FIP Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $2.69

Market Cap (MRQ) $317M

P/E (TTM) -0.5

EPS (TTM) $-5.15

Revenue (TTM) $659M

Div Yield 4.4%

ROE (TTM) -2052.5%

Debt/Equity (MRQ) -8.4

52W Range $3–$7

FIP Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

range

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10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$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

Net margin-71.1%

2022-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	FIP	5Y avg	Peer Median	Verdict
P/E (TTM)	-0.55Y avg ≈-2.1	≈-2.1	·	·
P/S (TTM)	0.55Y avg ≈1.5	≈1.5	5.9	Undervalued
P/B (MRQ)	-1.05Y avg ≈7.6	≈7.6	·	·
EV / EBITDA	30.45Y avg ≈26.1	≈26.1	·	·
Price / FCF (TTM)	-1.05Y avg ≈-3.8	≈-3.8	·	·
Price / Cash Flow (TTM)	-5.55Y avg ≈1.4	≈1.4	·	·
EV / Revenue	8.05Y avg ≈6.7	≈6.7	·	·
EV / FCF	-10.15Y avg ≈-14.9	≈-14.9	·	·
Price / Tangible Book (MRQ)	-0.8	·	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	FIP	5Y avg	Peer Median	Verdict
EBITDA Margin	26.4%5Y avg ≈25.6%	≈25.6%	36.4%	Weak
Pretax Margin (TTM)	-66.7%5Y avg ≈-57.3%	≈-57.3%	30.6%	Weak
Net Profit Margin (TTM)	-71.1%5Y avg ≈-58.0%	≈-58.0%	23.3%	Weak
ROA (TTM)	-9.2%5Y avg ≈-7.3%	≈-7.3%	6.6%	Weak
ROE (TTM)	-2052.5%5Y avg ≈-65.7%	≈-65.7%	20.8%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	FIP	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	-8.45Y avg ≈47.5	≈47.5	·	·
Current Ratio (MRQ)	0.35Y avg ≈1.3	≈1.3	0.8	Low liquidity
Quick Ratio	0.15Y avg ≈0.2	≈0.2	0.6	Low liquidity
Long-Term Debt / Equity (MRQ)	-6.95Y avg ≈46.6	≈46.6	·	·

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	FIP	5Y avg	Peer Median	Verdict
Revenue YoY	51.6%5Y avg ≈54.1%	≈54.1%	·	·
Revenue CAGR 3Y	24.2%5Y avg ≈43.9%	≈43.9%	·	·
Revenue CAGR 5Y	48.9%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	FIP	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-2.265Y avg ≈$-1.86	≈$-1.86	·	·
Revenue / Share	$4.365Y avg ≈$3.27	≈$3.27	·	·
Cash Flow / Share	$-1.025Y avg ≈$-0.38	≈$-0.38	·	·
Cash / Share	$0.495Y avg ≈$0.35	≈$0.35	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	5Y trend	FIP	5Y avg	Peer Median	Verdict
Asset Turnover		0.15Y avg ≈0.1	≈0.1	0.3	Weak
Revenue / Employee		≈$452.7K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13

Dividend Yield4.4%

Payout Ratio-9.1%

Annualized Payout≈$0.12Paid quarterly

Ex-date	Amount	Currency	Yield
Aug 24, 2026	$0.03	USD	≈3.2%
May 18, 2026	$0.03	USD	≈2.8%
Mar 13, 2026	$0.03	USD	≈2.3%
Nov 14, 2025	$0.03	USD	≈2.7%
Aug 25, 2025	$0.03	USD	≈2.3%
May 19, 2025	$0.03	USD	≈2.4%
Mar 14, 2025	$0.03	USD	≈2.5%
Nov 12, 2024	$0.03	USD	≈1.3%
Aug 12, 2024	$0.03	USD	≈1.3%
May 16, 2024	$0.03	USD	≈1.5%
Mar 26, 2024	$0.03	USD	≈2.0%
Nov 8, 2023	$0.03	USD	≈3.6%
Aug 7, 2023	$0.03	USD	≈3.3%
May 12, 2023	$0.03	USD	≈2.9%
Mar 13, 2023	$0.03	USD	≈2.3%
Nov 10, 2022	$0.03	USD	≈1.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise -39.7%

