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Germany's largest aircraft-engine maker: designs engine modules and provides maintenance/overhaul for commercial and military jet engines.
Germany's largest aircraft-engine maker: designs engine modules and provides maintenance/overhaul for commercial and military jet engines.
Builds engine modules, notably parts of the geared turbofan, and shares program risk and revenue with Pratt & Whitney, so a new engine brings thin early returns but years of spare-parts and repair work. Its maintenance arm is among the largest independent engine repairers. Both lean on engine families still being delivered.
In one line: A smaller, partner-based Honeywell Aerospace/Pratt & Whitney engine-parts specialist.
Moat: narrow (process know-how, IP / patents, customer qualification). Long-term risk/revenue-sharing partnerships on engine programs create decades-long aftermarket annuities.
Headquarters: Munich, Germany · Founded: 1934 · Employees: 13,674
Size MTU Aero Engines (MTX.DE) is a Germany Industrials company (Aerospace & Defense) with a market value of $20.9B, the 33rd largest of 205 Germany companies the cockpit tracks. Shares closed at €346.70 on 6 Nov 2026.
Performance Over six months the shares gained 20.6%, against -9.0% for the median peer and +2.6% for the Germany market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 12.3% over the last twelve months (peer median +19.0%); the operating margin is 13.2% (peer median 9.9%).
Valuation It trades at 18.5× forward earnings against a peer median of 27.4× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.4 points above its cost of capital (7.0% WACC).
Credit MTU Aero Engines has 2 bonds outstanding ($1.50B), rated Baa2 by the agencies and trading like AA- at a weighted spread of 80 bp.
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €9.23B | €8.76B | €7.41B | €5.36B | €5.33B |
| Revenue growth | — | +18% | +38% | +1% | — |
| Gross profit | €1.68B | €1.68B | €1.23B | €125M | €924M |
| EBITDA | €1.60B | €1.61B | €1.19B | €50.0M | €817M |
| Net income | €942M | €1.02B | €633M | -€102M | €331M |
| Free cash flow | €568M | €419M | €255M | €445M | €406M |
| Capital expenditure | €532M | €515M | €640M | €412M | €381M |
| Total debt | n/a | €2.43B | €2.83B | €1.57B | €1.64B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MTU Aero Engines MTX.DE | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% |
| Safran SAF.PA | $138B | +4% | +14% | 13% | 28.5× | 22.2% |
| RTX RTX | $256B | +8% | +12% | 11% | 24.4× | 8.4% |
| GE Aerospace GE | $334B | +9% | +20% | 18% | 36.4× | 27.6% |
| Rolls-Royce RR..L | $140B | +6% | +19% | 18% | 28.5× | 24.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MTX.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | +4.5% | 7th lowest of 21 |
| 6-month return | +20.6% | -9.0% | 3rd highest of 21 |
| Distance from 52-week high | -14.3% | -23.7% | 3rd highest of 21 |
| Revenue growth (TTM) | +12.3% | +19.0% | 10th lowest of 21 |
| Operating margin | 13.2% | 9.9% | 8th highest of 21 |
| Forward P/E | 18.5× | 27.4× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 6.3% | 15.2% | 5th least demanding of 15 |
| Growth delivered (Del g) | +17.1% | +8.9% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | -10.8 pp | +3.4 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | +7.4 pp | +6.5 pp | 10th highest of 20 |
| EV / EBITDA | 12.5× | 21.6× | 3rd cheapest of 16 |
| Net debt / EBITDA | 0.8× | 1.1× | 8th least indebted of 17 |
| Bond spread | 80 bp | 86 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| FTAI Aviation FTAI | United States | $18.4B | -33% | +46% | 23% | 16.7× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Curtiss-Wright CW | United States | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% | +7.9% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| AECC Aviation Power 600893.SS | China | $15.8B | -15% | +18% | 2% | 173.7× | n/a | n/a |
| Csg CSG.AS | Netherlands | $14.6B | -20% | +72% | 25% | 11.7× | n/a | n/a |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Textron TXT | United States | $14.2B | -8% | +9% | 7% | 11.9× | 8.3% | +4.9% |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Embraer S.A. Sponsored ADR EMBJ | United States | $14.1B | +23% | +20% | 8% | 23.6× | 16.9% | +14.5% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
MTU Aero Engines has 2 bonds outstanding with $1.50B face value. The agencies rate it Baa2; its bonds trade like AA-. Weighted yield 3.81%, a spread of 80 bp over government bonds.