | $63M | $25M | $23M | $30M | $20M | $47M | $51M | $46M | · | $37M | $61M | $59M | · | $78M | |
| Current Assets | $368M | $398M | $484M | $443M | $539M | $319M | $220M | $247M | $289M | $165M | · | $180M | $214M | $239M | · | $353M | |
| PP&E (Net) | $3.14B | $4.58B | $4.58B | $3.26B | $3.23B | $3.19B | $1.65B | $1.62B | $1.61B | $1.61B | · | $1.66B | $1.69B | $1.69B | · | $1.64B | |
| PP&E (Gross) | $3.62B | $5.10B | $5.06B | $3.70B | $3.64B | $3.56B | $2.00B | $1.96B | $1.92B | $1.91B | · | $1.92B | $1.93B | $1.91B | · | $1.83B | |
| Accum. Depreciation | $484M | $526M | $478M | $440M | $407M | $374M | $351M | $333M | $316M | $298M | · | $260M | $242M | $224M | · | $190M | |
| Goodwill | $275M | $366M | $366M | $401M | $401M | $403M | $275M | $275M | $275M | $275M | · | $275M | $260M | $260M | · | $263M | |
| Intangibles | $56M | $42M | $43M | $44M | $45M | $47M | $46M | $47M | $49M | $51M | · | $55M | $56M | $58M | · | $62M | |
| Other Non-current Assets | $100M | $99M | · | $71M | $67M | $67M | · | $84M | $65M | $71M | · | $38M | $45M | $27M | · | $26M | |
| Total Assets | $5.75B | $5.69B | $5.75B | $5.45B | $4.41B | $4.14B | $2.37B | $2.44B | $2.45B | $2.34B | · | $2.39B | $2.44B | $2.45B | · | $2.53B | |
| Current Liabilities | $1.33B | $362M | $410M | $1.77B | $363M | $371M | $251M | $174M | $138M | $240M | · | $162M | $182M | $155M | · | $172M | |
| Capital Leases | $91M | $85M | $71M | $61M | $60M | $60M | $61M | $62M | $61M | $62M | · | $61M | $62M | $63M | · | $62M | |
| Total Liabilities | $5.11B | $4.87B | $4.80B | $4.37B | $3.63B | $3.28B | $1.92B | $1.82B | $1.81B | $1.68B | · | $1.60B | $1.61B | $1.65B | · | $1.72B | |
| Long-term Debt | $2.76B | $3.81B | $3.77B | $3.73B | $3.08B | $2.75B | $1.59B | $1.54B | $1.55B | $1.34B | · | $1.32B | $1.30B | $1.27B | · | $1.19B | |
| Total Debt | $2.76B | $3.81B | · | $3.73B | $3.08B | $2.66B | · | $1.54B | $1.55B | $1.27B | · | $1.32B | $1.30B | $1.27B | · | $1.19B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $994.0K | $994.0K | $994.0K | · | $994.0K | |
| Paid-in Capital | $554M | $590M | $624M | $675M | $725M | $748M | $764M | $786M | $804M | $823M | · | $863M | $875M | $893M | · | $929M | |
| Retained Earnings | $-754M | $-626M | $-513M | $-439M | $-333M | $-274M | $-406M | $-292M | $-259M | $-222M | · | $-151M | $-110M | $-87M | · | $-14M | |
| AOCI | $-131M | $-87M | $-91M | $-56M | $-17M | $943.0K | $-157M | $-125M | $-151M | $-200M | $-179M | $-179M | $-185M | $-247M | $-300M | $-342M | |
| Stockholders' Equity | $-330M | $-122M | $21M | $181M | $375M | $476M | $203M | $371M | $395M | $403M | · | $534M | $581M | $560M | · | $574M | |
| Liabilities + Equity | $5.75B | $5.69B | $5.75B | $5.45B | $4.41B | $4.14B | $2.37B | $2.44B | $2.45B | $2.34B | · | $2.39B | $2.44B | $2.45B | · | $2.53B | |
| Shares Outstanding | 118,181,737 | 118,163,555 | 116,294,461 | 116,294,461 | 115,087,817 | 114,761,435 | 113,934,860 | 113,745,115 | 101,704,885 | 101,693,823 | · | 99,490,386 | 99,470,553 | 99,445,074 | · | 99,387,467 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $40M | $51M | $39M | $35M | $34M | $25M | $19M | $19M | $20M | $21M | $20M | $20M | $20M | $20M | $18M | $18M | |
