FTAI Aviation Ltd. (FTAI) Stock Analysis

FTAI Aviation’s primary competitive advantage lies in its vertically integrated aftermarket model for CFM56 and V2500 jet engines, which dominate the global narrowbody aircraft fleet. Unlike traditional lessors such as AerCap or Air Lease, FTAI combines engine leasing, in-house maintenance, and module sales, enabling faster turnaround times and lower costs for airline customers. For example, FTAI’s module swap program can reduce shop visit costs by up to 30% and turnaround times by several weeks, a critical differentiator for cost-sensitive airlines.

The company’s scale is notable: as of mid-2025, FTAI manages over 600 engines and has achieved approximately 9% market share in the $22 billion CFM56/V2500 aftermarket, with ambitions to reach 25%. Its recent acquisition of Lockheed Martin Commercial Engine Solutions and the QuickTurn Europe JV further expand its maintenance capacity and geographic reach.

FTAI’s exclusive PMA (Parts Manufacturer Approval) partnerships, such as with Chromalloy, offer proprietary engine parts that can double EBITDA per module sold once fully approved—an edge not available to most rivals.

Customer retention is high, supported by predictable cost structures and rapid service. However, the business remains exposed to regulatory risk and the cyclicality of airline demand. Compared to peers, FTAI’s integrated model and focus on legacy engine platforms provide a durable, defensible niche as new aircraft deliveries remain constrained.