FTAI Aviation (FTAIM) Financials

$26.66 -0.09 (-0.34%)

As of 08/1/2025 04:00 PM Eastern

Annual Income Statements for FTAI Aviation

This table shows FTAI Aviation's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	7.78	-12	-20	0.13	5.88	223	-105	-129	-220	212	-32
Consolidated Net Income / (Loss)	2.92	-29	-41	-23	-16	208	-104	-131	-212	244	8.68
Net Income / (Loss) Continuing Operations	2.92	-29	-41	-23	-20	134	-39	-43	-111	244	8.68
Total Pre-Tax Income	3.79	-28	-40	-21	-18	152	-43	-40	-105	184	14
Total Operating Income	-10	-25	-32	-39	32	-53	-34	-84	84	340	238
Total Gross Profit	58	137	149	185	342	579	298	321	460	669	909
Total Revenue	58	137	149	185	342	579	298	336	708	1,171	1,735
Operating Revenue	58	137	149	185	342	579	298	336	708	1,171	1,735
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	14	248	502	826
Operating Cost of Revenue	-	-	-	-	-	-	0.00	14	248	502	826
Total Operating Expenses	68	162	181	224	310	631	332	405	376	329	671
Selling, General & Admin Expense	2.01	7.57	12	77	154	308	54	74	150	142	139
Depreciation Expense	16	45	60	86	134	169	141	148	153	170	218
Other Operating Expenses / (Income)	39	103	102	54	16	132	93	155	0.00	0.00	300
Impairment Charge	-	-	-	-	0.00	4.73	34	10	137	2.12	0.96
Restructuring Charge	11	5.68	6.32	7.31	6.97	18	9.87	18	13	15	32
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	-77	0.00	-19
Total Other Income / (Expense), net	14	-2.93	-8.34	18	-49	205	-9.08	44	-189	-156	-224
Interest Expense	-0.19	-0.58	1.44	1.77	56	-0.53	6.94	3.25	189	162	239
Interest & Investment Income	6.09	-6.96	-5.99	-1.60	-1.01	-2.38	-1.93	-1.40	-0.37	-1.61	-2.20
Other Income / (Expense), net	7.60	3.45	-0.91	22	7.89	207	-0.21	49	0.21	7.59	17
Income Tax Expense	0.87	0.59	0.27	1.95	2.45	18	-4.34	3.13	5.30	-60	5.49
Net Income / (Loss) Discontinued Operations	-	-	-	-0.74	4.40	73	-65	-88	-101	0.00	0.00
Preferred Stock Dividends Declared	-	-	-	0.00	0.00	1.84	18	25	27	32	41
Net Income / (Loss) Attributable to Noncontrolling Interest	-4.86	-17	-21	-23	-22	-17	-17	-26	-19	0.00	0.00
Weighted Average Basic Shares Outstanding	53.50M	67.04M	75.74M	75.77M	83.65M	85.99M	86.02M	89.92M	99.42M	99.91M	101.54M
Weighted Average Diluted Shares Outstanding	53.50M	67.04M	75.74M	75.77M	83.66M	86.03M	86.02M	89.92M	99.42M	100.43M	101.54M
Weighted Average Basic & Diluted Shares Outstanding	51.90M	65.70M	77.20M	82.78M	84.40M	84.99M	85.62M	99.19M	99.73M	100.25M	102.55M
Cash Dividends to Common per Share	-	$0.48	$1.32	$1.32	$0.33	$0.33	$1.32	$1.32	$1.26	$1.20	$1.20

This table shows FTAI Aviation's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	20	23	46	33	110	31	-228	78	87	90	162
Consolidated Net Income / (Loss)	27	29	55	41	118	40	-220	86	102	102	165
Net Income / (Loss) Continuing Operations	27	29	55	41	118	40	-220	86	102	102	165
Total Pre-Tax Income	25	31	57	45	51	45	-233	94	108	125	203
Total Operating Income	230	72	95	85	88	93	-163	149	158	151	210
Total Gross Profit	146	147	170	174	178	184	238	246	241	253	307
Total Revenue	274	293	274	291	313	327	444	466	499	502	676
Operating Revenue	274	293	274	291	313	327	444	466	499	502	676
Total Cost of Revenue	128	146	105	117	135	143	206	219	258	249	369
Operating Cost of Revenue	128	146	105	117	135	143	206	219	258	249	369
Total Operating Expenses	-84	75	75	90	90	91	400	97	83	102	96
Selling, General & Admin Expense	30	30	34	41	37	34	36	31	38	36	37
Depreciation Expense	37	41	39	44	46	50	57	57	55	60	55
Other Operating Expenses / (Income)	-88	-	0.00	0.00	-	-	300	0.00	-	-	0.00
Impairment Charge	9.05	1.22	0.00	0.00	0.90	0.96	0.00	0.00	-	0.00	0.00
Restructuring Charge	4.87	3.26	2.67	4.26	5.00	6.18	8.02	9.34	8.76	7.29	4.49
Total Other Income / (Expense), net	-205	-41	-38	-40	-37	-48	-70	-55	-50	-26	-7.21
Interest Expense	-	39	38	40	44	48	69	58	64	62	64
Interest & Investment Income	-0.24	-1.34	-0.38	0.05	0.06	-0.67	-0.69	-0.44	-0.40	-7.61	-5.00
Other Income / (Expense), net	-80	0.01	0.41	0.46	6.71	0.63	-0.50	2.91	14	44	62
Income Tax Expense	-2.06	2.03	1.86	3.71	-67	5.57	-13	7.33	5.62	23	38
Preferred Stock Dividends Declared	6.79	6.79	8.34	8.33	8.34	8.34	8.34	8.34	16	12	3.71
Basic Earnings per Share	$0.20	$0.23	$0.47	$0.33	$1.10	$0.31	($2.26)	$0.76	-	$0.88	$1.58
Weighted Average Basic Shares Outstanding	99.42M	99.73M	99.73M	99.93M	99.91M	100.25M	100.96M	102.38M	101.54M	102.55M	102.56M
Diluted Earnings per Share	$0.20	$0.22	$0.46	$0.33	$1.10	$0.31	($2.26)	$0.76	-	$0.87	$1.57
Weighted Average Diluted Shares Outstanding	99.42M	100.97M	100.46M	100.48M	100.43M	100.96M	100.96M	103.40M	101.54M	103.16M	103.15M
Weighted Average Basic & Diluted Shares Outstanding	99.73M	99.73M	99.74M	100.24M	100.25M	100.25M	102.21M	102.55M	102.55M	102.56M	102.57M

