FTAI Aviation Ltd.
FTAI Industrials Aerospace & Defense
FTAI Aviation Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $2.5 billion, up 44.5% from fiscal 2024. In the quarter to June 2026, revenue grew 40.9%, EPS fell 27.2% and free cash flow fell 349.6%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five; insiders bought in the last twelve months.
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FTAI Aviation Ltd. (FTAI) Altman Z-score
FTAI Aviation Ltd.'s Altman Z-score for fiscal 2025 is 4.69, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.69 | 1.63 |
| FY2024 | 3.06 | 1.13 |
| FY2023 | 1.93 | 2.44 |
| FY2022 | −0.51 | (0.37) |
| FY2021 | −0.14 | (0.09) |
| FY2020 | −0.05 | (0.33) |
| FY2019 | 0.29 | 0.27 |
| FY2018 | 0.02 | (0.49) |
| FY2017 | 0.51 | (0.77) |
| FY2016 | 1.27 | 0.04 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.39 | — | 0.47 | |
| Retained earnings / total assets | 0.06 | — | 0.09 | |
| EBIT / total assets | 0.17 | — | 0.56 | |
| Market value of equity / total liabilities | 5.00 | — | 3.00 | |
| Sales / total assets | 0.57 | — | 0.57 | |
| Altman Z-score | Safe zone | 4.69 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.01 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CW Curtiss-Wright Corporation compare | 7.0× |
| WWD Woodward, Inc. compare | 6.8× |
| BWXT BWX Technologies, Inc. compare | 5.3× |
| FTAI FTAI Aviation Ltd. | 4.7× |
| MOG.A Moog Inc. compare | 4.0× |
| DRS Leonardo DRS, Inc. compare | 3.7× |
| HII Huntington Ingalls Industries, Inc. compare | 2.8× |
| TXT Textron Inc. compare | 2.6× |
| EMBJ Embraer-Empresa Brasileira de Aeronautica compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets