Ftai Aviation Ltd. (FTAI)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$3.1B

Revenue growth

45.3%

Net income, last twelve months

$477.6M

Earnings per share

$4.60

Gross margin

39.2%

Operating margin

23.9%

Net margin

15.3%

Free cash flow

-$480.4M

Return on equity

118.2%

Market value

$17.2B

Price to earnings

36.4x

Dividend yield

1.0%

Cash

$337.2M

Debt

$3.5B

Debt to equity

8.55

Shares outstanding

102.6M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter 2026 results, filed 29 October 2026.

• Net income attributable to shareholders rose. Net income attributable to shareholders was $149.1 million, up 26.8% from Q2 2026 and from $114.0 million in Q3 2025. Diluted EPS was $1.43, against $1.10. Adjusted EBITDA was $348.3 million.
• Aerospace Products revenue and EBITDA grew. Aerospace Products revenue was $910.0 million and Adjusted EBITDA was $282.4 million, up 76% and 57% on Q3 2025. Aerospace Products Adjusted EBITDA was about 81% of consolidated Adjusted EBITDA.
• Stated Adjusted EBITDA growth differs from Q2. The release states Adjusted EBITDA rose 14.8% from Q2 2026. The previous release reported $291.4 million for Q2, which implies growth of about 19.5% to $348.3 million.
• Aviation Leasing EBITDA declined. Aviation Leasing Adjusted EBITDA was $104.0 million, against $134.4 million in Q3 2025. Lease income was $25.3 million, against $55.1 million, and asset sales revenue was $5.9 million, against $38.5 million.
• Corporate and Other loss widened. Corporate and Other Adjusted EBITDA was $(38.1) million, against $(17.4) million, including eliminations of $(5.1) million. The segment table before eliminations shows $(33.1) million, after adding back $22.0 million of FTAI Power pre-commercial R&D.
• CFM56 module output up 50%. The company produced 311 CFM56 modules across its global MRE network in Q3 2026, up 50% on Q3 2025.
• Year-to-date modules reached 877. Year-to-date CFM56 module production totals 877, measured against a 2026 figure of 1,200 modules.
• Power units under contract for 2027-2028. More than 100 FTAI Power units are under contract for delivery in 2027 and 2028 to customers in the U.S. and Canada. The Q2 release cited a $1.465 billion customer contract.
• Mod-1 met its test targets. The Mod-1 completed its critical testing milestones. Targets were 25MW for peak power and 23MW for continuous baseload power, on both natural gas and liquid fuel.
• Aerospace margin at 31%. Aerospace Products Adjusted EBITDA margin was 31%, against the 30% margin guidance figure the company cites. The release gives no period for the 30% figure.
• Cost of sales and operating expenses rose. Cost of sales was $623.8 million, against $362.9 million in Q3 2025. Operating expenses were $62.3 million, against $39.1 million.
• FTAI Power R&D recorded this quarter. Research and development expense was $22.0 million, with no comparable expense in Q3 2025. The company says the aeroderivative turbine development has not yet been commercially launched.
• Interest up, depreciation and amortization down. Interest expense was $65.1 million, against $60.8 million. Depreciation and amortization was $43.3 million, against $55.3 million.
• SCI I has closed 212 of 301. SCI I (2025 SPV) has closed 212 of its 301 committed aircraft through September 30, 2026.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By region, FY2025

Company events

The newest 8-K filings of 169 held.

Every filing

The newest filings with the SEC of 327 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

757 funds held it at 30 Jun 2026: 368 added and 201 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Herc Holdings Inc. (HRI): revenue $4.9B, market value $5.6B
• WillScot Holdings Corp. (WSC): revenue $2.3B, market value $3.3B

What the company does

FTAI Aviation Ltd. is a Cayman Islands exempted company listed on Nasdaq. The company calls itself a leading independent engine maintenance platform focused on the CFM56-5B, CFM56-7B and V2500 aircraft engines, which power the 737NG and A320ceo aircraft. It repairs and rebuilds engines in its own maintenance facilities and with joint venture partners, then sells or leases them to airlines and asset owners around the world. It also owns and manages a portfolio of aircraft and engines, 290 aviation assets as of 31 December 2025. It had 985 full-time employees and independent contractors at that date.

