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Friday 6 November 2026
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StandardAero, Inc.
SARO Industrials Aerospace & Defense
StandardAero, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.1 billion, up 15.8% from fiscal 2024.
- Revenue
- +3.97%
- EPS
- +38.1%
- Free cash flow
- +263.7%
- Total debt
- +6.10%
Quarter to September 2026, against a year earlier
25.13
0.58
−2.26%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 4,150 | 4,563 | 5,237 | 6,063 | 6,384 | +13.5% | 6,445 | 7,050 | 7,696 | +8.3% | |
| Gross margin, % | — | — | — | — | — | — | 13.15 | 13.92 | 14.40 | 14.80 | 15.51 | +1.6 pt | ||||||
| EBT | — | — | — | — | — | — | 22 | 5 | 82 | 377 | 460 | +157.8% | ||||||
| EBT margin, % | — | — | — | — | — | — | 0.53 | 0.11 | 1.56 | 6.22 | 7.20 | +5.7 pt | ||||||
| Net income | — | — | — | — | — | — | (21) | (35) | 11 | 277 | 349 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | — | — | 15.08 | 16.58 | 18.16 | 18.46 | 19.65 | +7.0% | |||||
| Earnings | — | — | — | — | — | — | (0.08) | (0.13) | 0.04 | 0.84 | 1.07 | n/m | ||||||
| Cash flow | — | — | — | — | — | — | 0.10 | 0.25 | 0.26 | 0.96 | 1.25 | +113.5% | ||||||
| Capex | — | — | — | — | — | — | (0.15) | (0.30) | (0.42) | (0.33) | (0.25) | +30.2% | ||||||
| Free cash flow | — | — | — | — | — | — | (0.05) | (0.05) | (0.16) | 0.64 | 1.00 | n/m | ||||||
| Book value | — | — | — | — | — | — | 0.00 | 4.17 | 8.23 | 8.12 | 8.62 | n/m | ||||||
| Shares, m | — | — | — | — | — | — | 275 | 275 | 288 | 328 | 327 | +6.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 1,195.26 | 1,195.26 | 483.59 | 33.74 | 23.49 | 727.0 | |||||
| P/S | — | — | — | — | — | — | 1.83 | 1.83 | 1.36 | 1.55 | 1.28 | 1.6 | ||||||
| P/B | — | — | — | — | — | — | 7.74 | 7.74 | 3.01 | 3.53 | 2.92 | 5.5 | ||||||
| EV/Sales | — | — | — | — | — | — | 2.51 | 2.51 | 1.77 | 1.87 | 1.64 | 2.2 | ||||||
| EV/FCF | — | — | — | — | — | — | 1,024.30 | 1,024.30 | (205.80) | 54.28 | 33.87 | 474.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | — | 27 | 68 | 76 | 317 | 405 | +126.5% | |||||
| Capex | — | — | — | — | — | — | (41) | (82) | (121) | (108) | (80) | +38.1% | ||||||
| Free cash flow | — | — | — | — | — | — | (14) | (14) | (45) | 209 | 324 | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | — | — | 1,066 | 1,212 | 1,580 | 1,816 | +21.7% | |||||
| Net debt | — | — | — | — | — | — | — | 3,141 | 2,129 | 1,925 | 2,280 | (21.7%) | ||||||
| Shareholders’ equity | — | — | — | — | — | — | — | 1,147 | 2,373 | 2,667 | 2,801 | +52.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | — | — | 0.00 | (1.22) | 0.18 | 4.34 | 5.09 | +4.3 pt | |||||
| ROIC | — | — | — | — | — | — | 0.00 | 4.92 | 5.60 | 7.50 | 7.65 | +7.5 pt | ||||||
| ROE | — | — | — | — | — | — | 0.00 | 0.00 | 0.62 | 11.01 | 12.95 | +11.0 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | — | — | 7,300 | 7,700 | 8,000 | — | +4.7% | |||||
| Revenue/emp, $m | — | — | — | — | — | — | 0.00 | 0.63 | 0.68 | 0.76 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Engine Services | 5,432 | 89.61% |
|---|---|---|
| Component Repair Services | 630 | 10.39% |
| Gross margin | 14.80% | |
| Operating margin | 9.09% | |
| Pre-tax margin | 6.22% |
StandardAero, Inc. vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| HII Huntington Ingalls Industries, Inc. | $11.4B | 15.6× | 16.6× | +10.81% (above 0%: growing) | +48.88% (above 0%: growing) | +3,169.23% (above 0%: growing) | 13.57% | 7.69% | Compare |
