MTU Aero Engines AG
5-year stock timeline
MTU's journey from 2020 through early 2026 traces a path of shock, recalibration, and steady rebound. The pandemic delivered a brutal blow in 2020—flight hours collapsed, production lines went quiet, and management pulled guidance to focus on survival. By 2021 and into 2022, operations resumed and the company pivoted deliberately toward aftermarket and maintenance repair overhaul (MRO) work, where demand was recovering faster than it seemed anyone expected.
Then came 2023. A €1.0 billion exceptional charge tied to Pratt & Whitney's GTF inspection program hit harder than most had anticipated. It wasn't a business failure so much as a partner execution problem that landed squarely on MTU's balance sheet, and the market noticed. Sentiment shifted from "cyclical recovery play" to something more cautious—execution risk on a specific platform suddenly mattered.
What happened next mattered more. 2024 delivered record adjusted revenue around €7.5 billion and adjusted EBIT near €1,050 million. The aftermarket and MRO businesses proved they weren't just bouncing back; they were compounding. Management upgraded 2025 guidance with visible conviction. New certifications and capacity expansions added texture to the story. By early 2026, the stock has moved to 310, reflecting a market that has largely digested the GTF setback and settled into a narrative around sustainable aftermarket growth and operational leverage.
The technical picture mirrors the sentiment arc. The 2020 crash gave way to steady recovery through 2021–22. The 2023 charge produced volatility and retest of support. Since then, the stock has traced a cleaner uptrend with higher support bands and the kind of technical posture that suggests the market has moved past the exceptional charge and back into conviction about the underlying business.
One small note: CEO Lars Wagner's announced departure and the succession planning that followed in late 2024 and into 2025 kept governance on the agenda, though the focus remained on whether the new leadership would maintain the momentum already underway.
Key risks and downside factors
MTU Aero Engines operates in a tightly controlled market where GE, Rolls-Royce, Safran, and RTX set the terms for both new engine development and aftermarket services [2][1]. The company competes primarily through joint engine programs and MRO capabilities, though it carries inherent scale disadvantages against these entrenched competitors [2][1]. Its fortunes swing with commercial aviation cycles, remain vulnerable to program concentration, face relentless OEM competition, and depend on navigating supply chain and regulatory complexities [2][1].
- The cyclical nature of commercial air travel creates volatility in both original equipment manufacturer orders and aftermarket demand.
- Revenue and execution remain concentrated within a narrow band of joint engine programs and OEM partnerships.
- Intense competition from larger, better-capitalized engine manufacturers and integrated MRO providers—GE, Rolls-Royce, Safran, RTX—creates persistent pressure on margins and market share [1][2].
- Supply-chain disruptions, certification and regulatory hurdles, and geopolitical pressures tied to defense contracts can all delay deliveries or tighten the flow of components.
Competitive landscape
MTU Aero Engines operates in a landscape dominated by four major players—GE Aerospace, RTX's Pratt & Whitney, Rolls-Royce, and Safran—competing across new engine development and aftermarket maintenance services. As a mid-sized European manufacturer, MTU typically takes on partnership and supplier roles in joint programs rather than leading them, which creates exposure to program concentration risk and dependence on OEM strategic choices. The company's fortunes pivot on commercial aviation cycles, faces relentless competition from larger, better-capitalized rivals, and navigates supply-chain fragility alongside export-control restrictions. Its aftermarket revenue stream, meanwhile, leans heavily on a limited number of engine platforms, concentrating both opportunity and vulnerability in a few key programs.
| Company | Ticker |
|---|---|
| GE Aerospace | GE.NYSE |
| RTX Corp (Pratt & Whitney) | RTX.NYSE |
| Safran SA | SAF.PA |
Private competitors
- AECC Shenyang Liming Aero Engine (China Aero Engine Corp. affiliate)
- Premium AEROTEC (airframe/component supplier, Airbus subsidiary)
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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 | -12.87% | -6.90% | -7.88% |
| 3M | -12.75% | -7.35% | -8.38% |
| 6M | -21.02% | -16.05% | -18.75% |
| 1Y | -4.73% | -7.51% | -21.99% |
| 3Y | +38.46% | -9.77% | -26.62% |
| 5Y | +56.77% | +3.42% | -17.05% |
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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 | 10.1 | 1.1 | 167,858,800,000,000,000.0 | 19.8 |
| 1Y ago | 28.0 | 2.4 | 5.3 | 25.1 |
| 3Y ago | 22.5 | 1.5 | 4.0 | 12.3 |
| 5Y ago | 53.0 | 1.8 | 4.1 | 17.6 |
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 | — | 1.38% |
| 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 | — | 12.48B | 10.20B | 9.23B | 8.30B |
| Equity | — | 3.36B | 2.86B | 3.03B | 2.68B |
| Net debt | — | 682.00M | 389.00M | 479.00M | 587.00M |
PWP Leeway UG (haftungsbeschränkt)
