Tearsheet

CAE (CAE)

Market Price (3/28/2026): $25.845 | Market Cap: $8.3 Bil
Sector: Industrials | Industry: Aerospace & Defense

CAE (CAE)

Market Price (3/28/2026): $25.845
Market Cap: $8.3 Bil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%	Weak multi-year price returns 3Y Excs Rtn is -38%	Key risks CAE key risks include [1] significant margin pressure from a portfolio of fixed-price "Legacy" defense contracts that lack cost escalation provisions and [2] a high debt load that is increasingly expensive to service amid interest rate volatility.
1	Attractive yield FCF Yield is 6.1%
2	Low stock price volatility Vol 12M is 33%
3	Megatrend and thematic drivers Megatrends include Advanced Aviation & Space. Themes include Aviation Simulation & Training, Advanced Air Mobility, and Drone Technology.

0	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 10%
1	Attractive yield FCF Yield is 6.1%
2	Low stock price volatility Vol 12M is 33%
3	Megatrend and thematic drivers Megatrends include Advanced Aviation & Space. Themes include Aviation Simulation & Training, Advanced Air Mobility, and Drone Technology.
4	Weak multi-year price returns 3Y Excs Rtn is -38%
5	Key risks CAE key risks include [1] significant margin pressure from a portfolio of fixed-price "Legacy" defense contracts that lack cost escalation provisions and [2] a high debt load that is increasingly expensive to service amid interest rate volatility.

Valuation, Metrics & Events

	3/28/26	2025	2024	2023	2022
Share Price CYE	$25.84	$30.42	$25.38	$21.59	$19.34
Market Cap CYE ($ Bil)	8.3	9.7	8.1	6.9	6.0
Total Debt ($ Bil)	3.2	3.2	3.7	3.2	3.3
Total Cash ($ Bil)	0.5	0.5	0.3	0.1	0.2
Enterprise Value ($ Bil)	11.1	12.9	11.8	10.1	9.3
Valuation Ratios
P/S TTM	1.7	2.0	1.8	1.6	1.6
P/EBIT TTM	11.9	14.0	-141.4	14.1	16.8
P/E TTM	22.0	25.9	-37.6	24.7	33.7
P/FCF TTM	16.5	19.4	23.9	77.2	774.6
Sector Ratios
P/S TTM (Sector)	1.6	1.7	1.6	1.4	1.2
P/EBIT TTM (Sector)	11.0	11.5	11.6	10.8	8.9
P/E TTM (Sector)	14.4	15.3	15.5	15.0	11.8
P/FCF TTM (Sector)	11.6	11.8	12.5	10.7	8.1

	3/28/26	2025	2024
Share Price CYE	$25.84	$30.42	$25.38
Market Cap CYE ($ Bil)	8.3	9.7	8.1
Total Debt ($ Bil)	3.2	3.2	3.7
Total Cash ($ Bil)	0.5	0.5	0.3
Enterprise Value ($ Bil)	11.1	12.9	11.8
Valuation Ratios
P/S TTM	1.7	2.0	1.8
P/EBIT TTM	11.9	14.0	-141.4
P/E TTM	22.0	25.9	-37.6
P/FCF TTM	16.5	19.4	23.9
Sector Ratios
P/S TTM (Sector)	1.6	1.7	1.6
P/EBIT TTM (Sector)	11.0	11.5	11.6
P/E TTM (Sector)	14.4	15.3	15.5
P/FCF TTM (Sector)	11.6	11.8	12.5

	CAE	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	4.9
Rev Chg Q	2.3%	7.3%
Rev Chg LTM	6.7%	6.7%
Rev Chg 3Y Avg	8.1%	5.7%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.6
CFO LTM ($ Bil)	0.9
Net Inc LTM ($ Bil)	0.4
Op Mgn LTM	12.9%	18.6%
CFO/Rev LTM	19.1%	20.7%
Net Inc Mgn	7.7%	12.8%
VALUATION	MODERATE
P/S	1.7	3.1
P/CFO	8.9	15.0
P/FCF	16.5	19.6
P/E	22.0	23.7
STABILITY	FAIR
Debt/Equity	0.39	0.22
Cash/Assets	0.04	0.07

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Metric	Value	Date	Source
Adjusted Backlog	$20.1 billion	3312025	Link
Civil Adjusted Backlog	$8.8 billion	3312025	Link
Defense Adjusted Backlog	$11.3 billion	3312025	Link
Full-Flight Simulators (FFSs) Delivered (Annual)	61	3312025	Link
Civil Training Centre Utilization (Annual)	74%	3312025	Link
Book-to-Sales Ratio (Annual)	1.64x	3312025	Link
Civil Book-to-Sales Ratio (Last 12 Months)	1.37x	3312025	Link
Defense Book-to-Sales Ratio (Last 12 Months)	1.99x	3312025	Link
Number of Employees	13000	10252025	Link
Number of Training Locations	over 40 countries, with approximately 250 sites and training locations	10252025	Link
Pilots Trained Annually	more than 137,000	10252025	Link
Number of Instructors	over 2,000	10252025	Link

Upcoming
5/12/2026	Earnings Release	Rev: $935 Mil (E) EPS: $0.31 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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CAE (CAE) stock has lost about 5% since 11/30/2025 because of the following key factors:

1. Mixed Q3 FY2026 Financial Results: While CAE reported an earnings per share (EPS) beat of $0.24 against analyst estimates of $0.22 (a 9.09% beat) for its Q3 FY2026 results on February 12, 2026, the company's revenue of $911.78 million fell short of analyst expectations of $922.62 million. This combination of an EPS beat but a revenue miss created a mixed financial signal, preventing a significant upward or downward movement in the stock price.

2. Balancing Defense Growth and Civil Aviation Headwinds with Strategic Adjustments: Positive momentum from new defense contracts, such as the worldwide cooperation agreement with Saab announced on November 20, 2025, and a contract to deliver Australia's Future Air Mission Training System on December 11, 2025, buoyed investor confidence in the Defense & Security segment. However, this was counterbalanced by persistent challenges in the Civil Aviation segment, including original equipment manufacturer (OEM) delivery delays and pilot hiring issues, which had previously contributed to slower civil segment growth. Furthermore, CAE announced executive changes on March 9, 2026, aimed at strengthening its Defense & Security performance and accelerating margin expansion, indicating a proactive approach to capitalize on rising global demand while addressing operational efficiencies.

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Stock Movement Drivers

Fundamental Drivers

The -3.7% change in CAE stock from 11/30/2025 to 3/27/2026 was primarily driven by a -14.2% change in the company's Net Income Margin (%).

(LTM values as of)	11302025	3272026	Change
Stock Price ($)	26.86	25.86	-3.7%
Change Contribution By:
Total Revenues ($ Mil)	4,834	4,863	0.6%
Net Income Margin (%)	9.0%	7.7%	-14.2%
P/E Multiple	19.8	22.0	11.2%
Shares Outstanding (Mil)	321	320	0.3%
Cumulative Contribution			-3.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/27/2026

	Return	Correlation
CAE	-3.7%
Market (SPY)	-5.3%	58.2%
Sector (XLI)	3.9%	52.8%

Fundamental Drivers

The -4.0% change in CAE stock from 8/31/2025 to 3/27/2026 was primarily driven by a -11.6% change in the company's Net Income Margin (%).

(LTM values as of)	8312025	3272026	Change
Stock Price ($)	26.94	25.86	-4.0%
Change Contribution By:
Total Revenues ($ Mil)	4,734	4,863	2.7%
Net Income Margin (%)	8.7%	7.7%	-11.6%
P/E Multiple	20.8	22.0	5.7%
Shares Outstanding (Mil)	320	320	0.0%
Cumulative Contribution			-4.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/27/2026

	Return	Correlation
CAE	-4.0%
Market (SPY)	0.6%	54.5%
Sector (XLI)	5.5%	55.2%

Fundamental Drivers

The 6.4% change in CAE stock from 2/28/2025 to 3/27/2026 was primarily driven by a 6.7% change in the company's Total Revenues ($ Mil).

(LTM values as of)	2282025	3272026	Change
Stock Price ($)	24.30	25.86	6.4%
Change Contribution By:
Total Revenues ($ Mil)	4,559	4,863	6.7%
P/S Multiple	1.7	1.7	0.5%
Shares Outstanding (Mil)	318	320	-0.7%
Cumulative Contribution			6.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/27/2026

	Return	Correlation
CAE	6.4%
Market (SPY)	9.8%	62.8%
Sector (XLI)	18.4%	63.7%

Fundamental Drivers

The 14.5% change in CAE stock from 2/28/2023 to 3/27/2026 was primarily driven by a 66.0% change in the company's Net Income Margin (%).

(LTM values as of)	2282023	3272026	Change
Stock Price ($)	22.58	25.86	14.5%
Change Contribution By:
Total Revenues ($ Mil)	3,851	4,863	26.3%
Net Income Margin (%)	4.7%	7.7%	66.0%
P/E Multiple	39.3	22.0	-44.0%
Shares Outstanding (Mil)	312	320	-2.5%
Cumulative Contribution			14.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/27/2026

	Return	Correlation
CAE	14.5%
Market (SPY)	69.4%	50.4%
Sector (XLI)	65.1%	51.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
CAE Return	-9%	-23%	12%	18%	20%	-14%	-5%
Peers Return	9%	-4%	29%	1%	54%	8%	127%
S&P 500 Return	27%	-19%	24%	23%	16%	-5%	72%
Monthly Win Rates [3]
CAE Win Rate	50%	50%	50%	33%	58%	33%
Peers Win Rate	50%	47%	53%	57%	58%	53%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
CAE Max Drawdown	-20%	-39%	0%	-25%	-17%	-15%
Peers Max Drawdown	-14%	-25%	-12%	-16%	-15%	-2%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-5%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: LHX, LMT, BA, TXT, KTOS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)

How Low Can It Go

Unique Key	Event	CAE	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-55.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	122.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	1,204 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-68.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	213.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	382 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-18.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	22.7%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	136 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-69.8%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	231.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2,871 days	1,480 days

Compare to LHX, LMT, BA, TXT, KTOS

In The Past

CAE's stock fell -55.0% during the 2022 Inflation Shock from a high on 11/9/2021. A -55.0% loss requires a 122.1% gain to breakeven.

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About CAE (CAE)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

CAE Inc., together with its subsidiaries, designs, manufactures, and supplies simulation equipment and training solutions to defense and security markets, commercial airlines, business aircraft operators, helicopter operators, aircraft manufacturers, and healthcare education and service providers worldwide. The company's Civil Aviation Training Solutions segment provides training solutions for flight, cabin, maintenance, and ground personnel in commercial, business, and helicopter aviation; flight simulation training devices; and ab initio pilot training and crew sourcing services, as well as end to end digitally-enabled crew management, training operations solutions, and optimization software. Its Defence and Security segment offers training and mission support solutions for defense forces across multi-domain operations, and for government organizations responsible for public safety. The company's Healthcare segment provides integrated education and training solutions, including surgical and imaging simulations, curriculum, audiovisual and centre management platforms, and patient simulators to healthcare students and clinical professionals. It has a strategic partnership with Volocopter GmbH to develop, certify, and deploy a pilot training program for electric vertical takeoff and landing operations. The company was formerly known as CAE Industries Ltd. and changed its name to CAE Inc. in June 1993. CAE Inc. was founded in 1947 and is headquartered in Saint-Laurent, Canada.

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Here are 1-3 brief analogies for CAE:

CAE is like the Boeing or Airbus of flight simulators and pilot training, equipping global airlines and defense forces with advanced training infrastructure.
CAE is like the Peloton for pilots, soldiers, and surgeons, providing both the high-tech simulation equipment and comprehensive training programs for critical professions.

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Flight Simulation Training Devices: Equipment designed for realistic flight, cabin, maintenance, and ground personnel training across various aviation sectors.
Civil Aviation Training Solutions: Comprehensive training programs for flight, cabin, maintenance, and ground personnel, including ab initio pilot training and crew sourcing services.
Crew Management and Optimization Software: Digitally-enabled solutions for managing crew, training operations, and optimizing performance in civil aviation.
Defence and Security Training and Mission Support: Solutions provided to defense forces for multi-domain operations and to government organizations for public safety.
Healthcare Simulation and Training Solutions: Integrated education and training, including surgical and imaging simulations, patient simulators, curriculum, and center management platforms for healthcare professionals.
EVTOL Pilot Training Programs: Development and deployment of specialized pilot training programs for electric vertical takeoff and landing operations.

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CAE (symbol: CAE) primarily sells its simulation equipment and training solutions to other companies and institutions. The provided company description does not list specific customer company names, but it clearly identifies the following major categories of customers:

Commercial airlines
Business aircraft operators
Helicopter operators
Aircraft manufacturers
Defense forces and government organizations responsible for public safety
Healthcare education and service providers (e.g., hospitals, universities, medical schools)

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Matthew Bromberg President and Chief Executive Officer

Matthew Bromberg was appointed President and Chief Executive Officer of CAE Inc., effective August 13, 2025. He joined CAE on June 16, 2025, as incoming president and CEO. Bromberg is recognized as a leader with extensive experience in both the aerospace and defense sectors, including large-scale international operations. He is responsible for leading the company's strategic growth and ongoing evolution.

Ryan McLeod Chief Financial Officer

Ryan McLeod serves as the Chief Financial Officer for CAE Inc. In this capacity, he is responsible for leading CAE's global finance organization and plays a crucial role in driving the company's strategic growth and operational excellence.

Pascal Grenier President, Defense & Security

Pascal Grenier was appointed President, Defense & Security, on March 9, 2026. He oversees CAE's global defense portfolio and provides strategic oversight for the U.S. Defense & Security segment, aiming to enhance alignment and cohesion across CAE's global defense operations. Grenier has more than 25 years of experience at CAE, having built and led critical global operational functions such as Engineering, Manufacturing, Sourcing/Procurement, Quality Assurance, Innovation, IT, and Digital Solutions. Before this role, he was President, Flightscape, and previously served as Senior Vice President, Global Operations, Technologies & Innovation.

