olivLaw · US equity research
FTAI FTAI
Services-Miscellaneous Equipment Rental & Leasing · SIC 7350 · Vertical: Business services and software (SIC 735x)
FTAI Aviation is an independent engine maintenance platform for CFM56 and V2500 engines, with an aircraft and engine leasing business. Total revenues reached 2507.4 million USD in fiscal 2025, and consolidated assets were 4.5 billion USD at June 30, 2026. The company's 2027 guidance points to 2.3 billion USD of segment Adjusted EBITDA.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, FTAI (FTAI) stock was 179.58 USD (−10.54% on the day), with market capitalisation 18.4 bn USD, P/E 36.2 on diluted EPS of 4.97 USD over the last 12 months, dividend yield 1.03%, beta 1.94, 52-week range 152.80–310.04 USD. Latest reported quarter (Q3 2026): revenue of 977.7 m USD (+46.6% YoY), net income of 150.6 m USD (+27.9% YoY), diluted EPS 1.43 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.8
- neutral
- Bollinger (20, 2)
- 142.96 – 198.15
- in the upper half of the band · %B 0.66 · band width 32.4%
- SMA 50 / 200
- 178.36 / 230.72
- mixed trend
- MACD (12, 26, 9)
- 3.02 / -1.24
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.0% | −1.1% | +10.1 pp | — |
| 3 months | −19.7% | −0.5% | −19.3 pp | — |
| 6 months | −37.1% | +4.4% | −41.5 pp | — |
| Year to date | −8.8% | +12.3% | −21.1 pp | — |
| 1 year | +15.6% | +13.5% | +2.1 pp | +26.3% |
| 3 years | +354.9% | +76.4% | +278.5 pp | +30.1% |
| 5 years | +690.3% | +63.7% | +626.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 498.8 m | 502.1 m | 676.2 m | 667.1 m | 662.0 m | 830.7 m | 953.1 m | 977.7 m |
| Cost of revenue | 257.7 m | 248.7 m | 369.3 m | 362.9 m | 368.8 m | 524.3 m | 635.8 m | 623.8 m |
| Research & development | — | — | — | 0 | — | — | — | 22.0 m |
| Depreciation & amortisation | 54.7 m | 59.6 m | 55.2 m | 55.3 m | 55.7 m | 52.3 m | 47.0 m | 43.3 m |
| Interest expense | 60.9 m | 62.0 m | 64.0 m | 60.8 m | 61.0 m | 61.4 m | 64.1 m | 65.1 m |
| Pre-tax income | 108.1 m | 125.2 m | 203.3 m | 144.0 m | 134.1 m | 169.4 m | 150.7 m | 172.8 m |
| Income tax | 5.6 m | 22.9 m | 37.9 m | 26.3 m | 18.6 m | 31.5 m | 25.6 m | 22.2 m |
| Net income | 102.4 m | 102.4 m | 165.4 m | 117.7 m | 115.6 m | 137.9 m | 125.1 m | 150.6 m |
| Diluted EPS | 1.00 ≈ | 0.87 | 1.57 | 1.10 | 1.12 ≈ | 1.29 | 1.13 | 1.43 |
| Operating cash flow | -41.8 m | -26.0 m | -110.3 m ≈ | 4.6 m ≈ | -179.1 m | -160.1 m | -105.2 m ≈ | -67.7 m ≈ |
| Capex | 6.3 m | 4.2 m | 6.9 m ≈ | 6.4 m ≈ | 10.2 m | 6.6 m | 17.4 m ≈ | 42.4 m ≈ |
| Dividends paid | 30.8 m | 30.8 m | 30.8 m ≈ | 30.8 m ≈ | 35.9 m | 41.0 m | 46.2 m ≈ | 51.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 57 percentile of its own 23-quarter history (min 0.0, median 29.6, max 300.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | ⚠ 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 342.1 m | 578.8 m | 297.9 m | 335.6 m | 708.4 m | 1.2 bn | 1.7 bn | 2.5 bn |
| Revenue YoY | +84.9% | +69.2% | — | +12.6% | +111.1% | +65.3% | +48.2% | +44.5% |
| Net income | 5.9 m | 223.3 m | -105.0 m | -130.7 m | -212.0 m | 243.8 m | 8.7 m | 501.1 m |
| Net income YoY | +4,289.6% | +3,695.8% | — | unavailable | unavailable | unavailable | −96.4% | +5,671.3% |
| Diluted EPS | 0.07 | unavailable | unavailable | unavailable | unavailable | 2.11 | -0.32 | 4.60 |
| Diluted EPS YoY | unavailable | unavailable | — | unavailable | unavailable | unavailable | −115.2% | unavailable |
| net % | 1.7% | 38.6% | -35.3% | -38.9% | -29.9% | 20.8% | 0.5% | 20.0% |
| Free cash flow | -96.3 m | -180.1 m | -201.7 m | -179.4 m | -164.9 m | 122.8 m | -197.2 m | -338.5 m |
The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 300.5 m USD
- Financial debt
- 3.4 bn USD
- Net debt
- 3.1 bn USD
- Equity
- 334.2 m USD
- Total assets
- 4.4 bn USD
- Debt / equity
- 10.32x
- Current ratio
- 5.28x
- ROE
- 241.2%
- ROA
- 11.9%
- FCF margin
