# FTAI Infrastructure share price today (FTAI Infrastructure Inc., FIP) > FTAI Infrastructure Inc.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. FIP · Industrials · Conglomerates · data as of 3 November 2026. Page: https://www.sectoralpha.in/us/stocks/fip Sector Alpha also publishes a daily newsletter that explains one Indian stock at a time: https://newsletter.sectoralpha.in/?utm_source=sectoralpha&utm_medium=ai_text&utm_campaign=llms ## Key numbers - Price: $2.67 (−50.0% in a year) - Revenue (Jun 2026): $187 M (+52.7% on a year ago) - Profit (Jun 2026): −$166 M - Operating margin: 12.1% (+6.9 points on a year ago) - ROE: −27%, FY25 - ROIC: 1.5%, against a 10.1% cost of capital: −8.6 points Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. ## What is the FTAI Infrastructure share price today? FTAI Infrastructure Inc.'s share price was $2.67 at the close on 3 November 2026. That is 40.5% below its average price over the last 200 trading days. In the last 52 weeks it traded between $2 and $6, and at that close it sat 6% of the way up from that low. Over the past 13 weeks it has done worse than the S&P 500, and it has been behind for 30 weeks running. Over the last 1 year the share price moved −57% while the S&P 500 moved +21%, so it is behind the index over that whole period. It was last ahead over 13 weeks in the week of 10 April 2026. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What dividend does FTAI Infrastructure pay? FTAI Infrastructure Inc. paid $0.12 per share over the last four reported quarters. The most recent declaration was $0.03 for Jun 2026. At today's price of $2.67 that is a yield of 4.49%, based on dividends already paid, not a forecast. ## Which stock lists is FTAI Infrastructure on? FTAI Infrastructure is not in the Nasdaq 100, the S&P 500 or the Dow Jones 30, and is not on the US tech stocks list. ## Is FTAI Infrastructure profitable? FTAI Infrastructure Inc. posted a net loss of $166 M in the Jun 2026 quarter. The full FY25 year was a loss of $258 M. That loss is 89.1% of the quarter's revenue. The same quarter a year earlier lost $83.9 M. 11 of the last 12 reported quarters were loss-making. ## How much revenue does FTAI Infrastructure make, and is it growing? FTAI Infrastructure Inc. reported $187 M of revenue in the Jun 2026 quarter, +52.7% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 5 years it has grown 48.9% a year on average. The last full year, FY25, came in at $503 M. The last four reported quarters add to $659 M. FY25 revenue was $503 M, +51.6% on the year before. Recent pace: the last four quarters grew +73.8% on average, against 48.9% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +72.3%, against +41.4% a year over the last 8 quarters (accelerating). ## How much of every $100 of sales does FTAI Infrastructure keep? FTAI Infrastructure Inc.'s operating margin was 12.1% in the Jun 2026 quarter, 6.9 percentage points higher than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 6 years it has been between −80.5% and 6.7%. The latest quarter is above every full year in that period. Across 6 years it has been between −80.5% and 6.7%, and FY25's 6.7% is the highest of them. Why the margin moved: operating margin changed +6.9 percentage points on the year while gross margin changed −1.9 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. When margins are at a record, every ratio built on profit looks better than usual, so watch whether they hold. ## Is FTAI Infrastructure's profit turning into cash? FTAI Infrastructure Inc.'s cash-flow history is too short to judge how much of its profit turns into cash. In FY25 its operations used $118 M of cash, against −$258 M of profit. After $281 M of spending on assets, free cash was −$399 M: it spent more than its operations brought in. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building. ## Where does FTAI Infrastructure's cash go? FTAI Infrastructure Inc. does not report the customer, stock and supplier day counts a cash cycle needs, so this section looks at its spending on assets instead. It spent $465 M on assets over the last 3 years. Averaged over those years that is 30.8% of FY25 revenue a year. Nothing is estimated in place of the missing day counts, so no cash-cycle chart is drawn. Spending on assets: $465 M over the last 3 years. In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns. ## What is FTAI Infrastructure's P/E ratio, and how does it compare with its own history? FTAI Infrastructure Inc. has no P/E right now, because its earnings are negative. The revenue and margin sections are where a turn would show first. Measured against sales instead, the market values FTAI Infrastructure Inc. at 0.6× its FY25 revenue of $503 M. The P/E comes back here once profit turns positive. ## Is the FTAI Infrastructure business getting better or worse? FTAI Infrastructure Inc.'s business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 12 quarters of 2 measures, with some gaps. Why it matters: with too little history, we say so rather than guess a direction. One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result. There are fewer than eight usable quarters, so this page does not guess a direction from so little history. ## How much does FTAI Infrastructure earn on its capital? FTAI Infrastructure Inc. earned a ROE of −27% in FY25. That is up from a low of −65% in FY24. Its return on capital used (ROIC) is 8.6 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a −51.4% net margin and 0.09× asset turnover (sales divided by assets). Why the return is what it is (FY25): a −51.4% net margin × 0.09× asset turnover × 6.09× leverage (assets divided by equity) ≈ −28.2% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 1.5% − 10.1% = −8.6 percentage points. The 10.1% is an estimate of this company's own cost of capital. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. ## Does FTAI Infrastructure have too much debt? FTAI Infrastructure Inc. has total debt of $2.9 B against shareholder equity of $638 M as of Jun 2026, so its debt is 4.53× its equity. Year by year, that ratio went from 0.38 in FY19 to 4.08 in FY25. Keep that borrowing in mind when reading the returns on this page. ## What is the FTAI Infrastructure shareholding pattern? 17.8% of FTAI Infrastructure Inc.'s tradable shares are in short positions, which are bets that the price will fall, so a large group of traders is betting against it. At normal trading volumes, closing those positions would take about 13.0 days. US companies do not publish a quarter-by-quarter list of owners, so this page uses short interest instead. It is a single reading at one point in time; we do not have its history. Why it is at this level: the figure does not say who holds the short positions or why, so we show the level without guessing the story. ## How far is FTAI Infrastructure from balance-sheet trouble? For FTAI Infrastructure Inc., the Z-score is −0.16. A Z-score above about 3 is safe and below about 1.8 signals danger, so this is in the danger zone. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. Why it matters: a Z-score of −0.16 is inside the danger zone, so the balance sheet is a real risk. ## How does FTAI Infrastructure rank in its industry? 41.3 out of 100, rank 14 of 20 in Conglomerates, with 64% of the evidence available. FTAI Infrastructure Inc. scores 41.3 out of 100 against the 20 companies it is compared with in Conglomerates, ranking 14. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 22 + 8.1 + 11 + 0.2 = 41.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is FTAI Infrastructure compared with? FTAI Infrastructure ranks 14 of 20 Conglomerates companies on the 4-Factor Sector Score, with 41.3 out of 100. 1. [RCM Technologies, Inc.](https://www.sectoralpha.in/us/stocks/rcmt) RCMT · leader · Too little evidence to rank firmly · 58% evidence 71.