Next Report Oct 28, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 5, 2026	$-1.41	$-0.57	-146.0%
March 31, 2026	May 13, 2026	$-1.00	$-0.42	-136.3%
Dec. 31, 2025		$-1.08	$-0.43	-151.2%
Sept. 30, 2025		$-1.37	$-0.60	-129.9%
June 30, 2025		$-0.65	$-0.37	-75.7%
March 31, 2025		$0.89	$-0.30	400.8%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 13

Metric	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	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	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	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	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	·

Per Share 5

Metric	2025	2024	2023	2022	2021
Book Value / Share	$0.18	$1.78	$4.81	$5.55	·
Revenue / Share	$4.36	$3.06	$3.11	$2.55	·
Cash Flow / Share	$-1.02	$-0.14	$0.05	$-0.42	·
Cash / Share	$0.49	$0.24	$0.29	$0.37	·
EPS (TTM)	$-2.26	$-2.72	$-1.79	$-1.73	·

Growth Rates 3

Metric	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	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	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	·	115,555,973	114,880,817	114,101,860	·	109,723,831	105,039,831	104,189,287	·	102,820,651	102,793,800	102,787,640	·	102,730,033
Shares (Diluted)	118,163,955	116,689,474	·	115,555,973	114,880,817	122,758,859	·	109,723,831	105,039,831	104,189,287	·	102,820,651	102,793,800	102,787,640	·	102,730,033
EBITDA	$40M	$51M	·	$35M	$34M	$25M	·	$19M	$20M	$21M	·	$20M	$20M	$20M	·	$18M

Balance Sheet 22

Metric	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	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	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	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

Per Share 5

Metric	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
Book Value / Share	$-2.79	$-1.04	·	$1.56	$3.26	$4.15	·	$3.26	$3.88	$3.96	·	$5.37	$5.84	$5.63	·	$5.77
Revenue / Share	$1.58	$1.61	·	$1.22	$1.06	$0.78	·	$0.76	$0.81	$0.79	·	$0.78	$0.80	$0.74	·	$0.76
Cash Flow / Share	·	$-0.59	·	·	·	$-0.70	·	·	·	$-0.04	·	·	·	$-0.12	·	·
Cash / Share	$0.28	$0.32	·	$0.30	$0.29	$0.23	·	$0.18	$0.33	$0.23	·	$0.25	$0.43	$0.40	·	$0.70
EPS (TTM)	$-5.15	$-4.47	·	$-2.43	$-1.50	$-1.29	·	$-1.97	$-2.07	$-1.93	·	$-1.90	$-1.78	$-1.70	·	$-1.34

Valuation (TTM) 14

Metric	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	$659M	$595M	·	$440M	$383M	$345M	·	$332M	$330M	$327M	·	$310M	$308M	$292M	·	$238M
Net Income TTM	$-469M	$-399M	·	$-179M	$-117M	$-96M	·	$-181M	$-188M	$-174M	·	$-176M	$-169M	$-173M	·	$-157M
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	-0.9	-1.1	·	-1.8	-4.1	-3.5	·	-4.8	-4.2	-3.3	·	-1.7	-2.1	-1.8	·	-1.8
P/S	0.8	1.0	·	1.2	1.9	1.5	·	3.2	2.7	2.0	·	1.0	1.2	1.0	·	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	·	·
EV / Revenue	5.0	7.3	·	9.6	9.8	9.1	·	7.8	7.3	5.8	·	5.2	5.3	5.2	·	5.7
Dividend Yield	2.6%	2.4%	·	2.7%	1.9%	3.2%	·	1.2%	1.4%	1.5%	·	3.9%	2.5%	2.1%	·	·
Earnings Yield	-111.0%	-90.5%	·	-55.7%	-24.3%	-28.5%	·	-21.1%	-24.0%	-30.7%	·	-59.0%	-48.2%	-56.7%	·	-55.8%
Payout Ratio	·	-2.8%	·	·	·	2.9%	·	·	·	0.00%	·	·	·	-8.6%	·	·
Annual Payout	$14M	$14M	·	$14M	$14M	$17M	·	$13M	$13M	$9M	·	$12M	$9M	$6M	·	·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	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

Metric	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	·

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-399M	$-95M	$-94M	$-260M	·

Institutional owners (13F) 199 filers · $519.4M total · As of June 30, 2026

17

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.

