Forensic Analysis · Professional & Commercial Services · as of Nov 9, 2026

Ftai Aviation Ltd. (FTAI)

A forensic read on Ftai Aviation Ltd. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

3.8

Distress distance

Watch

Earnings quality

Forensic signals

44.5%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Ftai Aviation Ltd. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.8, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

-0.49×

FY2023–FY2025

Cash conversion. Over FY2023–FY2025, cumulative operating cash flow was -0.49× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.Cash conversion: operating cash flow divided by net income, the share of profit that arrived as cash.

236d

FY2024→FY2025

Inventory days. Days inventory outstanding moved from 192 to 236 FY2024→FY2025 (against cost of goods sold; inventory +117% vs +63% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.

FCF ($338M)

FY2025

Shareholder returns. Returned $128M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($338M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

Key fundamentals

Latest Revenue$2.51B

Revenue Growth YoY+44.5%

Revenue CAGR (2yr)+46.3%

Net Margin20.0%

Free Cash Flow-$338.5M

Debt / Equity10.32x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.