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FTAI Aviation Ltd.
Industrials · Trading Companies & Distributors
Structural: aftermarket aviation play levered to the CFM56 installed base (~14k engines in service). Retirement of NG/ceo fleets is delayed by MAX and neo production shortfalls at $BA and $AIR, extending USM demand 5-10 years. Module Factory converts whole-engine teardowns into module swaps at 30-40% gross margins vs traditional MRO shop visits.
Lease book provides recurring cash; Aerospace Products is the growth + multiple driver.
MAX/neo delivery slip extends CFM56 service life; Module Factory scaling 3x by 2027; PMA parts approvals expand TAM; SCM joint venture with sovereign capital removes balance-sheet drag; high-margin parts mix re-rates multiple toward aftermarket peers; airline customers prefer module swap economics vs full overhaul.
2024 short-seller report alleged accounting aggressiveness on Module Factory revenue recognition; lease residuals exposed to CFM LEAP ramp if $GE accelerates production; leverage elevated post-spinoff; concentration in single engine family; cyclical exposure to airline capex; SEC inquiry overhang lingered into 2025.
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