MTU Aero Engines AG
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5-year stock timeline
MTU Aero Engines (MTX.XETRA) — 2021–2026 timeline
2021 — FY 2021 (preliminary figures published 16 Feb 2022)
MTU reported preliminary FY2021 results: revenue €4,188m (+5% vs 2020), operating profit €468m (+13%), adjusted EBIT margin 11.2%, net income €342m; Executive Board proposed a €2.10 dividend. [1], [8]
The market viewed MTU as resilient through the pandemic—transitioning from crisis-management to early recovery and normalisation as commercial flying and MRO activity improved. [1]
2022 — Q1 strength and guidance upgrade (Q1 release Apr 2022; guidance raised Oct 2022)
Q1 2022 showed revenue €1,180m (+19% YoY), operating profit €131m (+52%), adjusted EBIT margin 11.1%, net income €93m. After 9M 2022, MTU raised FY revenue guidance to ~€5.4–5.5bn. [3], [5]
Investor perception shifted from recovery to cyclical growth—stronger OEM and MRO demand supported a re-rating thesis with earnings leverage as flying recovered. [3], [5]
Q1 2023 — Record quarter (April 2023)
MTU reported a record quarter: Q1 2023 revenue €1.54bn (+31% YoY), operating profit €212m (+62%), net income €157m (+70%); ad-hoc releases said results exceeded market expectations. [7], [9]
Momentum strengthened as investors rewarded operational leverage and improved OEM/MRO mix; sentiment turned distinctly constructive. [7], [9]
Jul 2023 — PW1100G (Pratt & Whitney) powder-metal contamination discovered
Pratt & Whitney disclosed powder-metal contamination affecting PW1100G-family parts; accelerated inspections and recalls were ordered (initial recall ~1,200 engines, later expanded), triggering extensive shop visits. MTU, a risk/revenue-sharing partner in the GTF program and a major GTF MRO/assembly participant, flagged potential liability and exposure; press reported MTU could face roughly a €1bn-scale impact from the disruption. [61], [58], [57]
Market perception shifted sharply to risk-focus—the issue combined regulatory, operational and liability uncertainty for program partners. MTU was seen both as exposed (liability) and as beneficiary (higher MRO workload), creating investor disagreement and higher volatility. [57], [58]
Dec 2023 — Regulatory escalation (FAA proposals)
The FAA proposed new maintenance and inspection requirements for PW1100G after further evidence of affected powder-metal parts, expanding the scope of required inspections and retirements. [60]
Regulatory risk amplified near-term uncertainty (more shop visits, earlier-than-expected removals) and kept sentiment cautious despite MTU's MRO positioning. [60]
2024 — Fleet impact, MRO ramp and 9M results
The PW1100G inspection and recall campaign peaked operationally in 2024 (press reported roughly ~625 aircraft grounded at peak in April 2024; later counts reported ~480–500 affected). MTU and partners ramped MRO capacity and aimed to shorten shop-turn times. MTU's 9M 2024 results showed adjusted revenue up and adjusted operating profit rising (9M 2024: adjusted revenue €5.3bn; adjusted operating profit €744m). [56], [50], [19]
Perception became mixed but actionable: near-term OEM disruption and airline pain versus a durable and monetisable MRO backlog for MTU. Investors began to separate temporary headwinds from sustainable earnings power. [19], [50], [56]
FY 2024 — Record revenue and EBIT (reported 19 Feb 2025)
MTU posted record adjusted FY2024 results: adjusted revenue €7.5bn (+18% YoY), adjusted EBIT €1,050m (first time >€1bn, +28%), adjusted net income €764m; the company said it achieved its targets one year earlier than planned. [15], [16]
Investors regained confidence—MTU proved resilient (MRO and OEM execution offset recall headwinds) and was increasingly viewed as a profitable growth compounder rather than a pandemic-recovery story. [15], [16]
FY 2025 — Bigger record, MRO scale-up and 2026 guidance (reported 24 Feb 2026)
MTU reported FY2025 adjusted revenue €8.7bn (+16% YoY), adjusted operating profit ≈€1.4bn (+29%), adjusted net income €968m; free cash flow improved and a €3.60/share dividend was proposed. MTU set 2026 guidance of revenue €9.2–9.7bn and adjusted EBIT €1.35–1.45bn. During 2025, MTU expanded GTF MRO capacity in partnership with Pratt & Whitney and hit production and MRO milestones (capacity agreements and production/assembly milestones). [29], [32], [45], [51], [46]
The market viewed MTU as an execution winner—both scaling OEM deliveries and monetising the GTF MRO tail. Sentiment shifted firmly toward a long-term growth and compounder thesis; valuation re-rating continued on repeatable margin expansion and cash generation. [29], [32], [45]
Q1 2026 — Strong start to 2026 (reported 30 Apr 2026)
Q1 2026 showed adjusted revenue ~€2.2bn (+7% YoY), adjusted operating profit €320m (+6% YoY); the company reiterated its growth trajectory and issued 2026 guidance (published with FY2025 release). [40], [29]
Momentum was validated—investors interpreted Q1 2026 as confirmation that FY2025 performance was not one-off and that guidance to ~€9.2–9.7bn for 2026 was credible. Sentiment remained positive. [40]
2026-07-11 — Market price 362.1
Share price quoted at 362.1 as of 2026-07-11.
The price reflects a multi-year re-rating after consecutive record years (FY2024–FY2025), visible margin expansion and explicit 2026 guidance. The market is pricing in both the MRO tail opportunity and OEM volume recovery. The multi-year uptrend shows recent consolidation after a strong rally, consistent with a growth and compounder re-rating.
Key risks and downside factors
MTU Aero Engines competes in a concentrated, capital- and technology-intensive market where a handful of large manufacturers dominate both original equipment and maintenance services. Rolls-Royce, Safran, GE Aerospace, and RTX/Pratt & Whitney represent the most relevant public competitors, with rivalry playing out across engine programmes, component and module supply, and long-term service agreements [sources: company pages/Wikipedia]. The company's risk profile centers on airline demand cyclicality, concentration within specific programmes, execution risk on development, the substantial R&D and capital requirements for next-generation engines, and exposure to supply-chain disruptions, currency fluctuations, and regulatory shifts.
- Heavy exposure to airline and airframe cycles creates cyclical demand risk. Economic downturns or shocks can trigger engine order deferrals, compress MRO volumes, and erode margins.
- Program and customer concentration: the business depends on a narrow set of engine programs and OEM partnerships. Loss of selection, significant delays, or scope reductions in any of these can materially impact revenue.
- Engine development for next-generation platforms demands substantial upfront capital and carries genuine risks—cost overruns, technical setbacks, certification delays, and the tail risk of warranty and service obligations that can linger for years.
- Supply-chain disruptions, currency fluctuations, regulatory shifts, and geopolitical constraints—parts shortages, inflation, foreign exchange swings, export controls, airworthiness directives—create cascading pressures: production delays, margin compression, and unexpected repair or compensation liabilities.
Competitive landscape
MTU Aero Engines operates as a mid-sized European engine manufacturer and aftermarket/MRO provider, positioned as a partner on major engine programs while competing directly with global OEMs and large independent and airline-affiliated service providers. The competitive landscape is anchored by dominant engine manufacturers—Rolls-Royce, Safran, GE, and RTX/Pratt & Whitney—alongside major component and systems suppliers like TransDigm and established MRO operators. The business faces material headwinds: concentration risk across a limited program portfolio, structural dependence on manufacturing partners, cyclical swings in aftermarket demand, persistent pricing pressure that erodes margins, and exposure to supply-chain disruptions alongside regulatory and geopolitical volatility.
| Company | Ticker |
|---|---|
| Safran SA | SAF.PA |
| General Electric Company | GE.NYSE |
| RTX Corporation (Pratt & Whitney) | RTX.NYSE |
| TransDigm Group Inc. | TDG.NYSE |
Private competitors
- StandardAero
- SR Technics
- Lufthansa Technik
- Air France Industries KLM Engineering & Maintenance (AFI KLM E&M)
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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 | +6.85% | +6.83% | +5.99% |
| 3M | +1.15% | +0.29% | -5.41% |
| 6M | -9.64% | -8.13% | -19.35% |
| 1Y | -7.83% | -11.60% | -30.09% |
| 3Y | +58.64% | +3.58% | -15.15% |
| 5Y | +77.67% | +17.34% | -9.57% |
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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 | 11.9 | 1.3 | 4.4 | 22.3 |
| 1Y ago | 20.0 | 2.0 | 5.3 | 28.5 |
| 3Y ago | 17.8 | 1.4 | 3.9 | 12.3 |
| 5Y ago | 59.1 | 1.9 | 4.2 | 16.2 |
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?
What are the key risks when investing in MTX.XETRA?
- Heavy exposure to airline and airframe cycles creates cyclical demand risk. Economic downturns or shocks can trigger engine order deferrals, compress MRO volumes, and erode margins.
- Program and customer concentration: the business depends on a narrow set of engine programs and OEM partnerships. Loss of selection, significant delays, or scope reductions in any of these can materially impact revenue.
- Engine development for next-generation platforms demands substantial upfront capital and carries genuine risks—cost overruns, technical setbacks, certification delays, and the tail risk of warranty and service obligations that can linger for years.
- Supply-chain disruptions, currency fluctuations, regulatory shifts, and geopolitical constraints—parts shortages, inflation, foreign exchange swings, export controls, airworthiness directives—create cascading pressures: production delays, margin compression, and unexpected repair or compensation liabilities.
Who are the main competitors of MTU Aero Engines AG?
- Safran SA (SAF.PA)
- General Electric Company (GE.NYSE)
- RTX Corporation (Pratt & Whitney) (RTX.NYSE)
- TransDigm Group Inc. (TDG.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 | 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 |
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