MTU Aero Engines AG
5-year stock timeline
The timeline below summarizes material company, market, and technical developments for MTU Aero Engines from 2020–2026, using the current share price of 311.4 as reference.
Major events
The pandemic forced a rapid operational pullback and guidance withdrawal in early 2020, with material capacity adjustments and liquidity measures taken across the business. Recovery followed in 2021 when revenue and adjusted EBIT improved versus 2020 levels.
MTU set multi-year growth targets at its November 2022 Capital Market Day and then executed strong top-line growth. 2023 included an ~€1.0bn exceptional charge tied to the Geared Turbofan™ inspection program that produced a large reported loss, though adjusted results remained robust.
The company delivered record adjusted revenue and adjusted EBIT in 2024 and raised 2025 revenue targets. 2024 free cash flow and margins improved materially versus prior years, with 2025 reporting showing continued strong OEM and MRO performance.
Investor narrative
Early 2020 treated MTU as a cyclical aviation supplier hit hard by Covid but with resilient MRO cashflow and disciplined cost actions. Sentiment shifted to cautious optimism as 2021 results demonstrated recovery.
From late 2022 through 2023 the market narrative became a growth story underpinned by Capital Market Day targets. The Geared Turbofan inspection charge introduced scrutiny and volatility around execution and one-off liabilities despite strong adjusted performance.
After record adjusted 2024 results and upgraded 2025 targets, the narrative moved toward re-rating as a higher-quality, higher-growth OEM+MRO compounder, while attention to GTF inspection risk and FX/cash conversion remained part of the debate.
Technical phases
2020 saw deep drawdown and high volatility as air travel collapsed and operators deferred activity, pressuring MTU's share price alongside the sector with operational shutdowns and capacity measures.
2021–2022 brought recovery and an extended uptrend as travel resumed and MRO demand recovered, supported by improving reported and adjusted earnings and management guidance set at the 2022 Capital Market Day.
2023–2025 included episodic volatility in 2023 around the GTF inspection charge, followed by a pronounced breakout and rally into new highs across 2024–2025 as record adjusted results, margin expansion and upgraded guidance were reported.
Material catalysts going forward
Progress and costs related to the Geared Turbofan™ inspection and remediation program remain a primary company-specific catalyst that can create headline volatility and cash-flow variation.
Continued ramp in commercial series (OEM) deliveries, spare-parts growth and the MRO book—where GTF MRO is a significant component of growth—are key drivers of revenue and margin upside under management guidance.
Macro and FX sensitivity (USD/EUR assumptions in guidance), defense program contributions and any large aftermarket or strategic M&A moves will be near-term catalysts that can re-rate or de-rate the stock relative to current valuation.
Key risks and downside factors
MTU operates in an oligopolistic aerospace engine and MRO market where high barriers to entry and close program partnerships define the landscape. The meaningful listed competitors are Safran and General Electric, which compete across engine programs and aftermarket services. Beyond them, MTU navigates pressure from its own OEM partners—entities that shift between collaborator and rival depending on the moment—alongside emerging Chinese engine makers and independent MRO operators gaining ground.
- Program concentration risk: reliance on a limited number of large engine programs and OEM partnerships creates material revenue volatility when programs slip or are lost [1][2].
- Cyclicality and demand risk: downturns in commercial air travel or airline fleet deferrals reduce OEM orders and aftermarket MRO volumes, which puts pressure on both revenue and margins [5][1].
- Competitive and geopolitical risk: Major OEMs like GE, Safran, and Rolls-Royce maintain structural advantages, while emerging Chinese engine manufacturers present a different kind of pressure—one that could compress both market share and pricing power over time [2][5].
- Regulatory and technology transition risk: the shift to SAF, hydrogen, and other low-emission propulsion requires substantial R&D investment and capital spending, with potential implications for program economics [1].