Holders 199

Value held $519.4M

New positions 23

Exited positions 27

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
23 (-13 vs prior Q)	27 (+5 vs prior Q)	63 (+3 vs prior Q)	51 (+2 vs prior Q)	+4.4M

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	12.05%	Shares
WASHINGTON STATE INVESTMENT BOARD	$54,686,015	11,785,779	10.53%	Shares
BlackRock, Inc.	$41,530,869	8,950,618	8.00%	Shares
FRONTIER CAPITAL MANAGEMENT CO LLC	$38,315,748	8,257,704	7.38%	Shares
VANGUARD GROUP INC	$29,046,795	6,300,823	5.59%	Shares
CASPIAN CAPITAL LP	$24,180,464	5,211,307	4.66%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$22,494,511	4,847,955	4.33%	Shares
ALLIANCEBERNSTEIN L.P.	$21,011,262	4,253,292	4.05%	Shares
Long Focus Capital Management, LLC	$16,319,850	3,517,209	3.14%	Shares
ROYCE & ASSOCIATES LP	$15,346,048	3,307,338	2.95%	Shares
STATE STREET CORP	$13,928,245	3,001,777	2.68%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$13,675,666	2,946,803	2.63%	Shares
First Eagle Investment Management, LLC	$12,748,688	2,747,562	2.45%	Shares
GARNET EQUITY CAPITAL HOLDINGS, INC.	$10,041,781	2,164,177	1.93%	Shares
Shay Capital LLC	$9,901,997	2,134,051	1.91%	Shares
Pingora Partners LLC	$9,716,406	2,094,053	1.87%	Shares
CenterBook Partners LP	$9,108,213	1,962,977	1.75%	Shares
Diamond Hill Capital Management, LLC (Investment Advisor)	$8,591,484	1,851,613	1.65%	Shares
GOLDMAN SACHS GROUP INC	$6,261,810	1,349,528	1.21%	Shares
American Assets Capital Advisers	$5,615,676	1,287,999	1.08%	Shares
ARES MANAGEMENT LLC	$5,556,651	1,197,554	1.07%	Shares
BARD ASSOCIATES INC	$5,551,607	1,196,467	1.07%	Shares
UBS Group AG	$4,895,891	1,055,149	0.94%	Shares
NORTHERN TRUST CORP	$4,849,376	1,045,124	0.93%	Shares
CITADEL ADVISORS LLC	$4,363,786	940,471	0.84%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$4,160,540	896,668	0.80%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$4,136,212	891,425	0.80%	Shares
Occam Crest Management LP	$4,082,400	1,080,000	0.79%	Shares
VANGUARD FIDUCIARY TRUST CO	$3,866,934	833,391	0.74%	Shares
Orchard Capital Management, LLC	$3,815,709	822,351	0.73%	Shares
Cruiser Capital Advisors, LLC	$3,222,160	694,431	0.62%	Shares
FIFTH THIRD BANCORP	$2,535,811	546,511	0.49%	Shares
WELLS FARGO & COMPANY/MN	$2,181,483	470,147	0.42%	Shares
DIMENSIONAL FUND ADVISORS LP	$2,014,910	434,779	0.39%	Shares
TUDOR INVESTMENT CORP ET AL	$1,642,866	354,066	0.32%	Shares
COMERICA BANK	$1,630,308	353,646	0.31%	Shares
LAZARD ASSET MANAGEMENT LLC	$1,545,092	332,994	0.30%	Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	$1,457,038	294,947	0.28%	Shares
Bank of New York Mellon Corp	$1,425,903	307,307	0.27%	Shares
KIM, LLC	$1,363,701	293,901	0.26%	Shares
BANK OF AMERICA CORP /DE/	$1,343,393	289,525	0.26%	Shares
Nuveen, LLC	$1,341,629	289,144	0.26%	Shares
Swiss National Bank	$1,045,392	225,300	0.20%	Shares
Biltmore Family Office, LLC	$1,040,509	224,248	0.20%	Shares
Inscription Capital, LLC	$940,774	202,753	0.18%	Shares
JANE STREET GROUP, LLC	$895,877	193,077	0.17%	Shares
CM WEALTH ADVISORS LLC	$893,924	192,656	0.17%	Shares
RHUMBLINE ADVISERS	$838,203	180,649	0.16%	Shares
MORGAN STANLEY	$826,537	178,133	0.16%	Shares
MYDA Advisors LLC	$821,280	177,000	0.16%	Shares

