FTAI Aviation Ltd - Ordinary Shares - Class A
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Earnings Call Q2 2026
July 30, 2026 - AI Summary
Strong Q2 operating momentum (Aerospace Products leads)
- Aerospace Products revenue +78% YoY and +18% QoQ; adjusted EBITDA $249.7m with 29% EBITDA margin (up 51% YoY, +12% QoQ).
- Production scaling: refurbished 296 CFM56 modules in Q2 (+61% vs Q2’25); first-half production 566 modules, ahead of midyear target.
- Management highlighted a supply-constrained (not demand-constrained) CFM56 environment, with FTAI increasingly allocating module output toward third-party customers (asset-light approach).
2026 outlook updated—lower Aviation Leasing EBITDA; Aerospace Products reaffirmed
- FTAI revised 2026 Aviation Leasing EBITDA to $475m (from prior guidance), reflecting the deliberate shift: less module production back into the leasing fleet to preserve an asset-light balance sheet.
- Aerospace Products EBITDA reaffirmed at $1.05b (and strategic push for market share/penetration).
- Total free cash flow revised down: 2026 adjusted free cash flow expected to be $878m (reduced from $915m) due to prioritizing asset-light module allocation and +~$30m R&D for Power.
- Balance sheet leverage ended the quarter at 2.7x (within target 2.5–3x) and a Moody’s upgrade to Ba1 supports credit/financing resilience.
Strategic expansion of maintenance footprint (capacity + regional access)
- Announced two new strategic shop partnerships to add maintenance capacity and network efficiencies:
- GMF AeroAsia (Jakarta, Indonesia): ~250k sq ft, heavy repair + engine test cell; planned to move substantial Southeast Asia volume to this shop.
- EgyptAir (Cairo, Egypt): 100k+ sq ft with 7B focus test cell; aims to strengthen Europe/Middle East maintenance connectivity with Rome/Lisbon.
- Additional capability build-out:
- New CFM56 + LEAP test cell development at Rome (intentional investment for next-generation engine maintenance).
- Lisbon expansion adding 113k sq ft with goal of >300 modules/year capacity.
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$75.68
57.9% downside
Current Fair Value
57.9% downsideOvervalued by 57.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $19.23 Billion |
|---|---|
| Enterprise Value | $22.35 Billion |
| Annual dividend | $1.70 |
| Dividend yield | 0.91% |
| Earnings per Share | $4.66 |
| Beta | 1.57 |
| Outstanding Shares | 102,667,105 |
Return
| Return on Equity | 130.99% |
|---|---|
| Return on Assets | 11.79% |
| Return on Invested Capital | 20.47% |
Valuation & Multiples
| P/E Ratio | 37.45 |
|---|---|
| PEG | 134.05 |
| Price to Sales | 5.44 |
| Price to Book Ratio | 59.86 |
| Enterprise Value to Revenue | 6.53 |
| Enterprise Value to EBIT | 27.25 |
| Enterprise Value to Net Income | 42 |
| Total Debt to Enterprise | 0.15 |
| Debt to Equity | 8.55 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$1.41
Consensus analyst estimateRevenue Estimate
$1.00 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 24, 2027
EPS Estimate
$1.75
Consensus analyst estimateRevenue Estimate
$1.08 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 53.14% |
|---|---|
| Total Calls | 95,700▼ 95.38% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.29%▼ 95.22% |
|---|---|
| Total Invested | $375.54M▼ 98.61% |
| Investors Holding | 158▼ 569.00% |
About Fortress Transportation and Infrastructure Investors LLC
101 employees
CEO: Joseph Adams
