MTU Aero Engines AG
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5-year stock timeline
MTU Aero Engines: Timeline of Major Events & Market Evolution
Q1 2021 (reported Apr 30, 2021)
Revenue €989m (−22% YoY), operating profit €86m (−52% YoY); adjusted EBIT margin 8.7%; management confirmed FY2021 guidance despite pandemic headwinds [2]. The market treated MTU as a resilient, cyclical recovery play exposed to airline traffic normalization, with cautious optimism as guidance held [2,9]. Early-2021 recovery from 2020 pandemic trough began, with a gradual uptrend as confidence in recovery rebuilt.
FY 2021 (prelim figures published Feb 16, 2022)
Preliminary FY2021: revenue €4,188m (+5% YoY), adjusted EBIT €468m, adj EBIT margin 11.2%; proposed dividend €2.10 — evidence of operational resilience [1,7]. The narrative shifted to "resilient through crisis" with operational credibility restored; investor confidence rose as management hit targets [1,7]. The uptrend continued into 2022 with improving fundamentals.
Q1 / H1 2022 (Apr–Jul 2022)
Q1 2022: revenue €1,180m (+19% YoY), operating profit €131m (+52%); H1 2022 revenues rose strongly as deliveries and MRO demand recovered; guidance was reiterated [5,10]. The market narrative shifted to recovery plus aftermarket/GTF ramp, with bullishness on MRO tailwinds and OEM recovery increasing [5,10]. A strong multi-month uptrend unfolded in 2022 with multiple breakouts as analysts revised earnings expectations upward.
Announcement May 2022 → effective Jan 1, 2023
The Supervisory Board appointed Lars Wagner as future CEO (announcement May 4–5, 2022; Wagner took office Jan 1, 2023) — an orderly internal succession [54,55]. This was viewed as constructive and operational (Wagner came from internal COO/CTO roles); limited investor concern surfaced initially [55,56]. No durable negative technical impact occurred; the trend remained intact through the transition.
July 2023 (mid-2023)
Pratt & Whitney disclosed a "rare condition" in powdered metal for PW1100G family; initial estimates and inspections put a subset of engines under review; MTU initially reaffirmed outlook while flagging potential headwinds [18,12]. Early investor concern shifted from pure recovery story to partner-supply and program risk; MTU framed exposure as manageable at first [18]. Increased intraday volatility emerged in mid-2023 as markets started to price program risk.
11–13 Sep 2023 (GTF profit warning / update)
MTU issued a profit warning: expanded GTF inspections and repairs could trim reported revenue and reported EBIT by ~€1bn; later GTF updates quantified much larger gross and net program impacts (gross $6–7bn, net OP profit impact $3–3.5bn); MTU flagged liquidity and timing effects mostly for 2024–2026 [12,20,18]. The narrative pivoted sharply to "warranty/recall/partner risk." MTU's exposure under its GTF revenue and risk share (material) made the stock a near-term risk play; investors demanded clarity and compensation from Pratt & Whitney [24,21]. An immediate sharp sell-off and technical breakdown from prior range occurred in Sep 2023, with a large drawdown as the market priced the one-off.
Q3–Q4 2023 (Oct–Dec 2023)
MTU booked substantial provisions and began the GTF fleet-management plan; adjusted results remained robust but reported EBIT and reported earnings were heavily impacted by one-offs; management engaged Pratt & Whitney on compensation and signalled protracted workshop activity [22,25,17,21]. Mixed sentiment prevailed: operational strength was acknowledged but overshadowed by GTF liabilities; many investors labelled the stock a temporarily damaged compounder or "value trap" until compensation and timing clarified [22,21]. Large intraday ranges and a wider trading band formed; price established a low/base as investors awaited clarity.
FY 2023 (published Feb 29, 2024)
Reported FY2023: reported net loss €97m (first reported loss in MTU history), driven by costly GTF recall and inspection charges; MTU disclosed ~€900m in provisions and reiterated the multi-year cash timing of the burden (2024–2026) [11,8,17,12]. Short-term sentiment weakened; debate centred on one-off accounting hit versus structural program risk. Confidence restored gradually as management separated adjusted performance from reported effects and pressed for compensation [11,22]. Continued pressure into early-2024; stabilization and bottoming occurred as investors began to value adjusted metrics over reported one-offs.
