Latest Ratios: P/E Ratio 35.5x · EV/EBITDA 20.7x · ROE 241.2%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $18.5B | $20.4B | $14.6B | $4.7B | $1.7B | $2.2B | $1.7B | $1.4B | $1.0B | $1.3B | $860M |
| Enterprise Value | $21.6B | $23.6B | $18.0B | $7.1B | $3.8B | $4.6B | $3.5B | $2.7B | $2.1B | $1.9B | $986M |
| P/E Ratio → | 35.47 | 42.79 | — | 21.99 | — | — | — | 10.70 | 174.25 | 9455.56 | — |
| P/S Ratio | 5.40 | 8.15 | 8.36 | 3.93 | 2.36 | 6.62 | 4.65 | 2.45 | 2.92 | 5.80 | 5.60 |
| P/B Ratio | 56.02 | 61.17 | 179.75 | 26.49 | 87.73 | 1.98 | 1.57 | 1.07 | 0.97 | 1.25 | 0.74 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | 36.13 | — | — | 27.30 | 9.51 | 7.67 | 18.83 | 27.84 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.41 | 10.25 | 5.97 | 5.30 | 13.66 | 9.53 | 4.52 | 6.04 | 8.54 | 6.42 |
| EV / EBITDA | 20.75 | 23.69 | 22.84 | 13.07 | 9.87 | 13.91 | 15.75 | 11.21 | 10.50 | 18.40 | 16.74 |
| EV / EBIT | 28.11 | 27.61 | 76.10 | 20.50 | 59.87 | 39.77 | — | 10.70 | 54.08 | 108.32 | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.1% | 31.1% | 33.0% | 33.3% | 30.8% | 37.8% | 22.8% | 20.8% | 20.4% | 16.7% | 14.5% |
| Operating Margin | 30.7% | 30.7% | 31.6% | 30.1% | 21.8% | 29.7% | 12.9% | 11.1% | 11.1% | 3.1% | -4.4% |
| Net Profit Margin | 20.0% | 20.0% | 0.5% | 20.6% | -26.7% | -31.1% | -23.9% | 38.4% | 1.7% | 0.1% | -13.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 241.2% | 241.2% | 6.7% | 249.7% | -33.8% | -9.4% | -7.3% | 18.8% | 0.6% | 0.0% | -1.6% |
| ROA | 11.9% | 11.9% | 0.2% | 9.0% | -5.3% | -2.5% | -2.7% | 7.7% | 0.3% | 0.0% | -1.3% |
| ROIC | 16.8% | 16.8% | 13.8% | 11.3% | 4.2% | 2.3% | 1.3% | 2.1% | 1.5% | 0.4% | -0.4% |
| ROCE | 20.1% | 20.1% | 16.9% | 13.7% | 4.5% | 2.5% | 1.6% | 2.4% | 1.8% | 0.4% | -0.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 10.32 | 10.32 | 42.28 | 14.31 | 112.14 | 2.23 | 1.79 | 1.09 | 1.15 | 0.68 | 0.22 |
| Debt / EBITDA | 3.46 | 3.46 | 4.38 | 4.64 | 5.61 | 7.59 | 8.78 | 6.17 | 6.02 | 6.81 | 4.40 |
| Net Debt / Equity | — | 9.42 | 40.87 | 13.80 | 109.40 | 2.10 | 1.64 | 0.91 | 1.04 | 0.59 | 0.11 |
| Net Debt / EBITDA | 3.16 | 3.16 | 4.23 | 4.48 | 5.48 | 7.17 | 8.06 | 5.14 | 5.42 | 5.91 | 2.14 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 3.45 | 3.45 | 1.06 | 2.14 | 0.38 | 0.74 | -0.13 | 2.59 | 0.69 | 0.45 | -1.13 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.28 | 5.28 | 3.53 | 4.63 | 3.66 | 1.94 | 1.77 | 0.88 | 1.11 | 1.63 | 3.34 |
| Quick Ratio | 2.30 | 2.30 | 1.94 | 1.83 | 1.76 | 1.40 | 1.77 | 0.88 | 1.11 | 1.63 | 3.34 |
| Cash Ratio | 0.75 | 0.75 | 0.33 | 0.81 | 0.61 | 0.74 | 1.13 | 0.73 | 0.81 | 1.22 | 2.88 |
| Asset Turnover | — | 0.57 | 0.43 | 0.40 | 0.29 | 0.07 | 0.11 | 0.18 | 0.13 | 0.11 | 0.10 |
| Inventory Turnover | 1.45 | 1.45 | 2.13 | 2.50 | 3.05 | 2.08 | — | — | — | — | — |
| Days Sales Outstanding | — | 69.99 | 72.70 | 35.44 | 50.25 | 135.87 | 90.39 | 30.82 | 48.31 | 51.01 | 50.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.6% | 0.8% | 2.6% | 7.5% | 5.3% | 6.6% | 7.9% | 10.8% | 7.8% | 11.6% |
| Payout Ratio | 25.6% | 25.6% | 1400.3% | 49.2% | — | — | — | 50.4% | 1880.0% | 74670.1% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 2.3% | — | 4.5% | — | — | — | 9.3% | 0.6% | 0.0% | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.7% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.4% | 1.2% | 0.8% | 2.6% | 7.5% | 5.3% | 7.7% | 7.9% | 10.8% | 7.8% | 11.6% |
| Shares Outstanding | — | $104M | $102M | $100M | $99M | $90M | $86M | $86M | $84M | $76M | $76M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying FTAI stock.