| Deferred Tax | · | · | $30M | $5M | $529.0K | $-42M | $733.0K | $-306.0K | $156.0K | $1M | $-132.0K | $38.0K | $563.0K | $2M | $-866.0K | $2M | |
| Other Non-cash | · | $7M | · | · | · | $-189M | · | · | · | $25M | · | · | · | $2M | · | · | |
| Operating Cash Flow | $39M | $-69M | $-3M | $-24M | $-5M | $-86M | $-8M | $14M | $-18M | $-4M | $8M | $15M | $-5M | $-12M | $-5M | $18M | |
| CapEx | $83M | $46M | $66M | $66M | $82M | $67M | $26M | $26M | $15M | $13M | $20M | $13M | $26M | $40M | $45M | $58M | |
| Investing Cash Flow | $-133M | $-45M | $-46M | $-1.18B | $-86M | $164M | $-28M | $-37M | $-34M | $-19M | $-8M | $-45M | $-28M | $-67M | $-72M | $-74M | |
| Debt Issued | $98M | $1.31B | $50M | $1.25B | $466M | $28M | $49M | $0 | $450M | $0 | $19M | $96M | $25M | $42M | $37M | $473M | |
| Net Debt Issued | · | $-11M | · | · | · | $28M | · | · | · | $0 | · | · | · | $42M | · | · | |
| Stock Issued | · | · | $0 | · | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $6M | $0 | $3M | $3M | $3M | $3M | $3M | $0 | |
| Financing Cash Flow | $72M | $16M | $21M | $1.11B | $316M | $-3M | $39M | $-19M | $174M | $-454.0K | $10M | $10M | $21M | $38M | $30M | $6M | |
| Net Change in Cash | $-55M | $-99M | $-28M | $-94M | $225M | $76M | $3M | $-42M | $122M | $-23M | $10M | $-20M | $-11M | $-41M | $-47M | $-50M | |
| Free Cash Flow | · | $-116M | · | · | · | $-152M | · | · | · | $-17M | · | · | · | $-52M | · | · | |
| Levered FCF | · | $-201M | · | · | · | $-218M | · | · | · | $-45M | · | · | · | $-76M | · | · |
Profitability 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | -74.7% | -67.5% | · | -74.4% | -57.2% | 125.0% | · | -51.6% | -56.7% | -60.9% | · | -62.0% | -41.4% | -46.9% | · | -55.0% | |
| Pretax Margin | -80.9% | -65.7% | · | -70.8% | -56.4% | 81.8% | · | -51.7% | -56.4% | -58.8% | · | -62.0% | -40.4% | -44.7% | · | -53.0% | |
| EBITDA Margin | 21.2% | 26.9% | · | 24.8% | 27.8% | 26.0% | · | 23.4% | 23.8% | 24.9% | · | 25.0% | 24.8% | 26.3% | · | 23.1% | |
| ROA | -2.8% | -2.6% | · | -2.6% | -2.0% | 3.7% | · | -1.8% | -2.0% | -2.1% | · | -2.0% | -1.4% | -2.9% | · | -3.4% | |
| ROE | -610.4% | -71.9% | · | -37.9% | -18.2% | 27.4% | · | -9.5% | -9.9% | -10.4% | · | -9.0% | -3.5% | -12.8% | · | -15.1% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.3 | 1.1 | · | 0.3 | 1.5 | 0.9 | · | 1.4 | 2.1 | 0.7 | · | 1.1 | 1.2 | 1.5 | · | 2.1 | |
| Quick Ratio | 0.0 | 0.1 | · | 0.0 | 0.1 | 0.1 | · | 0.1 | 0.2 | 0.1 | · | 0.2 | 0.2 | 0.3 | · | 0.4 | |
| Debt / Equity | -8.4 | -31.1 | · | 20.6 | 8.2 | 5.6 | · | 4.1 | 3.9 | 3.1 | · | 2.5 | 2.2 | 2.3 | · | 2.1 | |
| LT Debt / Equity | -6.9 | -30.9 | · | 12.2 | 8.0 | 5.6 | · | 4.1 | 3.9 | 3.1 | · | 2.5 | 2.2 | 2.3 | · | 2.1 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.1 | · | 0.1 |
Valuation (TTM) 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $638M | $547M | · | $442M | $387M | $347M | · | $331M | $330M | $322M | · | $318M | $303M | $267M | · | $227M | |
| Net Income TTM | $-441M | $-182M | · | $-97M | $-41M | $-21M | · | $-191M | $-182M | $-170M | · | $-163M | $-151M | $-167M | · | $-166M | |
| Market Cap | $548M | $584M | · | $507M | $710M | $520M | · | $1.06B | $878M | $639M | · | $320M | $367M | $298M | · | $239M | |
| Enterprise Value | $3.28B | $4.36B | · | $4.20B | $3.76B | $3.16B | · | $2.58B | $2.40B | $1.88B | · | $1.61B | $1.63B | $1.53B | · | $1.36B | |
| P/E | -1.0 | -1.9 | · | -2.6 | -7.6 | -7.3 | · | -4.5 | -4.3 | -3.4 | · | -1.8 | -2.4 | -1.9 | · | -1.7 | |
| P/S | 0.9 | 1.1 | · | 1.1 | 1.8 | 1.5 | · | 3.2 | 2.7 | 2.0 | · | 1.0 | 1.2 | 1.1 | · | 1.0 | |
| P/B | -1.7 | -4.8 | · | 2.8 | 1.9 | 1.1 | · | 2.9 | 2.2 | 1.6 | · | 0.6 | 0.6 | 0.5 | · | 0.4 | |
| P / Tangible Book | · | · | · | · | · | 19.6 | · | 22.1 | 12.4 | 8.4 | · | 1.6 | 1.4 | 1.2 | · | 1.0 | |
| P / Cash Flow | · | -8.4 | · | · | · | -6.1 | · | · | · | -164.5 | · | · | · | -24.6 | · | · | |
| P / FCF | · | -5.0 | · | · | · | -3.4 | · | · | · | -38.1 | · | · | · | -5.7 | · | · | |
| EV / EBITDA | 83.0 | 86.0 | · | 120.7 | 110.6 | 126.2 | · | 132.4 | 119.0 | 91.7 | · | 80.1 | 80.1 | 76.1 | · | 75.0 | |
| EV / FCF | · | -37.6 | · | · | · | -20.8 | · | · | · | -112.4 | · | · | · | -29.5 | · | · | |
| EV / Revenue | 5.1 | 8.0 | · | 9.5 | 9.7 | 9.1 | · | 7.8 | 7.3 | 5.9 | · | 5.1 | 5.4 | 5.7 | · | 6.0 | |
| Earnings Yield | -104.3% | -51.4% | · | -38.3% | -13.1% | -13.7% | · | -22.0% | -23.1% | -29.8% | · | -54.7% | -40.9% | -52.0% | · | -59.6% | |
| Payout Ratio | · | -2.8% | · | · | · | 2.9% | · | · | · | 0.00% | · | · | · | -8.6% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $503M | $331M | $320M | $262M | $120M |
| Net Income | $-152M | $-266M | $-160M | $-188M | $-106M |
| Diluted EPS | $-2.26 | $-2.72 | $-1.79 | $-1.73 | $-0.80 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 177.0 | 7.8 | 2.8 | 2.2 | — |
| Current Ratio | 1.2 | 0.9 | 1.2 | 1.7 | — |
| Quick Ratio | 0.1 | 0.1 | 0.2 | 0.2 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-399M | $-95M | $-94M | $-260M | — |
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Institutional owners (13F) 200 filers · $412.2M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 30 (+1 vs prior Q) | 27 (+5 vs prior Q) | 53 (-5 vs prior Q) | 50 (+3 vs prior Q) | +9.5M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| WELLINGTON MANAGEMENT GROUP LLP | $62,595,229 | 13,490,351 | 15.19% | Shares |
| WASHINGTON STATE INVESTMENT BOARD | $54,686,015 | 11,785,779 | 13.27% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $38,315,748 | 8,257,704 | 9.30% | Shares |
| CASPIAN CAPITAL LP | $24,180,464 | 5,211,307 | 5.87% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $22,494,511 | 4,847,955 | 5.46% | Shares |
| ALLIANCEBERNSTEIN L.P. | $21,011,262 | 4,253,292 | 5.10% | Shares |
| Long Focus Capital Management, LLC | $16,319,850 | 3,517,209 | 3.96% | Shares |
| ROYCE & ASSOCIATES LP | $15,346,048 | 3,307,338 | 3.72% | Shares |
| STATE STREET CORP | $13,928,245 | 3,001,777 | 3.38% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $11,718,575 | 2,525,016 | 2.84% | Shares |
| GARNET EQUITY CAPITAL HOLDINGS, INC. | $10,041,781 | 2,164,177 | 2.44% | Shares |
| Shay Capital LLC | $9,901,997 | 2,134,051 | 2.40% | Shares |
