The business behind the dividend
| Measure | FTAI | Median | Formula |
|---|---|---|---|
| Return on equity | 149.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 16.0% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $699.15m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-338.46m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 24.2% | 14.3% | Operating income ÷ revenue |
| Net margin | 20.0% | 10.1% | Net income ÷ revenue |
| Debt to equity | 10.32x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.45x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 5.28x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 2.01x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | -0.62x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 18.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 149.9% | 10.7% | 139.0% | — | -11.6% | -9.6% | 16.7% | 0.6% | 0.0% | -1.7% | 0.6% |
| Return on capital employed | 16.0% | 0.4% | 6.8% | -4.8% | -1.1% | -1.4% | 5.2% | -0.8% | -1.2% | -2.8% | -1.1% |
| Operating margin | 24.2% | 0.8% | 15.7% | -14.9% | -11.8% | -14.6% | 26.3% | -5.2% | -11.1% | -27.1% | -11.1% |
| Net margin | 20.0% | 0.5% | 20.8% | -29.9% | -38.9% | -35.3% | 38.6% | 1.7% | 0.1% | -13.5% | 0.1% |
| Debt to equity | 10.32x | 42.28x | 14.36x | — | 2.31x | 1.76x | 1.20x | 1.20x | 0.69x | 0.23x | 1.76x |
| Current ratio | 5.28x | 3.53x | 3.69x | — | — | — | — | — | — | — | 3.69x |
| Cash conversion | -0.62x | -21.65x | 0.53x | — | — | — | 0.68x | 22.73x | — | — | 0.53x |