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.5/35 · Revenue n/a · Profit n/a · Operating margin change 2.9 points · 45% evidence Capital efficiency 19.7/25 · ROCE 31.5% · Operating margin 8.5% · 76% evidence Valuation 10.2/20 · P/E 11.8× · PEG n/a · 15% evidence Relative strength 18.3/20 · Lead over its industry 26.3% · Lead over S&P 500 24.1% · 1 year 73.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 23.5 + 19.7 + 10.2 + 18.3 = 71.7 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 2. [Valmont Industries, Inc.](https://www.sectoralpha.in/us/stocks/vmi) VMI · basing · Most evidence points up · 85% evidence 66.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.7/35 · Revenue 4.6% · Profit 100% · Operating margin change 2.2 points · 95% evidence Capital efficiency 20.1/25 · ROCE 22.2% · Operating margin 15.7% · 76% evidence Valuation 13.2/20 · P/E 17.1× · PEG 0.58 · 65% evidence Relative strength 7.2/20 · Lead over its industry -8.4% · Lead over S&P 500 -10.1% · 1 year 7.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25.7 + 20.1 + 13.2 + 7.2 = 66.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Honeywell International Inc.](https://www.sectoralpha.in/us/stocks/hon) HON · quiet · Too little evidence to rank firmly · 56% evidence 59.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.2/35 · Revenue n/a · Profit n/a · Operating margin change 6.7 points · 39% evidence Capital efficiency 16.6/25 · ROCE 11.2% · Operating margin 16.9% · 76% evidence Valuation 9.3/20 · P/E 37.6× · PEG n/a · 15% evidence Relative strength 10.2/20 · Lead over its industry -4.5% · Lead over S&P 500 -6% · 1 year 10.1% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.2 + 16.6 + 9.3 + 10.2 = 59.3 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 4. [Pampa Energía S.A.](https://www.sectoralpha.in/us/stocks/pam) PAM · quiet · Evidence leans up · 75% evidence 59.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 25.7/35 · Revenue 28.9% · Profit 29.2% · Operating margin change n/a · 67% evidence Capital efficiency 15.2/25 · ROCE 6.7% · Operating margin 45.1% · 76% evidence Valuation 14.9/20 · P/E 8.1× · PEG 0.27 · 65% evidence Relative strength 3.4/20 · Lead over its industry -20.4% · Lead over S&P 500 -21.4% · 1 year -20.8% · 100% evidence · 0 of 12 weeks ahead Exact sum: 25.7 + 15.2 + 14.9 + 3.4 = 59.2 · What this means: Earnings are strong; relative strength in its sector is -20.4% and the one-year return is -20.8%. 5. [Deluxe Corporation](https://www.sectoralpha.in/us/stocks/dlx) DLX · quiet · Evidence leans up · 81% evidence 56.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.2/35 · Revenue 0.2% · Profit 74.1% · Operating margin change 0.1 points · 83% evidence Capital efficiency 15.9/25 · ROCE 12.2% · Operating margin 12.2% · 76% evidence Valuation 15.5/20 · P/E 10.9× · PEG 0.23 · 65% evidence Relative strength 5.2/20 · Lead over its industry -13.6% · Lead over S&P 500 -15.1% · 1 year 6.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 20.2 + 15.9 + 15.5 + 5.2 = 56.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [3M Company](https://www.sectoralpha.in/us/stocks/mmm) MMM · basing · Evidence leans up · 85% evidence 55.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.2/35 · Revenue 1.7% · Profit 4.8% · Operating margin change -0.7 points · 95% evidence Capital efficiency 18.9/25 · ROCE 18.3% · Operating margin 23.7% · 76% evidence Valuation 4.7/20 · P/E 23.9× · PEG 3.33 · 65% evidence Relative strength 16.2/20 · Lead over its industry 5.3% · Lead over S&P 500 3.9% · 1 year 7.4% · 100% evidence · 3 of 12 weeks ahead Exact sum: 15.2 + 18.9 + 4.7 + 16.2 = 55 · What this means: Relative strength against the index is 3.9%, and revenue and profit growth are weak. 7. [Tejon Ranch Co.](https://www.sectoralpha.in/us/stocks/trc) TRC · turning · Evidence leans down · 74% evidence 47.