Show all 199 institutional owners →

Activists & 5%+ owners 1 position

18

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.

Company insiders 7 insiders · 3 officers · 4 directors

19

Insider	Role	Last activity	Shares owned	Buys 12m	Net 12m
Kenneth J. Nicholson	CEO and President	Aug. 20, 2025 M	2,175,539	0	$0
Carl Russell Fletcher IV	CFO and CAO	May 28, 2026 P	40,000	1	$45,800
Scott Christopher	CFO, CAO	Aug. 3, 2022 P	17,800	0	$0
James L. Hamilton	Director	June 29, 2026 A	9,410	0	$0
Judith A Hannaway	Director	June 29, 2026 A	14,047	0	$0
Ray M Robinson	Director	June 29, 2026 A	111,991	0	$0
Joseph P. Adams Jr.	Director	May 27, 2025 M	725,127	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 24 ETFs

20

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	0.15%	14,416 NS	July 31, 2026	N-PORT
IWC · iShares Trust	0.09%	376,064 SH	Sept. 11, 2026	Daily
IYT · iShares Trust	0.05%	314,638 SH	Sept. 11, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.03%	118,189 SH	Aug. 19, 2026	Daily
TPOR · Direxion Shares ETF Trust	0.02%	1,173 NS	July 31, 2026	N-PORT
IWO · iShares Trust	0.02%	1,034,595 SH	Sept. 11, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.02%	633,513 SH	Aug. 19, 2026	Daily
RSSL · Global X Funds	0.01%	52,613 NS	July 31, 2026	N-PORT
IWM · iShares Trust	0.01%	2,766,377 SH	Sept. 11, 2026	Daily
VXF · VANGUARD INDEX FUNDS	0.01%	1,371,637 SH	Aug. 19, 2026	Daily
VIS · VANGUARD WORLD FUND	0.01%	136,349 SH	Aug. 19, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	0.01%	73,234 SH	Oct. 1, 2026	Daily
FIDU · FIDELITY COVINGTON TRUST	0.01%	35,831 NS	July 31, 2026	N-PORT
OMFS · Invesco Exchange-Traded Self-Indexe…	0.00%	3,699 SH	Sept. 30, 2026	Daily
WSML · iShares Trust	0.00%	7,864 SH	Sept. 11, 2026	Daily
ITOT · iShares Trust	0.00%	195,666 SH	Sept. 11, 2026	Daily
DFAS · Dimensional ETF Trust	0.00%	30,624 NS	July 31, 2026	N-PORT
IWV · iShares Trust	0.00%	33,449 SH	Sept. 11, 2026	Daily
DCOR · Dimensional ETF Trust	0.00%	4,424 NS	July 31, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	8,776 NS	July 31, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.00%	14,279 NS	July 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.00%	37,621 NS	July 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.00%	3,368,534 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	8,617 SH	Aug. 19, 2026	Daily

FIP Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 8 analysts BUY

Median target $9.50 +253.8%

3 37.5% Strong Buy

4 50.0% Buy

1 12.5% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

4 analysts · 2026-09-30

Mean target $9.94 +270.1%

← Below all targets Current price $2.69

Low$8.75 Mean$9.94 High$12.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

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%	·

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26

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FIP FTAI Infrastructure Inc. - Common Stock