2024 (Q1 Apr 30, H1 mid-2024)
Q1 2024: adj revenue €1.67bn, adj EBIT €218m; H1 2024: adj revenue +10% YoY, adj EBIT €470m; FY2024 guidance reconfirmed (rev €7.3–7.5bn; margin >12%) — the underlying business recovered strongly [37,36]. Growing restoration of confidence followed; the narrative shifted toward "GTF is a material but manageable headwind; core OEM/MRO recovery intact" [37,36]. Price staged a recovery, retesting and reclaiming pre-Sep-2023 levels as fundamentals improved.
FY 2024 (results published Feb 19, 2025)
FY2024 (adjusted): revenue €7.5bn, adj EBIT €1,050m (14.0% margin), adj net income €764m; FCF €183m; dividend proposed €2.20 — record adjusted profitability and margin expansion [26,27,28,33]. A re-rating occurred to "turnaround → quality industrial / compounder" as MTU delivered record adjusted margins despite earlier one-offs; investor confidence materially improved [26,27]. A strong bullish breakout on results followed; the rally reached multi-year highs and established a higher base entering 2025.
Oct 2024 → Jul 2025 (management succession to Airbus)
Wagner informed the MTU Supervisory Board he would not extend (Oct 2024); Airbus announced hiring MTU CEO Lars Wagner to lead Airbus Commercial (to take effect Jan 1, 2026, with transition starting Nov 2025); MTU prepared succession with Johannes Bussmann named as successor [61,64,58,65]. The market's reaction was mixed: short-term uncertainty over CEO turnover was tempered by recognition that the move signalled MTU leadership is high calibre (Airbus hire); market focus returned to execution and backlog [64,65]. Short-term volatility on announcements was followed by re-stabilization as fundamentals remained strong.
FY 2025 (results published Feb 24, 2026)
FY2025 (adjusted): revenue €8.7bn (+16% YoY), adj EBIT €1.35bn (+29%), adj net income €968m; FCF €378m; order backlog ≈€29.5bn; management guided 2026 revenue €9.2–9.7bn / adj EBIT €1.35–1.45bn; the market reacted to a Q4 EPS miss with ~5.8% fall to ≈€373 intraday [41,42,46,52]. The narrative remained largely positive — MTU viewed as structurally stronger with higher margins and a loaded backlog; residual caution persisted about GTF cash-flow timing and occasional quarterly misses [41,42]. An intraday sell-off on the Q4 EPS miss was followed by consolidation at a materially higher trading range versus the pre-GTF era; the technical picture showed a sustained breakout but volatility around quarterly prints [42,41].
Q1 2026 (reported Apr 30, 2026) → latest market price
Q1 2026: adj revenue ≈€2.24bn (+7% YoY), adj EBIT €320m (+6% YoY); management reaffirmed 2026 guidance; continued OEM/MRO strength and margin stability [40,49]. The latest market price stands at 368.1 as of 2026-07-07. The current narrative treats MTU as a growth trajectory intact; the company is regarded as a cyclical industrial with improving cash conversion and structural margin lift — focus now centres on execution, FCF conversion and resolution/timing of remaining GTF cash impacts [40,41]. Consolidation around the new higher range formed in 2024–2025; recent action shows a higher base with periodic retests and tighter ranges.
Key risks and downside factors
MTU Aero Engines operates as a mid-sized European aero-engine manufacturer and aftermarket maintenance provider, occupying a distinct position alongside much larger competitors whom it both partners with and competes against. The company's competitive terrain is shaped by work-share arrangements on major engine programs alongside direct aftermarket competition from independent operators. Material risks cluster around program concentration, cyclical airline MRO spending patterns, inherent scale disadvantages relative to larger OEMs and MRO networks, and exposure to supply-chain or regulatory disruptions tied to geopolitical events.
- Heavy reliance on a narrow base of large engine programs and OEM partnerships creates structural vulnerability. Any disruption—delays, cancellations, or production cuts—would meaningfully compress both OEM and MRO revenue streams.
- Aftermarket and maintenance, repair, and overhaul revenue streams remain tethered to airline demand cycles and the volatility of fuel prices and traffic patterns. Extended downturns suppress overhaul volumes and spare-parts sales, which compresses margins and strains cash generation.