| BWXT BWX Technologies, Inc. | $10.5B | 28.3× | 29.8× | +10.01% (above 0%: growing) | +23.53% (above 0%: growing) | +58.55% (above 0%: growing) | 23.84% | 16.59% | Compare |
| MOG.A Moog Inc. | $9.8B | 25.9× | 28.3× | +15.16% (above 0%: growing) | +153.97% (above 0%: growing) | +67.52% (above 0%: growing) | 31.10% | 14.41% | Compare |
| DRS Leonardo DRS, Inc. | $8.8B | 24.0× | 26.7× | +11.04% (above 0%: growing) | +59.63% (above 0%: growing) | −24.68% (below 0%: shrinking) | 24.67% | 10.88% | Compare |
| SARO StandardAero, Inc. | $8.4B | 25.4× | 19.9× | +4.63% (above 0%: growing) | +42.86% (above 0%: growing) | +263.74% (above 0%: growing) | 16.80% | 10.53% | |
| LOAR Loar Holdings Inc. | $6.8B | 113× | 104× | +38.99% (above 0%: growing) | −27.59% (below 0%: shrinking) | +46.45% (above 0%: growing) | 54.16% | 26.21% | Compare |
| KTOS Kratos Defense & Security Solutions, Inc. | $6.3B | 197× | 209× | +35.73% (above 0%: growing) | 0.00% | +14.29% (above 0%: growing) | 22.47% | (1.04%) | Compare |
| HXL Hexcel Corporation | $6.1B | 36.0× | 34.2× | +8.81% (above 0%: growing) | +96.15% (above 0%: growing) | −47.46% (below 0%: shrinking) | 23.27% | 11.04% | Compare |
| BETA BETA Technologies, Inc. | $5.7B | — (loss-making) | — (loss-making) | +98.16% (above 0%: growing) | n/m | −71.45% (below 0%: shrinking) | 72.09% | (723.20%) | Compare |
| Median of peers | $7.8B | 28.3× | 29.8× | +13.10% | +48.88% | +30.37% | 24.26% | 10.96% |
From the latest earnings call
- CEO Russell Ford said the LEAP and CFM56 Dallas-Fort Worth programs reached profitability in the quarter, while commercial demand and backlog continued to grow.
- CFO Dan Satterfield said StandardAero raised its 2026 revenue, adjusted EBITDA and adjusted EPS guidance while maintaining its adjusted free cash flow outlook.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
108.65%
Held by the ten largest
73.88%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Carlyle Group Inc. | 84.59m | 25.56% | 0.00 |
| T. Rowe Price | 51.84m | 15.67% | −553.51k |
| Vanguard | 22.07m | 6.67% | +5.67m |
| BlackRock | 21.60m | 6.53% | −184.73k |
| Allspring Global Investments Holdings, LLC | 15.23m | 4.60% | +143.80k |
| State Street | 13.03m | 3.94% | +356.08k |
| Jupiter Topco | 12.27m | 3.71% | +12.27m |
| Victory Capital | 9.84m | 2.97% | +334.76k |
| Norges Bank | 7.34m | 2.22% | +7.34m |
| UBS | 6.67m | 2.02% | +2.83m |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 30 April 2026
Ownership
Directors and executive officers, together
2.10%
Investment funds affiliated with The Carlyle Group
25.40%
T. Rowe Price Associates, Inc.
10.60%
BlackRock, Inc.
5.90%
GIC
5.70%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
StandardAero, Inc. (SARO) Latest News
6 Nov
9 Oct
6 Oct
17 Sep
7 Aug
6 Aug
21 Jul
SARO metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
StandardAero maintains, repairs and overhauls aircraft engines and their components. It serves commercial airlines, military operators and business aviation customers, working on engines for both fixed-wing aircraft and helicopters. Its chief executive is Paul McElhinney, who took the role in October 2026.
Engine maintenance ranges from scheduled work to repairs needed when a problem arises. StandardAero also supports engines on the aircraft and in the field, manages engine assets and provides engineering services. Its customers include both aircraft operators and the original equipment manufacturers, or OEMs, that design and manufacture engines. OEMs can subcontract work to StandardAero under their own agreements with operators.