Operational cash generation remains challenged, evidenced by a negative OCF/NI ratio of -1.16 and a -19.3% free cash flow margin in 2026Q1, driven by heavy capital intensity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -444.86M | -310.75M | -187.96M | 128.98M | -20.66M | -22.04M | 63.11M | 151.04M | 133.7M | 68.5M | 30.9M | 23.53M | -31.55M | 11.91M | -2.02M |
| Operating CF Margin % | - | -12.39% | -10.74% | 10.88% | -2.86% | -6.57% | 17.04% | 25.78% | 38.12% | 30.8% | 20.11% | 16.41% | -54.46% | 61% | -57.92% |
| Operating CF Growth % | -892.64% | -65.33% | -245.72% | 724.4% | 6.29% | -134.93% | -58.22% | 12.97% | 95.19% | 121.65% | 31.35% | 174.57% | -364.85% | 689.46% | - |
| Net Income | 536.58M | 501.06M | 8.68M | 243.82M | -212.03M | -130.71M | -103.69M | 207.78M | -15.7M | -23.24M | -40.6M | -28.63M | 2.92M | 25.28M | 2.19M |
| Depreciation & Amortization | 257.59M | 225.8M | 218.06M | 185M | 230.37M | 229.73M | 202.75M | 201.39M | 163.01M | 96.42M | 65.66M | 52.32M | 18.69M | 3.91M | 1.4M |
| Stock-Based Compensation | 17.54M | 21.73M | 6.01M | 1.64M | 2.62M | 4.04M | 2.33M | 8.4M | 901K | 1.34M | -3.67M | 4.66M | 1.26M | 0 | 0 |
| Deferred Taxes | 65.48M | 73.96M | -1.88M | -63.63M | 2.16M | -2.06M | -5.85M | 14.49M | 649K | 227K | -387K | 61K | 626K | 0 | 0 |
| Other Non-Cash Items | -799.72M | -430.8M | -164.41M | -161.92M | 84.94M | -29.63M | 55.89M | -276.3M | -7.55M | -10.76M | 11.63M | 5.22M | -4.61M | -10.05M | -4.97M |
| Working Capital Changes | -522.32M | -702.5M | -254.42M | -75.93M | -128.73M | -93.42M | -88.31M | -4.73M | -7.61M | 4.51M | -1.73M | -10.1M | -50.44M | -7.23M | -638K |
| Change in Receivables | 59.45M | -42.42M | -41.2M | -40.36M | -65.97M | -88.87M | -59.73M | -22.62M | -23.34M | -12M | -7.98M | -5.94M | -7.21M | -2.61M | -23K |
| Change in Inventory | -705.15M | -645.46M | -206.88M | -31.88M | -23.27M | 0 | 0 | 0 | -95.8M | -58.65M | -127.81M | -251.21M | -164.4M | 969K | -82.87M |
| Change in Payables | 83.8M | 122.78M | 15.89M | 1.25M | -19.6M | 25.08M | -5.26M | 31.54M | 30.47M | 10.27M | 7.73M | 3.18M | -45.9M | 892K | -750K |
| Cash from Investing | 1.07B | 723.31M | -469.5M | -373.35M | -411.25M | -1.29B | -509.12M | -495.24M | -703.53M | -440.23M | -213.1M | -239.92M | -571.42M | -87.77M | -149.55M |
| Capital Expenditures | -430.64M | -752.44M | -1.31B | -776.89M | -813.65M | -767.63M | -594.78M | -900.74M | -749.5M | -564.25M | -276.47M | -263.56M | -469.3M | -129.85M | -95M |
| CapEx % of Revenue | 15.18% | 30.01% | 75.11% | 65.5% | 112.64% | 228.75% | 160.65% | 153.72% | 213.71% | 253.74% | 179.88% | 183.87% | 810.12% | 664.89% | 2722.84% |
| Acquisitions | 980.91M | 1.72B | -147.62M | -73.07M | -17.83M | -681.75M | -4.69M | 141.49M | -1.11M | -30.31M | -28.78M | 3.73M | -47.81M | 22M | -54.78M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 700.39M | 58.8M | 992.98M | 476.61M | 420.23M | 162.42M | 90.34M | 264.01M | 10.48M | 42.19M | 70.11M | 19.91M | -54.3M | -1.12M | 225K |
| Cash from Financing | -277.82M | -227.21M | 681.81M | 282.21M | 44.91M | 1.59B | 364.92M | 465.87M | 597.87M | 363.08M | -131.45M | 575.97M | 617.86M | 78.96M | 154.6M |
| Debt Issued (Net) | -200.01M | -524K | 909.51M | 346.67M | -330.55M | 1.34B | 488.78M | 383.7M | 532.16M | 441.97M | -53.75M | -23.56M | 148.44M | 17.4M | 55.99M |
| Equity Issued (Net) | 0 | -124.17M | -105.35M | 61.73M | 0 | 424.32M | 19.69M | 193.99M | 148.32M | 0 | 0 | 354.06M | 0 | 0 | 0 |
| Dividends Paid | -108.57M | -145.45M | -154.34M | -151.64M | -155.65M | -142.77M | -131.44M | -115.38M | -110.58M | -100.06M | -100.03M | -36.34M | -76M | -39.63M | -1.98M |
| Share Repurchases | 0 | -124.17M | 0 | 0 | 0 | 0 | -19.69M | 0 | 0 | 0 | 0 | 0 | -76M | -39.63M | -1.98M |
| Other Financing | 30.75M | 42.93M | 31.99M | 25.45M | 531.11M | -34.81M | -12.12M | 3.56M | 27.97M | 21.17M | 63.81M | 326.74M | 545.42M | 101.2M | 100.59M |
| Net Change in Cash | 188.34M | 185.36M | 24.36M | 37.84M | -387M | 278.64M | -81.1M | 121.68M | 28.03M | -8.65M | -313.65M | 359.58M | 14.89M | 3.11M | 3.02M |
| Free Cash Flow | -1.38B | -1.06B | -1.34B | -647.91M | -834.31M | -789.67M | -531.67M | -749.7M | -615.8M | -495.75M | -245.57M | -240.04M | -500.85M | -117.94M | -97.02M |