Juan Araujo Senior Vice President, Operations

Juan Araujo holds the position of Senior Vice President, Operations, at CAE Inc. He joined the company in January 2026, bringing over 25 years of international aerospace and industrial experience. Araujo has a proven track record of driving operational excellence across complex global businesses and is tasked with integrating various functional areas into a cohesive, end-to-end products team.

Alexandre Prevost President, Civil Aviation

Alexandre Prevost is the President of Civil Aviation for CAE Inc., a position he was appointed to in November 2025. A 17-year veteran of the company, Prevost most recently served as the Division President, Business Aviation Training. His background also includes leading Commercial Aviation Training for Asia Pacific, demonstrating a strong operational expertise.

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The key risks to CAE Inc. are primarily related to operational challenges within its defense contracts, softening demand in its civil aviation segment, and its elevated debt levels.

Operational Challenges and Profitability Issues from Fixed-Price Defense Contracts: CAE has faced significant financial headwinds, including substantial goodwill impairments and unfavorable contract adjustments, due to legacy fixed-price contracts within its Defence and Security segment. These contracts, often signed before the COVID-19 pandemic, did not account for subsequent cost escalations from inflation, supply chain disruptions, and labor issues, leading to reduced profit margins and operational execution risks. The company has undertaken measures to re-baseline this business segment.
Softening Demand and Simulator Utilization Rates in the Civil Aviation Segment: While the Civil Aviation Training Solutions segment is CAE's largest, it has recently experienced softness in demand for pilot training and lower-than-targeted utilization rates for its full-flight simulators (FFS), such as a 71% utilization rate falling short of an estimated 75.6%. A sustained downturn in air travel, airline profitability, or pilot training demand could directly impact this significant revenue stream.
High Debt Levels and Exposure to Interest Rate Volatility: CAE carries a notable debt load, with a net debt-to-adjusted EBITDA ratio of 2.77x in fiscal year 2025, and aims to reduce it to 2.5x. High-interest rate environments make the deleveraging process more costly and can impact the company's financial flexibility and bottom line.

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CAE Inc. operates within several significant addressable markets globally. Here are the estimated market sizes for CAE's main products and services: * Civil Aviation Training Solutions: * The global pilot training market was valued at approximately USD 10.74 billion in 2025 and is projected to grow to about USD 29.71 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 11.73%. This market encompasses theoretical instruction, practical flight training, and simulator-based exercises. * The global flight simulator market, a core component of aviation training, was valued at approximately USD 5.8 billion in 2024 and is estimated to reach around USD 9.5 billion by 2034, growing at a CAGR of 5.1% from 2025 to 2034. North America dominated this market with the largest share in 2024. CAE's own forecast indicates a need for 300,000 new pilots, 416,000 aircraft maintenance technicians, and 678,000 cabin crew globally by 2034. * Defence and Security: * The global military simulation and training market was valued at approximately USD 13.58 billion in 2023 and is anticipated to exceed USD 21.94 billion by 2033, growing at a CAGR of 4.91%. Another estimate places the market at USD 14.64 billion in 2025, projected to reach USD 23.45 billion by 2034 with a CAGR of 5.38%. North America held the largest share in this market, with the flight simulation segment accounting for a significant portion in 2023. * Healthcare: * The global healthcare simulation market reached approximately USD 2.8 billion in 2024 and is expected to grow to USD 7.5 billion by 2033, exhibiting a CAGR of 11.21% during 2025-2033. This market includes integrated education and training solutions, such as surgical and imaging simulations, and patient simulators. North America is a significant contributor to this market's growth, while the Asia-Pacific market is expected to show the highest CAGR.

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Growth in Civil Aviation Training Solutions: CAE is positioned for continued revenue growth in its Civil Aviation segment, supported by a long-term positive market outlook for civil aviation, projected to grow by 4-5%. The company has a record adjusted backlog of $6.1 billion in this segment, and strategic expansions, such as the increased stake in SIMCOM Aviation Training, are expected to further boost recurring revenue streams.
Strong Performance and New Contract Wins in Defense and Security: The Defense and Security segment is a significant driver of future revenue, demonstrating strong year-over-year growth. Management anticipates more than 20% growth in adjusted segment operating income for fiscal 2026, with a long-term target of 10-11% margins. A robust book-to-sales ratio of 1.99x for FY2025 indicates substantial new business bookings, and the retirement of legacy fixed-price contracts is expected to enhance profitability and allow for a focus on higher-margin opportunities.
Expansion into Emerging Aviation Technologies (eVTOL): CAE is actively pursuing growth in new and emerging aviation markets through strategic partnerships. Its collaboration with Volocopter GmbH to develop pilot training programs for electric vertical takeoff and landing (eVTOL) operations positions the company to capture revenue from this innovative and evolving sector.
Leveraging a Substantial and Recurring Backlog: The company benefits from a considerable adjusted backlog, which stood at $11.7 billion as of Q3 FY2024 and C$19.19 billion more recently. With approximately 60% of its annual revenue derived from recurring training services, this extensive backlog provides strong revenue visibility and a stable foundation for consistent future growth as existing contracts are fulfilled and new ones are secured.

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Share Repurchases

CAE announced the renewal of its Normal Course Issuer Bid (NCIB) to repurchase and cancel up to 16,019,294 common shares, representing approximately 5% of its outstanding shares, from June 10, 2025, to June 9, 2026.
Under the previous NCIB, which concluded in May 2025, CAE repurchased a total of 856,230 common shares for a total consideration of $21.3 million, at a volume weighted average price of $24.85 per common share.
Between October 1, 2025, and December 31, 2025, CAE repurchased 44,100 shares for CAD 1.6 million under the NCIB announced on June 6, 2025.


Share Issuance

In March 2021, CAE completed a marketed public offering, issuing a total of 10,454,545 common shares at a price of US$27.50 per share, generating gross proceeds of approximately US$287 million (CAD$360 million).
The net proceeds from this offering were primarily intended to finance a portion of the purchase price for the acquisition of L3Harris Technologies' Military Training business.
CAE also completed private placements totaling C$700 million (approximately US$550 million) in subscription receipts to two institutional investors to fund the L3Harris acquisition.


Inbound Investments

As part of the funding for the L3Harris Military Training business acquisition in March 2021, the Caisse de dépôt et placement du Québec (CDPQ) and Singapore-based sovereign wealth fund GIC Private Ltd. made a combined private placement of US$550 million in CAE.
CDPQ's investment of $475 million made it CAE's largest shareholder.


Outbound Investments

In March 2021, CAE announced and later completed in July 2021, the acquisition of L3Harris Technologies' Military Training business for US$1.05 billion.
In October 2021, CAE agreed to acquire Sabre Corporation's AirCentre airline operations portfolio for approximately $484.5 million, aimed at expanding CAE's digitally enabled flight and crew operations solutions.
CAE acquired Global Jet Services, a provider of business aviation maintenance training services, in August 2021.