- -13.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 297.9 m | 335.6 m | 708.4 m | 1.2 bn | 1.7 bn | 2.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 0 | 14.3 m | 248.4 m | 502.1 m | 825.9 m | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 297.9 m ≈ | 321.3 m ≈ | 460.0 m ≈ | 668.8 m ≈ | 909.0 m ≈ | 1.2 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Depreciation & amortisation | 141.3 m | 147.7 m | 152.9 m | 169.9 m | 218.1 m | 225.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Interest expense | 87.4 m | 155.0 m | 169.2 m | 161.6 m | 221.7 m | 247.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | -43.4 m | -39.7 m | -105.3 m | 184.0 m | 14.2 m | 606.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -4.3 m | 3.1 m | 5.3 m | -59.8 m | 5.5 m | 105.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | -105.0 m | -130.7 m | -212.0 m | 243.8 m | 8.7 m | 501.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | — | — | — | 2.11 | -0.32 | 4.60 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 86.0 m | 89.9 m | 99.4 m | 100.4 m | 101.5 m | 103.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 1.32 | 1.32 | 1.26 | 1.20 | 1.20 | 1.35 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 121.7 m | 138.2 m | 33.6 m | 90.8 m | 115.1 m | 300.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | — | — | — | 115.2 m | 150.8 m | 209.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | — | 100.3 m | 163.7 m | 316.6 m | 551.2 m | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | — | — | — | 671.4 m | 1.2 bn | 2.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 964.4 m | 38.3 m | 10.0 m | 2.1 bn | 2.5 bn | 1.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 122.7 m | 257.1 m | 0 | 4.6 m | 61.1 m | 94.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 18.8 m | 31.0 m | 42.0 m | 50.6 m | 42.2 m | 19.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 3.4 bn | 4.9 bn | 2.4 bn | 3.0 bn | 4.0 bn | 4.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | — | — | — | 41.6 m | 69.1 m | 208.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 25.0 m | 100.5 m | 0 | 0 | 0 | 0 | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 1.9 bn | 2.5 bn | 2.2 bn | 2.5 bn | 3.4 bn | 3.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | — | — | — | 181.8 m | 347.2 m | 399.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 2.3 bn | 3.7 bn | 2.4 bn | 2.8 bn | 4.0 bn | 4.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 1.1 bn | 1.1 bn | 19.4 m | 175.9 m | 81.4 m | 334.2 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 63.1 m | -22.0 m | -20.7 m | 129.0 m | -188.0 m | -310.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 264.8 m | 157.3 m | 144.2 m | 6.1 m | 9.2 m | 27.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | -201.7 m ≈ | -179.4 m ≈ | -164.9 m ≈ | 122.8 m ≈ | -197.2 m ≈ | -338.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -509.1 m | -1.3 bn | -411.3 m | -373.3 m | -469.5 m | 723.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 364.9 m | 1.6 bn | 44.9 m | 282.2 m | 681.8 m | -227.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 113.6 m | 118.0 m | 128.5 m | 119.8 m | 121.6 m | 128.2 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 18.4 bn USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.74 – 109.91 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E46.04 – 109.91 (Mid 89.61)11 companies used · median multiple 18.0x · quartiles 9.3x – 22.1xAER, EQPT, HRI, KPLT, MGRC, NPKI, PRG, SUNB, TRTN-PA, UPBD, URI
- Dividend discount (DDM)17.74 – 23.86 (Mid 20.35)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 15.5% | 71 (vs peers) | 13% |
| FCF conversion · Quality | -111.2% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | 52.4% | 100 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 36.2x | 17 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.2% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.9% | 14 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality36/100 · 2/3 factors with a value
- Returns· partial14/100 · 1/2 factors with a value
- Valuation9/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FTAI AVIATION LTD. (FTAI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.5 bn USD in 2025; YoY growth 44.5%; net margin 15.5%; ROE 154.3%.