FTAI Aviation Ltd.'s current P/E ratio is 35.5x. The historical average is 62.4x. This places it at the 50th percentile of its historical range.
FTAI Aviation Ltd.'s current EV/EBITDA is 20.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.1x.
FTAI Aviation Ltd.'s return on equity (ROE) is 241.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 34.5%.
Based on historical data, FTAI Aviation Ltd. is trading at a P/E of 35.5x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FTAI Aviation Ltd.'s current dividend yield is 0.68% with a payout ratio of 25.6%.
FTAI Aviation Ltd. has 31.1% gross margin and 30.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
FTAI Aviation Ltd.'s Debt/EBITDA ratio is 3.5x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Leverage with thin equity base
Metrics are mathematically derived from official filings.
Premium Multiples Against Asset-Heavy Peers
FTAI trades at a 35.32 trailing P/E and 19.90 EV/EBITDA versus peer ranges of roughly 7 to 27 and 10 to 18, based on the reported valuation multiples supplied in the data set.
The trailing P/E of 35.32 and P/B of 50.48 sit far above AL and AER, both near 7 to 8 times earnings and below 1.6 times book, which suggests the market is pricing FTAI on growth expectations rather than current book-value earnings. The forward P/E of 28.51 and forward EV/EBITDA of 12.34 imply that consensus expects earnings to rise meaningfully, a premise that the volatile quarterly margins and negative operating cash flow make difficult to validate. Investors should treat the premium as contingent on sustained earnings expansion rather than a reflection of current cash generation.
Operating Margins Mask Net Margin Volatility
Operating margin held between 21.0% and 33.8% across ten quarters while net margin ranged from a loss of 49.1% to 24.5%, based on FTAI's reported quarterly ratio data.
The relatively stable operating margin suggests the core leasing and asset-management activities generate consistent operating economics, while the wide swing in net margin points to non-operating items and financing costs dominating the bottom line. Compared with the peer net margins of 16.8% to 45.8%, FTAI's recent 15.4% net margin in 2026Q3 is mid-range, but the 2024Q2 loss shows how fragile reported earnings are. Earnings power should therefore be assessed on operating margin rather than reported net income until the sources of below-the-line volatility are clarified.
ROIC Stuck Near Four Percent
ROIC has remained between 3.4% and 4.8% over ten quarters, with 2026Q3 at 4.7%, based on FTAI's reported ratio data, a level that sits below the 3.7% to 5.3% peer band and offers limited spread over financing costs.
A return on invested capital in the mid-single digits, combined with a debt-to-equity ratio near 8, suggests that the return generated on the large asset base is modest relative to the cost of the capital employed. The ROE figures, which swung from negative to over 180% largely because of the thin equity base, are distorted and should not be read as evidence of compounding. The more relevant signal is that ROIC has shown little sustained improvement, which may indicate that incremental fleet investment is not yet lifting returns materially.
Leverage Stuck While Equity Rebuilds
Debt-to-equity fell from 128.56 in 2025Q1 to 7.97 in 2026Q3 while interest coverage improved from 2.62 to 3.65, based on FTAI's reported quarterly ratio figures.
The sharp decline in debt-to-equity reflects equity recovery from a thin base rather than debt reduction, since total debt has remained between $3.1B and $3.6B. Interest coverage improving toward 3.65 suggests debt service has become somewhat more comfortable, yet D/EBITDA of 13.18 remains elevated versus the peer D/E range of 2.3 to 3.7. Investors should monitor refinancing exposure and whether coverage holds if operating income compresses again from its earlier levels.
Misapplied P/B on an Asset-Heavy Lessor
The price-to-book ratio of 50.48 is most commonly misapplied to FTAI, because its book equity of roughly $433M reflects a thin, recently rebuilt base rather than the economic value of a $4.8B asset portfolio.
Book value is distorted for FTAI by accumulated losses and a recovering equity base, so P/B can overstate valuation even when the underlying fleet has substantial market value. A more informative lens is EV/EBITDA or price relative to net asset value of the aircraft portfolio, adjusted for debt, since these capture earning power and asset economics better than a depressed book denominator. Investors should therefore avoid concluding that P/B signals overvaluation without first reconciling book equity to the fleet's appraised value.