This table details how cash moves in and out of FTAI Aviation's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	15	360	-270	-41	28	122	-81	279	-234	38	24
Net Cash From Operating Activities	-32	24	31	68	134	151	63	-22	-21	129	-188
Net Cash From Continuing Operating Activities	-32	24	31	68	134	151	63	-22	132	129	-188
Net Income / (Loss) Continuing Operations	2.92	-29	-41	-23	-16	208	-104	-131	-212	244	8.68
Consolidated Net Income / (Loss)	2.92	-29	-41	-23	-16	208	-104	-131	-212	244	8.68
Depreciation Expense	16	45	60	88	136	171	172	202	346	170	218
Amortization Expense	3.27	8.49	8.02	13	32	38	38	50	56	53	55
Non-Cash Adjustments To Reconcile Net Income	-1.53	7.49	5.80	-13	-10	-258	29	-46	70	-189	-219
Changes in Operating Assets and Liabilities, net	-52	-9.13	-2.49	4.58	-8.79	-8.48	-72	-97	-128	-148	-251
Net Cash From Investing Activities	-571	-240	-211	-472	-704	-495	-509	-1,287	-411	-373	-469
Net Cash From Continuing Investing Activities	-571	-240	-211	-472	-704	-495	-509	-1,288	-411	-373	-469
Purchase of Property, Plant & Equipment	-437	-261	-258	-542	-728	-900	-586	-730	-783	-756	-1,157
Acquisitions	-32	-2.45	-4.53	-10	-11	-29	-8.34	-627	-35	-30	-148
Purchase of Investments	-7.45	-	-	-	-	-	-	-	0.00	0.00	-67
Sale of Property, Plant & Equipment	0.84	1.39	0.74	92	44	248	0.00	163	414	478	969
Sale and/or Maturity of Investments	14	3.73	0.43	30	2.09	1.56	-	0.00	0.00	4.88	4.93
Other Investing Activities, net	-110	19	51	-42	-11	183	86	-94	-8.01	-71	-73
Net Cash From Financing Activities	618	576	-90	363	598	466	365	1,588	45	282	682
Net Cash From Continuing Financing Activities	618	576	-90	363	598	466	365	1,588	45	282	682
Repayment of Debt	-36	-24	-164	-129	-222	-439	-880	-1,606	-1,163	-617	-1,690
Repurchase of Preferred Equity	-	-	-	-	-	-	-	-	0.00	0.00	-105
Repurchase of Common Equity	0.00	-3.00	0.00	0.00	-0.82	-	-	-	0.00	0.00	-0.53
Payment of Dividends	-77	-82	-101	-100	-111	-115	-131	-143	-156	-152	-154
Issuance of Debt	180	0.20	152	567	751	789	1,341	2,894	814	952	2,582
Issuance of Preferred Equity	-	-	-	0.00	0.00	194	20	101	0.00	62	0.00
Issuance of Common Equity	58	392	11	0.04	148	0.00	0.00	323	1.19	0.02	0.00
Other Financing Activities, net	493	292	12	25	32	38	16	18	549	38	50
Cash Interest Paid	3.63	19	13	25	44	83	72	142	185	151	222
Cash Income Taxes Paid	0.27	0.51	0.65	1.73	0.72	1.07	0.00	0.40	3.28	1.39	5.66

This table details how cash moves in and out of FTAI Aviation's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	133	-12	-20	32	38	-26	104	-58	3.23	-2.98	190
Net Cash From Operating Activities	0.64	39	29	50	12	-0.35	-187	41	-42	-26	-110
Net Cash From Continuing Operating Activities	154	39	29	50	12	-0.35	-187	41	-42	-26	-110
Net Income / (Loss) Continuing Operations	27	29	55	41	118	40	-220	86	102	102	165
Consolidated Net Income / (Loss)	27	29	55	41	118	40	-220	86	102	102	165
Depreciation Expense	190	41	39	44	46	50	57	57	55	60	55
Amortization Expense	8.70	9.86	13	18	13	12	12	16	16	12	13
Non-Cash Adjustments To Reconcile Net Income	-32	-39	-43	-52	-56	-58	68	-100	-129	-40	-292
Changes in Operating Assets and Liabilities, net	-40	-2.74	-34	-1.55	-109	-44	-104	-18	-86	-159	-52
Net Cash From Investing Activities	-143	-12	-90	-89	-182	-169	-50	-223	-27	-28	524
Net Cash From Continuing Investing Activities	-143	-12	-90	-89	-182	-169	-50	-223	-27	-28	524
Purchase of Property, Plant & Equipment	-283	-129	-199	-183	-245	-278	-160	-187	-531	-272	-152
Sale of Property, Plant & Equipment	409	154	120	93	112	128	205	209	426	233	754
Sale and/or Maturity of Investments	-	0.00	1.62	0.81	2.44	1.96	0.90	1.01	1.06	0.99	1.02
Other Investing Activities, net	-238	-27	-11	-0.49	-32	4.28	2.87	-1.16	-79	13	-79
Net Cash From Financing Activities	123	-38	41	71	208	144	342	124	72	51	-224
Net Cash From Continuing Financing Activities	123	-38	41	71	208	144	342	124	72	51	-224
Repayment of Debt	-160	-220	-111	-0.37	-285	-35	-1,262	-81	-312	-90	-340
Payment of Dividends	-37	-37	-38	-38	-38	-38	-39	-39	-38	-37	-34
Issuance of Debt	310	145	180	105	522	210	1,629	230	513	290	140
Other Financing Activities, net	9.71	12	11	5.09	10	7.73	14	14	15	12	11

This table presents FTAI Aviation's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,405	1,645	1,547	1,956	2,639	3,237	3,388	4,864	2,430	2,965	4,038
Total Current Assets	156	511	205	133	224	292	253	363	297	671	1,226
Cash & Equivalents	22	382	68	59	100	227	122	138	34	91	115
Accounts Receivable	9.59	14	21	31	46	49	92	125	99	115	151
Inventories, net	-	-	-	-	-	-	-	100	164	317	551
Other Current Assets	-	-	-	-	-	-	-	-	-	149	409
Other Current Nonoperating Assets	-	-	-	-	57	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	737	936	1,118	1,564	2,094	2,439	964	0.00	10	45	2,374
Total Noncurrent Assets	512	197	225	259	321	506	2,171	4,500	2,123	2,248	438
Long-Term Investments	22	-	-	43	41	181	147	23	22	23	19
Goodwill	117	117	117	117	116	123	123	-	0.00	4.63	61
Intangible Assets	52	44	39	40	38	28	19	31	42	51	42
Other Noncurrent Operating Assets	322	37	70	59	126	167	1,876	2,004	2,059	2,170	316
Total Liabilities & Shareholders' Equity	1,405	1,645	1,547	1,956	2,639	3,237	3,388	4,864	2,430	2,965	4,038
Total Liabilities	691	354	382	921	1,585	1,898	2,289	3,740	2,410	2,789	3,957
Total Current Liabilities	43	35	38	68	136	145	113	87	86	182	347
Accounts Payable	43	35	38	68	101	145	113	87	86	42	69
Accrued Expenses	-	-	-	-	-	-	-	-	-	71	97
Customer Deposits	-	-	-	-	-	-	-	-	-	57	81
Other Current Liabilities	-	-	-	-	-	-	-	-	-	12	101
Other Current Nonoperating Liabilities	-	-	-	-	35	-	-	-	-	-	0.00
Total Noncurrent Liabilities	648	319	343	853	1,449	1,753	2,175	3,653	2,324	2,607	3,609
Long-Term Debt	593	266	260	703	1,215	1,421	1,905	2,502	2,176	2,517	3,440
Other Noncurrent Operating Liabilities	55	53	84	149	234	332	271	171	148	90	169
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	713	1,291	1,166	1,035	1,054	1,339	1,099	1,124	19	176	81
Total Preferred & Common Equity	614	1,166	1,054	947	997	1,302	1,077	1,124	19	175	81
Preferred Stock	-	-	-	-	0.00	0.08	0.09	0.13	0.13	0.16	0.12
Total Common Equity	614	1,166	1,054	947	997	1,302	1,077	1,124	19	175	81
Common Stock	614	1,185	1,086	986	1,030	1,111	1,131	1,413	344	257	154
Retained Earnings	0.00	-19	-39	-39	-33	190	-28	-132	-326	-82	-73

This table presents FTAI Aviation's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	4,882	2,018	2,441	2,526	2,634	3,176	3,449	3,739	4,268	4,101
Total Current Assets	563	281	388	411	436	548	697	769	1,870	1,759
Cash & Equivalents	119	16	41	21	53	65	169	112	112	302
Accounts Receivable	-	83	114	-	108	137	154	166	224	240
Inventories, net	-	160	193	232	275	345	373	491	645	753
Other Current Assets	-	-	-	-	-	-	-	-	423	343
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	466	122
Plant, Property, & Equipment, net	1,643	0.00	11	12	13	44	33	104	108	1,849
Total Noncurrent Assets	2,677	1,737	2,042	2,103	2,185	2,584	2,719	2,866	2,290	493
Long-Term Investments	-	-	-	-	40	22	20	19	31	126
Goodwill	263	-	-	-	-	4.63	4.63	32	61	76
Intangible Assets	96	29	46	45	41	47	42	38	16	14
Other Noncurrent Operating Assets	2,318	1,708	1,997	2,058	2,103	2,510	2,653	2,777	2,182	277
Total Liabilities & Shareholders' Equity	4,882	2,018	2,441	2,526	2,634	3,176	3,449	3,739	4,268	4,101
Total Liabilities	4,193	225	2,367	2,434	2,539	2,998	3,380	3,620	4,240	3,936
Total Current Liabilities	253	54	105	80	109	139	129	197	474	351
Accounts Payable	253	27	105	80	109	139	129	197	111	83
Accrued Expenses	-	-	-	-	-	-	-	-	142	131
Customer Deposits	-	-	-	-	-	-	-	-	53	62
Other Current Liabilities	-	27	-	-	-	-	-	-	91	44
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	76	31
Total Noncurrent Liabilities	3,940	171	2,262	2,355	2,430	2,859	3,251	3,424	3,766	3,585
Long-Term Debt	3,498	-	2,102	2,173	2,279	2,694	3,078	3,218	3,643	3,445
Other Noncurrent Operating Liabilities	442	171	160	181	151	165	173	205	124	141
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	689	1,793	74	91	95	178	70	119	28	165
Total Preferred & Common Equity	699	1,793	74	91	95	177	70	119	28	165
Preferred Stock	0.13	-	0.16	0.16	0.16	0.16	0.16	0.16	0.07	0.07
Total Common Equity	699	1,793	74	91	95	177	69	118	28	165
Common Stock	1,334	1,088	370	332	295	219	331	294	-1.02	-30
Retained Earnings	-336	706	-296	-241	-200	-42	-262	-176	29	195