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.3/35 · Revenue 26.7% · Profit n/a · Operating margin change 51.2 points · 62% evidence Capital efficiency 7.4/25 · ROCE -0.1% · Operating margin 2.4% · 76% evidence Valuation 8.2/20 · P/E 83.6× · PEG 1.63 · 65% evidence Relative strength 8.7/20 · Lead over its industry -9.5% · Lead over S&P 500 -11.1% · 1 year 1.6% · 100% evidence · 0 of 12 weeks ahead Exact sum: 23.3 + 7.4 + 8.2 + 8.7 = 47.6 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. Mammoth Energy Services, Inc. TUSK · quiet · Evidence leans down · 64% evidence 47.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.7/35 · Revenue 57.9% · Profit n/a · Operating margin change 45.2 points · 62% evidence Capital efficiency 4.0/25 · ROCE -8.1% · Operating margin -7.7% · 76% evidence Valuation 10.3/20 · P/E 11.5× · PEG n/a · 15% evidence Relative strength 15.5/20 · Lead over its industry 17.2% · Lead over S&P 500 14.7% · 1 year 59.9% · 100% evidence · 1 of 12 weeks ahead Exact sum: 17.7 + 4 + 10.3 + 15.5 = 47.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. DMC Global Inc. BOOM · turning · Evidence leans down · 64% evidence 47.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 11.2/35 · Revenue -4.7% · Profit n/a · Operating margin change -0.2 points · 62% evidence Capital efficiency 5.8/25 · ROCE -1.1% · Operating margin 3.5% · 76% evidence Valuation 11.3/20 · P/E -6.4× · PEG n/a · 15% evidence Relative strength 19.0/20 · Lead over its industry 28.5% · Lead over S&P 500 26.6% · 1 year 46.7% · 100% evidence · 2 of 12 weeks ahead Exact sum: 11.2 + 5.8 + 11.3 + 19 = 47.3 · What this means: Relative strength against the index is 26.6%, and revenue and profit growth are weak. 10. [NN, Inc.](https://www.sectoralpha.in/us/stocks/nnbr) NNBR · losing its lead · Evidence leans down · 61% evidence 46.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.4/35 · Revenue 4.8% · Profit n/a · Operating margin change 2.2 points · 62% evidence Capital efficiency 4.3/25 · ROCE -7.5% · Operating margin 0.8% · 76% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 15.9/20 · Lead over its industry 48.8% · Lead over S&P 500 45.3% · 1 year 124.1% · 100% evidence · 9 of 12 weeks ahead Exact sum: 16.4 + 4.3 + 10 + 15.9 = 46.6 · What this means: Relative strength against the index is 45.3%, and revenue and profit growth are weak. 11. [Compass Diversified](https://www.sectoralpha.in/us/stocks/codi) CODI · turning · Evidence leans down · 64% evidence 46.5 out of 100 Growth Capital Valuation Relative 12. [Otter Tail Corporation](https://www.sectoralpha.in/us/stocks/ottr) OTTR · quiet · Evidence leans down · 81% evidence 46.3 out of 100 Growth Capital Valuation Relative 13. [Boston Omaha Corporation](https://www.sectoralpha.in/us/stocks/boc) BOC · quiet · Evidence leans down · 64% evidence 44.9 out of 100 Growth Capital Valuation Relative 14. FTAI Infrastructure Inc. this page FIP · basing · Evidence leans down · 64% evidence 41.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.0/35 · Revenue 72.8% · Profit n/a · Operating margin change 6.9 points · 62% evidence Capital efficiency 8.1/25 · ROCE 1.4% · Operating margin 12.1% · 76% evidence Valuation 11.0/20 · P/E -4× · PEG n/a · 15% evidence Relative strength 0.2/20 · Lead over its industry -43.2% · Lead over S&P 500 -44.1% · 1 year -47.4% · 100% evidence · 0 of 12 weeks ahead Exact sum: 22 + 8.1 + 11 + 0.2 = 41.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 15. [Seaboard Corporation](https://www.sectoralpha.in/us/stocks/seb) SEB · basing · Too little evidence to rank firmly · 58% evidence 40.9 out of 100 Growth Capital Valuation Relative 16. [Brookfield Business Corporation](https://www.sectoralpha.in/us/stocks/bbuc) BBUC · turning · Evidence leans down · 71% evidence 40.0 out of 100 Growth Capital Valuation Relative 17. [Falcon's Beyond Global, Inc.](https://www.sectoralpha.in/us/stocks/fbyd) FBYD · basing · Evidence leans down · 71% evidence 35.6 out of 100 Growth Capital Valuation Relative 18. [TETRA Technologies, Inc.](https://www.sectoralpha.in/us/stocks/tti) TTI · basing · Most evidence points down · 71% evidence 31.2 out of 100 Growth Capital Valuation Relative 19. [Matthews International Corporation](https://www.sectoralpha.in/us/stocks/matw) MATW · basing · Most evidence points down · 64% evidence 28.6 out of 100 Growth Capital Valuation Relative 20. [MaxsMaking Inc.](https://www.sectoralpha.in/us/stocks/mamk) MAMK · Too little evidence to rank firmly · 31% evidence 43.7 out of 100 Growth Capital Valuation Relative Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led S&P 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led S&P 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Conglomerates](https://www.sectoralpha.in/us/sectors/conglomerates), all 20 compared on one page. ## Which companies are close to FTAI Infrastructure in size? FTAI Infrastructure is the 17th largest of 19 Conglomerates companies on Sector Alpha by market value (scores of 3 November 2026). Just above it: Matthews International Corporation, Tejon Ranch Co., Boston Omaha Corporation and NN, Inc. Just below it: RCM Technologies, Inc. and MaxsMaking Inc. ### Conglomerates companies close in size 1. [Matthews International Corporation](https://www.sectoralpha.in/us/stocks/matw) $613 million 2. [Tejon Ranch Co.](https://www.sectoralpha.in/us/stocks/trc) $440 million 3. [Boston Omaha Corporation](https://www.sectoralpha.in/us/stocks/boc) $410 million 4. [NN, Inc.](https://www.sectoralpha.in/us/stocks/nnbr) $349 million 5. FTAI Infrastructure Inc. $316 million 6. [RCM Technologies, Inc.](https://www.sectoralpha.in/us/stocks/rcmt) $248 million 7. [MaxsMaking Inc.](https://www.sectoralpha.in/us/stocks/mamk) $216 million [All 19 Conglomerates companies, largest first](https://www.sectoralpha.in/us/sectors/conglomerates#all-companies) ### Companies close in size in other industries 1. [Sohu.com Limited](https://www.sectoralpha.in/us/stocks/sohu) $339 million · Electronic Gaming & Multimedia 2. [Agencia Comercial Spirits Ltd](https://www.sectoralpha.in/us/stocks/agcc) $338 million · Beverages - Wineries & Distilleries 3. FTAI Infrastructure Inc. $338 million 4. [KNOT Offshore Partners LP](https://www.sectoralpha.in/us/stocks/knop) $337 million · Oil & Gas Midstream 5. [Forafric Global PLC](https://www.sectoralpha.in/us/stocks/afri) $337 million · Farm Products ## What else do people ask about FTAI Infrastructure? ### What were FTAI Infrastructure's latest quarterly results? FTAI Infrastructure Inc. reported revenue of $187 M and a net loss of $166 M for the Jun 2026 quarter. Earnings per share were −$1.41. The operating margin was 12.1%, 6.9 percentage points higher than a year earlier (as of 3 November 2026). ### What is FTAI Infrastructure's market cap? FTAI Infrastructure Inc.'s market capitalisation is $316 M at a stock price of $2.67. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is FTAI Infrastructure performing? FTAI Infrastructure Inc.'s latest readings are below. Over the past 13 weeks it has done worse than the S&P 500, for 30 weeks running. This describes what the data did, not a rating (as of 3 November 2026). ### Will FTAI Infrastructure's stock price go up? This page does not forecast FTAI Infrastructure Inc.'s stock price. What it shows instead: the stock price is $2.67. Nobody can reliably say which way a price will move, and this site does not try (as of 3 November 2026). ### Where is FTAI Infrastructure in its business cycle? FTAI Infrastructure Inc.'s FY25 operating margin was 6.7%, against a 6-year range of −80.5% to 6.7%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 12.1%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the FTAI Infrastructure story? Biggest thing to watch: margins are the best this company has ever reported. Every ratio looks better at a record, so the story depends on margins staying high. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is FTAI Infrastructure a stock worth studying right now? What the numbers show: FTAI Infrastructure Inc.'s share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: the next one or two quarters of results. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). This is research, not advice. We’re not SEBI-registered.