FTAI Aviation Ltd. FTAI
FTAI Aviation Ltd. (Nasdaq: FTAI) is a Cayman Islands exempted company. Except as otherwise specified, "we", "us", "our", "FTAI", "FTAI Aviation" or "the Company" refer to us and our consolidated subsidiaries.
We are a leading independent engine maintenance platform focused on the CFM56-5B, CFM56-7B and V2500 aircraft engines which power the 737NG and A320ceo aircraft. We repair and rebuild engines in our maintenance facilities and with our joint venture partners, and sell or lease the engines to airlines and asset owners around the world. Our primary business model is to sell or lease engines via exchange through our proprietary Maintenance, Repair and Exchange ("MRE") model which is reported under our Aerospace Products segment.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.51B | $1.73B | $1.17B | $708.4M | $335.6M | $297.9M | $578.8M | $342.1M | $185.1M | $148.7M |
| Cost of revenue | $1.35B | $825.9M | $502.1M | $248.4M | $14.3M | $0 | — | — | — | — |
| Gross profit | $1.16B | $909.0M | $668.8M | $460.0M | $321.3M | $297.9M | — | — | — | — |
| SG&A | $9.5M | $14.3M | $13.7M | $14.2M | $13.4M | $14.1M | $16.9M | $15.3M | $14.6M | $12.3M |
| Total operating expenses | $1.77B | $1.50B | $831.2M | $624.5M | $419.2M | $332.2M | $291.6M | $138.4M | $62.4M | $66.2M |
| Interest expense | $247.8M | $221.7M | $161.6M | $169.2M | $155.0M | $87.4M | $95.6M | $56.8M | $37.8M | $19.0M |
| Pre-tax income | $606.7M | $14.2M | $184.0M | -$105.3M | -$39.7M | -$43.4M | $152.1M | -$17.7M | -$20.5M | -$40.3M |
| Income tax | $105.6M | $5.5M | $59.8M | $5.3M | $3.1M | $4.3M | $17.8M | $2.4M | $2.0M | $268.0K |
| Net income | $501.1M | $8.7M | $243.8M | -$212.0M | -$130.7M | -$103.7M | $207.8M | $5.9M | $134.0K | -$20.1M |
| EPS, basic | 4.66 | -0.32 | 2.12 | — | — | — | — | 0.07 | 0.00 | -0.26 |
| EPS, diluted | 4.60 | -0.32 | 2.11 | — | — | — | — | 0.07 | 0.00 | -0.26 |
| Shares, diluted (wtd. avg.) | $103.8M | $101.5M | $100.4M | $99.4M | $89.9M | $86.0M | $86.0M | $83.7M | $75.8M | $75.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $300.5M | $115.1M | $90.9M | $53.1M | $440.1M | $161.4M | $242.5M | $120.8M | $92.8M | $133.5M |
| Receivables | $209.9M | $150.8M | $115.2M | — | — | — | — | — | — | — |
| Inventory | $1.19B | $551.2M | $316.6M | $163.7M | $100.3M | — | — | — | — | — |
| Total current assets | $2.11B | $1.23B | $671.4M | — | — | — | — | — | — | — |
| Property, plant and equipment | $1.67B | $2.48B | — | — | $1.56B | $964.4M | $732.1M | $662.0M | $489.9M | $352.2M |
| Goodwill | $94.2M | $61.1M | $4.6M | $0 | $257.1M | $122.7M | $122.6M | $116.0M | $116.6M | $116.6M |
| Other intangibles | $19.9M | $42.2M | $50.6M | $42.0M | $31.0M | $18.8M | $27.7M | $38.5M | $40.0M | $39.0M |
| Total assets | $4.37B | $4.04B | $2.96B | $2.43B | $4.86B | $3.39B | $3.24B | $2.64B | $1.96B | $1.55B |
| Accounts payable | $208.2M | $69.1M | $41.6M | — | — | — | — | — | — | — |
| Short-term debt | $0 | $0 | $0 | $0 | $100.5M | $25.0M | $182.0M | $49.4M | $7.8M | $8.1M |
| Total current liabilities | $399.9M | $347.2M | $181.8M | — | — | — | — | — | — | — |
| Long-term debt | $3.45B | $3.44B | $2.52B | $2.18B | $2.50B | $1.90B | $1.42B | $1.22B | $703.3M | $259.5M |
| Total liabilities | $4.04B | $3.96B | $2.79B | $2.41B | $3.74B | $2.29B | $1.90B | $1.58B | $920.7M | $381.6M |
| Retained earnings | $282.5M | -$73.1M | -$81.8M | -$325.6M | -$132.4M | -$28.2M | $190.5M | -$32.8M | -$38.7M | -$38.8M |
| Total equity | $334.2M | $81.4M | $175.9M | $19.4M | $1.12B | $1.10B | $1.34B | $1.05B | $1.04B | $1.17B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$310.7M | -$188.0M | $129.0M | -$20.7M | -$22.0M | $63.1M | $151.0M | $133.7M | $68.5M | $30.9M |
| Depreciation and amortisation | $225.8M | $218.1M | $169.9M | $152.9M | $147.7M | $141.3M | $169.0M | $133.9M | $86.1M | $60.2M |
| Stock-based compensation | $21.7M | $6.0M | $1.6M | $2.6M | — | — | — | — | — | — |
| Capital expenditure | $27.7M | $9.2M | $6.1M | $144.2M | $157.3M | $264.8M | $331.2M | $230.0M | $116.0M | $57.4M |
| Investing cash flow | $723.3M | -$469.5M | -$373.3M | -$411.3M | -$1.29B | -$509.1M | -$495.2M | -$703.5M | -$472.3M | -$210.7M |
| Financing cash flow | -$227.2M | $681.8M | $282.2M | $44.9M | $1.59B | $364.9M | $465.9M | $597.9M | $363.1M | -$90.0M |
| Dividends paid | $128.2M | $121.6M | $119.8M | $128.5M | $118.0M | $113.6M | $113.5M | $110.6M | $100.1M | $100.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-012940.
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