# MTU Aero Engines AG (MTX.XETRA)

Canonical: https://gigainvestors.com/s/MTX.XETRA

Analysis as of: 2026-10-16T07:34:41.348Z. Financial observations: FY2004–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 353.00 per share; close as of 2026-10-15.

Estimated value: low EUR 160.06 per share, central EUR 200.92 per share, high EUR 227.92 per share. Buy at or below the central value EUR 200.92 per share. Valuation as of 2026-10-16T07:34:41.348Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.55×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.10×

- FY2018: 0.13×

- FY2019: 0.16×

- FY2020: 0.07×

- FY2021: 0.10×

- FY2022: 0.10×

- FY2023: -0.04×

- FY2024: 0.12×

- FY2025: 0.14×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.4%

- ROIC, second-lowest year: 6.9%

- Typical minus recent gross margin: -1.0 pp

- Typical gross margin (annual median): 15.7%

- Recent gross margin (lower of latest and 3-year median): 16.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.0%

- ROIC including acquisitions, ten-year median: 9.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.2%

- FY2017: 15.7%

- FY2018: 17.8%

- FY2019: 19.4%

- FY2020: 6.9%

- FY2021: 10.6%

- FY2022: 13.0%

- FY2023: -8.5%

- FY2024: 19.7%

- FY2025: 23.5%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 1.8B

- Net income, five-year total: EUR 2.1B

- Return on incremental invested capital: 16.5%

- Working capital / revenue, annual change: 2.3 pp

- Working capital / revenue, change between three-year averages: 16.6 pp

- Working capital / revenue, final three-year average: 58.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.84×

- FY2022: 0.90×

- FY2023: 2.03×

- FY2024: 0.92×

- FY2025: 0.94×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 17.2% vs 19.7%

- Per-share earnings: 6.09 to 11.33 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: EUR 14B

- Cumulative retained earnings: EUR 2.5B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 8.1%

- Per-share value change: EUR 5.24

- Per-share value, starting three-year median: EUR 6.09

- Per-share value, ending three-year median: EUR 11.33

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 528M

- Cumulative net income, 10 years: EUR 3.9B

- ROIC, first three-year median: 17.2%

- ROIC, last three-year median: 19.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 6.09

- FY2017: EUR 7.27

- FY2018: EUR 8.52

- FY2019: EUR 8.66

- FY2020: EUR 2.61

- FY2021: EUR 4.16

- FY2022: EUR 6.01

- FY2023: EUR -1.90

- FY2024: EUR 11.33

- FY2025: EUR 18.76

### accounting: pass

- Sloan accruals: 1.3%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.83×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.35×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.8%

- FY2017: -1.4%

- FY2018: -2.2%

- FY2019: -4.6%

- FY2020: -3.0%

- FY2021: -4.2%

- FY2022: -4.3%

- FY2023: -8.6%

- FY2024: -0.6%

- FY2025: 1.3%

## Holders

## Price story

Price needs cash profits to grow 13.7% a year for ten years · "MTU Aero Engines Shares Fall After Outlook Narrowly Misses Expectations" (finance.yahoo.com, Feb 2026) · sales +18.2%

Story as of 2026-10-16T10:00:01.948Z; price observation 2026-10-15.

Price needs cash profits to grow 13.7% a year for ten years

- 2026-02-24: MTU Aero Engines Shares Fall After Outlook Narrowly Misses Expectations ([finance.yahoo.com](https://finance.yahoo.com/m/51d62da2-e74d-3893-a781-bd9b7e6320b3/mtu-aero-engines-shares-fall.html))

### Sales · FY2024–2025

sales +18.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 4.7B 

- FY2017: EUR 5.0B 

- FY2018: EUR 4.6B 

- FY2019: EUR 4.6B 

- FY2020: EUR 4.0B 

- FY2021: EUR 4.2B 

- FY2022: EUR 5.3B 

- FY2023: EUR 5.4B 

- FY2024: EUR 7.4B 

- FY2025: EUR 8.8B 

### Gross margin · FY2025

gross margin 19.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 13.9% 

- FY2017: 15.3% 

- FY2018: 17.9% 

- FY2019: 20.1% 

- FY2020: 12.4% 

- FY2021: 14.0% 

- FY2022: 16.0% 

- FY2023: 2.3% 

- FY2024: 16.6% 

- FY2025: 19.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in aerospace & defense; annual sales are EUR 8.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2025: revenue 8763000000; grossProfit 1688000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTX.XETRA: MTU Aero Engines AG, together with its subsidiaries, engages in the development, manufacture, sale, and maintenance of commercial and military aircraft engines, and aero-derivative industrial gas turbines in Germany, other European countries, North America, Asia, and internationally. It operates through two segments: Original Equipment Manufacturing Business; and Maintenance, Repair, and Overhaul Business. The company offers commercial aircraft engines for wide body aircraft, narrow body, regional jets, helicopters, business jets, and turboprops; military aircraft engines for fighter jets, helicopters, and transporters; and industrial gas turbines. It also maintains, repairs, and overhauls commercial and military engines; and manufactures and markets various spare parts. The company was formerly known as MTU Aero Engines Holding AG and changed its name to MTU Aero Engines AG in May 2013. MTU Aero Engines AG was founded in 1913 and is headquartered in Munich, Germany.