This table displays calculated financial ratios and metrics derived from FTAI Aviation's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	196.62%	135.75%	8.90%	24.43%	84.87%	69.18%	-48.52%	12.64%	111.10%	65.28%	48.17%
EBITDA Growth	30.89%	91.44%	10.00%	136.11%	149.47%	74.73%	-51.73%	23.26%	124.80%	17.13%	-7.21%
EBIT Growth	-128.30%	-771.25%	-51.81%	47.77%	331.13%	287.77%	-122.42%	-1.62%	339.78%	312.86%	-26.51%
NOPAT Growth	-221.77%	-126.56%	-27.38%	-21.44%	181.90%	-309.02%	48.40%	-143.65%	200.36%	666.28%	-67.62%
Net Income Growth	-88.46%	-1,081.19%	-41.80%	42.76%	32.43%	1,423.13%	-149.90%	-26.05%	-62.22%	214.99%	-96.44%
EPS Growth	-67.39%	-220.00%	-44.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-364.85%	174.57%	31.35%	121.65%	95.19%	12.97%	-58.22%	-134.93%	6.29%	724.40%	-245.72%
Free Cash Flow Firm Growth	0.00%	106.49%	-261.79%	-188.50%	-21.78%	35.55%	-29.09%	265.63%	-112.32%	112.56%	-6,833.71%
Invested Capital Growth	0.00%	-7.95%	9.52%	28.06%	30.14%	12.01%	15.38%	-25.73%	6.84%	20.58%	31.32%
Revenue Q/Q Growth	0.00%	8.23%	6.10%	-6.81%	26.33%	11.82%	-34.11%	22.00%	41.20%	3.39%	12.01%
EBITDA Q/Q Growth	0.00%	-8.98%	52.99%	-1.75%	29.36%	15.56%	-22.43%	5.33%	132.39%	28.56%	90.88%
EBIT Q/Q Growth	0.00%	-69.99%	20.43%	-329.93%	222.67%	41.17%	-310.89%	-225.60%	169.03%	48.70%	1,536.05%
NOPAT Q/Q Growth	0.00%	-38.07%	18.37%	-149.73%	508.87%	-204.93%	76.68%	-891.55%	135.69%	98.15%	3,464.76%
Net Income Q/Q Growth	0.00%	-52.07%	7.79%	-3.24%	27.32%	698.31%	-175.62%	-54.42%	38.47%	60.13%	-64.70%
EPS Q/Q Growth	0.00%	0.00%	27.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	1.83%	150.84%	1.20%	30.48%	7.89%	-27.23%	-113.24%	88.21%	9.86%	-40.33%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-60.07%	-30.81%	12.21%	36.71%	-28.85%	168.33%	-104.61%	103.29%	28.01%
Invested Capital Q/Q Growth	0.00%	2.05%	6.58%	10.33%	5.76%	-6.01%	0.57%	-44.65%	21.88%	13.07%	5.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	95.74%	64.94%	57.12%	52.40%
EBITDA Margin	28.97%	23.52%	23.76%	45.09%	60.84%	62.84%	58.92%	64.48%	68.66%	48.66%	30.47%
Operating Margin	-17.41%	-18.39%	-21.51%	-20.99%	9.30%	-9.11%	-11.52%	-24.91%	11.84%	29.01%	13.71%
EBIT Margin	-4.29%	-15.87%	-22.12%	-9.28%	11.61%	26.60%	-11.59%	-10.45%	11.87%	29.66%	14.71%
Profit (Net Income) Margin	5.04%	-20.96%	-27.30%	-12.56%	-4.59%	35.90%	-34.80%	-38.95%	-29.93%	20.82%	0.50%
Tax Burden Percent	76.95%	102.09%	100.66%	113.10%	88.94%	136.58%	238.95%	328.94%	201.33%	132.50%	61.27%
Interest Burden Percent	-152.47%	129.43%	122.60%	119.61%	-44.47%	98.80%	125.71%	113.28%	-125.20%	52.99%	5.55%
Effective Tax Rate	23.05%	0.00%	0.00%	0.00%	0.00%	11.71%	0.00%	0.00%	0.00%	-32.50%	38.73%
Return on Invested Capital (ROIC)	-1.25%	-1.47%	-1.87%	-1.91%	1.21%	-2.10%	-0.95%	-2.49%	2.84%	19.07%	4.88%
ROIC Less NNEP Spread (ROIC-NNEP)	2.79%	-7.29%	57.12%	-0.70%	-3.54%	22.95%	-7.10%	-8.32%	-15.22%	9.96%	0.08%
Return on Net Nonoperating Assets (RNNOA)	2.07%	-1.38%	-1.44%	-0.21%	-2.71%	19.47%	-7.55%	-9.27%	-39.92%	230.63%	1.87%
Return on Equity (ROE)	0.82%	-2.86%	-3.31%	-2.11%	-1.50%	17.37%	-8.51%	-11.76%	-37.08%	249.70%	6.75%
Cash Return on Invested Capital (CROIC)	-201.25%	6.80%	-10.96%	-26.52%	-24.99%	-13.43%	-15.24%	27.03%	-3.78%	0.42%	-22.19%
Operating Return on Assets (OROA)	-0.18%	-1.42%	-2.06%	-0.98%	1.73%	5.24%	-1.04%	-0.85%	2.31%	12.88%	7.29%
Return on Assets (ROA)	0.21%	-1.88%	-2.54%	-1.33%	-0.68%	7.07%	-3.13%	-3.17%	-5.81%	9.04%	0.25%
Return on Common Equity (ROCE)	0.70%	-2.54%	-2.99%	-1.92%	-1.40%	16.69%	-8.30%	-11.64%	-37.07%	248.15%	6.73%
Return on Equity Simple (ROE_SIMPLE)	0.47%	-2.45%	-3.85%	-2.45%	-1.57%	15.96%	-9.63%	-11.62%	-1,115.29%	139.05%	10.67%
Net Operating Profit after Tax (NOPAT)	-7.76	-18	-22	-27	22	-47	-24	-59	59	450	146
NOPAT Margin	-13.39%	-12.87%	-15.06%	-14.69%	6.51%	-8.04%	-8.06%	-17.44%	8.29%	38.44%	8.40%
Net Nonoperating Expense Percent (NNEP)	-4.04%	5.81%	-58.99%	-1.21%	4.75%	-25.05%	6.14%	5.83%	18.06%	9.12%	4.80%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	2.68%	16.71%	4.14%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.26%	35.06%	42.88%	47.60%
SG&A Expenses to Revenue	3.46%	5.54%	8.28%	41.60%	44.93%	53.30%	18.20%	21.98%	21.17%	12.12%	7.99%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	117.41%	118.39%	121.51%	120.99%	90.70%	109.11%	111.52%	120.65%	53.09%	28.11%	38.69%
Earnings before Interest and Taxes (EBIT)	-2.49	-22	-33	-17	40	154	-35	-35	84	347	255
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	17	32	35	83	208	364	176	216	486	570	529
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.39	0.57	1.03	0.89	0.96	1.57	2.24	85.79	26.19	181.80
Price to Tangible Book Value (P/TBV)	0.00	0.45	0.67	1.23	1.05	1.09	1.80	2.31	0.00	38.24	0.00
Price to Revenue (P/Rev)	0.00	3.29	4.03	5.25	2.59	2.17	5.66	7.52	2.29	3.92	8.51
Price to Earnings (P/E)	0.00	0.00	0.00	7,256.07	150.88	5.62	0.00	0.00	0.00	21.64	0.00
Dividend Yield	0.00%	8.08%	16.69%	10.29%	12.44%	8.93%	6.71%	5.19%	9.14%	2.62%	0.83%
Earnings Yield	0.00%	0.00%	0.00%	0.01%	0.66%	17.79%	0.00%	0.00%	0.00%	4.62%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.37	0.64	1.02	0.96	0.98	1.23	2.43	1.75	2.71	5.34
Enterprise Value to Revenue (EV/Rev)	0.00	3.12	5.36	8.80	5.84	3.96	11.09	14.50	5.28	5.97	10.42
Enterprise Value to EBITDA (EV/EBITDA)	0.00	13.27	22.55	19.51	9.60	6.30	18.83	22.48	7.69	12.27	34.19
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	50.31	14.87	0.00	0.00	44.47	20.14	70.84
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	89.70	0.00	0.00	0.00	63.68	15.54	124.05
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	18.12	25.79	23.77	14.94	15.16	52.37	0.00	0.00	54.21	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	5.26	0.00	0.00	0.00	0.00	0.00	7.66	0.00	711.02	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.83	0.21	0.22	0.68	1.15	1.06	1.73	2.23	112.14	14.31	42.28
Long-Term Debt to Equity	0.83	0.21	0.22	0.68	1.15	1.06	1.73	2.23	112.14	14.31	42.28
Financial Leverage	0.74	0.19	-0.03	0.30	0.77	0.85	1.06	1.11	2.62	23.17	22.20
Leverage Ratio	1.97	1.52	1.30	1.59	2.20	2.46	2.72	3.71	6.38	27.62	27.22
Compound Leverage Factor	-3.00	1.97	1.59	1.90	-0.98	2.43	3.42	4.20	-7.99	14.64	1.51
Debt to Total Capital	45.38%	17.10%	18.21%	40.46%	53.56%	51.49%	63.41%	69.00%	99.12%	93.47%	97.69%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	45.38%	17.10%	18.21%	40.46%	53.56%	51.49%	63.41%	69.00%	99.12%	93.47%	97.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.01%	0.00%
Noncontrolling Interests to Total Capital	7.58%	7.99%	7.85%	5.06%	2.49%	1.34%	0.75%	-0.01%	0.02%	0.02%	0.00%
Common Equity to Total Capital	47.03%	74.91%	73.94%	54.48%	43.96%	47.17%	35.84%	31.01%	0.86%	6.50%	2.31%
Debt to EBITDA	35.33	8.29	7.34	8.43	5.84	3.91	10.85	11.56	4.47	4.42	6.51
Net Debt to EBITDA	31.47	-4.60	2.43	6.81	5.06	2.74	9.10	10.82	4.36	4.22	6.25
Long-Term Debt to EBITDA	35.33	8.29	7.34	8.43	5.84	3.91	10.85	11.56	4.47	4.42	6.51
Debt to NOPAT	-76.41	-15.14	-11.59	-25.86	54.56	-30.53	-79.30	-42.75	37.04	5.59	23.61
Net Debt to NOPAT	-68.06	8.41	-3.84	-20.89	47.32	-21.44	-66.48	-39.99	36.10	5.34	22.69
Long-Term Debt to NOPAT	-76.41	-15.14	-11.59	-25.86	54.56	-30.53	-79.30	-42.75	37.04	5.59	23.61
Altman Z-Score	0.00	1.13	1.06	0.71	0.54	0.87	0.53	0.48	0.73	1.93	3.11
Noncontrolling Interest Sharing Ratio	13.88%	11.15%	9.62%	9.08%	6.91%	3.90%	2.45%	1.01%	0.03%	0.62%	0.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.60	14.60	5.35	1.95	1.65	2.02	2.24	4.18	3.43	3.69	3.53
Quick Ratio	3.12	13.98	3.64	1.46	1.07	1.91	1.89	3.02	1.54	1.13	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,249	81	-131	-378	-461	-297	-383	635	-78	9.83	-662
Operating Cash Flow to CapEx	-7.24%	9.06%	12.01%	15.21%	19.56%	23.19%	10.76%	-3.89%	-5.61%	46.39%	-100.36%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-90.92	-214.08	-8.18	0.00	-55.23	195.18	-0.41	0.06	-2.77
Operating Cash Flow to Interest Expense	0.00	0.00	21.42	38.74	2.37	0.00	9.09	-6.77	-0.11	0.80	-0.79
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-156.87	-215.91	-9.76	0.00	-75.38	-180.88	-2.06	-0.92	-1.57
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.09	0.09	0.11	0.15	0.20	0.09	0.08	0.19	0.43	0.50
Accounts Receivable Turnover	6.04	11.36	8.30	7.06	8.83	12.07	4.22	3.10	6.31	10.91	13.05
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.88	2.09	1.90
Fixed Asset Turnover	0.08	0.16	0.14	0.14	0.19	0.26	0.18	0.00	0.00	42.43	22.73
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.14	2.86	7.84	14.92
Days Sales Outstanding (DSO)	60.41	32.14	43.96	51.71	41.34	30.23	86.47	117.80	57.80	33.45	27.98
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	193.96	174.57	191.76
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2,553.83	127.47	46.54	24.46
Cash Conversion Cycle (CCC)	60.41	32.14	43.96	51.71	41.34	30.23	86.47	-2,436.02	124.29	161.48	195.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,242	1,143	1,252	1,603	2,086	2,337	2,696	2,003	2,140	2,580	3,388
Invested Capital Turnover	0.09	0.11	0.12	0.13	0.19	0.26	0.12	0.14	0.34	0.50	0.58
Increase / (Decrease) in Invested Capital	1,242	-99	109	351	483	251	359	-694	137	440	808
Enterprise Value (EV)	0.00	426	797	1,628	1,998	2,290	3,305	4,864	3,740	6,992	18,078
Market Capitalization	0.00	450	599	972	888	1,255	1,685	2,524	1,620	4,588	14,771
Book Value per Share	$11.48	$15.40	$13.91	$12.50	$12.05	$15.33	$12.58	$11.34	$0.19	$1.75	$0.79
Tangible Book Value per Share	$8.33	$13.28	$11.86	$10.43	$10.18	$13.56	$10.92	$11.02	($0.23)	$1.20	($0.21)
Total Capital	1,306	1,557	1,425	1,738	2,269	2,760	3,004	3,626	2,195	2,693	3,522
Total Debt	593	266	260	703	1,215	1,421	1,905	2,502	2,176	2,517	3,440
Total Long-Term Debt	593	266	260	703	1,215	1,421	1,905	2,502	2,176	2,517	3,440
Net Debt	528	-148	86	568	1,054	998	1,597	2,340	2,120	2,404	3,306
Capital Expenditures (CapEx)	436	260	257	450	684	651	586	567	368	278	187
Debt-free, Cash-free Net Working Capital (DFCFNWC)	69	62	-7.16	-28	-33	-95	-21	138	177	399	764
Debt-free Net Working Capital (DFNWC)	112	476	166	65	88	147	140	276	210	490	879
Net Working Capital (NWC)	112	476	166	65	88	147	140	276	210	490	879
Net Nonoperating Expense (NNE)	-11	11	18	-3.95	38	-254	80	72	271	206	137
Net Nonoperating Obligations (NNO)	528	-148	86	568	1,032	998	1,597	878	2,120	2,404	3,306
Total Depreciation and Amortization (D&A)	19	54	68	101	168	210	210	251	402	223	273
Debt-free, Cash-free Net Working Capital to Revenue	119.50%	45.39%	-4.82%	-15.08%	-9.64%	-16.48%	-7.21%	41.18%	24.94%	34.06%	44.02%
Debt-free Net Working Capital to Revenue	194.09%	348.53%	111.83%	35.07%	25.68%	25.42%	46.96%	82.36%	29.68%	41.81%	50.65%
Net Working Capital to Revenue	194.09%	348.53%	111.83%	35.07%	25.68%	25.42%	46.96%	82.36%	29.68%	41.81%	50.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.13	($0.15)	($0.22)	$0.00	$0.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	63.65M	79.75M	90.10M	90.13M	99.51M	102.29M	102.32M	106.97M	99.42M	99.91M	101.54M
Adjusted Diluted Earnings per Share	$0.13	($0.15)	($0.22)	$0.00	$0.06	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	63.65M	79.75M	90.10M	90.13M	99.53M	102.34M	102.32M	106.97M	99.42M	100.43M	101.54M
Adjusted Basic & Diluted Earnings per Share	$0.13	($0.15)	($0.22)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	61.74M	90.09M	90.12M	98.47M	100.40M	101.11M	101.86M	117.99M	99.73M	100.25M	102.55M
Normalized Net Operating Profit after Tax (NOPAT)	1.05	-14	-18	-22	27	-27	6.67	-39	110	250	155
Normalized NOPAT Margin	1.82%	-9.96%	-12.08%	-11.93%	7.94%	-4.63%	2.24%	-11.52%	15.53%	21.34%	8.91%
Pre Tax Income Margin	6.55%	-20.54%	-27.12%	-11.10%	-5.16%	26.29%	-14.57%	-11.84%	-14.87%	15.72%	0.82%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-22.80	-9.72	0.70	0.00	-4.97	-10.78	0.44	2.15	1.07
NOPAT to Interest Expense	0.00	0.00	-15.52	-15.38	0.40	0.00	-3.46	-17.98	0.31	2.78	0.61
EBIT Less CapEx to Interest Expense	0.00	0.00	-201.09	-264.37	-11.43	0.00	-89.44	-184.88	-1.50	0.43	0.28
NOPAT Less CapEx to Interest Expense	0.00	0.00	-193.81	-270.03	-11.74	0.00	-87.92	-192.09	-1.64	1.06	-0.17
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2,623.85%	-284.94%	-248.85%	-431.64%	-704.18%	55.53%	-126.76%	-109.23%	-73.41%	62.20%	1,777.70%
Augmented Payout Ratio	2,623.85%	-295.41%	-248.85%	-431.64%	-709.40%	55.53%	-126.76%	-109.23%	-73.41%	62.20%	1,783.85%

This table displays calculated financial ratios and metrics derived from FTAI Aviation's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	305.87%	219.24%	144.81%	26.36%	14.02%	11.61%	61.69%	60.01%	59.50%	53.69%	52.45%
EBITDA Growth	384.85%	313.30%	18.73%	105.48%	-56.01%	26.45%	-164.68%	52.98%	58.66%	71.33%	459.48%
EBIT Growth	368.36%	153.90%	101.10%	320.27%	-36.97%	29.87%	-270.80%	78.73%	82.43%	108.30%	266.93%
NOPAT Growth	499.84%	164.15%	653.50%	103.70%	-18.10%	20.89%	-223.76%	77.07%	-26.48%	51.46%	250.47%
Net Income Growth	125.34%	112.80%	460.99%	318.22%	341.63%	34.78%	-501.57%	109.36%	-13.44%	158.41%	175.23%
EPS Growth	117.24%	0.00%	0.00%	0.00%	450.00%	40.91%	-591.30%	130.30%	0.00%	180.65%	169.47%
Operating Cash Flow Growth	100.42%	1,912.32%	156.53%	81.61%	1,802.80%	-100.89%	-756.15%	-16.24%	-442.20%	-7,426.38%	41.10%
Free Cash Flow Firm Growth	-82.25%	276.27%	287.23%	-86.27%	-310.74%	-135.86%	-151.71%	-75.30%	-178.54%	62.05%	104.39%
Invested Capital Growth	6.84%	-43.72%	-41.87%	29.98%	20.58%	32.90%	34.23%	40.49%	31.32%	12.72%	4.50%
Revenue Q/Q Growth	19.07%	6.72%	-6.28%	6.11%	7.43%	4.46%	35.78%	5.00%	7.09%	0.65%	34.69%
EBITDA Q/Q Growth	388.75%	354.97%	19.34%	0.12%	4.63%	383.77%	-161.04%	336.81%	8.51%	9.23%	28.08%
EBIT Q/Q Growth	640.54%	476.18%	32.53%	-10.82%	11.07%	448.10%	-274.30%	193.31%	13.37%	12.97%	39.68%
NOPAT Q/Q Growth	111.84%	478.72%	36.45%	-15.49%	162.50%	204.45%	-239.69%	220.91%	8.99%	-17.72%	38.78%
Net Income Q/Q Growth	241.59%	9.69%	86.25%	-24.56%	186.54%	-66.52%	-654.92%	139.33%	18.46%	-0.06%	61.54%
EPS Q/Q Growth	0.00%	10.00%	109.09%	-28.26%	233.33%	-71.82%	-829.03%	133.63%	0.00%	0.00%	80.46%
Operating Cash Flow Q/Q Growth	-97.65%	5,927.57%	-26.24%	73.50%	-75.33%	-102.82%	-54,187.25%	122.15%	-200.77%	37.88%	-324.86%
Free Cash Flow Firm Q/Q Growth	146.55%	1,194.75%	-0.93%	-126.71%	47.34%	-17.27%	-42.85%	9.43%	16.32%	64.95%	116.52%
Invested Capital Q/Q Growth	21.88%	-2.09%	5.18%	3.55%	13.07%	7.92%	6.24%	8.38%	5.68%	-7.37%	-1.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.24%	50.24%	61.90%	59.91%	56.76%	56.29%	53.59%	52.88%	48.33%	50.46%	45.40%
EBITDA Margin	127.28%	41.96%	53.43%	50.42%	49.10%	47.55%	-21.37%	48.20%	48.84%	53.00%	50.40%
Operating Margin	83.84%	24.61%	34.66%	29.09%	28.09%	28.45%	-36.65%	32.05%	31.72%	30.07%	31.13%
EBIT Margin	54.70%	24.61%	34.81%	29.25%	30.24%	28.64%	-36.77%	32.67%	34.59%	38.82%	40.26%
Profit (Net Income) Margin	9.77%	10.04%	19.96%	14.19%	37.85%	12.13%	-49.57%	18.57%	20.54%	20.39%	24.46%
Tax Burden Percent	108.31%	93.55%	96.72%	91.77%	232.20%	87.67%	94.40%	92.19%	94.80%	81.75%	81.37%
Interest Burden Percent	16.49%	43.61%	59.28%	52.86%	53.90%	48.30%	142.80%	61.64%	62.64%	64.26%	74.67%
Effective Tax Rate	-8.31%	6.45%	3.28%	8.23%	-132.20%	12.33%	0.00%	7.81%	5.20%	18.25%	18.63%
Return on Invested Capital (ROIC)	31.06%	7.20%	11.99%	14.98%	32.37%	12.32%	-13.66%	16.68%	17.48%	15.86%	17.94%
ROIC Less NNEP Spread (ROIC-NNEP)	16.24%	5.67%	10.56%	11.59%	28.58%	10.51%	-17.90%	14.74%	15.82%	15.12%	17.74%
Return on Net Nonoperating Assets (RNNOA)	42.58%	33.85%	70.53%	13.19%	662.17%	193.14%	-556.46%	363.90%	351.12%	419.72%	439.90%
Return on Equity (ROE)	73.64%	41.05%	82.51%	28.17%	694.54%	205.46%	-570.13%	380.58%	368.60%	435.57%	457.85%
Cash Return on Invested Capital (CROIC)	-3.78%	57.88%	58.39%	-14.82%	0.42%	-17.78%	-30.82%	-33.53%	-22.19%	-4.38%	14.64%
Operating Return on Assets (OROA)	10.63%	6.22%	10.07%	14.24%	13.13%	12.29%	-16.91%	15.88%	17.14%	19.92%	22.85%
Return on Assets (ROA)	1.90%	2.54%	5.77%	6.91%	16.43%	5.20%	-22.80%	9.02%	10.18%	10.47%	13.88%
Return on Common Equity (ROCE)	73.62%	41.36%	83.47%	28.16%	690.22%	204.47%	-567.67%	379.35%	367.44%	433.96%	457.40%
Return on Equity Simple (ROE_SIMPLE)	0.00%	63.73%	101.19%	160.80%	0.00%	143.47%	-29.58%	20.75%	0.00%	252.17%	0.00%
Net Operating Profit after Tax (NOPAT)	249	67	92	78	204	81	-114	138	150	123	171
NOPAT Margin	90.81%	23.02%	33.52%	26.70%	65.23%	24.94%	-25.66%	29.54%	30.07%	24.58%	25.33%
Net Nonoperating Expense Percent (NNEP)	14.83%	1.53%	1.43%	3.39%	3.79%	1.81%	4.24%	1.94%	1.67%	0.74%	0.20%
Return On Investment Capital (ROIC_SIMPLE)	11.35%	-	-	-	7.57%	-	-	-	4.26%	3.36%	4.74%
Cost of Revenue to Revenue	46.76%	49.76%	38.10%	40.09%	43.24%	43.71%	46.41%	47.12%	51.67%	49.54%	54.60%
SG&A Expenses to Revenue	10.93%	10.11%	12.23%	14.25%	11.92%	10.38%	8.03%	6.63%	7.65%	7.08%	5.44%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	-30.60%	25.62%	27.24%	30.81%	28.67%	27.84%	90.25%	20.83%	16.62%	20.40%	14.27%
Earnings before Interest and Taxes (EBIT)	150	72	95	85	95	94	-163	152	173	195	272
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	349	123	147	147	154	155	-95	225	244	266	341
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	85.79	36.68	33.92	36.80	26.19	38.13	149.10	114.76	181.80	402.84	71.56
Price to Tangible Book Value (P/TBV)	0.00	96.78	66.79	65.56	38.24	53.67	457.08	278.14	0.00	0.00	157.74
Price to Revenue (P/Rev)	2.29	2.97	2.87	3.07	3.92	5.60	7.53	8.77	8.51	5.96	5.51
Price to Earnings (P/E)	0.00	86.51	46.53	28.51	21.64	30.57	0.00	0.00	0.00	428.41	28.33
Dividend Yield	9.14%	5.57%	4.96%	4.30%	2.62%	1.78%	1.16%	0.90%	0.83%	1.08%	1.04%
Earnings Yield	0.00%	1.16%	2.15%	3.51%	4.62%	3.27%	0.00%	0.00%	0.00%	0.23%	3.53%
Enterprise Value to Invested Capital (EV/IC)	1.75	2.25	2.36	2.48	2.71	3.36	4.48	5.20	5.34	4.74	4.79
Enterprise Value to Revenue (EV/Rev)	5.28	5.19	4.84	5.00	5.97	7.76	9.63	10.76	10.42	7.79	6.91
Enterprise Value to EBITDA (EV/EBITDA)	7.69	13.70	14.11	12.78	12.27	21.23	66.45	60.19	34.19	23.28	13.78
Enterprise Value to EBIT (EV/EBIT)	44.47	39.14	30.79	24.26	20.14	45.15	0.00	1,068.79	70.84	41.75	18.71
Enterprise Value to NOPAT (EV/NOPAT)	63.68	84.04	31.89	24.94	15.54	36.61	0.00	4,078.05	124.05	66.35	25.72
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	292.97	54.57	48.26	54.21	103.99	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.80	2.97	0.00	711.02	0.00	0.00	0.00	0.00	0.00	33.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	112.14	28.34	23.80	23.98	14.31	15.17	44.24	27.15	42.28	128.56	20.88
Long-Term Debt to Equity	112.14	28.34	23.80	23.98	14.31	15.17	44.24	27.15	42.28	128.56	20.88
Financial Leverage	2.62	5.97	6.68	1.14	23.17	18.38	31.08	24.69	22.20	27.76	24.79
Leverage Ratio	6.38	8.62	9.49	2.46	27.62	22.31	37.14	29.84	27.22	36.15	32.20
Compound Leverage Factor	1.05	3.76	5.63	1.30	14.89	10.78	53.03	18.39	17.05	23.23	24.04
Debt to Total Capital	99.12%	96.59%	95.97%	96.00%	93.47%	93.81%	97.79%	96.45%	97.69%	99.23%	95.43%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	99.12%	96.59%	95.97%	96.00%	93.47%	93.81%	97.79%	96.45%	97.69%	99.23%	95.43%
Preferred Equity to Total Capital	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.86%	3.38%	4.01%	3.98%	6.50%	6.16%	2.21%	3.55%	2.31%	0.77%	4.57%
Debt to EBITDA	4.47	6.10	5.91	5.14	4.42	6.11	15.45	11.62	6.51	5.70	3.20
Net Debt to EBITDA	4.36	5.86	5.74	4.93	4.22	5.92	14.50	11.15	6.25	5.47	2.81
Long-Term Debt to EBITDA	4.47	6.10	5.91	5.14	4.42	6.11	15.45	11.62	6.51	5.70	3.20
Debt to NOPAT	37.04	37.41	13.35	10.04	5.59	10.54	-74.84	787.27	23.61	16.24	5.98
Net Debt to NOPAT	36.10	35.96	12.97	9.63	5.34	10.20	-70.23	755.14	22.69	15.60	5.24
Long-Term Debt to NOPAT	37.04	37.41	13.35	10.04	5.59	10.54	-74.84	787.27	23.61	16.24	5.98
Altman Z-Score	0.81	1.12	1.33	1.40	1.65	1.96	2.17	2.92	3.05	2.61	3.02
Noncontrolling Interest Sharing Ratio	0.03%	-0.77%	-1.16%	0.03%	0.62%	0.48%	0.43%	0.32%	0.31%	0.37%	0.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.43	3.69	5.15	4.01	3.69	3.94	5.41	3.91	3.53	3.95	5.01
Quick Ratio	1.54	1.85	2.24	1.48	1.13	1.46	2.51	1.41	0.77	0.71	1.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	112	1,695	1,679	-449	-236	-608	-868	-786	-658	-231	38
Operating Cash Flow to CapEx	0.00%	0.00%	36.02%	54.89%	9.17%	-0.23%	0.00%	0.00%	-39.86%	-67.22%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	43.13	43.61	-11.16	-5.41	-12.74	-12.56	-13.57	-10.27	-3.72	0.60
Operating Cash Flow to Interest Expense	0.00	0.98	0.74	1.23	0.28	-0.01	-2.71	0.72	-0.65	-0.42	-1.72
Operating Cash Flow Less CapEx to Interest Expense	0.00	1.61	-1.32	-1.01	-2.77	-3.15	-2.06	1.11	-2.29	-1.04	7.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.25	0.29	0.49	0.43	0.43	0.46	0.49	0.50	0.51	0.57
Accounts Receivable Turnover	6.31	0.00	0.00	11.88	10.91	9.60	0.00	11.30	13.05	10.59	10.89
Inventory Turnover	1.88	0.00	0.00	2.28	2.09	1.86	1.98	1.84	1.90	1.88	1.95
Fixed Asset Turnover	0.00	1.14	1.30	0.00	42.43	43.38	60.80	26.46	22.73	25.11	2.28
Accounts Payable Turnover	2.86	2.60	2.85	7.31	7.84	4.09	5.76	4.61	14.92	7.45	10.33
Days Sales Outstanding (DSO)	57.80	0.00	0.00	30.73	33.45	38.01	0.00	32.31	27.98	34.48	33.52
Days Inventory Outstanding (DIO)	193.96	0.00	0.00	160.27	174.57	196.75	183.94	198.70	191.76	194.02	187.66
Days Payable Outstanding (DPO)	127.47	140.40	128.09	49.96	46.54	89.31	63.35	79.20	24.46	48.97	35.34
Cash Conversion Cycle (CCC)	124.29	-140.40	-128.09	141.04	161.48	145.46	120.59	151.81	195.28	179.53	185.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,140	2,095	2,203	2,282	2,580	2,784	2,958	3,206	3,388	3,138	3,091
Invested Capital Turnover	0.34	0.31	0.36	0.56	0.50	0.49	0.53	0.56	0.58	0.65	0.71
Increase / (Decrease) in Invested Capital	137	-1,627	-1,587	526	440	689	754	924	808	354	133
Enterprise Value (EV)	3,740	4,722	5,192	5,666	6,992	9,353	13,237	16,671	18,078	14,885	14,815
Market Capitalization	1,620	2,700	3,079	3,478	4,588	6,746	10,348	13,584	14,771	11,386	11,798
Book Value per Share	$0.19	$0.74	$0.91	$0.95	$1.75	$1.76	$0.69	$1.16	$0.79	$0.28	$1.61
Tangible Book Value per Share	($0.23)	$0.28	$0.46	$0.53	$1.20	$1.25	$0.23	$0.48	($0.21)	($0.48)	$0.73
Total Capital	2,195	2,176	2,264	2,374	2,693	2,871	3,147	3,337	3,522	3,671	3,610
Total Debt	2,176	2,102	2,173	2,279	2,517	2,694	3,078	3,218	3,440	3,643	3,445
Total Long-Term Debt	2,176	2,102	2,173	2,279	2,517	2,694	3,078	3,218	3,440	3,643	3,445
Net Debt	2,120	2,021	2,112	2,187	2,404	2,606	2,888	3,087	3,306	3,499	3,017
Capital Expenditures (CapEx)	-126	-25	79	90	133	150	-45	-23	105	39	-602
Debt-free, Cash-free Net Working Capital (DFCFNWC)	177	201	270	274	399	344	399	461	764	1,284	1,107
Debt-free Net Working Capital (DFNWC)	210	282	331	327	490	409	568	573	879	1,396	1,408
Net Working Capital (NWC)	210	282	331	327	490	409	568	573	879	1,396	1,408
Net Nonoperating Expense (NNE)	222	38	37	36	86	42	106	51	48	21	5.86
Net Nonoperating Obligations (NNO)	2,120	2,021	2,112	2,187	2,404	2,606	2,888	3,087	3,306	3,110	2,926
Total Depreciation and Amortization (D&A)	199	51	51	62	59	62	68	72	71	71	69
Debt-free, Cash-free Net Working Capital to Revenue	24.94%	22.13%	25.18%	24.20%	34.06%	28.52%	29.01%	29.74%	44.02%	67.21%	51.64%
Debt-free Net Working Capital to Revenue	29.68%	31.06%	30.86%	28.87%	41.81%	33.93%	41.34%	36.97%	50.65%	73.08%	65.73%
Net Working Capital to Revenue	29.68%	31.06%	30.86%	28.87%	41.81%	33.93%	41.34%	36.97%	50.65%	73.08%	65.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.20	$0.00	$0.00	$0.00	$1.10	$0.31	($2.26)	$0.76	$0.00	$0.88	$1.58
Adjusted Weighted Average Basic Shares Outstanding	99.42M	99.73M	99.73M	99.93M	99.91M	100.25M	100.96M	102.38M	101.54M	102.55M	102.56M
Adjusted Diluted Earnings per Share	$0.20	$0.00	$0.00	$0.00	$1.10	$0.31	($2.26)	$0.76	$0.00	$0.87	$1.57
Adjusted Weighted Average Diluted Shares Outstanding	99.42M	100.97M	100.46M	100.48M	100.43M	100.96M	100.96M	103.40M	101.54M	103.16M	103.15M
Adjusted Basic & Diluted Earnings per Share	$0.20	$0.00	$0.00	$0.00	$1.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	99.73M	99.73M	99.74M	100.24M	100.25M	100.25M	102.21M	102.55M	102.55M	102.56M	102.57M
Normalized Net Operating Profit after Tax (NOPAT)	171	72	95	82	66	88	-108	146	158	129	175
Normalized NOPAT Margin	62.24%	24.46%	34.46%	28.04%	20.99%	26.86%	-24.39%	31.39%	31.73%	25.77%	25.87%
Pre Tax Income Margin	9.02%	10.73%	20.63%	15.46%	16.30%	13.83%	-52.50%	20.14%	21.66%	24.95%	30.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.83	2.48	2.12	2.17	1.96	-2.36	2.63	2.69	3.14	4.26
NOPAT to Interest Expense	0.00	1.72	2.39	1.93	4.67	1.71	-1.65	2.38	2.34	1.99	2.68
EBIT Less CapEx to Interest Expense	0.00	2.46	0.42	-0.13	-0.89	-1.18	-1.71	3.02	1.06	2.52	13.67
NOPAT Less CapEx to Interest Expense	0.00	2.34	0.33	-0.31	1.62	-1.43	-1.00	2.77	0.70	1.37	12.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-73.41%	324.94%	164.36%	98.46%	62.20%	60.36%	-748.37%	629.28%	1,777.70%	213.89%	32.48%
Augmented Payout Ratio	-73.41%	324.94%	164.36%	98.46%	62.20%	60.36%	-748.37%	629.28%	1,783.85%	213.89%	32.48%