| Pingora Partners LLC | $9,716,406 | 2,094,053 | 2.36% | Shares |
| CenterBook Partners LP | $9,108,213 | 1,962,977 | 2.21% | Shares |
| Diamond Hill Capital Management, LLC (Investment Advisor) | $8,591,484 | 1,851,613 | 2.08% | Shares |
| American Assets Capital Advisers | $5,615,676 | 1,287,999 | 1.36% | Shares |
| ARES MANAGEMENT LLC | $5,556,651 | 1,197,554 | 1.35% | Shares |
| BARD ASSOCIATES INC | $5,551,607 | 1,196,467 | 1.35% | Shares |
| GOLDMAN SACHS GROUP INC | $5,207,579 | 1,122,323 | 1.26% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4,160,540 | 896,668 | 1.01% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4,136,212 | 891,425 | 1.00% | Shares |
| Occam Crest Management LP | $4,082,400 | 1,080,000 | 0.99% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,866,934 | 833,391 | 0.94% | Shares |
| Orchard Capital Management, LLC | $3,815,709 | 822,351 | 0.93% | Shares |
| CITADEL ADVISORS LLC | $3,298,915 | 710,973 | 0.80% | Shares |
| Cruiser Capital Advisors, LLC | $3,222,160 | 694,431 | 0.78% | Shares |
| FIFTH THIRD BANCORP | $2,535,811 | 546,511 | 0.62% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,679,559 | 361,974 | 0.41% | Shares |
| TUDOR INVESTMENT CORP ET AL | $1,642,866 | 354,066 | 0.40% | Shares |
| COMERICA BANK | $1,630,308 | 353,646 | 0.40% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $1,545,092 | 332,994 | 0.37% | Shares |
| KIM, LLC | $1,363,701 | 293,901 | 0.33% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,179,358 | 254,172 | 0.29% | Shares |
| Swiss National Bank | $1,045,392 | 225,300 | 0.25% | Shares |
| Biltmore Family Office, LLC | $1,040,509 | 224,248 | 0.25% | Shares |
| Inscription Capital, LLC | $940,774 | 202,753 | 0.23% | Shares |
| CM WEALTH ADVISORS LLC | $893,924 | 192,656 | 0.22% | Shares |
| RHUMBLINE ADVISERS | $838,203 | 180,649 | 0.20% | Shares |
| MYDA Advisors LLC | $821,280 | 177,000 | 0.20% | Shares |
| Manchester Capital Management LLC | $556,281 | 119,888 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $547,056 | 117,900 | 0.13% | Call option |
| Quantinno Capital Management LP | $513,244 | 110,613 | 0.12% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $502,522 | 101,725 | 0.12% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $489,520 | 105,500 | 0.12% | Put option |
| CITADEL ADVISORS LLC | $484,880 | 104,500 | 0.12% | Put option |
| Bank of New York Mellon Corp | $483,140 | 104,125 | 0.12% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $469,457 | 101,176 | 0.11% | Shares |
| Caption Management, LLC | $464,000 | 100,000 | 0.11% | Put option |
| ARDSLEY ADVISORY PARTNERS LP | $464,000 | 100,000 | 0.11% | Shares |
| Legacy Wealth Managment, LLC/ID | $454,971 | 98,054 | 0.11% | Shares |
| Nebula Research & Development LLC | $450,780 | 73,060 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $441,255 | 95,098 | 0.11% | Shares |
| BlackRock, Inc. | $396,302 | 85,410 | 0.10% | Shares |
| AREX Capital Management, LP | $370,500 | 75,000 | 0.09% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $341,137 | 73,521 | 0.08% | Shares |