### Why customers stay

Margins ranged from 2.3% to 19.3% during 2023–25; it earns 16.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2023: grossProfit / revenue = 2.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2024: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2025: grossProfit / revenue = 19.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); 10-year return on capital observations [[2016,0.1715511802896622],[2017,0.15729001210055465],[2018,0.1780450732510805],[2019,0.19412179641191837],[2020,0.06949802863115556],[2021,0.10591150442477876],[2022,0.1298596112311015],[2023,-0.08543438914027149],[2024,0.19734087970530118],[2025,0.2349416282117519]]; median 0.16442059619510843. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 10.4% of cash earnings on expansion; earns 16.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2016: growth capex 0; upkeep 159400000; owner earnings 330300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2017: growth capex 25800000; upkeep 146200000; owner earnings 378200000. Growth capex / owner earnings = 0.06821787414066631.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2018: growth capex 0; upkeep 271400000; owner earnings 327100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2019: growth capex 10432271.99340707; upkeep 440867728.0065929; owner earnings 214432271.99340707. Growth capex / owner earnings = 0.04865066203154263.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2020: growth capex 0; upkeep 256000000; owner earnings 80600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2021: growth capex 10000000; upkeep 357000000; owner earnings 186800000. Growth capex / owner earnings = 0.05353319057815846.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2022: growth capex 46000000; upkeep 356000000; owner earnings 297800000. Growth capex / owner earnings = 0.1544660846205507.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2024: growth capex 232000000; upkeep 408000000; owner earnings 580800000. Growth capex / owner earnings = 0.39944903581267216.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2025: growth capex 99000000; upkeep 416000000; owner earnings 950800000. Growth capex / owner earnings = 0.1041228439209087.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); Incremental return on capital 0.16452568833856993, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); Dividend observations: [[2016,86900000],[2017,97600000],[2018,118400000],[2019,147100000],[2020,7000000],[2021,80000000],[2022,124000000],[2023,171000000],[2024,108000000],[2025,131000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); FY2025: cash repurchases 2000000 EUR.

### Are managers owners

Insiders own 0% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTX.XETRA SharesStats.PercentInsiders = 0 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.7% yearly over ten years; actual growth was 16.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:41.348Z); Ten-year compound average after fade. Initial solved rate 0.18461516065191852. Price 353; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.83162285634695 → FY2025 17.55928196793972. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 95.08 per share