Capital Expenditures

CAE's capital expenditures were $127 million in fiscal year 2021, $284 million in fiscal year 2022, $288 million in fiscal year 2023, $147 million in fiscal year 2024, and $295 million in fiscal year 2025.
For fiscal year 2026, CAE expects total capital expenditures to be more than 10% lower than in fiscal 2025, primarily driven by an approximate 30% reduction in Civil capital expenditures.
A significant portion of the capital expenditures for fiscal year 2026 is allocated to a large U.S. defense contract and organic growth investments in simulator deployments across CAE's global training network.



	
		
			
				
					
					 Interactive Breakdown
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							GD (6.2%)
							General Dynamics
						
					
						
							TXT (6.1%)
							Textron
						
					
						
							LMT (5.2%)
							Lockheed Martin
						
					
						
							NOC (5.0%)
							Northrop Grumman
						
					
					
				
					
						SECTOR: Industrials
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for CAE: 8.1% | 1.7x)
						
						
				
						
							BA (12.3% | 1.6x)
							Boeing
						
					
						
							UAL (9.7% | 0.5x)
							United Airlines
						
					
						
							LTM (15.2% | 1.0x)
							LATAM Airlines
						
					
						
							CACI (11.5% | 1.4x)
							CACI International
						
					
						
							STN (12.8% | 1.2x)
							Stantec
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for CAE: 8.1% | 13.2x)
						
						
				
						
							CP (20.7% | 12.5x)
							Canadian Pacific Kansas City
						
					
						
							URI (11.7% | 11.7x)
							United Rentals
						
					
						
							UAL (9.7% | 5.8x)
							United Airlines
						
					
						
							LTM (15.2% | 5.9x)
							LATAM Airlines
						
					
						
							BAH (8.3% | 9.1x)
							Booz Allen Hamilton
						
					
					
						
							Higher Rev Chg LTM 
							(Value for CAE: 6.7%)
						
						
				
						
							BA (34.5%)
							Boeing
						
					
						
							GE (18.5%)
							GE Aerospace
						
					
						
							UBER (18.3%)
							Uber Technologies
						
					
						
							RTX (9.7%)
							RTX
						
					
						
							GEV (9.0%)
							GE Vernova
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for CAE: 8.1%)
						
						
				
						
							GE (18.3%)
							GE Aerospace
						
					
						
							UBER (17.7%)
							Uber Technologies
						
					
						
							BA (12.3%)
							Boeing
						
					
						
							RTX (9.9%)
							RTX
						
					
						
							ETN (9.8%)
							Eaton
						
					
					
						
							Higher Op Mgn LTM 
							(Value for CAE: 12.9%)
						
						
				
						
							UNP (40.2%)
							Union Pacific
						
					
						
							GE (18.9%)
							GE Aerospace
						
					
						
							DE (18.0%)
							Deere
						
					
						
							HON (17.5%)
							Honeywell International
						
					
						
							CAT (16.5%)
							Caterpillar
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for CAE: 19.1%)
						
						
				
						
							UNP (37.9%)
							Union Pacific
						
					
						
							WM (24.0%)
							Waste Management
						
					
						
							HWM (22.8%)
							Howmet Aerospace
						
					
						
							VRT (20.7%)
							Vertiv
						
					
						
							UBER (19.4%)
							Uber Technologies
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for CAE: 10.3%)
						
						
				
						
							UNP (22.4%)
							Union Pacific
						
					
						
							UBER (18.8%)
							Uber Technologies
						
					
						
							GE (15.8%)
							GE Aerospace
						
					
						
							HON (14.5%)
							Honeywell International
						
					
						
							CAT (11.0%)
							Caterpillar
						
					
					
						
							Higher Total Yield 
							(Value for CAE: 4.5%)
						
						
				
						
							UNP (7.3%)
							Union Pacific
						
					
						
							UBER (7.0%)
							Uber Technologies
						
					
						
							HON (5.4%)
							Honeywell International
						
					
						
							LMT (5.2%)
							Lockheed Martin
						
					
						
							NOC (5.0%)
							Northrop Grumman
						
					
					
				
					
						All Other Sectors
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for CAE: 8.1% | 1.7x)
						
						
				
						
							UNH (11.4% | 0.5x)
							UnitedHealth
						
					
						
							PGR (21.0% | 1.3x)
							Progressive
						
					
						
							MCK (13.3% | 0.3x)
							McKesson
						
					
						
							CI (15.3% | 0.3x)
							Cigna
						
					
						
							ELV (8.4% | 0.3x)
							Elevance Health
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for CAE: 8.1% | 13.2x)
						
						
				
						
							UNH (11.4% | 12.4x)
							UnitedHealth
						
					
						
							ENB (8.8% | 10.3x)
							Enbridge
						
					
						
							NEM (26.2% | 10.1x)
							Newmont
						
					
						
							ADBE (10.8% | 10.7x)
							Adobe
						
					
						
							B (16.0% | 8.0x)
							Barrick Mining
						
					
					
						
							Higher Rev Chg LTM 
							(Value for CAE: 6.7%)
						
						
				
						
							NVDA (65.5%)
							NVIDIA
						
					
						
							MSFT (16.7%)
							Microsoft
						
					
						
							GOOGL (15.1%)
							Alphabet
						
					
						
							AMZN (12.4%)
							Amazon.com
						
					
						
							AAPL (10.1%)
							Apple
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for CAE: 8.1%)
						
						
				
						
							NVDA (101.8%)
							NVIDIA
						
					
						
							AVGO (26.2%)
							Broadcom
						
					
						
							MSFT (14.4%)
							Microsoft
						
					
						
							GOOGL (12.5%)
							Alphabet
						
					
						
							AMZN (11.7%)
							Amazon.com
						
					
					
						
							Higher Op Mgn LTM 
							(Value for CAE: 12.9%)
						
						
				
						
							NVDA (60.4%)
							NVIDIA
						
					
						
							MSFT (46.7%)
							Microsoft
						
					
						
							AVGO (41.5%)
							Broadcom
						
					
						
							AAPL (32.4%)
							Apple
						
					
						
							GOOGL (32.0%)
							Alphabet
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for CAE: 19.1%)
						
						
				
						
							MSFT (52.5%)
							Microsoft
						
					
						
							NVDA (47.6%)
							NVIDIA
						
					
						
							GOOGL (40.9%)
							Alphabet
						
					
						
							AAPL (31.1%)
							Apple
						
					
						
							AMZN (19.5%)
							Amazon.com
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for CAE: 10.3%)
						
						
				
						
							NVDA (44.8%)
							NVIDIA
						
					
						
							AVGO (42.3%)
							Broadcom
						
					
						
							AAPL (28.3%)
							Apple
						
					
						
							MSFT (25.3%)
							Microsoft
						
					
						
							GOOGL (18.2%)
							Alphabet
						
					
					
						
							Higher Total Yield 
							(Value for CAE: 4.5%)
						
						
				
						
							JPM (7.4%)
							JPMorgan Chase
						
					
						
							BRK-B (6.6%)
							Berkshire Hathaway
						
					
						
							XOM (6.4%)
							Exxon Mobil
						
					
						
							MSFT (5.5%)
							Microsoft
						
					
						
							META (5.0%)
							Meta Platforms
						
					
					
				
					
						Best Bets in Industrials
					
			What You Pay
					
						
							P/EBIT 
							(Value for CAE: 11.9x)
						
						
				
						
							GATX (8.9x)
							GATX
						
					
						
							PAYX (13.6x)
							Paychex
						
					
						
							AGX (58.4x)
							Argan
						
					
						
							TDG (15.6x)
							TransDigm
						
					
						
							PCTY (16.9x)
							Paylocity
						
					
						
							STRL (30.1x)
							Sterling Infrastructure
						
					
						
							PAYC (10.3x)
							Paycom Software
						
					
						
							CSW (25.2x)
							CSW Industrials
						
					
						
							POWL (28.9x)
							Powell Industries
						
					
						
							AZZ (7.6x)
							AZZ
						
					
					
						
							P/E 
							(Value for CAE: 22.0x)
						
						
				
						
							GATX (17.9x)
							GATX
						
					
						
							PAYX (20.1x)
							Paychex
						
					
						
							AGX (57.1x)
							Argan
						
					
						
							TDG (32.7x)
							TransDigm
						
					
						
							PCTY (23.9x)
							Paylocity
						
					
						
							STRL (44.5x)
							Sterling Infrastructure
						
					
						
							PAYC (14.2x)
							Paycom Software
						
					
						
							CSW (34.5x)
							CSW Industrials
						
					
						
							POWL (34.8x)
							Powell Industries
						
					
						
							AZZ (11.4x)
							AZZ
						
					
What You Get
					
						
							Rev Chg 3Y Avg 
							(Value for CAE: 8.1%)
						
						
				
						
							GATX (11.0%)
							GATX
						
					
						
							PAYX (8.9%)
							Paychex
						
					
						
							AGX (28.8%)
							Argan
						
					
						
							TDG (17.5%)
							TransDigm
						
					
						
							PCTY (19.0%)
							Paylocity
						
					
						
							STRL (12.1%)
							Sterling Infrastructure
						
					
						
							PAYC (14.4%)
							Paycom Software
						
					
						
							CSW (11.0%)
							CSW Industrials
						
					
						
							POWL (27.3%)
							Powell Industries
						
					
						
							AZZ (14.0%)
							AZZ
						
					
					
						
							Rev Chg LTM 
							(Value for CAE: 6.7%)
						
						
				
						
							GATX (9.8%)
							GATX
						
					
						
							PAYX (16.4%)
							Paychex
						
					
						
							AGX (8.1%)
							Argan
						
					
						
							TDG (11.7%)
							TransDigm
						
					
						
							PCTY (12.1%)
							Paylocity
						
					
						
							STRL (17.7%)
							Sterling Infrastructure
						
					
						
							PAYC (8.9%)
							Paycom Software
						
					
						
							CSW (16.9%)
							CSW Industrials
						
					
						
							POWL (5.1%)
							Powell Industries
						
					
						
							AZZ (1.5%)
							AZZ
						
					
					
						
							Rev Chg Q 
							(Value for CAE: 2.3%)
						
						
				
						
							GATX (8.6%)
							GATX
						
					
						
							PAYX (19.9%)
							Paychex
						
					
						
							AGX (12.7%)
							Argan
						
					
						
							TDG (13.9%)
							TransDigm
						
					
						
							PCTY (10.4%)
							Paylocity
						
					
						
							STRL (51.5%)
							Sterling Infrastructure
						
					
						
							PAYC (10.2%)
							Paycom Software
						
					
						
							CSW (20.3%)
							CSW Industrials
						
					
						
							POWL (4.0%)
							Powell Industries
						
					
						
							AZZ (5.5%)
							AZZ
						
					
					
						
							FCF/Rev 3Y Avg 
							(Value for CAE: 6.6%)
						
						
				
						
							GATX (37.4%)
							GATX
						
					
						
							PAYX (33.2%)
							Paychex
						
					
						
							AGX (27.3%)
							Argan
						
					
						
							TDG (22.1%)
							TransDigm
						
					
						
							PCTY (21.7%)
							Paylocity
						
					
						
							STRL (18.4%)
							Sterling Infrastructure
						
					
						
							PAYC (18.2%)
							Paycom Software
						
					
						
							CSW (18.0%)
							CSW Industrials
						
					
						
							POWL (17.7%)
							Powell Industries
						
					
						
							AZZ (16.7%)
							AZZ
						
					
			
				[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76
			
		
				
			
		
	

	
		
			
				
				 Latest Trefis Analyses
				 Title Date
0 DASHBOARDS  
1 How Low Can CAE Stock Really Go? 10/17/2025
2 Fundamental Metrics: ... 06/19/2024
 Title
0 ARTICLES
			
		
	

	
		
			
				
				 Trade Ideas
Select ideas related to CAE.
Unique Key Date Ticker Company Category Trade Strategy 6M Fwd Rtn 12M Fwd Rtn 12M Max DD
EFX_2272026_Monopoly_xInd_xCD_Getting_Cheaper 02272026 EFX Equifax Monopoly MY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple 0.0% 0.0% 0.0%
LZ_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE 02202026 LZ LegalZoom.com Dip Buy DB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap 7.2% 7.2% -5.0%
ADP_2132026_Dip_Buyer_ValueBuy 02132026 ADP Automatic Data Processing Dip Buy DB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin 1.1% 1.1% -3.0%
TREX_2132026_Dip_Buyer_ValueBuy 02132026 TREX Trex Dip Buy DB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin -3.2% -3.2% -5.9%
PCTY_2132026_Dip_Buyer_High_CFO_Margins_ExInd_DE 02132026 PCTY Paylocity Dip Buy DB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap -0.6% -0.6% -4.8%
			
		
	

	
		
			
				
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WVE WAVE Life Sciences 1.1 -45.9% -62.6%
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SM SM Energy 3.8 56.2% 76.5%
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Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
WVE WAVE Life Sciences 1.1 -58.6% -62.6%
BUR Burford Capital 0.9 -51.4% -53.6%
OLMA Olema Pharmaceuticals 1.2 -44.0% -45.3%
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				 Peer Comparisons
Peers to compare with: 
				
