Muddy Waters Research · activist-deck
FTAI Aviation, Ltd. (FTAI)
64 pages · 4 arc beats · 2 loops
FTAI Aviation, Ltd. (FTAI)
Muddy Waters Research · 2025-01 arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
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Deck intelligence map
4 coverage by narrative range · generated from this deck JSON
Narrative range 64 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
The Call to Action 5 slides 100% 5/5 slides 100% 5/5 slides · 25 hits — 0/5 slides
— 0/5 slides
40% 2/5 slides 100% 5/5 slides — 0/5 slides
The Problem 15 slides 100% 15/15 slides 100% 15/15 slides · 115 hits — 0/15 slides
— 0/15 slides
100% 15/15 slides 100% 15/15 slides 33.3% 5/15 slides The Struggle 20 slides 100% 20/20 slides 100% 20/20 slides · 121 hits — 0/20 slides
— 0/20 slides
85% 17/20 slides 100% 20/20 slides — 0/20 slides
The Conclusion 24 slides 100% 24/24 slides 100% 24/24 slides · 130 hits — 0/24 slides
— 0/24 slides
54.2% 13/24 slides 100% 24/24 slides 25% 6/24 slides Slide inventory
64 every slide · same image gating as the playbook
02
Page 2 of the deck, containing standard legal disclosures and terms of use.other
Open slide detailBeat · The Call to Action
04
This is a classic activist short thesis slide, framing the core accusations.frame_problem
Open slide detailBeat · The Call to Action
05
The slide uses a strong accusatory tone typical of activist short reports, focusing on accounting manipulation and channel stuffing.expose_contradiction
Open slide detailBeat · The Call to Action
06
The slide uses expert testimony to challenge the company's reported revenue composition.expose_contradiction
07
The slide uses a calculation to strip out leasing gains to isolate the 'gain on sale' component of the Aerospace Products segment.expose_contradiction
08
The slide uses a competitor quote to frame the accounting practice as a deliberate manipulation of margins.expose_contradiction
09
The slide uses a narrative structure to detail a specific accounting manipulation allegation.expose_contradiction
10
The slide uses a consultant's testimony to frame the company's business model shift as a deceptive financial engineering scheme.expose_contradiction
11
Uses expert testimony to undermine the company's core business narrative.expose_contradiction
Open slide detailBeat · The Problem
12
This is a classic Muddy Waters 'fraud exposure' slide, focusing on a specific accounting/narrative discrepancy.expose_contradiction
Open slide detailBeat · The Problem
13
The slide uses a combination of financial outlier analysis and qualitative expert testimony to build a case for accounting manipulation.expose_contradiction
Open slide detailBeat · The Problem
14
The slide uses peer benchmarking to expose a potential accounting or business model discrepancy.compare_peers
Open slide detailBeat · The Problem
15
The slide uses a 'Muddy Waters Research' branding and includes specific footnotes explaining the methodology for the estimates.expose_contradiction
Open slide detailBeat · The Problem
16
The slide uses a direct quote from a consultant to support the thesis of accounting manipulation.expose_contradiction
Open slide detailBeat · The Problem
17
Uses a Q&A format to highlight a specific accounting/reporting discrepancy.expose_contradiction
Open slide detailBeat · The Problem
18
The slide uses an expert testimonial to cast doubt on reported financial metrics.expose_contradiction
Open slide detailBeat · The Problem
19
CYA stands for 'Cover Your Assets' or 'Cover Your Ass', implying a defensive legal/regulatory maneuver.expose_contradiction
Open slide detailBeat · The Problem
20
Highlights the shift in reporting metrics to maintain a narrative despite stopping direct sales disclosures.expose_contradiction
Open slide detailBeat · The Problem
21
Uses a direct quote comparison to undermine management credibility.expose_contradiction
Open slide detailBeat · The Struggle
22
This is a thesis-driven slide from a Muddy Waters short report.expose_contradiction
Open slide detailBeat · The Struggle
23
The slide uses a direct quote from the company's 10-Q to frame a potential accounting or valuation concern.expose_contradiction
Open slide detailBeat · The Struggle
24
This slide uses a hypothetical example to illustrate a potential accounting manipulation or inefficiency in cash flow reporting.expose_contradiction
Open slide detailBeat · The Struggle
25
The slide uses a snippet from a financial statement to highlight a specific line item ('Gain on sale of assets') as evidence for the activist thesis.expose_contradiction
Open slide detailBeat · The Struggle
26
The slide highlights the reliance on non-recurring gains to inflate EBITDA figures.expose_contradiction
Open slide detailBeat · The Struggle
27
The slide uses a comparison frame to equate FTAI's business model with traditional leasing companies, highlighting shared negative characteristics like cyclicalexpose_contradiction
Open slide detailBeat · The Struggle
28
This is a classic Muddy Waters 'fraud exposure' thesis slide.expose_contradiction
Open slide detailBeat · The Struggle
29
