FTAI Aviation Ltd. (FTAI) Balance Sheet
FTAI balance sheet, 2025
December 31, 2025 · U.S. dollars$4.37B assets = $4.04B liabilities + $334.2M equity
Both columns are drawn to the same scale: what FTAI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FTAI financial health
Descriptive bands, not a rating. Fiscal 2025.
FTAI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.55B2016 | $4.37B2025 | +12.2%/yr | |
| Total liabilities | $381.6M2016 | $4.04B2025 | +30.0%/yr | |
| Shareholders’ equity | $1.17B2016 | $334.2M2025 | −13.0%/yr | |
| Cash & short-term investments | $85.7M2016 | $300.5M2025 | +15.0%/yr | |
| Total debt | $333.1M2016 | $3.45B2025 | +29.7%/yr | |
| Net cash (debt) | −$247.4M2016 | −$3.15B2025 | −$2.9B | |
| Working capital | $144.0M2016 | $1.71B2025 | +$1.6B | |
| Book value per share | $15.392016 | $3.222025 | −16.0%/yr | |
| Current ratio | 4.762016 | 5.282025 | +0.52 | |
| Debt / equity | 0.292016 | 10.322025 | +10.03 | |
| Shares outstanding | 75.7M2016 | 103.8M2025 | +3.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FTAI assets
FTAI liabilities and equity
FTAI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FTAI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $300.5M | $115.1M | $90.9M | $53.1M | $188.1M | $161.4M | $242.5M | $99.6M | $59.4M | $85.7M |
| Cash & equivalents | $300.5M | $115.1M | $90.9M | $53.1M | $188.1M | $161.4M | $242.5M | $99.6M | $59.4M | $68.1M |
| Short-term investments | — | — | −$102.3M | $22.0M | $77.3M | — | — | — | $42.5M | $17.6M |
| Receivables | $480.8M | $348.6M | $115.2M | $99.4M | $182.8M | $91.7M | $49.5M | $72.4M | $40.3M | $31.1M |
| Inventory | $1.19B | $551.2M | $316.6M | $163.7M | $107.1M | $58.3M | $15.2M | $10.4M | $8.9M | $0 |
| Other current assets | $137.5M | $211.1M | $0 | $0 | $144.9M | $0 | $0 | $10.8M | $24.5M | $65.4M |
| Total current assets | $2.11B | $1.23B | $522.7M | $316.2M | $622.9M | $253.1M | $292.0M | $193.2M | $133.1M | $182.2M |
| Property, plant & equipment (net) | $1.67B | $2.48B | $2.08B | $1.93B | $3.52B | $2.67B | $2.48B | $2.14B | $1.56B | $1.12B |
| Goodwill & intangible assets | $114.2M | $103.3M | $55.2M | $299.1M | $355.8M | $141.5M | $150.3M | $155.1M | $156.6M | $155.5M |
| Long-term investments | $314.2M | $19.0M | $22.7M | $22.0M | $77.3M | $146.5M | $180.6M | $40.6M | $42.5M | $40.0M |
| Other non-current assets | $160.7M | $208.4M | $288.3M | $0 | $285.0M | $177.9M | $129.1M | $108.8M | $59.4M | $52.0M |
| Total assets | $4.37B | $4.04B | $2.97B | $2.45B | $4.86B | $3.39B | $3.24B | $2.64B | $1.96B | $1.55B |
| Liabilities | ||||||||||
| Accounts payable | $208.2M | $69.1M | $106.5M | $81.7M | $198.8M | $110.4M | $121.5M | $107.0M | $67.0M | $36.9M |
| Short-term debt | — | — | — | $70.4M | $100.5M | $29.8M | $185.3M | $47.7M | $54.0M | $73.6M |
| Deferred revenue | — | — | — | — | — | — | — | $65.1M | −$44.2M | −$36.9M |
| Total current liabilities | $399.9M | $347.2M | $112.9M | $86.5M | $202.7M | $142.9M | $330.2M | $112.2M | $68.2M | $38.2M |
| Long-term debt | $3.45B | $3.44B | $2.52B | $2.18B | $3.22B | $1.90B | $1.42B | $1.24B | $703.3M | $259.5M |
| Lease obligations | — | — | — | — | $73.6M | $62.0M | $37.0M | — | — | — |
| Other long-term liabilities | $190.8M | $168.9M | $166.8M | $167.5M | $316.9M | $240.9M | $147.0M | $235.5M | $149.2M | $83.9M |
| Total liabilities | $4.04B | $3.96B | $2.80B | $2.43B | $3.74B | $2.29B | $1.90B | $1.58B | $920.7M | $381.6M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $997,000 | $992,000 | $856,000 | $849,000 | $840,000 | $985.8M | $1.09B |