How the business is organised

The company reports two segments: Aerospace Products and Aviation Leasing. A third group, Corporate and Other, mainly holds debt, unallocated corporate costs and some offshore energy equipment that supports oil and gas activities. The company ended its external management agreement on 28 May 2024 and now operates as an internally managed company. It no longer pays management fees or incentive distributions to its former manager.

What the Aerospace Products segment does

This segment develops and manufactures, repairs and refurbishes, and sells aircraft engines and aftermarket components, mainly for the CFM56-7B, CFM56-5B and V2500 engines. Its main model is Maintenance, Repair and Exchange, which the company calls MRE. Under MRE it sells or leases engines via exchange. Engine, module and parts sales run through a dedicated commercial maintenance program focused on repairing and refurbishing modules and parts of CFM56-7B and CFM56-5B engines. Other serviceable used modules and parts are sold through an exclusive partner, which handles teardown, repair, marketing and sales of parts from the company's CFM56 engine pool.

- In 2023 the company bought the remaining interest in Quick Turn Engine Center LLC, a hospital maintenance and testing facility for CFM56-7B and CFM56-5B engines. - In 2024 it bought Lockheed Martin Commercial Engine Solutions to set up permanent engine and module manufacturing. - In 2025 it bought Pacific Aerodynamic Inc., which repairs CFM56 compressor blades and vanes, and the MRE business of AerotechOPS in Miami.

It also holds a 25% interest in the Advanced Engine Repair joint venture, which develops cost-saving programs for engine repairs. It holds a 50% interest in QuickTurn Europe, a maintenance, repair and overhaul facility for CFM56 engines. On 30 December 2025 the company announced FTAI Power, a platform focused on converting CFM56 engines to power turbines.

The leasing portfolio

As of 31 December 2025 the Aviation Leasing segment owned and managed 47 commercial aircraft and 243 engines. Of the aircraft, 37 were on lease, and 143 of the engines were on lease. Assets not on lease are being repaired, prepared for a new lease or held in short term storage. Equipment utilization was approximately 77% in the three months ended 31 December 2025. Aircraft had a weighted average remaining lease term of 44 months, and engines on lease averaged 38 months.

The company terminated all lease agreements with Russian airlines after sanctions were imposed. Eight aircraft and seventeen engines were still located in Russia at year end, and the company says it intends to pursue its insurance claims on them.

The Strategic Capital Initiative

On 30 December 2024 the company launched a Strategic Capital Initiative with third-party institutional investors. It is an asset management business that manages outside capital invested in on-lease aircraft and engines. The company says it expects its primary investment activities to run through this initiative going forward, which it describes as allowing an asset-light model.

The first vehicle, the 2025 Partnership, focuses on 737NG and A320ceo aircraft and completed its fundraise in October 2025. It is the primary buyer of all future on-lease 737NG and A320ceo aircraft and agreed to acquire 45 on-lease narrowbody aircraft from the company. The company's MRE business is the exclusive supplier of replacement engines and modules for the life of the partnership. The company acts as servicer, receives market-based compensation for managing the aircraft, and holds a minority capital commitment. The filing notes that conflicts of interest may arise in allocating investment opportunities between the company and these partnerships.

Who it sells to and who it competes with

Customers and lessees are mainly global operators of transportation networks and global industrial companies, including airlines. The company monitors their credit quality on an ongoing basis. Many leases include credit enhancement elements, such as additional collateral or credit support. Two Aerospace Products customers accounted for 13% and 10% of total revenue, and one customer represented 23% of accounts receivable. The company says it does not consider itself dependent on any one customer, because it can re-lease or resell assets.

Competitors include engine and aircraft parts manufacturers, aircraft and engine lessors, airline and aircraft services and repair companies, and spare parts distributors. For acquisitions it also faces commercial and investment banks, hedge funds, private equity funds and other private investors. The company is subject to environmental laws covering pollutant discharge, hazardous substances, site cleanup, noise and emissions. Its leases generally require lessees to carry physical damage and liability insurance.

Its people

Of the company's 494 full-time employees in Canada, approximately 71% are covered by collective bargaining agreements. The company reports no significant union-related work stoppages.

*From FTAI Aviation's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1590364/000162828026012940/ftai-20251231.htm)*

From the company's 10-K.