				Financials
 CAE LHX LMT BA TXT KTOS Median
Name CAE      L3Harris. Lockheed. Boeing   Textron  Kratos D.  
Mkt Price 25.86 343.00 615.84 190.52 87.47 71.94 139.00
Mkt Cap 8.3 64.1 142.2 146.4 15.4 12.3 39.7
Rev LTM 4,863 21,865 75,048 89,463 14,799 1,347 18,332
Op Inc LTM 626 2,150 7,731 -5,416 1,001 28 813
FCF LTM 502 2,682 6,908 -1,886 929 -137 716
FCF 3Y Avg 310 2,160 6,141 -3,950 814 -44 562
CFO LTM 929 3,106 8,557 1,065 1,312 -42 1,188
CFO 3Y Avg 750 2,587 7,816 -1,685 1,197 24 974
				Growth & Margins
 CAE LHX LMT BA TXT KTOS Median
Name CAE      L3Harris. Lockheed. Boeing   Textron  Kratos D.  
Rev Chg LTM 6.7% 2.5% 5.6% 34.5% 8.0% 18.5% 7.3%
Rev Chg 3Y Avg 8.1% 8.7% 4.4% 12.3% 4.8% 14.5% 8.4%
Rev Chg Q 2.3% 2.3% 9.1% 57.1% 15.6% 21.9% 12.3%
QoQ Delta Rev Chg LTM 0.6% 0.6% 2.3% 10.8% 3.9% 4.8% 3.1%
Op Mgn LTM 12.9% 9.8% 10.3% -6.1% 6.8% 2.1% 8.3%
Op Mgn 3Y Avg 12.1% 9.5% 10.9% -7.8% 6.9% 2.6% 8.2%
QoQ Delta Op Mgn LTM 0.0% -0.8% 2.0% 4.4% 0.5% 0.4% 0.4%
CFO/Rev LTM 19.1% 14.2% 11.4% 1.2% 8.9% -3.1% 10.1%
CFO/Rev 3Y Avg 16.2% 12.3% 11.0% -3.1% 8.5% 2.5% 9.7%
FCF/Rev LTM 10.3% 12.3% 9.2% -2.1% 6.3% -10.2% 7.7%
FCF/Rev 3Y Avg 6.6% 10.3% 8.6% -6.0% 5.8% -3.2% 6.2%
				Valuation
 CAE LHX LMT BA TXT KTOS Median
Name CAE      L3Harris. Lockheed. Boeing   Textron  Kratos D.  
Mkt Cap 8.3 64.1 142.2 146.4 15.4 12.3 39.7
P/S 1.7 2.9 1.9 1.6 1.0 9.1 1.8
P/EBIT 11.9 25.3 20.2 27.1 12.2 283.3 22.8
P/E 22.0 39.9 28.3 65.5 16.7 557.5 34.1
P/CFO 8.9 20.6 16.6 137.5 11.7 -291.3 14.2
Total Yield 4.5% 3.9% 5.2% 1.5% 6.1% 0.2% 4.2%
Dividend Yield 0.0% 1.4% 1.6% 0.0% 0.1% 0.0% 0.0%
FCF Yield 3Y Avg 3.5% 4.8% 5.5% -3.1% 5.4% -0.3% 4.2%
D/E 0.4 0.2 0.2 0.4 0.3 0.0 0.2
Net D/E 0.3 0.2 0.1 0.2 0.1 -0.0 0.1
				Returns
 CAE LHX LMT BA TXT KTOS Median
Name CAE      L3Harris. Lockheed. Boeing   Textron  Kratos D.  
1M Rtn -11.9% 0.9% -4.4% -17.3% -9.5% -18.5% -10.7%
3M Rtn -17.7% 16.0% 28.2% -12.0% -3.0% -7.4% -5.2%
6M Rtn -9.3% 17.7% 28.0% -13.9% 4.8% -16.6% -2.2%
12M Rtn 2.2% 64.0% 43.0% 6.4% 16.3% 128.6% 29.7%
3Y Rtn 21.5% 90.1% 41.6% -7.0% 26.1% 460.3% 33.8%
1M Excs Rtn -4.8% 4.7% 4.3% -9.1% -3.5% -14.1% -4.1%
3M Excs Rtn -9.7% 23.6% 35.6% -4.5% 4.4% -1.9% 1.2%
6M Excs Rtn -5.0% 23.1% 32.4% -7.2% 9.8% -11.0% 2.4%
12M Excs Rtn -8.6% 53.1% 30.6% -4.8% 5.0% 117.5% 17.8%
3Y Excs Rtn -38.3% 28.1% -19.4% -64.6% -31.7% 388.2% -25.6%
				Comparison Analyses
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				 FDIC Bank Data
				Capital & Deposits
Assets
Loans
				
					Bank Capital
nullBank Deposits
null
					Bank Assets
null
					Bank Loans
null
				
			
		
	

	
		
			
				
				 FDA Approved Drugs Data
				Expand for Morenull
				Collapse to Previewnull
			
		
	

	
		
			
				
				 Financials
				Annual
Quarterly
				$ Mil | FY: 3/31 LTM 2025 2024 2023 2022 2021 2020
Period End 12/31/2025 3/31/2025 3/31/2024 3/31/2023 3/31/2022 3/31/2021 3/31/2020
Filing Date 2/12/2026 6/20/2025 6/21/2024 6/22/2023 6/23/2022 6/23/2021 6/26/2020

Key Financials              
Total Revenue 4,863 4,708 4,283 4,011 3,371 2,982 3,623
EBITDA 1,151 1,122 165 786 577 351 823
Operating Income 626 612 470 450 340 256 509
Net Income 376 405 -304 223 142 -47 311
EPS 1.18 1.27 -0.95 0.70 0.46 -0.17 1.17

Growth Rates              
Total Revenue Growth 6.7% 9.9% 6.8% 19.0% 13.1% -17.7% 9.7%
EBITDA Growth 235.2% 581.8% -79.1% 36.2% 64.4% -57.3% 20.6%
Operating Income Growth 23.2% 30.2% 4.4% 32.1% 32.9% -49.7% 20.8%
Net Income Growth 275.0% 233.3% -236.5% 57.2% 400.2% -115.2% -5.6%

Margins              
EBITDA Margin 23.7% 23.8% 3.8% 19.6% 17.1% 11.8% 22.7%
Operating Income Margin 12.9% 13.0% 11.0% 11.2% 10.1% 8.6% 14.0%
Net Income Margin 7.7% 8.6% -7.1% 5.6% 4.2% -1.6% 8.6%

Cash & Debt              
Total Cash 464 294 160 218 346 926 946
Total Debt 3,246 3,470 3,074 3,250 3,046 2,352 3,312
Net Debt / (Cash) 2,782 3,177 2,914 3,032 2,700 1,425 2,366

Cash Flows              
Net Cash from Operations 929 896 567 408 418 367 545
Free Cash from Operations 502 452 89 -17 55 203 161

Returns to Shareholders              
Dividends 0 -0 -0 -0 -0 -0 111
Share Repurchases 4 21 -0 -0 -0 -0 50
$ Mil | FY: 3/31 2026Q3 2026Q2 2026Q1 2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4
Period End 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023
Filing Date 2/12/2026 11/12/2025 8/12/2025 6/20/2025 2/13/2025 11/12/2024 8/13/2024 6/21/2024 2/14/2024 11/14/2023 8/9/2023 6/22/2023

Key Financials Quarterly                        
Total Revenue 1,252 1,237 1,099 1,275 1,223 1,137 1,072 1,126 1,094 1,050 1,012 1,197
Ebitda 311 269 241 329 369 218 201 -445 211 189 211 245
Operating Income 174 134 112 205 171 126 109 102 124 119 125 162
Net Income 109 74 57 136 169 52 48 -484 56 58 65 98
EPS 0.34 0.23 0.18 0.43 0.53 0.16 0.15 -1.52 0.17 0.18 0.20 0.31

Key Financials TTM                        
Total Revenue TTM 4,863 4,834 4,734 4,708 4,559 4,430 4,343 4,283 4,354 4,229 4,172 4,094
Ebitda TTM 1,151 1,208 1,157 1,117 343 185 156 166 856 876 871 782
Operating Income TTM 626 622 614 612 508 461 454 470 530 532 526 448
Net Income TTM 376 436 414 405 -215 -327 -321 -304 279 300 286 223

Growth Rates Quarterly                        
Total Revenue Growth 2.3% 8.8% 2.4% 13.2% 11.8% 8.2% 6.0% -5.9% 12.8% 5.7% 8.4% 25.4%
EBITDA Growth -15.6% 23.4% 20.0% 173.9% 74.9% 15.5% -4.9% -281.3% -8.5% 2.7% 73.2% 56.7%
Operating Income Growth 2.2% 6.1% 2.7% 101.8% 38.1% 6.0% -12.8% -37.0% -1.7% 5.0% 166.0% 83.9%
Net Income Growth -35.4% 40.8% 18.4% 128.1% 198.4% -10.1% -26.0% -592.1% -27.7% 31.2% 3741.2% 78.6%

Margins Quarterly                        
EBITDA Margin 24.9% 21.8% 22.0% 25.8% 30.2% 19.2% 18.7% -39.5% 19.3% 18.0% 20.9% 20.5%
Operating Income Margin 13.9% 10.8% 10.2% 16.1% 14.0% 11.1% 10.2% 9.0% 11.3% 11.3% 12.4% 13.5%
Net Income Margin 8.7% 6.0% 5.2% 10.7% 13.8% 4.6% 4.5% -43.0% 5.2% 5.6% 6.5% 8.2%

Cash & Debt                        
Total Cash 464 179 171 294 302 180 143 160 124 182 153 218
Total Debt 3,246 3,365 3,407 3,470 3,655 3,245 3,273 3,074 3,210 3,366 3,319 3,250
Net Debt / (Cash) 2,782 3,186 3,236 3,177 3,353 3,065 3,130 2,914 3,085 3,184 3,166 3,032

Cash Flows Quarterly                        
FCF from Operations 408 214 -15 323 425 162 -13 215 221 180 -49 181

Cash Flows TTM                        
FCF from Operations TTM 929 946 894 896 789 585 603 567 532 564 522 408

Returns to Shareholders Quarterly                        
Dividends 0 0 0 0 0 0 0 0 0 0 0 0
Share Repurchases 2 2 -0 -0 -0 10 12 -0 -0 -0 -0 -0

Return on Invested Capital (ROIC) Quarterly                        
ROIC 9.9% 6.9% 5.7% 10.4% 9.4% 7.5% 6.6% 6.5% 7.9% 8.5% 8.1% 8.9%

Return on Invested Capital (ROIC) TTM                        
ROIC TTM 8.7% 8.2% 8.2% 8.3% 7.5% 7.1% 6.6% 7.1% 8.5% 8.2% 7.6% 6.4%
			
		
	

	
		
			
				
				 Segment Financials
Assets by Segment
$ Mil 2025 2024 2023 2022 2021
Civil Aviation 6,132 5,852 5,270 4,848 5,090
Defense and Security 2,869 3,436 3,163 1,562 1,768
Assets not included in assets employed by segment 833 838 877 2,089 1,373
Healthcare   310 269 250 254
Total 9,834 10,436 9,579 8,748 8,484



			
		
	

	
		
			
				
				 Price Behavior
				Behavior Stats
Betas Matrix
Behavior vs Other Asset Classes
				
					Price Behavior
Market Price $25.86  
Market Cap ($ Bil) 8.3  
First Trading Date 01/10/1996  
Distance from 52W High -24.1%  
    50 Days 200 Days
DMA Price $30.07 $28.70
DMA Trend up down
Distance from DMA -14.0% -9.9%
  3M 1YR
Volatility 35.2% 32.6%
Downside Capture 1.38 0.94
Upside Capture 187.69 113.56
Correlation (SPY) 64.2% 62.0%
					
CAE Betas & Captures as of 2/28/2026


  1M 2M 3M 6M 1Y 3Y
Beta 1.35 1.64 1.48 1.17 1.02 1.01
Up Beta 2.50 1.96 2.03 1.17 0.95 0.89
Down Beta 0.09 1.45 0.87 1.08 1.08 1.11
Up Capture 65% 148% 208% 130% 108% 89%
Bmk +ve Days 9 20 31 70 142 431
Stock +ve Days 10 21 35 69 140 400
Down Capture 210% 177% 130% 116% 101% 103%
Bmk -ve Days 12 21 30 54 109 320
Stock -ve Days 11 20 26 54 106 341


[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
					
						
							1Y
							5Y
							10Y
						
						
							Based On 1-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with CAE
CAE 1.3% 32.6% 0.07 -
Sector ETF (XLI) 20.5% 19.2% 0.84 63.1%
Equity (SPY) 14.5% 18.9% 0.59 62.4%
Gold (GLD) 50.2% 27.7% 1.46 15.2%
Commodities (DBC) 17.8% 17.6% 0.85 19.4%
Real Estate (VNQ) 0.4% 16.4% -0.15 49.6%
Bitcoin (BTCUSD) -21.0% 44.0% -0.41 34.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
							Based On 5-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with CAE
CAE -1.8% 35.8% 0.03 -
Sector ETF (XLI) 12.3% 17.2% 0.56 55.3%
Equity (SPY) 11.8% 17.0% 0.54 56.9%
Gold (GLD) 20.7% 17.7% 0.96 9.1%
Commodities (DBC) 11.6% 18.9% 0.50 17.6%
Real Estate (VNQ) 3.0% 18.8% 0.07 44.4%
Bitcoin (BTCUSD) 4.7% 56.6% 0.30 24.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
							Based On 10-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with CAE
CAE 8.8% 37.0% 0.34 -
Sector ETF (XLI) 13.0% 19.8% 0.58 60.1%
Equity (SPY) 14.0% 17.9% 0.67 56.2%
Gold (GLD) 13.3% 15.8% 0.70 4.3%
Commodities (DBC) 8.2% 17.6% 0.39 24.9%
Real Estate (VNQ) 4.7% 20.7% 0.19 50.7%
Bitcoin (BTCUSD) 66.9% 66.8% 1.06 16.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
						
					
				
			
		
		
			
				
				 Short Interest
Short Interest: As Of Date 3132026
Short Interest: Shares Quantity 3.4 Mil
Short Interest: % Change Since 2282026 10.5%
Average Daily Volume 0.7 Mil
Days-to-Cover Short Interest 4.6 days
Basic Shares Quantity 320.3 Mil
Short % of Basic Shares 1.0%
			
		
	

	
		
			
				 Returns Analyses
 Title
0 How Low Can CAE Stock Really Go?
			