| Retained earnings (deficit) | $282.5M | −$73.1M | −$81.8M | −$325.6M | −$132.4M | −$28.2M | $190.5M | −$32.8M | −$38.7M | −$38.8M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | −$1.0M | $0 | −$156.4M | −$26.2M | $372,000 | $0 | −$184.3M | $7.1M |
| Minority interest | $0 | $0 | $534,000 | $524,000 | −$192,000 | $22.7M | $37.0M | $56.4M | $88.0M | $111.9M |
| Total shareholders' equity | $334.2M | $81.4M | $175.3M | $18.9M | $1.12B | $1.08B | $1.30B | $1.05B | $1.04B | $1.17B |
| Key figures | ||||||||||
| Total debt | $3.45B | $3.44B | $2.52B | $2.18B | $3.32B | $1.97B | $1.46B | $1.29B | $757.3M | $333.1M |
| Net cash (debt) | −$3.15B | −$3.33B | −$2.43B | −$2.12B | −$3.13B | −$1.81B | −$1.22B | −$1.19B | −$697.9M | −$247.4M |
| Working capital | $1.71B | $878.8M | $409.8M | $229.7M | $420.2M | $110.2M | −$38.2M | $81.1M | $64.9M | $144.0M |
| Tangible book value | $220.0M | −$21.9M | $120.1M | −$280.2M | $768.3M | $935.1M | $1.15B | $898.7M | $878.4M | $1.01B |
| Book value per share | $3.22 | $0.80 | $1.75 | $0.19 | $12.50 | $12.52 | $15.13 | $12.60 | $13.66 | $15.39 |
| Shares outstanding | 103.8M | 101.5M | 100.4M | 99.4M | 89.9M | 86.0M | 86.0M | 83.7M | 75.8M | 75.7M |
| Current ratio | 5.28 | 3.53 | 4.63 | 3.66 | 3.07 | 1.77 | 0.88 | 1.72 | 1.95 | 4.76 |
| Quick ratio | 1.95 | 1.34 | 1.83 | 1.76 | 1.83 | 1.77 | 0.88 | 1.53 | 1.46 | 3.05 |
| Debt / equity | 10.32 | 42.28 | 14.36 | 115.25 | 2.95 | 1.83 | 1.12 | 1.22 | 0.73 | 0.29 |
| Equity / assets | 7.6% | 2.0% | 5.9% | 0.8% | 23.1% | 31.8% | 40.2% | 39.9% | 52.9% | 75.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $337.2M | $412.2M | $300.5M | $509.9M | $301.9M | $112.1M | $115.1M | $112.0M | $169.6M | $65.4M | $90.9M | $52.9M |
| Cash & equivalents | $337.2M | $412.2M | $300.5M | $509.9M | $301.9M | $112.1M | $115.1M | $112.0M | $169.6M | $65.4M | $90.9M | $52.9M |
| Receivables | $177.5M | $176.9M | $480.8M | $214.9M | $477.0M | $223.5M | $348.6M | $166.3M | $154.1M | $137.4M | $115.2M | $107.8M |
| Inventory | $1.54B | $1.36B | $1.19B | $897.2M | $752.9M | $645.2M | $551.2M | $491.0M | $373.3M | $345.5M | $316.6M | $274.8M |
| Other current assets | $481.8M | $636.9M | $137.5M | $412.8M | $227.6M | $889.1M | $211.1M | $0 | $0 | $1 | $0 | $0 |
| Total current assets | $2.54B | $2.59B | $2.11B | $2.03B | $1.76B | $1.87B | $1.23B | $769.4M | $697.0M | $548.2M | $522.7M | $435.5M |
| Property, plant & equipment (net) | $134.7M | $122.1M | $1.67B | $1.78B | $1.99B | $2.10B | $2.48B | $2.18B | $2.24B | $2.24B | $2.08B | $1.94B |
| Goodwill & intangible assets | $107.3M | $107.1M | $114.2M | $101.7M | $90.1M | $77.1M | $103.3M | $69.5M | $46.8M | $51.2M | $55.2M | $41.5M |
| Long-term investments | $401.8M | $313.0M | $314.2M | $164.3M | $125.7M | $31.4M | $19.0M | $19.4M | $19.9M | $22.1M | $22.7M | $39.9M |
| Other non-current assets | $1.30B | $1.40B | $160.7M | $155.7M | $138.7M | $192.4M | $208.4M | $697.5M | $445.0M | $316.8M | $288.3M | $176.9M |
| Total assets | $4.49B | $4.53B | $4.37B | $4.24B | $4.10B | $4.27B | $4.04B | $3.74B | $3.45B | $3.18B | $2.97B | $2.63B |
| Liabilities | ||||||||||||
| Accounts payable | $261.7M | $203.8M | $208.2M | $147.3M | $83.4M | $110.8M | $69.1M | $194.2M | $128.5M | $132.5M | $106.5M | $103.0M |
| Short-term debt | — | — | — | — | — | — | — | — | $900,000 | — | — | — |
| Total current liabilities | $481.2M | $494.3M | $399.9M | $348.2M | $350.9M | $473.8M | $347.2M | $196.7M | $128.7M | $139.2M | $112.9M | $108.6M |
| Long-term debt | $3.45B | $3.45B | $3.45B | $3.45B | $3.44B | $3.64B | $3.44B | $3.22B | $3.08B | $2.69B | $2.52B | $2.28B |