| FCF Margin % | -48.79% | -42.4% | -76.81% | -54.63% | -115.5% | -235.31% | -143.6% | -127.94% | -175.59% | -222.93% | -159.77% | -167.46% | -864.58% | -603.89% | -2780.77% |
| FCF Growth % | -87.49% | 20.92% | -107.52% | 22.34% | -5.65% | -48.53% | 29.08% | -21.74% | -24.22% | -101.88% | -2.3% | 52.07% | -324.67% | -21.56% | - |
| FCF per Share | -13.27 | -10.24 | -13.24 | -6.45 | -8.39 | -8.78 | -6.18 | -8.71 | -7.36 | -6.54 | -3.24 | -3.58 | -9.36 | -2.20 | -1.81 |
| FCF Conversion (FCF/Net Income) | -2.58x | -0.62x | -21.65x | 0.53x | 0.11x | 0.21x | -0.71x | 0.67x | 22.73x | 511.17x | -1.54x | -1.99x | -4.06x | 0.48x | -0.92x |
| Interest Paid | 0 | 0 | 222.12M | 150.62M | 185.14M | 142.2M | 0 | 83.16M | 43.64M | 25.07M | 13.15M | 18.57M | 3.63M | 0 | 0 |
| Taxes Paid | 0 | 0 | 5.66M | 1.39M | 3.28M | 402K | 0 | 1.07M | 721K | 1.73M | 654K | 507K | 274K | 0 | 0 |
High leverage and liquidity
According to the provided financial data, FTAI exhibits a chronic divergence between net income and operating cash flow, evidenced by a negative OCF/NI ratio of -1.16 in 2026Q1, which suggests that reported accounting profits are not currently translating into actual cash generation for the business.
The consistent inability to convert net income into operating cash flow indicates that the company's earnings quality is heavily reliant on non-cash accruals or accounting adjustments. Investors should monitor whether this gap is driven by aggressive revenue recognition or the timing of maintenance-related cash outflows, as the current trend suggests a structural mismatch between profitability and liquidity.
As reported in recent quarterly filings, FTAI's free cash flow remains deeply negative, with a -19.3% FCF margin in 2026Q1, highlighting a persistent cash burn that contrasts sharply with the company's reported net income of $137.9 million during the same period.
The sustained negative free cash flow trajectory implies that the company is aggressively reinvesting in its asset base or struggling to manage the cash costs associated with its industrial maintenance model. This pattern suggests that the business model is currently capital-hungry and may require ongoing external financing to sustain its growth and operational requirements.
Based on the company's reported figures, capital expenditures have remained a significant drag on cash flow, with CapEx/Revenue ratios frequently exceeding 50% in recent periods, indicating that the firm is prioritizing heavy asset acquisition and maintenance to support its specialized aviation leasing and MRO strategy.
The high level of capital intensity suggests that FTAI is in a phase of aggressive fleet expansion or significant maintenance investment, which is necessary to maintain its competitive moat in the CFM56 engine market. However, the lack of a clear path to self-funding these expenditures warrants further investigation into the long-term sustainability of this capital-intensive approach.
Analysis of the cash flow statements reveals that working capital changes have been a consistent source of cash drain, with a $284.8 million outflow in 2025Q4, suggesting that the company's operational cycle is currently consuming significant liquidity rather than generating it.
The recurring negative impact of working capital changes may indicate inefficiencies in the collection of lease receivables or an accumulation of inventory related to the Aerospace Products segment. This volatility complicates the company's cash flow profile and suggests that operational cash management remains a significant challenge for the management team.
Quick answers to the most common questions about buying FTAI stock.
FTAI Aviation Ltd. (FTAI) generated $-310.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FTAI Aviation Ltd. (FTAI) reported negative free cash flow of $1.06B in 2025, indicating capital requirements exceeded cash from operations.
FTAI Aviation Ltd. (FTAI) spent $752.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, FTAI Aviation Ltd. (FTAI) returned $145.4M to shareholders via cash dividends and spent $124.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.