Latest Ratios: P/E Ratio 52.5x · EV/EBITDA 28.0x · 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 | $24.8B | $20.4B | $14.6B | $4.7B | $1.7B | $2.2B | $1.7B | $1.4B | $1.0B | $1.3B | $860M |
| Enterprise Value | $27.9B | $23.6B | $18.0B | $7.1B | $3.8B | $4.6B | $3.5B | $2.7B | $2.1B | $1.9B | $986M |
| P/E Ratio → | 52.51 | 42.79 | — | 21.99 | — | — | — | 10.70 | 174.25 | 9455.56 | — |
| P/S Ratio | 9.88 | 8.15 | 8.36 | 3.93 | 2.36 | 6.62 | 4.65 | 2.45 | 2.92 | 5.80 | 5.60 |
| P/B Ratio | 75.06 | 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 | 28.05 | 23.69 | 22.84 | 13.07 | 11.81 | 18.52 | 15.75 | 10.98 | 11.69 | 19.06 | 16.74 |
| EV / EBIT | 36.27 | 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 | 0.5% | 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 | 1.9% | 2.3% | — | 4.5% | — | — | — | 9.3% | 0.6% | 0.0% | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.5% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.0% | 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 |
Excessive financial leverage
According to current market data, FTAI trades at a trailing P/E of 56.54 and a P/S of 10.64, which significantly exceeds the valuation multiples of traditional aircraft lessors like AerCap, suggesting that investors are pricing in aggressive growth expectations for the company's proprietary aerospace maintenance and MRO segments.
The elevated P/E ratio implies that the market is discounting a substantial future expansion in earnings power derived from the Module Factory strategy. However, given the historical volatility in net income, this valuation appears to carry significant execution risk, as any failure to maintain high-margin PMA part utilization could lead to a sharp multiple contraction.
Based on reported financial figures, FTAI's ROIC has remained in a narrow range between 2.8% and 4.8% over the last ten quarters, indicating that the company is struggling to generate returns on invested capital that meaningfully exceed the likely cost of its high-leverage debt structure.
The persistent gap between ROE and ROIC suggests that the company's profitability is heavily amplified by financial leverage rather than superior operational efficiency. Investors should monitor whether the company can improve its asset turnover, which has remained low at 0.19 in 2026Q1, to drive more sustainable compounding of capital.
As reported in recent quarterly filings, FTAI's cash conversion cycle reached 186 days in 2026Q1, driven largely by an inventory turnover period of 179 days, which highlights the significant liquidity tied up in the company's specialized engine parts and maintenance inventory compared to industry peers.
The extended DIO suggests that the company's industrial strategy requires holding substantial capital in engine components, which creates a structural drag on free cash flow. This inefficiency warrants further investigation into whether the current inventory levels are optimized for demand or if they represent a potential obsolescence risk for older engine models.
According to the 2026Q1 balance sheet, FTAI maintains a debt-to-equity ratio of 7.99, which, while improved from the extreme levels observed in 2025, continues to signal a highly leveraged capital structure that may restrict the firm's ability to navigate potential industry downturns or rising interest costs.
The interest coverage ratio of 3.04 in 2026Q1 indicates that debt service remains manageable but leaves little margin for error should operating cash flows face further pressure. The reliance on debt to fund asset acquisitions appears to be a permanent feature of the business model, necessitating constant access to capital markets.
Based on an analysis of the business model, the P/B ratio of 80.82 is a commonly misapplied metric for FTAI, as it fails to account for the significant intangible value embedded in the company's proprietary PMA parts and MRO infrastructure, which are not fully captured on the balance sheet.
Investors should instead focus on EV/EBITDA or segment-specific margins to evaluate the company, as the book value is heavily distorted by historical accounting treatments and asset impairments. Relying on P/B for a vertically integrated aerospace firm like FTAI obscures the true earning potential of its industrial maintenance operations.
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Quick answers to the most common questions about buying FTAI stock.
FTAI Aviation Ltd.'s current P/E ratio is 52.5x. The historical average is 62.4x. This places it at the 75th percentile of its historical range.
FTAI Aviation Ltd.'s current EV/EBITDA is 28.0x. 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 52.5x. This is at the 75th 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 0.51% 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.