| VANGUARD GROUP INC | $338,932 | 73,521 | 0.08% | Shares |
| MetLife Investment Management, LLC | $309,827 | 66,773 | 0.08% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $307,873 | 66,352 | 0.07% | Shares |
| Jump Financial, LLC | $302,064 | 65,100 | 0.07% | Shares |
| CITIGROUP INC | $269,719 | 58,129 | 0.07% | Shares |
| Harbor Advisors LLC | $255,200 | 55,000 | 0.06% | Shares |
| FRANKLIN RESOURCES INC | $253,864 | 54,712 | 0.06% | Shares |
| JANUS HENDERSON GROUP PLC | $242,802 | 49,200 | 0.06% | Shares |
| STEPHENS INC /AR/ | $236,413 | 50,951 | 0.06% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $235,401 | 50,733 | 0.06% | Shares |
| Vident Advisory, LLC | $234,705 | 50,583 | 0.06% | Shares |
| ICG Advisors, LLC | $217,370 | 46,847 | 0.05% | Shares |
| TWO SIGMA ADVISERS, LP | $214,365 | 46,500 | 0.05% | Shares |
| ExodusPoint Capital Management, LP | $212,294 | 45,753 | 0.05% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $208,559 | 44,948 | 0.05% | Shares |
| TWO SIGMA INVESTMENTS, LP | $206,480 | 44,500 | 0.05% | Shares |
| Vanguard Global Advisers, LLC | $205,427 | 44,273 | 0.05% | Shares |
| Quantbot Technologies LP | $205,014 | 44,184 | 0.05% | Shares |
| Legacy Investment Solutions, LLC | $204,172 | 33,091 | 0.05% | Shares |
| Invesco Ltd. | $202,777 | 43,702 | 0.05% | Shares |
| Schonfeld Strategic Advisors LLC | $201,374 | 43,400 | 0.05% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $187,289 | 40,364 | 0.05% | Shares |
| UBS Group AG | $182,027 | 39,230 | 0.04% | Shares |
| NJ State Employees Deferred Compensation Plan | $174,400 | 40,000 | 0.04% | Shares |
| Connective Capital Management, LLC | $167,304 | 36,057 | 0.04% | Shares |
| AlphaQuest LLC | $159,700 | 34,642 | 0.04% | Shares |
| WOLVERINE TRADING, LLC | $154,138 | 34,560 | 0.04% | Shares |
| Fractal Investments LLC | $153,120 | 33,000 | 0.04% | Shares |
| Police & Firemen's Retirement System of New Jersey | $149,222 | 32,160 | 0.04% | Shares |
| WOLVERINE TRADING, LLC | $145,396 | 32,600 | 0.04% | Put option |
| ARIZONA STATE RETIREMENT SYSTEM | $143,724 | 30,975 | 0.03% | Shares |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | $141,413 | 30,477 | 0.03% | Shares |
| Vanguard Investments Australia, Ltd. | $134,003 | 28,880 | 0.03% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $131,080 | 28,250 | 0.03% | Shares |
| Mariner, LLC | $114,633 | 24,685 | 0.03% | Shares |
| RAYMOND JAMES FINANCIAL INC | $113,108 | 24,377 | 0.03% | Shares |
| Caption Management, LLC | $112,882 | 24,328 | 0.03% | Shares |
| INTECH INVESTMENT MANAGEMENT LLC | $110,896 | 23,900 | 0.03% | Shares |
| KLP KAPITALFORVALTNING AS | $110,432 | 23,800 | 0.03% | Shares |
| JANE STREET GROUP, LLC | $110,432 | 23,800 | 0.03% | Call option |
| WOLVERINE TRADING, LLC | $107,040 | 24,000 | 0.03% | Call option |
| JANE STREET GROUP, LLC | $104,400 | 22,500 | 0.03% | Put option |
| NEW YORK STATE COMMON RETIREMENT FUND | $102,238 | 22,034 | 0.02% | Shares |
| VOYA INVESTMENT MANAGEMENT LLC | $102,080 | 22,000 | 0.02% | Shares |
| JANE STREET GROUP, LLC | $101,138 | 21,797 | 0.02% | Shares |