| Other long-term liabilities | $150.6M | $151.8M | $190.8M | $192.8M | $140.6M | $123.5M | $168.9M | $205.4M | $173.4M | $165.3M | $166.8M | $150.8M |
| Total liabilities | $4.09B | $4.10B | $4.04B | $3.99B | $3.94B | $4.24B | $3.96B | $3.62B | $3.38B | $3.00B | $2.80B | $2.54B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M | $1.0M |
| Retained earnings (deficit) | $402.9M | $375.7M | $282.5M | $277.9M | $194.7M | $29.3M | −$73.1M | −$175.6M | −$262.0M | −$42.2M | −$81.8M | −$200.1M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | −$159,000 | −$1.0M | −$1.0M | −$1.0M | −$693,000 |
| Minority interest | — | — | $0 | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $404.0M | $431.7M | $334.2M | $252.5M | $164.9M | $28.3M | $81.4M | $118.5M | $69.6M | $177.1M | $175.3M | $94.5M |
| Key figures | ||||||||||||
| Total debt | $3.45B | $3.45B | $3.45B | $3.45B | $3.44B | $3.64B | $3.44B | $3.22B | $3.08B | $2.69B | $2.52B | $2.28B |
| Net cash (debt) | −$3.12B | −$3.04B | −$3.15B | −$2.94B | −$3.14B | −$3.53B | −$3.33B | −$3.11B | −$2.91B | −$2.63B | −$2.43B | −$2.23B |
| Working capital | $2.06B | $2.10B | $1.71B | $1.69B | $1.41B | $1.40B | $878.8M | $572.7M | $568.3M | $409.0M | $409.8M | $327.0M |
| Tangible book value | $296.7M | $324.6M | $220.0M | $150.8M | $74.9M | −$48.8M | −$21.9M | $49.0M | $22.8M | $125.9M | $120.1M | $53.1M |
| Book value per share | $3.88 | $4.14 | $3.22 | $2.43 | $1.60 | $0.27 | $0.80 | $1.15 | $0.69 | $1.75 | $1.74 | $0.94 |
| Shares outstanding | 104.0M | 104.3M | 103.9M | 104.0M | 103.1M | 103.2M | 101.5M | 103.4M | 101.0M | 101.0M | 100.9M | 100.5M |
| Current ratio | 5.28 | 5.24 | 5.28 | 5.84 | 5.01 | 3.95 | 3.53 | 3.91 | 5.42 | 3.94 | 4.63 | 4.01 |
| Quick ratio | 1.07 | 1.19 | 1.95 | 2.08 | 2.22 | 0.71 | 1.34 | 1.42 | 2.51 | 1.46 | 1.83 | 1.48 |
| Debt / equity | 8.55 | 7.99 | 10.32 | 13.65 | 20.88 | 128.56 | 42.28 | 27.15 | 44.24 | 15.21 | 14.36 | 24.11 |
| Equity / assets | 9.0% | 9.5% | 7.6% | 6.0% | 4.0% | 0.7% | 2.0% | 3.2% | 2.0% | 5.6% | 5.9% | 3.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
FTAI financial position
At the end of fiscal 2025 (December 31, 2025), FTAI Aviation had total assets of $4.4 billion (up 8.3% from a year earlier), total liabilities of $4.0 billion and shareholders' equity of $334.2 million. It held $300.5 million in cash and short-term investments against $3.4 billion of debt, net debt of $3.1 billion. Its current ratio was 5.28. In the latest quarter (ended June 30, 2026) total assets were $4.5 billion and equity $404.0 million.
Related: FTAI income statement, FTAI cash flow statement, FTAI key metrics. See the FTAI stock overview for the latest quote and news.
FTAI balance sheet FAQ
What are FTAI Aviation's total assets?
FTAI Aviation reported total assets of $4.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.0 billion a year earlier.
How much debt does FTAI Aviation have?
FTAI Aviation had $3.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 10.32.
How much cash does FTAI Aviation have?
FTAI Aviation held $300.5 million in cash and short-term investments at the end of fiscal 2025; with $3.4 billion of debt that is net debt of $3.1 billion.
What is FTAI Aviation's book value?
FTAI Aviation's shareholders' equity (book value) was $334.2 million at the end of fiscal 2025, or $3.22 per share.
What is FTAI Aviation's current ratio?
FTAI Aviation had current assets of $2.1 billion and current liabilities of $399.9 million, a current ratio of 5.28 (it can cover its short-term obligations).
How much goodwill does FTAI Aviation have?
FTAI Aviation carried $114.2 million of goodwill and intangible assets, 2.6% of total assets, at the end of fiscal 2025.