- 2016-11: EUR 99.17 per share

- 2016-12: EUR 109.80 per share

- 2017-01: EUR 110.60 per share

- 2017-02: EUR 119.80 per share

- 2017-03: EUR 121.95 per share

- 2017-04: EUR 131.65 per share

- 2017-05: EUR 125.60 per share

- 2017-06: EUR 123.50 per share

- 2017-07: EUR 123.95 per share

- 2017-08: EUR 117.60 per share

- 2017-09: EUR 134.95 per share

- 2017-10: EUR 144.75 per share

- 2017-11: EUR 151.05 per share

- 2017-12: EUR 149.40 per share

- 2018-01: EUR 144.30 per share

- 2018-02: EUR 137.60 per share

- 2018-03: EUR 136.80 per share

- 2018-04: EUR 143.00 per share

- 2018-05: EUR 161.70 per share

- 2018-06: EUR 164.60 per share

- 2018-07: EUR 181.00 per share

- 2018-08: EUR 188.90 per share

- 2018-09: EUR 194.10 per share

- 2018-10: EUR 187.80 per share

- 2018-11: EUR 183.60 per share

- 2018-12: EUR 158.40 per share

- 2019-01: EUR 188.20 per share

- 2019-02: EUR 188.50 per share

- 2019-03: EUR 201.80 per share

- 2019-04: EUR 209.70 per share

- 2019-05: EUR 193.60 per share

- 2019-06: EUR 209.50 per share

- 2019-07: EUR 226.50 per share

- 2019-08: EUR 248.30 per share

- 2019-09: EUR 243.80 per share

- 2019-10: EUR 239.40 per share

- 2019-11: EUR 245.90 per share

- 2019-12: EUR 254.60 per share

- 2020-01: EUR 274.40 per share

- 2020-02: EUR 220.70 per share

- 2020-03: EUR 133.35 per share

- 2020-04: EUR 124.30 per share

- 2020-05: EUR 144.90 per share

- 2020-06: EUR 154.15 per share

- 2020-07: EUR 146.85 per share

- 2020-08: EUR 155.25 per share

- 2020-09: EUR 142.00 per share

- 2020-10: EUR 146.55 per share

- 2020-11: EUR 197.95 per share

- 2020-12: EUR 213.40 per share

- 2021-01: EUR 192.00 per share

- 2021-02: EUR 197.00 per share

- 2021-03: EUR 200.70 per share

- 2021-04: EUR 209.90 per share

- 2021-05: EUR 211.00 per share

- 2021-06: EUR 208.90 per share

- 2021-07: EUR 211.10 per share

- 2021-08: EUR 194.35 per share

- 2021-09: EUR 195.40 per share

- 2021-10: EUR 192.35 per share

- 2021-11: EUR 164.95 per share

- 2021-12: EUR 179.40 per share

- 2022-01: EUR 187.05 per share

- 2022-02: EUR 216.20 per share

- 2022-03: EUR 210.70 per share

- 2022-04: EUR 193.65 per share

- 2022-05: EUR 183.85 per share

- 2022-06: EUR 173.70 per share

- 2022-07: EUR 188.10 per share

- 2022-08: EUR 175.95 per share

- 2022-09: EUR 154.25 per share

- 2022-10: EUR 181.25 per share

- 2022-11: EUR 200.40 per share

- 2022-12: EUR 202.20 per share

- 2023-01: EUR 228.80 per share

- 2023-02: EUR 228.50 per share

- 2023-03: EUR 230.60 per share

- 2023-04: EUR 237.70 per share

- 2023-05: EUR 215.80 per share

- 2023-06: EUR 237.40 per share

- 2023-07: EUR 212.30 per share

- 2023-08: EUR 215.80 per share

- 2023-09: EUR 171.75 per share

- 2023-10: EUR 177.00 per share

- 2023-11: EUR 187.75 per share

- 2023-12: EUR 195.25 per share

- 2024-01: EUR 213.70 per share

- 2024-02: EUR 222.30 per share

- 2024-03: EUR 235.20 per share

- 2024-04: EUR 226.60 per share

- 2024-05: EUR 228.50 per share

- 2024-06: EUR 238.80 per share

- 2024-07: EUR 261.70 per share

- 2024-08: EUR 270.00 per share

- 2024-09: EUR 280.00 per share

- 2024-10: EUR 300.70 per share

- 2024-11: EUR 322.20 per share

- 2024-12: EUR 322.00 per share

- 2025-01: EUR 330.70 per share

- 2025-02: EUR 334.00 per share

- 2025-03: EUR 320.30 per share

- 2025-04: EUR 303.90 per share

- 2025-05: EUR 350.50 per share

- 2025-06: EUR 377.20 per share

- 2025-07: EUR 378.20 per share

- 2025-08: EUR 381.00 per share

- 2025-09: EUR 390.90 per share

- 2025-10: EUR 378.10 per share

- 2025-11: EUR 352.30 per share

- 2025-12: EUR 355.30 per share

- 2026-01: EUR 374.50 per share

- 2026-02: EUR 365.40 per share

- 2026-03: EUR 310.00 per share

- 2026-04: EUR 291.30 per share

- 2026-05: EUR 313.30 per share

- 2026-06: EUR 363.90 per share

- 2026-07: EUR 361.80 per share

- 2026-08: EUR 352.10 per share

- 2026-09: EUR 374.60 per share

- 2026-10: EUR 349.10 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 57.70 per share, central EUR 73.12 per share, high EUR 84.61 per share

- FY2017: low EUR 51.87 per share, central EUR 62.01 per share, high EUR 72.11 per share

- FY2018: low EUR 74.30 per share, central EUR 94.01 per share, high EUR 109.68 per share

- FY2019: low EUR 65.53 per share, central EUR 74.34 per share, high EUR 86.08 per share

- FY2020: low EUR 70.60 per share, central EUR 78.44 per share, high EUR 88.88 per share

- FY2021: low EUR 54.76 per share, central EUR 60.24 per share, high EUR 67.54 per share

- FY2022: low EUR 73.76 per share, central EUR 87.27 per share, high EUR 98.51 per share

- FY2023: low EUR 75.25 per share, central EUR 81.96 per share, high EUR 90.88 per share

- FY2024: low EUR 118.90 per share, central EUR 143.42 per share, high EUR 160.39 per share

- FY2025: low EUR 156.74 per share, central EUR 197.60 per share, high EUR 224.60 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations