FTAI Aviation Ltd. (FTAI)
適正価値ファンダメンタル
55
株価
$165.18
時価総額
$17.93B
パート1 · 企業の価値
概要
FTAI Aviation makes money from mid-life commercial jet engines — specifically the CFM56 and V2500 families that power most of the world's narrow-body aircraft fleet. Its Aviation Leasing segment owns aircraft and engines that it leases, manages and eventually sells to airlines and lessors. Its Aerospace Products segment manufactures and repairs aftermarket parts for those same engine families and runs a growing "module exchange" business, swapping used engine modules for repaired ones instead of grounding an aircraft for a full overhaul.
収益の仕組み
Aviation Leasing earns lease rental income on aircraft and engines it owns, plus gains when it sells assets. Aerospace Products earns fee income from engine maintenance, repair and exchange work, and from selling FAA-certified replacement parts that are cheaper than buying new from the original engine manufacturer. In 2025, growth in engine and module sales made Aerospace Products the larger driver of revenue, while Aviation Leasing's portfolio has been shrinking as the company shifts toward an asset-lighter model with third-party capital partners.
競争優位性（moat）
特許・ライセンス · 狭いFTAI's aftermarket parts require FAA certification (PMA approval), a slow and technical process that keeps out casual competitors and lets FTAI sell functionally equivalent parts at a discount to the original engine makers. That edge is real but narrow: it applies mainly to a few widely-used engine families, and both engine OEMs and other MRO shops compete for the same repair and parts business.
需要を左右する要因
景気循環型Demand for engine leasing, maintenance and parts follows how much airlines fly and how they manage aging fleets — both sensitive to fuel prices, air travel demand and the broader economy. The aftermarket parts and repair business is somewhat more resilient than new aircraft orders, since airlines often keep flying older planes longer in a downturn rather than buying new ones, which can support repair volume even as leasing activity softens.
主なリスク
- Customer concentration — Two Aerospace Products customers together accounted for close to a quarter of 2025 revenue; losing or shrinking either relationship would be felt company-wide.
- High financial leverage — FTAI carries substantial debt relative to its equity base, a structure that amplifies both returns and losses and leaves less room to absorb a downturn in aviation demand.
- Concentration in a few engine types — The business depends heavily on the CFM56-5B, CFM56-7B and V2500 engine families; a shift in the airline fleet away from the aircraft that use them would erode the addressable market.
- Geopolitical exposure — The company still carries aviation assets connected to Russia on its balance sheet, exposing it to sanctions-related and geopolitical uncertainty outside its control.
- Execution risk in the shift to third-party capital — FTAI's strategy of partnering with outside capital to fund its leasing portfolio depends on continuing to find and retain such partners on favorable terms.
顧客集中度
主要顧客が売上高の23%を占める
Two customers in the Aerospace Products segment accounted for 13% and 10% of 2025 revenue respectively — together close to a quarter of the company's total business.
強気材料
Buyers argue that FTAI's aftermarket parts and module-exchange business grows faster and carries higher margins than leasing, that airlines flying older aircraft longer creates durable demand for its repair services, and that the shift toward partnering with outside capital lets it grow the business with less balance-sheet risk.
弱気材料
Sellers worry that heavy leverage leaves little cushion if aviation demand weakens, that revenue depends on a small number of large customers and a narrow set of aging engine types, and that unresolved Russian asset exposure adds a geopolitical risk outside management's control.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
The closest match to FTAI's model: it leases spare CFM56, V2500 and LEAP engines to the same narrowbody airlines and MRO shops and, like FTAI, pairs that engine portfolio with its own maintenance and engine-exchange services.
The largest independent engine aftermarket provider, it competes for the same CFM56 and LEAP shop visits that FTAI's Module Factory and maintenance facilities are built to win.
The world's largest aircraft lessor also runs a fleet of over a thousand spare engines, so it bids against FTAI for the same airline customers on both aircraft and engine lease placements.
Its independent MRO network overhauls the same CFM56 and V2500 engines and sells used serviceable material into the same aftermarket that FTAI's engine and module sales target.
One of the largest independent MRO groups, it competes for the engine overhaul and spare-engine support contracts of the same European and global narrowbody operators.
貸借対照表と流動性
売上高
$3.11B
直近12か月（2026/6/30まで）
純利益
$496M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$-338M
自己資本合計
$334M
負債合計
$4.04B
流動比率
5.28
利払い倍率
-
負債/EBITDA
3.47
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$176.05
現在株価
$165.18
安全マージン
+6.2%
適正価値レンジ
$114.43 - $237.67
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
36.47
ROE
149.9%
P/B レシオ
42.46
P/FCF
-
粗利益率
39.2%
ROIC
-
収益性レーダー
価値創造（経済的モート）
ROIC
-
WACC
11.9%
ROIC − WACC
-
ファンダメンタル分析基準
合格（12）
- EPS shows upward trend
- EPS CAGR 21.15%
- Price CAGR 32.26%
- Gross Margin 39.2%
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 139.6%
- Revenue Growth 5Y 46.9%
- Analyst Consensus 94% Buy
- Piotroski F-Score 5/9
不合格（8）
- P/B Ratio 42.46
- Debt/Equity ratio
- Positive Free Cash Flow
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg -15.3%
- Earnings Quality (OCF/NI) -0.89
- Net Margin Trend 15.9% vs 21.3%
データなし（8）
- ROIC NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Operating Margin NaN%
- CapEx intensity
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
低品質：会計処理を調査してください
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Joseph P. Adams Jr. | Chairman & CEO | 67 |
| Mr. David Moreno | President | 35 |
| Ms. Stacy Kuperus | COO & Principal Operating Officer | 39 |
| Ms. BoHee Yoon | General Counsel & Secretary | 45 |
| Mr. Nicholas McAleese | Chief Financial Officer | 35 |
| Mr. Michael Hazan | Chief Accounting Officer | 36 |
| Mr. Charles Douglas Arestia | Principal - Investor Relations | 39 |
監査リスク
9
取締役会リスク
7
報酬リスク
1
株主権利リスク
9
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for FTAI, sourced from Markets Gazette.
- 5/19/2026NEUTRALTexas Rep. Brian Babin Sold Over $89K Worth of FTAI Aviation Stock: Here's What You Should Know
Texas Representative Brian Babin disclosed selling between $15,001 and $50,000 worth of FTAI Aviation stock on May 15th. This transaction follows a larger sale of over $89,000 in FTAI Aviation shares by the congressman in late April. While insider selling can sometimes signal a lack of confidence, the specific reasons for Representative Babin's trades are not detailed. Investors should monitor the company's performance and any further disclosures for a clearer picture of potential impacts.
- 5/11/2026POSITIVEHere's How Much $100 Invested In FTAI Aviation 10 Years Ago Would Be Worth Today
An investment of $100 in FTAI Aviation Ltd. ten years ago would have grown to approximately $2,140 today, representing a remarkable 2040% return. This significant appreciation highlights the company's strong performance and growth trajectory over the past decade. FTAI Aviation, which focuses on aviation leasing and power infrastructure, has evidently capitalized on market opportunities, delivering substantial value to its shareholders. Investors considering the stock should note this historical performance as an indicator of potential future returns, though past results do not guarantee future outcomes.
- 4/21/2026POSITIVEHere's How Much You Would Have Made Owning FTAI Aviation Stock In The Last 10 Years
FTAI Aviation Ltd. has delivered significant returns for long-term investors over the past decade. While specific figures are not provided in this summary, the article implies a strong performance trajectory. For investors considering aviation-related equities, FTAI's historical performance suggests a potential for robust capital appreciation and dividend payouts, making it a noteworthy candidate for portfolio inclusion. Further analysis of its business model and market position is recommended.
- 2/27/2026POSITIVEThe Analyst Verdict: FTAI Aviation In The Eyes Of 7 Experts
Markets Gazette reports a positive analyst verdict for FTAI Aviation, with experts maintaining optimistic ratings. JMP Securities reiterated its "Market Outperform" rating in July 2021, while Raymond James maintained its "Outperform" rating in both February 2021 and December 2020. This consensus among industry analysts highlights persistent confidence in the company's future prospects. FTAI Aviation, operating in the aviation sector, continues to enjoy a strong reputation among investment firms, suggesting the market may anticipate above-average growth potential or stability. Investors should consider these ratings as an indicator of confidence in the company's business model and management, even if the evaluations are from some time ago, their maintenance implies a structurally positive outlook.
- 2/26/2026NEUTRALFTAI (FTAI) Q4 2025 Earnings Call Transcript
The transcript for FTAI (Fortress Transportation and Infrastructure Investors LLC)'s Q4 2025 earnings call is not yet available. Investors are keenly awaiting its release to analyze the company's financial performance and future outlook. The absence of details prevents in-depth analysis, but the event itself underscores the importance of corporate communication for the market. Earnings calls are crucial moments for understanding management's strategy and responses to analyst questions, elements that can significantly influence investor sentiment and stock valuation. The future availability of the document will be key to forming a clear picture.
via Markets Gazette