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FTAI Aviation

FTAI on Nasdaq. FTAI Aviation repairs and leases aircraft engines to airlines and asset owners. Market value $16.9bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Capital spending looks too small to be complete, so we leave free cash flow out.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
past 12 months to June 2026
23.7×full

You pay 23.7 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
5.5%five-year median

Each dollar kept in the business earns 5 cents a year. Above 10 is good.

Quality score: 57 of 100. Price score: 44 of 100. Our list needs 70 on quality and 60 on price.

$164.70 a share, 10% above its 1-year low

Over the past year the price has ranged from $149.50 to $323.51.

Dividend: 0.8% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

-0.2
-0.2
n/a
n/a
n/a
20212022202320242025
Revenue
$336m$708m$1.2bn$1.7bn$2.5bn
Operating margin
34.4%9.0%29.5%13.6%34.1%
Debt to equity
2.23112.1414.3642.2810.32
Shares outstanding
0.10bn0.10bn0.10bn0.10bn0.10bn

Health checks

  • Free cash flow positive0 of 2 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)4 of 9
  • Profit backed by cash (accruals)No
  • Debt10.32× equity
  • Revenue growth, five yearsStrong, 53.1% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $953 million last quarter, up 41% on a year ago.
  • Profit: $118 million, down 27% on a year ago.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $3.1 billion more than cash, about the same as a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$466m
December 2024$499m
March 2025$502m
June 2025$676m
September 2025$667m
December 2025$662m
March 2026$831m
June 2026$953m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$78m
December 2024$87m
March 2025$90m
June 2025$162m
September 2025$114m
December 2025$112m
March 2026$134m
June 2026$118m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 February 2026
Next quarterly (estimated, 10-Q)
30 October 2026

Who owns it

5 long-term investors we follow own it, unchanged from 5 last quarter. 682 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $2m of shares on the open market. 3 sold $65m.

  • Moreno David
    President
    Bought
    Date
    31 July 2026
    Shares
    2,475
    Price
    $201.27
    Value
    $498,143
  • HANNAWAY JUDITH A
    Director
    Sold
    Date
    27 May 2026
    Shares
    255
    Price
    $253.89
    Value
    $64,742
  • TUCHMAN MARTIN
    Director
    Sold
    Date
    4 May 2026
    Shares
    110,676
    Price
    $241.46
    Value
    $27m
  • TUCHMAN MARTIN
    Director
    Sold
    Date
    1 May 2026
    Shares
    143,584
    Price
    $242.44
    Value
    $35m
  • GOODWIN PAUL R
    Director
    Sold
    Date
    27 February 2026
    Shares
    10,000
    Price
    $303.35
    Value
    $3m
  • Nam Eun
    Chief Financial Officer
    Bought
    Date
    14 November 2025
    Shares
    652
    Price
    $153.46
    Value
    $100,056
  • Moreno David
    Chief Operating Officer
    Bought
    Date
    13 November 2025
    Shares
    6,637
    Price
    $153.76
    Value
    $1m
  • Adams Joseph P. Jr.
    CEO and Chairman, Director
    Bought
    Date
    13 November 2025
    Shares
    2,000
    Price
    $155.91
    Value
    $311,820

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 5 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “In connection with the engagement of KPMG, on June 17, 2025, the Company dismissed EY as the Company’s independent registered public accounting firm.”

    From an 8-K filed 24 June 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 10.3× its equity.
  • Profits run ahead of cash.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.