In the last 12 months, FTAIs revenue from its aerospace products division has increased ~160%. Its ~30%+ net margins are also significantly higher than MRO competitors. This growth is driven by FTAIs CFM56 module exchange offering. Most FTAI long theses claim FTAI currently has <5% market share of a total addressable 9,000 modules per year. This research explores how a module swap works and which shop visits FTAI is best positioned to serve. 

Earlier this year, FTAI acquired Lockheed Martin’s Montreal engine shop for $170m. This ‘Module Factory’ runs engine MRO and piece-part repair for the CFM56 and V2500. A simple framing of FTAIs offering is that it does the heavy maintenance upfront and keeps a large stock of modules on the shelf. This aims to reduce the turnaround time per shop visit for airlines:

The point is we are building modules ahead of time -- and we're basically eliminating the part that makes shop visits so expensive, so risky, and the turnaround time so terrible. And effectively, our customers are paying for that service to save time and money. - CEO, FTAI Investor Day 2023