MTU Aero Engines AG
Explore by topic
5-year stock timeline
2026-08-11 — H1 2026 results, guidance upgrade
MTU reported strong H1 2026 with adjusted revenue climbing 13% to €4.7bn, adjusted EBIT of €692m and adjusted net income of €502m. Free cash flow jumped 39% to €294m. Management raised full-year cash conversion guidance to approximately 50–60% while holding revenue and EBIT ranges steady at €9.2–9.7bn and €1.35–1.45bn respectively.
The market read this as confirmation of a cash-generative growth story — operational recovery from pandemic lows with improving margins and cash conversion reinforced confidence in execution and the 2030 ambition. Discussion centered on earnings quality and improved free cash flow conversion.
The rally continued the uptrend that began after strong FY2025 results; momentum renewed on the guidance raise and robust H1 cash flow [1][6].
2026-04-30 — Q1 2026 trading update
Q1 2026 adjusted revenue rose 7% year-on-year to €2.2bn with adjusted operating profit of €320m (up 6%). Management reaffirmed 2026 guidance and projected healthy organic growth across commercial series, spare parts and maintenance.
The quarter reinforced the view of secular aftermarket recovery and cyclical commercial aero demand. Investors treated it as confirmation that 2025's record results were sustainable rather than a one-off.
The uptrend consolidated with positive validation of breakout levels after FY2025 strength [2].
2026-02-24 — FY 2025 record results & 2026 guidance
MTU reported FY2025 adjusted revenue of €8.7bn (up 16% year-on-year), adjusted EBIT of approximately €1.35bn reflecting large margin improvement, and adjusted net income of €968m (a record). Free cash flow more than doubled to €378m. The company issued 2026 guidance pointing toward further growth.
Market narrative shifted to record performance and trajectory toward 2030 targets, with MTU portrayed as a higher-quality cyclicals compounder driven by strong aftermarket and series production. A Q4 EPS miss amid aggregate record numbers drew some notice but overall sentiment remained positive.
A major breakout and sustained uptrend followed the release as the share price reflected relief and upgrades after stronger profitability and cash conversion metrics [3][8][4].
2025 (calendar) — Continued recovery and execution on series & MRO backlog
Throughout 2025 MTU benefited from rising commercial aircraft flying hours, higher spare-parts demand and ramped series production for narrowbodies. Orderbook and aftermarket demand visibly improved in company communications.
Perception shifted from post-pandemic recovery to structural improvement in aftermarket revenue mix as analysts upgraded medium-term earnings and cash-flow expectations.
A prolonged uptrend developed with occasional pullbacks on broader market volatility, transitioning from recovery rally into an earnings-led advance [3][13][15].
2024 Q4 / 2024 — CEO succession announced; leadership transition set
CEO Lars Wagner would not renew his term (decision made public in October 2024). The Supervisory Board appointed Dr. Johannes Bussmann as CEO with a clear transition timeline.
Investors examined governance and strategy continuity with focus on execution risk during the transition, though overall reassurance came from the internal appointment and clear mid-term targets. Operational continuity appeared likely.
Range and consolidation characterized price action as the market digested leadership news amid broader sector movements [11][7][12][14].
2023 — Recovery momentum from 2022, aftermarket strengthening
MTU progressed through post-COVID recovery as airline flying hours rose. Aftermarket and spare-parts demand improved and series production ramped up for OEM programs. Company presentations highlighted order book trends and recovery in maintenance business.
Market view turned from recovery play to early re-acceleration in demand for MRO and spares, with cautious optimism among investors and analysts expecting multi-year tailwinds.
A transition occurred from drawdown into a base and early breakout — the stage of early cyclical recovery and emerging uptrend [15].
2021–2022 — Pandemic hangover, volatility, and early signs of demand normalization
2021 and much of 2022 were dominated by pandemic aftershocks: reduced flying hours, weaker aftermarket demand and higher program uncertainty. Gradual improvement began in late 2022 as commercial aviation recovered. Financials showed pressure on revenues and margins compared with pre-pandemic levels.
Investor perception treated MTU as a value or recovery candidate with execution risk, with debates around timing and strength of aftermarket rebound. By late 2022 investors began to price in normalization but remained cautious about supply chain and component-delivery constraints.
An extended drawdown persisted through 2021, then range-bound action formed a base in 2022 leading into the breakout phase in 2023 [15][5].
Key risks and downside factors
MTU Aero Engines is a mid-sized European manufacturer and maintenance, repair and overhaul provider that participates in original equipment manufacturer programs alongside global competitors and competes in aftermarket services against specialized MRO operators. Its largest competitors are vertically integrated engine makers—Safran, Rolls-Royce, GE/GE Aerospace, and Pratt & Whitney/RTX—which leverage scale, existing customer bases and integrated service capabilities. Independent MROs and regional manufacturers such as Lufthansa Technik, StandardAero and ITP/Grupo compete on pricing and geographic reach. The company faces material exposure through risk-and-revenue-share contract structures, sensitivity to commercial aviation demand cycles, competitive and technological pressure from larger OEMs and their suppliers, and reliance on European regulatory frameworks and defense program funding.
