FTAIFTAI Aviation Ltd.
Services-Miscellaneous Equipment Rental & Leasing
- Revenue
- $2.5B
- 45% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $19.2B
- Employees
- 985
- $3M revenue each
- Net debt / EBITDA
- —
- $3.1B net debt
- AI in 10-K
- 0.1
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 2 years3+ of last 5 years
- High CEO pay despite TSRNo$16M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-41% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo84% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$3M · 96th pctBottom quartile of its SIC industry
- Quiet on AIYes0.1 per 10K words · 10th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$19.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$63M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $336M | $708M | $1.2B | $1.7B | $2.5B | 45% |
| Operating cash flow | −$22M | −$21M | $129M | −$188M | −$311M | 65% |
| Capex | $157M | $144M | $6M | $9M | $28M | 201% |
| Stock-based comp | $0 | $3M | $2M | $6M | $22M | 262% |
| Dividends | $118M | $128M | $120M | $122M | $128M | 5.5% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 11, 2022 | DEFM14A | — | — | — |
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $2M · 5
- Open-market sells, 12 mo
- $65M · 5
- Net
- −$63M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | $32M | 434 | 182 |
| FY2024 | $27M | $33M | 315 | 116 |