- Intense competition from substantially larger engine manufacturers and global maintenance, repair, and overhaul providers—competitors with superior scale and pricing leverage—poses a material risk to margins and aftermarket market share.
- Supply-chain fragility, regulatory shifts, and geopolitical pressure create real friction. Export controls, sanctions, supplier disruptions, and changing defense procurement patterns can all compress margins, push timelines, or simply lock you out of markets that matter.
Competitive landscape
MTU Aero Engines operates within a tightly consolidated market dominated by four global powerhouses—GE Aerospace, Rolls-Royce, Safran, and Pratt & Whitney/RTX—alongside established MRO and parts specialists. The company has carved out genuine strength in European risk-sharing engine programs and independent maintenance, repair, and overhaul services, territories where the largest OEMs hold less absolute advantage. Competition unfolds on two fronts. Platform selection battles with OEMs determine initial engine wins, while the aftermarket becomes a protracted fight for service revenue across an engine's operational life. This dual dynamic creates persistent pressure on margins and customer relationships. The structural headwinds are real. Commercial aviation demand swings with economic cycles, which MTU cannot insulate itself from. Scale matters enormously in this industry—the largest competitors spread fixed costs across vastly larger unit volumes. Supply-chain concentration introduces fragility, particularly in specialized components. Layered on top sits geopolitical volatility: export controls, regulatory shifts, and sanctions regimes can reshape market access overnight, a risk that cuts deeper for European manufacturers than some peers.
| Company | Ticker |
|---|---|
| General Electric (GE Aerospace) | GE.NYSE |
| Rolls-Royce Holdings plc | RR.LSE |
| Safran S.A. | SAF.EPA |
| RTX Corporation (Pratt & Whitney / Collins) | RTX.NYSE |
| TransDigm Group Inc. | TDG.NYSE |
| Deutsche Lufthansa AG (Lufthansa Technik / MRO competitor) | LHA.XETRA |
Private competitors
- StandardAero
- Liebherr-Aerospace
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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 | +21.85% | +20.14% | +20.44% |
| 3M | +12.62% | +7.45% | +2.36% |
| 6M | -2.99% | -2.11% | -11.29% |
| 1Y | -2.20% | -5.63% | -24.07% |
| 3Y | +69.48% | +9.01% | -7.50% |
| 5Y | +81.36% | +21.76% | -2.33% |
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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 | 12.5 | 1.3 | 4.6 | 23.5 |
| 1Y ago | 19.9 | 2.0 | 5.3 | 28.3 |
| 3Y ago | 17.7 | 1.4 | 3.8 | 12.3 |
| 5Y ago | 60.1 | 1.9 | 4.3 | 16.4 |
Frequently Asked Questions
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What are the key risks when investing in MTX.XETRA?
- Heavy reliance on a narrow base of large engine programs and OEM partnerships creates structural vulnerability. Any disruption—delays, cancellations, or production cuts—would meaningfully compress both OEM and MRO revenue streams.
- Aftermarket and maintenance, repair, and overhaul revenue streams remain tethered to airline demand cycles and the volatility of fuel prices and traffic patterns. Extended downturns suppress overhaul volumes and spare-parts sales, which compresses margins and strains cash generation.
- Intense competition from substantially larger engine manufacturers and global maintenance, repair, and overhaul providers—competitors with superior scale and pricing leverage—poses a material risk to margins and aftermarket market share.
- Supply-chain fragility, regulatory shifts, and geopolitical pressure create real friction. Export controls, sanctions, supplier disruptions, and changing defense procurement patterns can all compress margins, push timelines, or simply lock you out of markets that matter.
Who are the main competitors of MTU Aero Engines AG?
- General Electric (GE Aerospace) (GE.NYSE)
- Rolls-Royce Holdings plc (RR.LSE)
- Safran S.A. (SAF.EPA)
- RTX Corporation (Pratt & Whitney / Collins) (RTX.NYSE)
- TransDigm Group Inc. (TDG.NYSE)
- Deutsche Lufthansa AG (Lufthansa Technik / MRO competitor) (LHA.XETRA)
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 | 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)