The slide uses a circular/linear process flow to demonstrate a manipulative accounting cycle.expose_contradiction
Open slide detailBeat · The Struggle
30
The slide uses a Muddy Waters Research template, focusing on accounting manipulation.expose_contradiction
Open slide detailBeat · The Struggle
31
The slide highlights an 'accounting trick' where assets are depreciated even when off-lease, which the author claims is unique to FTAI's business model comparedexpose_contradiction
Open slide detailBeat · The Struggle
32
The slide uses a table to demonstrate the ratio of transferred inventory value to total COGS, implying accounting manipulation.expose_contradiction
Open slide detailBeat · The Struggle
33
Includes a quote from a former employee and a table excerpted from FTAI's 10-K.expose_contradiction
Open slide detailBeat · The Struggle
34
The slide uses a peer benchmark to expose accounting discrepancies.compare_peers
Open slide detailBeat · The Struggle
35
The slide uses a table of cash flows from investing activities to demonstrate that 'Acquisition of leasing equipment' is a major recurring expense.expose_contradiction
Open slide detailBeat · The Struggle
36
Includes a quote from a consultant/former executive to support the claim of accounting manipulation.expose_contradiction
Open slide detailBeat · The Struggle
37
The slide uses a 'villain' narrative by contrasting official financial disclosures with an anonymous executive's testimony.expose_contradiction
Open slide detailBeat · The Struggle
39
The slide uses a bulleted list to detail the mechanics of the alleged accounting manipulation.expose_contradiction
Open slide detailBeat · The Struggle
40
Uses LinkedIn post and database reports as evidence of a potential fraudulent or circular transaction.expose_contradiction
Open slide detailBeat · The Struggle
41
The slide uses a red box to highlight specific fields in the FAA document to support the argument.expose_contradiction
Open slide detailBeat · The Conclusion
42
The slide acts as a bridge between the previous analysis and the upcoming evidence pages.transition
Open slide detailBeat · The Conclusion
43
The slide uses red arrows to highlight specific entities within the legal text.expose_contradiction
Open slide detailBeat · The Conclusion
44
The slide uses a primary source document excerpt to support the argument.expose_contradiction
Open slide detailBeat · The Conclusion
45
The slide uses a primary document (Aircraft Security Agreement) to substantiate a claim about asset ownership and leasing status.cite_precedent
Open slide detailBeat · The Conclusion
46
The slide uses a table to contrast asset counts at the start and end of the period to imply accounting irregularities.expose_contradiction
Open slide detailBeat · The Conclusion
47
The slide uses investigative findings from a consultant to challenge the legitimacy of revenue recognition.expose_contradiction
Open slide detailBeat · The Conclusion
48
This is a classic Muddy Waters 'thesis' slide, setting up the argument that the business is failing fundamentally, not just through fraud.frame_problem
Open slide detailBeat · The Conclusion
49
The slide uses a narrative structure to connect margin compression with inventory valuation trends.diagnose_problem
50
The slide uses a Muddy Waters Research branding and highlights a specific row (Implied MRO-Module EBITDA Margin) to show the decline from 47% to 38%.expose_contradiction
51
Uses investor call and expert testimony to undermine company narrative.expose_contradiction
52
Uses a direct quote from an investor relations call to frame the contradiction.expose_contradiction
53
The slide uses a dialogue format to discredit a specific company claim.expose_contradiction
55
This is an activist short-seller slide from Muddy Waters Research.expose_contradiction
Open slide detailBeat · The Conclusion
56
The slide uses a direct quote from a 10-K filing to challenge the company's business model classification.expose_contradiction
Open slide detailBeat · The Conclusion
57
The table highlights specific transactions where the 'Old Owner' (FTAI entities) sold assets that remained 'Active' or 'In-service' with new operators.expose_contradiction
Open slide detailBeat · The Conclusion
58
The slide uses a screenshot of a social media post to support the activist's claim of a hidden or mischaracterized business arrangement.expose_contradiction
Open slide detailBeat · The Conclusion
60
The slide uses a red box to highlight the cost discrepancy between Fan and LPT modules.expose_contradiction
Open slide detailBeat · The Conclusion
61
The slide highlights specific accounting practices regarding operating vs investing cash flows for engine parts.expose_contradiction
Open slide detailBeat · The Conclusion
62
The chart uses a gear-like visual to represent cost components.analyze_data
Open slide detailBeat · The Conclusion
63
Uses a direct quote from a 10-K filing to highlight a lack of transparency in the target company's accounting.expose_contradiction
Open slide detailBeat · The Conclusion
64
The slide highlights how accounting choices (useful life/residual value) inflate inventory values and COGS.expose_contradiction
Open slide detailBeat · The Conclusion