Company insiders 7 insiders · 3 officers · 4 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Kenneth J. Nicholson | CEO and President | Aug. 20, 2025 M | 2,175,539 | 0 | 0 | $0 |
| Carl Russell Fletcher IV | CFO and CAO | May 28, 2026 P | 40,000 | 2 | 0 | $90,600 |
| Scott Christopher | CFO, CAO | Aug. 3, 2022 P | 17,800 | 0 | 0 | $0 |
| James L. Hamilton | Director | June 29, 2026 A | 9,410 | 0 | 0 | $0 |
| Judith A Hannaway | Director | June 29, 2026 A | 14,047 | 0 | 0 | $0 |
| Ray M Robinson | Director | June 29, 2026 A | 111,991 | 0 | 0 | $0 |
| Joseph P. Adams Jr. | Director | May 27, 2025 M | 725,127 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| LIF AIV 1, L.P., Labor Impact Fund, L.P., GCM Investments GP, LLC, Grosvenor Capital Management Holdings, LLLP, GCM Grosvenor Holdings, LLC, GCM Grosvenor Inc., GCM V, LLC, Sacks Michael Jay ×2 filings | July 2, 2026 | 15.84% | Amendment | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 32 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| ESSC · Strategy Shares | 0.28% | 11,864 NS | April 30, 2026 | N-PORT |
| IWC · iShares Trust | 0.10% | 373,730 SH | Aug. 8, 2026 | Daily |
| TPOR · Direxion Shares ETF Trust | 0.07% | 2,135 NS | April 30, 2026 | N-PORT |
| IYT · iShares Trust | 0.06% | 331,891 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.03% | 118,189 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.03% | 1,009,496 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 47,512 NS | April 30, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 633,513 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.01% | 2,760,767 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 5,159 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.01% | 564,710 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,371,637 SH | Aug. 8, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.01% | 136,349 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.01% | 60,325 NS | May 31, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.01% | 32,575 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 4,035 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 148,110 NS | April 30, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 42,935 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 3,720 SH | Aug. 8, 2026 | Daily |
| URTY · ProShares Trust | 0.01% | 4,077 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.00% | 7,783 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 3,612 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 102 NS | May 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 9,202 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 102,765 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 30,654 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 195,683 SH | Aug. 8, 2026 | Daily |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 77,531 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 33,089 SH | Aug. 8, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 11,391 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 3,368,534 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 8,617 SH | Aug. 8, 2026 | Daily |