Competitive landscape
MTU operates within a concentrated aero-engine market where a small number of large OEMs and specialist MROs compete for new engine programs and aftermarket services. Its main public competitors—Rolls-Royce, GE Aerospace, Pratt & Whitney (RTX), and Safran—vie across full-engine platforms, modules, and lifecycle support. The company faces material risks from program concentration with risk-sharing partners, intense aftermarket competition from both OEMs and global MROs, plus exposure to aerospace cyclicality and the weight of regulatory and export controls.
| Company | Ticker |
|---|---|
| General Electric Company (GE Aerospace) | GE.NYSE |
| RTX Corporation (Pratt & Whitney parent) | RTX.NYSE |
| Safran SA | SAF.PA |
Private competitors
- Lufthansa Technik
- AECC Shenyang Liming Aero Engine
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Start Free TrialPerformance Figures of MTU Aero Engines AG
Relative Performance vs Benchmarks
| Period | MTU Aero Engines AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | +9.78% | +5.52% | +4.33% |
| 3M | -13.80% | -12.84% | -23.50% |
| 6M | -10.60% | -15.66% | -21.04% |
| 1Y | -11.18% | -15.36% | -40.33% |
| 3Y | +43.76% | -13.22% | -41.91% |
| 5Y | +53.72% | -7.64% | -37.58% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 10.2 | 1.1 | 3.9 | 19.9 |
| 1Y ago | 30.8 | 2.7 | 5.9 | 27.6 |
| 3Y ago | 21.6 | 1.5 | 3.9 | 11.9 |
| 5Y ago | 55.4 | 1.9 | 4.3 | 18.4 |
Frequently Asked Questions
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What are the key risks when investing in MTX.XETRA?
- Program concentration risk: reliance on a limited number of large engine programs and OEM partnerships creates material revenue volatility when programs slip or are lost [page:1][web:2].
- Cyclicality and demand risk: downturns in commercial air travel or airline fleet deferrals reduce OEM orders and aftermarket MRO volumes, which puts pressure on both revenue and margins [web:5][page:1].
- Competitive and geopolitical risk: Major OEMs like GE, Safran, and Rolls-Royce maintain structural advantages, while emerging Chinese engine manufacturers present a different kind of pressure—one that could compress both market share and pricing power over time [web:2][web:5][page:2].
- Regulatory and technology transition risk: the shift to SAF, hydrogen, and other low-emission propulsion requires substantial R&D investment and capital spending, with potential implications for program economics [page:1].
Who are the main competitors of MTU Aero Engines AG?
- General Electric Company (GE Aerospace) (GE.NYSE)
- RTX Corporation (Pratt & Whitney parent) (RTX.NYSE)
- Safran SA (SAF.PA)
When does MTU Aero Engines AG report earnings?
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 3.60 EUR | 1.13% | 1.36% |
| 2025 | 2.20 EUR | 0.67% | |
| 2024 | 2.00 EUR | 0.86% | |
| 2023 | 3.20 EUR | 1.40% | |
| 2022 | 2.10 EUR | 1.11% | |
| 2021 | 1.25 EUR | 0.65% | |
| 2020 | 0.04 EUR | 0.03% | |
| 2020 | 3.40 EUR | 2.65% | |
| 2019 | 2.85 EUR | 1.40% | |
| 2018 | 2.30 EUR | 1.67% | |
| 2017 | 1.90 EUR | 1.42% | |
| 2016 | 1.70 EUR | 2.04% | |
| 2015 | 1.45 EUR | 1.52% | |
| 2014 | 1.35 EUR | 1.99% | |
| 2013 | 1.35 EUR | 1.84% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 8.76B | 7.41B | 5.36B | 5.33B | 4.19B |
| Operating income (EBIT) | 1.25B | 813.00M | -239.00M | 546.00M | 408.00M |
| Net income | 1.03B | 633.00M | -102.00M | 331.00M | 222.00M |
| Free cash flow | 504.00M | 74.00M | 365.00M | 326.00M | 200.00M |
| Total assets | 13.22B | 12.48B | 10.20B | 9.23B | 8.30B |
| Equity | 4.31B | 3.36B | 2.86B | 3.03B | 2.68B |
| Net debt | 1.17B | 682.00M | 389.00M | 479.00M | 587.00M |
PWP Leeway UG (haftungsbeschränkt)
