FTAI Aviation Ltd. (FTAI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-198.1%

-$196.71

vs $200.49 price

Levered DCF

-$421.29

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.62

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	42.24×	-450.12×	21.89×	-15.42×	-17.03×	-16.42×	10.7×	174.25×
P/B	60.42×	179.75×	26.44×	90.16×	1.98×	1.6×	1.1×	1.03×
P/S	8.05×	8.36×	3.91×	2.36×	6.62×	4.65×	2.45×	2.92×
EV / EBITDA	21.6×	38.23×	13.31×	13×	13.29×	21.59×	6.33×	10.48×
Gross margin	31.1%	33.0%	33.3%	30.8%	37.8%	22.8%	20.8%	20.4%
Operating margin	30.7%	31.6%	30.1%	21.8%	29.7%	12.9%	11.1%	11.1%
Net margin	20.0%	0.5%	20.6%	-26.7%	-31.1%	-23.9%	38.4%	1.7%
Current ratio	5.28×	3.53×	4.63×	3.66×	1.94×	1.77×	0.88×	1.11×
Debt / equity	10.32×	42.28×	14.36×	115.25×	2.23×	1.83×	1.12×	1.22×
Interest coverage	3.11×	2.49×	2.21×	0.93×	0.64×	0.49×	0.68×	0.68×
Dividend yield	0.7%	1.1%	3.3%	9.1%	6.4%	7.6%	8.0%	10.8%
Payout ratio	29.0%	1777.7%	62.2%	-80.6%	-137.0%	-148.5%	51.3%	1880.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	149.9%	10.7%	139.0%	-1023.5%	-9.3%	-8.2%	17.3%	0.6%
Return on invested capital	16.0%	9.2%	12.5%	6.7%	2.1%	1.4%	1.9%	1.5%
Return on assets	11.5%	0.2%	8.2%	-7.9%	-2.1%	-2.6%	7.0%	0.2%
Free cash flow yield	-5.3%	-9.2%	-14.0%	-49.0%	-35.6%	-30.9%	-52.2%	-60.1%
Earnings yield	2.5%	0.1%	5.3%	-11.4%	-4.7%	-5.1%	15.7%	0.6%
Enterprise value	$23.3B	$18B	$7.1B	$3.8B	$4.6B	$3.5B	$2.7B	$2.1B
Net debt / EBITDA	2.91×	7.08×	4.57×	7.21×	6.85×	11.05×	2.9×	5.41×
Cash conversion cycle (days)	278	223	132	110	166	-51	-65	-77