FTAIFTAI Aviation Ltd.
Is the business good?
More warning than reassurance: profits without cash flow and returns that lean on debt.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Reports an operating profit but operating cash flow is negative, a red flag. Conversion is worsening vs a year ago.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 148% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FTAI?
FTAI Aviation Ltd. earns 17% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 7.7 points above what the capital costs: growth creates value
- Operating margin
- 24%
Operating margin · Aerospace & Defense median 9.6% · 12 months to Q2 2026
- Cash conversion
- −0.71×
Cash conversion · −0.24× a year ago · the operating profit has not turned into cash yet
- Share count, year on year
- +0.87%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −12% |
| FY2021 | −25% |
| FY2022 | −23% |
| FY2023 | 29% |
| FY2024 | 14% |
| FY2025 | 30% |
Details›
- Gross margin12 months to Q2 2026
- 39%
- Operating margin12 months to Q2 2026
- 24%
- Net margin12 months to Q2 2026
- 16%
- Free cash flow margin
- −15%
- Revenue, trailing twelve months
- $3.11B
- Free cash flow, trailing twelve months
- −$480M
- Net income, trailing twelve months
- $496M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 17%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Aerospace & Defense
Ranks #23 of 36 by RyuScore