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FTAI

FTAI Aviation Ltd.

FTAI

FTAI Aviation Ltd. • NASDAQ
$173.24 ▲ 1.84% (+3.13)
Market Cap $17.77 B
52w High $194.36
52w Low $75.06
Dividend Yield 0.95%
P/E 39.64
Volume 345.65K
Outstanding Shares 102.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $667.064M ▼ $1.829M ▼ $117.718M ▼ 17.647% ▼ $1.11 ▼ $260.11M ▼
Q2-2025 $676.59M ▲ $2.442M ▼ $165.398M ▲ 24.446% ▲ $1.58 ▲ $324.63M ▲
Q1-2025 $505.286M ▲ $3.316M ▼ $102.386M ▼ 20.263% ▼ $0.88 ▲ $250.053M ▲
Q4-2024 $502.934M ▲ $3.65M ▼ $102.448M ▲ 20.37% ▲ $0.85 ▲ $227.739M ▲
Q3-2024 $469.514M $6.745M $86.482M 18.419% $0.76 $212.245M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $509.945M ▲ $4.24B ▲ $3.988B ▲ $252.464M ▲
Q2-2025 $301.911M ▲ $4.101B ▼ $3.936B ▼ $164.944M ▲
Q1-2025 $112.133M ▼ $4.268B ▲ $4.24B ▲ $28.333M ▼
Q4-2024 $115.116M ▲ $4.038B ▲ $3.957B ▲ $81.368M ▼
Q3-2024 $112.038M $3.739B $3.62B $118.532M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $117.718M ▼ $4.618M ▲ $226.52M ▼ $-23.104M ▲ $208.034M ▲ $-87.878M ▲
Q2-2025 $165.398M ▲ $-110.318M ▼ $523.775M ▲ $-223.679M ▼ $189.778M ▲ $-261.966M ▲
Q1-2025 $102.386M ▼ $-25.966M ▲ $-27.627M ▼ $50.61M ▼ $-2.983M ▼ $-297.539M ▲
Q4-2024 $102.448M ▲ $-41.803M ▼ $-26.767M ▲ $71.798M ▼ $3.228M ▲ $-573.03M ▼
Q3-2024 $86.482M $41.483M $-223.348M $124.268M $-57.597M $480.134M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Equipment Leasing Revenues
Equipment Leasing Revenues
 $70.00M ▲$120.00M ▲$70.00M ▼$60.00M ▼
Maintenance
Maintenance
 $60.00M ▲$40.00M ▼$50.00M ▲$70.00M ▲
Aerospace Products Revenue
Aerospace Products Revenue
 $300.00M ▲$530.00M ▲$370.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the past few years, and operating profitability has improved meaningfully, showing that the core business model is gaining traction. Gross and operating margins look healthy for an industrial services business, suggesting good pricing power and cost control. However, bottom-line results have been volatile: the company moved from losses to a solid profit, then back toward roughly breakeven, which hints at the impact of interest costs, one-off items, or non-operating factors. Overall, the trend in the underlying operations is positive, but reported earnings still show some instability and complexity.

Balance Sheet

Balance Sheet The balance sheet is clearly debt-heavy. Total assets are sizeable, but they are funded largely with borrowings rather than shareholder equity, leaving only a thin equity cushion. Cash on hand is modest relative to both the asset base and the debt load, which underscores sensitivity to credit markets and refinancing conditions. Asset levels have moved around as the company has bought and sold businesses or equipment, but the consistent theme is high leverage. This structure can amplify returns when things go well but also raises financial risk if operating performance or funding conditions weaken.

Cash Flow

Cash Flow Cash generation is a weak spot. Even in years when accounting profits looked solid, cash from operations has been limited or negative, and the company has been investing heavily in its asset base. Free cash flow has been firmly negative for several years, meaning the business is consuming cash rather than producing it after investments. This suggests ongoing reliance on external capital—debt, equity, or asset sales—to fund growth and strategic initiatives. A key question going forward is whether the improving operating performance can eventually translate into steady, positive cash flow.

Competitive Edge

Competitive Edge FTAI appears to have built a differentiated position in a very specific niche: maintenance and leasing of widely used narrow-body aircraft engines. Its modular “swap rather than overhaul” model, focus on a small set of high-volume engine types, and growing portfolio of in-house replacement parts all support a cost and speed advantage versus traditional maintenance providers. Vertical integration into repair facilities further strengthens control over quality and turnaround times. On the risk side, the company is highly concentrated in a few engine platforms, exposed to airline cycles, and operates under tight regulatory oversight, so maintaining reliability, safety, and customer trust is critical to sustaining this moat.

Innovation and R&D

Innovation and R&D Innovation here is less about traditional lab R&D and more about process, data, and business-model innovation. The “Module Factory” approach, the development of approved alternative parts, and the use of AI tools through the Palantir partnership all aim to reduce downtime, lower costs, and streamline the supply chain. The joint venture for engine parts could structurally lower overhaul costs if approvals continue to come through, while the AI work targets smarter scheduling, inventory, and potentially predictive maintenance. The upside is meaningful differentiation and margin expansion; the uncertainty lies in execution, regulatory approvals, and how quickly these innovations can be scaled across the customer base.

Summary

FTAI is evolving from a capital-intensive leasing-style business into a more specialized, solutions-focused aviation services company with a distinctive engine-maintenance model. The top line and operating margins reflect real business momentum and customer demand for its faster, cheaper maintenance offerings. At the same time, the financial structure is aggressive: high leverage, thin equity, and persistent negative free cash flow all increase sensitivity to interest rates, credit markets, and any operational hiccups. The strategic story—cost leadership, modular maintenance, proprietary parts, and AI-enabled operations—is compelling, but the investment case depends heavily on the company’s ability to convert this operational success into durable cash generation while managing its sizable debt load and scaling safely in a tightly regulated industry.

NEWS

November 17, 2025 · 6:59 AM UTC

Palantir and FTAI Aviation Enter Strategic Partnership to Accelerate the Transformation of Aircraft Engine Maintenance, Repair and Exchange

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October 27, 2025 · 4:20 PM UTC

FTAI Aviation Completes Fundraising for its Inaugural Strategic Capital Vehicle Hitting its Upsized Hard Cap of $2.0 Billion of Equity Commitments

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October 13, 2025 · 4:15 PM UTC

FTAI Aviation Partners with Finnair to Provide Perpetual Power Engine Exchanges

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September 9, 2025 · 4:15 PM UTC

FTAI Aviation Ltd. to Participate in the Morgan Stanley 13th Annual Laguna Conference

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September 2, 2025 · 6:30 AM UTC

FTAI Aviation Ltd. to Participate in the Deutsche Bank 15th Annual Aviation Forum

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