FTAI Aviation Ltd.FTAI
NasdaqGS•Industrials•Aerospace & Defense
FTAI Aviation Ltd. owns, acquires, and sells aviation equipment for the transportation of goods and people worldwide. It operates in two segments, Aviation Leasing and Aerospace Products. The Aviation Leasing segment owns, leases, manages, and sells aircraft and aircraft engines. As of December 31, 2025, this segment owned and managed 290 aviation assets consisting of 47 commercial aircraft and 243 engines, including eight aircraft and seventeen engines in Russia. The Aerospace Products segment develops, manufactures, repairs/refurbishes, and sells aircraft engines and aftermarket components for the commercial aircraft engines. It also engages in the offshore energy business, which consists of vessels and equipment that support offshore oil and gas activities and production. The company was founded in 2011 and is headquartered in New York, New York.
FTAI Aviation Ltd. (FTAI) reported trailing twelve months revenue of $2.84B as of March 2026, a 48.5% increase year-over-year. Quarterly revenue reached $830.70M, reflecting continued top-line momentum.
FTAI Aviation Ltd. generated $536.58M in TTM net income, with quarterly EBITDA of $222.67M. The operating margin contracted from 30.1% to 20.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (20.5%) and net margin (16.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 20.4% a year ago, reflecting increased costs or interest expense.
FTAI trades at a P/E of 43.7x (a premium multiple) and a P/S of 8.3x. The price-to-book ratio of 54.4x indicates a significant premium over book value.
The company reported negative free cash flow of $-166.72M, indicating cash consumption over the period. The balance sheet shows $4.53B in total assets with $3.45B in long-term debt against $431.68M in stockholders equity for a debt-to-equity ratio of 8.0, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 21.8%. The business may lack pricing power or face rising costs.'
ROE averages 124.8% but has fluctuated — the competitive advantage may be cyclical or emerging.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~106.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 8.0 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 6 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation