Latest Ratios: P/E Ratio 40.4x · EV/EBITDA 22.3x · 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 | $19.1B | $20.4B | $14.6B | $4.7B | $1.7B | $2.2B | $1.7B | $1.4B | $1.0B | $1.3B | $860M |
| Enterprise Value | $22.2B | $23.6B | $18.0B | $7.1B | $3.8B | $4.6B | $3.5B | $2.7B | $2.1B | $1.9B | $986M |
| P/E Ratio → | 40.44 | 42.79 | — | 21.99 | — | — | — | 10.70 | 174.25 | 9455.56 | — |
| P/S Ratio | 7.61 | 8.15 | 8.36 | 3.93 | 2.36 | 6.62 | 4.65 | 2.45 | 2.92 | 5.80 | 5.60 |
| P/B Ratio | 57.80 | 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 | 22.33 | 23.69 | 22.84 | 13.07 | 11.81 | 18.52 | 15.75 | 10.98 | 11.69 | 19.06 | 16.74 |
| EV / EBIT | 28.87 | 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 | 6.72 | 10.11 | 8.78 | 6.04 | 6.70 | 7.05 | 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 | 6.55 | 9.55 | 8.06 | 5.03 | 6.04 | 6.12 | 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 | 2.5% | 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 | 1.3% | 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
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FTAI stock.
FTAI Aviation Ltd.'s current P/E ratio is 40.4x. 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 22.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.8x.
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 40.4x. 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 0.66% 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
Extreme leverage and negative cash flow
Metrics are mathematically derived from official filings.
Premium Pricing for Asset-Light Pivot
FTAI trades at 46.7x trailing earnings and 25.3x EV/EBITDA, per recent filings, versus less than 10x for lessors like AerCap, implying the market prices in a structural shift toward higher-margin aerospace products.
The forward P/E of 33.3x and forward EV/EBITDA of 15.2x suggest investors expect substantial earnings growth, but the gap with peers (AerCap at 7.0x P/E, Air Lease at 7.0x) is too wide to be explained by cyclical factors alone. The market appears to be underwriting a successful transition to an asset-light model, yet the negative free cash flow and high leverage introduce significant execution risk. If the aerospace products segment fails to sustain its margin profile, the multiple compression could be severe.
Margin Volatility Masks Core Strength
Gross margin swung from 22.8% in 2026Q1 to 45.6% in 2026Q2, per financial statements, while operating margin held near 21%, indicating that revenue mix, not cost control, drives profitability swings.
The operating margin has been remarkably stable in the low-to-mid 20s despite gross margin gyrations, suggesting that SG&A is minimal and the business has high operating leverage. However, net margin of 13.1% in 2026Q2 is depressed by interest expense and non-operating items, which are substantial given the debt load. The true earning power is better reflected in operating margin, but investors should monitor whether the aerospace products segment can maintain its higher gross margin as it scales.
ROE Distorted by Thin Equity Base
ROE spiked to 171% in 2025Q2, per reported figures, but ROIC has remained below 5% for ten quarters, revealing that returns are amplified by leverage rather than operational efficiency.
The extreme ROE volatility—from -178% in 2024Q2 to 187% in 2025Q1—is a function of a small and fluctuating equity base, not a reflection of underlying profitability. ROIC, which is more stable at 3-5%, indicates that the company is not yet generating returns above its cost of capital, which is likely in the high single digits given the risk profile. The recent equity rebuild to $404M helps, but the capital intensity of the leasing business and the shift to products will determine whether ROIC can sustainably exceed the cost of capital.
Working Capital Drag from Inventory Build
Cash conversion cycle lengthened to 231 days in 2026Q2, per the latest quarterly report, driven by inventory days of 255, up from 111 in 2024Q2, indicating a strategic build-up in aerospace products inventory.
The sharp increase in DIO from 111 to 255 days suggests FTAI is accumulating inventory to support its aerospace products growth, but this ties up cash and explains the persistent negative free cash flow. DSO has improved to 17 days, reflecting strong receivables management, while DPO remains low at 41 days, indicating limited supplier financing. The working capital cycle is a major cash drain, and investors should monitor whether inventory turns improve as the products segment matures.
Leverage at Extreme Levels Despite Improvement
Debt-to-equity fell from 128.6 in 2025Q1 to 8.55 in 2026Q2, per balance sheet data, but total debt of $3.5B and D/EBITDA of 13.95 remain far above lessor peers like AerCap at 2.38.
The dramatic decline in D/E is primarily due to equity rebuilding from retained earnings, not debt reduction, as total debt has stayed elevated. Interest coverage of 3.13x in 2026Q2 is thin, and the negative operating cash flow means debt service relies on external financing or asset sales. The company's ability to refinance at reasonable rates is uncertain, and any downturn in asset values or earnings could strain its capacity to meet obligations.
Liquidity Paradox: High Ratios, Negative Cash Flow
Current ratio stands at 5.28 and quick ratio at 2.07, per the latest balance sheet, yet operating cash flow was -$105.2M in 2026Q2, per the cash flow statement, suggesting liquidity is dependent on inventory and financing.
The strong current ratio is flattered by a large inventory balance, which may not be readily convertible to cash in a stress scenario. The quick ratio of 2.07 is more reassuring, but the persistent negative operating cash flow indicates that the company is not self-funding. Under a severe downturn, the reliance on debt markets and the high leverage could quickly erode liquidity, despite the apparent cushion.
Valuation and Leverage Diverge Sharply from Peers
FTAI's P/E of 46.7x and D/E of 8.55, per reported figures, contrast with AerCap's 7.0x and 2.38, respectively, indicating the market prices FTAI as a growth story, not a traditional lessor.
While peers like AerCap and Air Lease generate higher net margins (45.8% and 36.1%) and more stable returns, FTAI's valuation implies expectations of superior growth and margin expansion from its aerospace products segment. The leverage gap is structural: FTAI's asset-heavy leasing business requires more debt, but the shift to products could reduce capital intensity over time. However, the current financial profile is far riskier than peers, and the valuation premium may be unjustified if the growth narrative falters.
Misapplied Metric: ROE on a Levered Base
ROE is the most misapplied ratio for FTAI, as per reported figures, because it is distorted by a thin equity base and extreme leverage, obscuring the company's true return on capital.
With ROE swinging from -178% to 187% in recent quarters, investors may mistakenly conclude the company is highly profitable, but ROIC of 4-5% reveals that operational returns are modest. The appropriate metric is ROIC, which adjusts for leverage and provides a clearer picture of value creation. Additionally, given the negative free cash flow, investors should focus on cash-on-cash returns rather than accrual-based profitability to assess the sustainability of the business model.