FTAI Aviation Ltd. FTAI

IndustrialsAerospace & DefenseUnited States of America

Last close 197.75 USD on Nov 2, 2026, +1.0% year to date

Quant rating

Quant rating C Rank 275 of 486 in Industrials

Growth A 2 of 486
Valuation D 421 of 486
Quality D 371 of 486
Revisions C 258 of 486
Momentum B 171 of 486

Wall Street consensus Buy (1.67)Average target 343.79 USD +73.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 20.3B
Enterprise value: 23.4B
52-week range: 146.48 – 323.00
3-year range: 39.47 – 323.00
Dividend yield: 1.07%
Beta (5 years): 1.53
Shares outstanding: 102M
Next earnings: Feb 23, 2027

About the company

FTAI Aviation Ltd. owns and maintains commercial jet engines with a focus on CFM56 and V2500 engines. Its segments include Aviation Leasing. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases and sells to lessees and customers. The Aerospace Products segment, through its maintenance facilities and joint ventures, among other investment, develops and manufactures, repairs/refurbishes and sells aircraft engines and aftermarket components for the CFM56-7B, CFM56-5B and V2500 commercial aircraft engines. Its propriety portfolio of products, including the Module Factory and a joint venture to manufacture engine PMA, enables it to provide cost savings and flexibility to its airline, lessor, and maintenance, repair, and operations customer base. It also owns and leases jet aircraft, which often facilitates the acquisition of engines. It owns and manages over 330 aviation assets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,507	1,735	1,171	708	336	–
Revenue growth	44.5%	48.2%	65.3%	111.1%	−8.4%	46.9%
EPS (basic, normalized)	4.60	−0.32	2.11	−2.22	−1.43	–
EPS growth	–	–	–	–	–	–
Gross margin	46.2%	51.9%	55.6%	64.4%	95.5%	62.7%
Net margin	19.0%	−1.8%	18.1%	−16.8%	−12.3%	1.2%
ROE	241.2%	6.8%	251.1%	−16.1%	−1.5%	96.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	386
Current ratio	5.28x
Long-term debt (mil)	3,453
Net debt (mil)	3,116
Total equity (mil)	433
Net debt / equity	7.19x
Net debt / EBITDA	2.62x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	2,507	+44.5%	9.3x	1,191	+43.8%	19.6x	4.60	+1,537.5%	43.0x
2026	3,855	+53.7%	6.1x	1,311	+10.1%	17.8x	5.61	+21.9%	35.3x
2027	6,443	+67.1%	3.6x	2,213	+68.8%	10.6x	13.00	+131.9%	15.2x
2028	7,970	+23.7%	2.9x	2,637	+19.1%	8.9x	17.64	+35.7%	11.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,855	−0.2%	+2.3%	+8.7%	5.61	−4.8%	−10.7%	−18.2%
2027	6,443	+0.2%	+9.3%	+24.4%	13.00	−0.8%	+4.0%	+11.6%
2028	7,970	+3.9%	+8.8%	+14.4%	17.64	+3.1%	+5.0%	−1.3%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	327	444	466	499	502	676	667	662	831	953
Sales mean (mil)	302	363	422	509	560	579	660	697	750	898
Surprise	+8.3%	+22.2%	+10.3%	−2.0%	−10.4%	+16.8%	+1.1%	−5.1%	+10.8%	+6.2%
EPS reported	0.31	0.52	0.76	0.84	0.87	1.57	1.10	1.08	1.29	1.13
EPS mean	0.38	0.47	0.77	0.89	1.18	1.30	1.21	1.26	1.49	1.37
Surprise	−18.6%	+10.8%	−1.0%	−5.2%	−26.5%	+21.1%	−9.0%	−14.3%	−13.5%	−17.7%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FTAI FTAI Aviation Ltd.	20.3B	2.62x	19.0%	50.23x	35.3x	15.2x	17.8x	10.6x
GE General Electric Company	326.3B	1.05x	19.0%	18.62x	38.7x	33.8x	27.6x	24.4x
RTX RTX Corporation	273.7B	1.90x	7.6%	3.95x	26.2x	25.1x	17.8x	16.7x
BA Boeing Co	139.0B	4.05x	2.1%	21.22x	−86.6x	211.9x	50.2x	29.3x
LMT Lockheed Martin Corporation	148.6B	1.54x	6.7%	14.70x	21.0x	19.3x	14.5x	13.4x
GD General Dynamics Corp	100.9B	0.42x	8.0%	3.70x	21.7x	19.9x	15.1x	13.9x
Mean		1.93x	10.4%	18.74x	9.4x	54.2x	23.8x	18.0x
Median		1.72x	7.8%	16.66x	24.0x	22.5x	17.8x	15.3x

Technical analysis

1M+18.4%
3M−3.8%
1Y+15.3%
3Y+419.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, FTAI Aviation Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,507	1,735	1,171	708	336	366
Cost of revenue	1,350	834	520	252	15.0	18.5
Gross profit	1,158	901	651	456	321	348
Selling, general & administrative expenses	9.5	14.3	13.7	14.2	13.4	18.2
Research & development	–	–	–	–	–	–
Depreciation/amortization	226	218	170	153	148	172
Interest expense (income), operating	–	222	162	169	155	98.2
Unusual expense (income)	−17.8	50.4	17.3	170	31.6	55.5
Other operating expenses	153	416	110	132	59.6	110
Operating income	788	−19.7	178	−182	−86.9	−106
Net interest income (expense)	−255	−2.2	−1.6	−0.4	−1.4	−4.9
Gain (loss) on sale of assets	0	18.7	0	77.2	49.0	−0.3
Other non-operating income (expense)	73.6	17.4	7.6	0.2	−0.5	0.1
Net income before taxes	607	14.2	184	−105	−39.7	−111
Provision for taxes	106	5.5	−59.8	5.3	3.1	−5.9
Minority interest	–	0	0	18.8	26.5	16.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	501	8.7	244	−91.8	−16.4	−88.5
Extraordinary items	–	0	0	−101	−87.8	1.3
Net income	501	8.7	244	−193	−104	−87.2
EBIT, normalized	770	252	357	157	99.8	47.9
EBITDA, normalized	1,002	486	542	324	253	247
Basic EPS, normalized	4.60	−0.32	2.11	−2.22	−1.43	–

Balance sheet in millions of USD, fiscal years

Balance sheet, FTAI Aviation Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	300	115	90.8	33.6	188	122
Receivables	481	349	217	149	216	91.7
Total inventory	1,194	551	317	164	6.8	0.1
Prepaid expenses	79.8	87.3	–	–	–	–
Other current assets	57.7	124	0.2	19.5	252	39.7
Total current assets	2,113	1,226	625	365	662	253
Property, plant & equipment	1,666	2,481	2,081	1,927	3,523	2,662
Goodwill	94.2	61.1	4.6	–	257	123
Intangibles	19.9	42.2	50.6	42.0	98.7	18.8
Long-term investments	314	19.0	22.7	22.0	77.3	147
Note receivable	19.1	28.4	3.0	6.4	7.6	6.9
Other long-term assets	148	180	178	67.2	238	178
Total assets	4,374	4,038	2,965	2,430	4,864	3,388
Liabilities
Accounts payable	208	69.1	–	–	–	–
Payable/accrued	–	–	113	86.5	203	113
Accrued expenses	90.0	96.9	–	–	–	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	0	0	101	25.0
Other current liabilities	102	181	41.1	32.8	40.1	37.1
Total current liabilities	400	347	154	119	343	175
Long-term debt	3,449	3,440	2,517	2,176	3,120	1,880
Minority interest	–	0	0.5	0.5	−0.2	22.7
Other liabilities	191	169	117	115	277	234
Total liabilities	4,040	3,957	2,789	2,411	3,740	2,311
Shareholders' equity
Preferred stock	0.1	0.1	0.2	0.1	0.1	0.1
Common stock	1.0	1.0	1.0	1.0	1.0	0.9
Additional paid-in capital	50.6	153	256	343	1,412	1,130
Retained earnings (accumulated deficit)	283	−73.1	−81.8	−326	−132	−28.2
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	−156	−26.2
Total equity	334	81.4	175	18.9	1,124	1,077
Total liabilities & shareholders' equity	4,374	4,038	2,965	2,430	4,864	3,388

Cash flow statement in millions of USD, fiscal years

Cash flow statement, FTAI Aviation Ltd., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	501	8.7	244	−212	−131	−104
Depreciation, depletion & amortization	233	234	214	207	207	176
Deferred taxes	74.0	−1.9	−63.6	2.2	−2.1	−5.9
Non-cash items	−416	−174	−189	111	−2.6	84.8
Changes in working capital	−702	−254	−75.9	−129	−93.4	−88.3
Cash from operations	−311	−188	129	−20.7	−22.0	63.1
Investing activities
Capital expenditures	−752	−1,315	−780	−789	−744	−595
Other investing cash flows	1,476	845	407	378	−543	85.7
Cash from investing	723	−469	−373	−411	−1,287	−509
Financing activities
Financing cash flow items	42.4	32.0	25.5	531	−34.8	−12.1
Cash dividends paid	−145	−154	−152	−156	−143	−131
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−124	804	408	−331	1,765	508
Cash from financing	−227	682	282	44.9	1,588	365
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	185	24.4	37.8	−387	279	−81.1
Free cash flow	−1,063	−1,503	−651	−810	−766	−532

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.