- MTU faces meaningful exposure through long-term risk-and-revenue-share engine programs like GTF, where manufacturing or design issues can trigger substantial liabilities that flow directly into earnings and cash flow.
- Commercial aviation cyclicality creates demand risk through sustained airline capacity reductions, lower aircraft deliveries, or slower original equipment manufacturer production. Each of these scenarios materially reduces aftermarket maintenance, repair, and overhaul revenue alongside new-engine orders.
- Larger integrated aerospace OEMs and service providers—Safran, GE, Pratt & Whitney, and Rolls-Royce among them—possess greater R&D capacity than MTU. This scale advantage allows them to secure platform exclusivity and control aftermarket revenue streams, creating structural competitive pressure [MTU, 8].
- Regulatory shifts, geopolitical tensions, and reliance on defence programs create material risks for European suppliers. Changes to export controls, defence budget allocations, outcomes of major fighter and helicopter initiatives, or adjustments to subsidies and industrial policy can compress programme timelines and obscure revenue visibility [1], [2].
Competitive landscape
MTU Aero Engines occupies a middle tier in European aero-engine manufacturing and aftermarket services, competing against global engine primes on both new programs and technology while simultaneously defending aftermarket revenue from specialized independent MRO operators. Its competitive field divides into two distinct layers: the large global manufacturers (GE Aerospace, Pratt & Whitney/RTX, Rolls-Royce, Safran) who compete primarily on platform selection and production scale, and regional or independent service providers (Lufthansa Technik, StandardAero, ST Engineering) who compete on the quality and cost of maintenance, repair and overhaul work. The business carries several structural vulnerabilities. Revenue depends materially on winning and sustaining positions within large OEM partnerships, which expose the company to the cyclical patterns of airline demand. Supply-chain disruptions and raw-material cost movements can compress margins without corresponding pricing power. Contract concentration creates earnings volatility, while currency exposure affects both costs and reported results. Regulatory shifts in defense export controls or environmental compliance can unexpectedly limit access to certain markets or aftermarket revenue streams.
Private competitors
- StandardAero (large independent MRO — private or privately held ownership structures at times)
- ITP Aero (when under private/industrial ownership; regional European engine component specialist)
- AECC (some joint-venture or non-listed Chinese engine/component players operating as competitors in specific markets)
Get More Stock Analyses Like This
Receive hand-picked stock recommendations with detailed analyses every week
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 | +12.00% | +5.52% | +7.55% |
| 3M | +39.57% | +30.80% | +34.20% |
| 6M | -3.23% | -9.00% | -17.53% |
| 1Y | -0.31% | -8.85% | -22.30% |
| 3Y | +93.65% | +24.99% | +8.95% |
| 5Y | +99.97% | +33.91% | +12.90% |
Get More Stock Analyses Like This
Receive hand-picked stock recommendations with detailed analyses every week
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 | 12.6 | 1.4 | 4.6 | 24.8 |
| 1Y ago | 20.6 | 2.1 | 5.5 | 29.4 |
| 3Y ago | 16.6 | 1.3 | 3.6 | 11.5 |
| 5Y ago | 60.0 | 1.9 | 4.2 | 16.4 |
Frequently Asked Questions
Where is the MTU Aero Engines AG stock traded?
What does MTU Aero Engines AG do?
What are the key metrics for MTX.XETRA?
How has MTU Aero Engines AG's stock price performed?
How is MTX.XETRA valued?
Does MTX.XETRA pay dividends?
What are the key risks when investing in MTX.XETRA?
- MTU faces meaningful exposure through long-term risk-and-revenue-share engine programs like GTF, where manufacturing or design issues can trigger substantial liabilities that flow directly into earnings and cash flow.
- Commercial aviation cyclicality creates demand risk through sustained airline capacity reductions, lower aircraft deliveries, or slower original equipment manufacturer production. Each of these scenarios materially reduces aftermarket maintenance, repair, and overhaul revenue alongside new-engine orders.
- Larger integrated aerospace OEMs and service providers—Safran, GE, Pratt & Whitney, and Rolls-Royce among them—possess greater R&D capacity than MTU. This scale advantage allows them to secure platform exclusivity and control aftermarket revenue streams, creating structural competitive pressure [MTU, 8].
- Regulatory shifts, geopolitical tensions, and reliance on defence programs create material risks for European suppliers. Changes to export controls, defence budget allocations, outcomes of major fighter and helicopter initiatives, or adjustments to subsidies and industrial policy can compress programme timelines and obscure revenue visibility [1, 2].
Who are the main competitors of MTU Aero Engines AG?
- General Electric Company (GE Aerospace) (GE.NYSE)
- RTX Corporation (Pratt & Whitney) (RTX.NYSE)
- Rolls-Royce Holdings plc (RR.LSE)
- ST Engineering (ST Engineering Ltd) (S63.SG)
- StandardAero (parent private historically; listed comparators include HEICO Corporation as public aerospace MRO/parts peer) (HEI.NYSE)
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 | 1.02B | 633.00M | -102.00M | 331.00M | 222.00M |
| Free cash flow | 333.00M | 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)