Key Financial Trends

FTAI Aviation Ltd. has demonstrated significant fluctuations in financial performance over the last four years across key metrics such as revenue growth, profitability, leverage, and cash flows.

In recent quarters leading up to Q1 2025, the company has delivered strong revenue growth, with Q1 2025 showing a 53.7% annual increase and healthy gross margins near 50%. Operating metrics like EBITDA margin (53.0%) and EBIT margin (38.8%) improved compared to prior periods. Operating income rose by 29% year-over-year in Q1 2025, indicating improved operational efficiency.

Profitability metrics saw mixed trends in the near term: the net income margin remained solid at approximately 20%, and adjusted EPS for Q1 2025 was $0.88, a strong improvement from prior quarters. However, free cash flow to the firm was negative in Q1 2025 (-$230.6 million), signaling cash generation challenges despite positive earnings.

Balance sheet leverage is very high, driven primarily by long-term debt exceeding $3.6 billion and net debt near $3.5 billion as of Q1 2025. The company carries very little common equity relative to capital (<1%)—a key risk factor for equity investors. Debt to EBITDA ratios stood near 5.7x, which is elevated for the industry. While the Altman Z-Score (2.61) indicates reasonable short-term solvency, the interest coverage ratios remain moderate (EBIT to interest at ~3.1x), suggesting debt servicing capacity is sufficient but not excessive.

Cash flow trends point to significant capital expenditures and investing activity, with PP&E additions around $386 million in Q1 2025. The negative operating cash flow (-$26 million) and negative free cash flow highlight ongoing liquidity pressures despite recent operating profit improvements.

Positive factors:

Strong revenue growth trend, with more than 50% annual increase in Q1 2025.
Improving profitability metrics, including EBIT and EBITDA margins expanding to ~39% and 53% respectively.
Higher adjusted earnings per share ($0.88 in Q1 2025) signaling better net income attributable to shareholders.
Stable interest coverage ratios indicating ability to service debt interest payments.
Enterprise Value reflects investor optimism, with EV/EBITDA around 23x in Q1 2025.

Neutral factors:

Substantial capital expenditures supporting business but pressuring free cash flow generation.
Accounts receivable and inventories increasing, which may affect working capital management.
Leverage ratios elevated but stable; long-term debt continues to grow in line with invested capital.
Dividend yield remains very low (~1.08% in Q1 2025), indicating limited income return to investors.
Cash conversion cycle around 180 days is relatively high, suggesting operational efficiency challenges.

Negative factors:

Extremely high financial leverage with debt to total capital at ~99%, and very low equity base (<1%).
Negative free cash flow to firm in multiple quarters, despite positive net income, raising liquidity concerns.
High interest expenses (~$62 million in Q1 2025) pressure profitability and cash flow.
Volatile operating cash flow with sharp declines in recent quarters, including a -74% operating cash flow growth in Q1 2025.
Negative or very low returns on invested capital and equity in some periods, raising concerns about value creation.

Overall, FTAI Aviation has demonstrated strong top-line growth and improving profitability in recent quarters, which is encouraging. However, the company’s highly leveraged capital structure, negative free cash flows, and cash flow volatility present risks that investors should carefully consider. Operational improvements and debt management will be critical for sustainable value creation going forward.

08/02/25 03:56 AMAI Generated. May Contain Errors.

Frequently Asked Questions About FTAI Aviation's Financials

When does FTAI Aviation's fiscal year end?

According to the most recent income statement we have on file, FTAI Aviation's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has FTAI Aviation's net income changed over the last 10 years?

FTAI Aviation's net income appears to be on a downward trend, with a most recent value of $8.68 million in 2024, rising from $2.92 million in 2014. The previous period was $243.82 million in 2023.

What is FTAI Aviation's operating income?

FTAI Aviation's total operating income in 2024 was $237.83 million, based on the following breakdown:

Total Gross Profit: $909.02 million
Total Operating Expenses: $671.19 million

How has FTAI Aviation's revenue changed over the last 10 years?

Over the last 10 years, FTAI Aviation's total revenue changed from $57.93 million in 2014 to $1.73 billion in 2024, a change of 2,894.8%.

How much debt does FTAI Aviation have?

FTAI Aviation's total liabilities were at $3.96 billion at the end of 2024, a 41.9% increase from 2023, and a 472.4% increase since 2014.

How much cash does FTAI Aviation have?

In the past 10 years, FTAI Aviation's cash and equivalents has ranged from $22.13 million in 2014 to $381.70 million in 2015, and is currently $115.12 million as of their latest financial filing in 2024.

How has FTAI Aviation's book value per share changed over the last 10 years?

Over the last 10 years, FTAI Aviation's book value per share changed from 11.48 in 2014 to 0.79 in 2024, a change of -93.1%.

Related Companies

This page (NASDAQ:FTAIM) was last updated on 8/2/2025 by MarketBeat.com Staff

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