The estimated value range is 31.89–66.89 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 54.98 USD, the price of 179.58 USD leaves a potential of -69.4% (value / price − 1) and a margin of safety of -226.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 15.5%
- Revenue CAGR 3Y: 52.4%
- Current ratio: 3.8x
What contradicts it
- FCF conversion: -111.2%
- P/E (TTM): 36.2x
- FCF yield: -3.2%
- Shareholder yield (distributions): 0.9%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Business services and software (SIC 735x) · same industry group (3-digit SIC) · compared with 14 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| URIUnited Rentals, Inc. | 69.6 bn | 24.4 | 30.6% | 16.3% | +4.9% | +38% / +136% |
| SUNBSunbelt Rentals Holdings, Inc. | 33.1 bn | 23.8 | 18.2% | 12.1% | +3.4% | unavailable / unavailable |
| AERAerCap Holdings N.V. | 27.7 bn | 7.8 | 21.1% | 44.0% | +6.5% | +24% / +143% |
| FTAIFtai Aviation Ltd. | 18.4 bn | 36.2 | 154.3% | 15.5% | +44.5% | +16% / +355% |
| HRIHerc Holdings Inc. | 5.3 bn | 43.3 | 6.3% | 2.5% | +22.6% | +18% / +28% |
| WSCWillscot Holdings Corporation | 3.5 bn | — | -7.1% | -3.0% | −4.8% | −2% / −54% |
| MGRCMcGRATH RENTCORP | 3.2 bn | 20.5 | 12.9% | 16.8% | +3.7% | +29% / +31% |
| TRTN-PATriton International Limited | 2.5 bn | 4.9 | 18.8% | 854.3% | +22.4% | −4% / −4% |
| CTOSCustom Truck One Source, Inc. | 2.3 bn | 76.7 | 3.7% | 1.4% | +7.9% | +59% / +74% |
| PRGProg Holdings, Inc. | 1.6 bn | 10.8 | 20.0% | 5.5% | +0.4% | +39% / +46% |
| UPBDUpbound Group, Inc. | 1.4 bn | 12.7 | 15.5% | 2.4% | +8.7% | +35% / −17% |
| EQPTEquipmentShare.com Inc | 1.2 bn | 19.2 | 7.4% | 1.3% | +16.3% | unavailable / unavailable |
| NPKINPK International Inc. | 758.7 m | 18.0 | 12.3% | 14.0% | +27.4% | −27% / +30% |
| KPLTKatapult Holdings, Inc. | 50.0 m | 7.2 | — | 5.4% | +18.0% | +62% / −9% |
| EHGOEShallGo Inc. | — | — | -117.3% | -69.4% | +21.1% | −54% / unavailable |
1- and 3-year price returns: for FTAI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 122.27 Total return -31% · Per year -31% | 215.19 Total return 21% · Per year 21% | 322.78 Total return 81% · Per year 81% |
| 3 years | 145.04 Total return -16% · Per year -6% | 284.58 Total return 63% · Per year 18% | 464.80 Total return 164% · Per year 38% |
| 5 years | 172.04 Total return 1% · Per year 0% | 376.36 Total return 118% · Per year 17% | 669.31 Total return 284% · Per year 31% |
- Exit P/E± 71.15
- Net margin± 49.80
- Annual revenue growth± 37.14
- Annual dilution± 4.18
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (29 Oct 2026 · results).
In brief
FTAI Aviation is an independent engine maintenance platform for CFM56 and V2500 engines, with an aircraft and engine leasing business. Total revenues reached 2507.4 million USD in fiscal 2025 1, and consolidated assets were 4.5 billion USD at June 30, 2026 2. The company's 2027 guidance points to 2.3 billion USD of segment Adjusted EBITDA 3.
SWOT
Strengths
- An integrated maintenance platform for CFM56 and V2500 engines with in-house repair and rebuild capacity.
- Strong growth in Aerospace Products revenue in fiscal 2025 and in the second quarter of 2026.
- New strategic partnerships that extend maintenance capacity and geographic coverage.
Weaknesses
- Revenue concentration in a few large customers, with one customer accounting for a significant share of receivables.
- Dependence on a limited set of engine types, which exposes the company to issues specific to those families.
- The Aviation Leasing outlook was lowered, showing difficulty sustaining leasing revenue.
Opportunities
- The major FTAI Power contract could support growth and diversification beyond aviation.
- The Strategic Capital Initiative could generate management revenue without tying up the company's own capital.
- Expansion into Indonesia and Egypt could attract new customers in growing regions.
Threats
- Industry oversupply could reduce lease rates and asset values.
- Geopolitical risk and sanctions related to Russia could prevent recovery of some assets.
- Grounding or retirement of 737NG and A320ceo aircraft could reduce demand for the company's engines.
Risks
- Dependence on large customershigh
A small number of customers generate a significant share of revenue, and losing one could affect Aerospace Products results 1.
- Assets in Russiahigh
Aircraft and engines remaining in Russia could be hard to recover, and their insured value depends on uncertain claims 1.
- Oversupply of assetsmedium
Oversupply in the aviation industry could lower rates and asset utilization, especially during economic downturns 1.
- Concentration on a few engine typesmedium
The company could be affected if demand for CFM56 and V2500 engines falls or if specific technical problems emerge 1.
- Aviation regulatory compliancemedium
Failure to meet regulatory requirements could limit sales and lead to additional compliance costs 1.
Investment thesis
What would need to be true (bull case)
- Strong growth in engine maintenance revenue, combined with new contracts and regional partnerships, could sustain solid growth if current conditions hold 3.
- The Strategic Capital Initiative could generate management income without locking up the company's own capital, potentially improving asset returns 12.
- The FTAI Power contract could open a new business line if 2027 deliveries follow the plan 3.
What would break the thesis
- Customer concentration and dependence on a few engine types could amplify the impact of weaker demand or a technical issue 1.
- The lowered Aviation Leasing guidance and exposure to assets in Russia could limit that segment's contribution in the near term 13.
- The industry remains cyclical, and oversupply could pressure rates and asset values if the economy slows 1.
What to watch
- Delivery against 2026 Aerospace Products Adjusted EBITDA guidance2026
- Deliveries and progress of the FTAI Power customer contract2027
- Quarterly Aviation Leasing results after the lowered guidanceQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (02 Nov 2026), 8-K (29 Oct 2026 · results).
The business
FTAI Aviation Ltd. (Nasdaq: FTAI) is a Cayman Islands company that repairs, rebuilds, and sells or leases aircraft engines, mainly CFM56-5B, CFM56-7B and V2500, used on 737NG and A320ceo aircraft 1. Its primary model is Maintenance, Repair and Exchange (MRE), reported under the Aerospace Products segment 1. At December 31, 2025 the company had consolidated assets of 4.4 billion USD and total equity of 334.2 million USD 1.
Segments
Aerospace Products
The Aerospace Products segment develops, repairs and sells engines and aftermarket components for CFM56-7B, CFM56-5B and V2500 engines 1. Segment revenue reached 1600.5 million USD in fiscal 2025 1 and 875.0 million USD in Q2 2026 alone 3. The company has also announced FTAI Power, a platform converting CFM56 engines into power turbines 1.
Market context
The commercial aviation industry is cyclical, and demand for FTAI's engines and parts depends on passenger and cargo traffic, which in turn depends on general economic conditions 1. Oversupply can depress lease rates and asset values, particularly in downturns 1. The CFM56 and V2500 maintenance market remains a core niche, with revenue concentrated among a few large customers 1.
Trends
- Rising demand for engine maintenancetailwind
Aerospace Products revenue grew strongly in fiscal 2025 and in the first quarter of 2026, suggesting solid demand for CFM56 and V2500 maintenance 13.
- Shift to an asset-light modelmixed
The company is moving toward the Strategic Capital Initiative, which could reduce balance-sheet exposure but also coincided with a lower Aviation Leasing guidance 13.
- Expansion of FTAI Powertailwind
The 1465 million USD FTAI Power customer contract could support growth in 2027 if deliveries stay on schedule 3.
- Geopolitical risk and sanctionsheadwind
Aircraft and engines still located in Russia, and the ongoing conflict in Ukraine, could affect collections and the recovery of assets 1.
Competitive position
Competition for acquiring aviation assets comes from traditional aviation companies, commercial and investment banks, and a growing number of hedge funds, private equity funds and other private investors 1. In Aerospace Products, rivals include engine and component manufacturers, aircraft service companies, parts suppliers and spare-parts distributors 1.
Some competitors have greater capital, longer operating histories or lower costs of capital, which could reduce the number of opportunities available to FTAI 1. Competitive pressure can lead to price cuts, especially during industry downturns 1.
- Aircraft and engine lessors
Compete for the same assets and lease contracts, and some have more capital or lower financing costs.
- Aircraft services and repair companies
Offer maintenance, repair and overhaul services that overlap with the company's MRE portfolio.
- Aircraft spare parts distributors
Compete in the aftermarket parts business and in redistributing components recovered from engines.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Other events
- Current report02 Nov 2026Other events
- Quarterly report02 Nov 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 May 2026Shareholder vote
- Quarterly report01 May 2026
- Current report30 Apr 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / FTAI · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / FTAI · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / FTAI · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.