		
	

	
		
			
				
				 Earnings Returns History
				Expand for More  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
SUMMARY STATS      
# Positive 0 0 0
# Negative 0 0 0
Median Positive      
Median Negative      
Max Positive      
Max Negative      
				Collapse to Preview  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
SUMMARY STATS      
# Positive 0 0 0
# Negative 0 0 0
Median Positive      
Median Negative      
Max Positive      
Max Negative      
			
		
		
			
				
				 SEC Filings
				Expand for MoreReport Date Filing Date Filing
12/31/2025 02/12/2026 6-K
09/30/2025 11/12/2025 6-K
06/30/2025 08/12/2025 6-K
03/31/2025 06/20/2025 40-F
12/31/2024 02/13/2025 6-K
09/30/2024 11/12/2024 6-K
06/30/2024 08/13/2024 6-K
03/31/2024 06/21/2024 40-F
12/31/2023 02/14/2024 6-K
09/30/2023 11/14/2023 6-K
06/30/2023 08/09/2023 6-K
03/31/2023 06/22/2023 40-F
12/31/2022 02/14/2023 6-K
09/30/2022 11/10/2022 6-K
06/30/2022 08/10/2022 6-K
03/31/2022 06/23/2022 40-F
				Collapse to PreviewReport Date Filing Date Filing
12/31/2025 02/12/2026 6-K
09/30/2025 11/12/2025 6-K
06/30/2025 08/12/2025 6-K
03/31/2025 06/20/2025 40-F
12/31/2024 02/13/2025 6-K
09/30/2024 11/12/2024 6-K
06/30/2024 08/13/2024 6-K
03/31/2024 06/21/2024 40-F
12/31/2023 02/14/2024 6-K
09/30/2023 11/14/2023 6-K
06/30/2023 08/09/2023 6-K
03/31/2023 06/22/2023 40-F
12/31/2022 02/14/2023 6-K
09/30/2022 11/10/2022 6-K
06/30/2022 08/10/2022 6-K
03/31/2022 06/23/2022 40-F
12/31/2021 02/11/2022 6-K
09/30/2021 11/12/2021 6-K
06/30/2021 08/11/2021 6-K
03/31/2021 06/23/2021 40-F
12/31/2020 02/12/2021 6-K
09/30/2020 11/10/2020 6-K
06/30/2020 08/12/2020 6-K
03/31/2020 06/26/2020 40-F
12/31/2019 02/07/2020 6-K
09/30/2019 11/13/2019 6-K
06/30/2019 08/14/2019 6-K
03/31/2019 06/27/2019 40-F
			
		
	

	
		
			
				
				 Recent Forward Guidance [BETA]
				Latest: null Earnings Reported N/A/N/A/N/A | Prior: null Earnings Reported N/A/N/A/N/A
				null
			
		
	

	
		
			
				
				 Insider Activity
				Expand for Morenull
				Collapse to Previewnull
			
		
	
	
	
		
			
				
				 CAE Trade Sentinel
				
				
					
						
					
					
						
					
					
						
					
					
						
					
				
				
				
				
				
					
						
							
								
									
										Stock Conviction									
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										PRIMARY RISK
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								 Key KPI Watchlist
								 
									
										
											
												
													KPI
													Threshold
													Rationale
												
											
											
												
											
										
									
								 
							

						
					

					
						
							
								Core Investment Debate
								
							

							
								
									
										BULL VIEW
										
									
								
								
									
										CORE TENSION
										
										
										PREVAILING SENTIMENT
										
										
									
								
								
									
										BEAR VIEW
										
									
								
							

							
								Next 6 months: Risks and Catalysts
								
									
										
											
												
													Timeline
													Event & Metric To Watch
												
											
											
												
											
										
									
								
							

							
								Key Events in Last 6 Months
								
									
										
											
												
													Date
													Event
													Stock Impact
												
											
											
												
											
										
									
								
							

							
								Risk Management
								
									
										
											 Position Sizing
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											 Diversification Alternatives
											
												
											
										
									
								
							
						
					

					
						
							How Is The Market Pricing CAE?

							
								
									
								
							

							
								
									
								
							

							
								
									
										 What will confirm the thesis
										
									
								

								
									
										 What will damage the thesis
										
									
								

								
									
										 Noise: Real but irrelevant to thesis
										
									
								
							

							
								Repricing Catalyst
								
							

							
								What CAE Makes & Who Pays

								
									
										TTM figures based on 
									
								
								
								
									
								
							

							
								CAE Evolution: Price Return by Era
								
								
								

								
									
										
									
								
							

						
					

					
						
						
							
							
								
								

								
									
										① Structure
										
											0
											
										
										
									
									
										② Volume / Momentum
										
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									Combined Score
									
										
									
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									1
									Price Structure & Trend
									 · 
									▾
								
								
									
										▲
										
									

									
										
											Current
											$
											
											
										
										
											20D SMA
											$
											
											Below
										
										
											50D SMA
											$
											Slope: %
											Below
										
										
											200D SMA
											$
											Slope: %
											Below
										
									

									
										✕
										 —  trading days ago
									

									
										
											52W High
											$
										
										
											From 52W High
											%
										
										
											All-Time High
											$
										
										
											From ATH
											%
										
									
									
										
											52W Low
											$
										
										
											From 52W Low
											%
										
									
								
							

							
								
									2
									Momentum
									
									▾
								
								
									
										↑
										
									

									
										
											5D
											%
											
										
										
											20D
											%
											
										
										
											63D
											%
											
										
										
											126D
											%
											
										
										
											252D
											%
											
										
									
								
							

							
								
									3
									Relative Strength vs. SPY
									
									▾
								
								
									
										↑
										
									

									
										
											20D
											
											%
										
										
											63D
											
											%
										
										
											126D
											
											%
										
										
											252D
											
											%
										
									

									
										
											RS Trend
											%
										
										
											RS Character
											
										
									
								
							

							
								
									4
									Institutional Footprint & Volume
									
									▾
								
								
									
										↓
										
									
									
										◈
										
									

									
										
											Score
											
										
										
											Up/Down Vol 20D
											
										
										
											Up/Down Vol 60D
											
										
									
									
										
											OBV Slope 20D
											
										
										
											OBV Slope 60D
											
										
										
											Hi-Conv Up Days
											
											Past 60D
										
										
											Hi-Conv Down Days
											
											Past 60D
										
									
									
										
											Volume Trend
											
											20D avg vs 60D avg
										
										
									
								
							

							
								
									5
									Volatility
									
									▾
								
								
									
										≈
										
									
									
										
											HV 20D
											%
										
										
											HV 60D
											%
										
										
											HV 252D
											%
										
									
									
										
											Compression Ratio
											
										
										
											ATR 14D
											%
										
									
								
							

							
								
									6
									Key Price Levels
									Range · Vol 
									▾
								
								
									
										◈
										
									
									
										
											Nearest Resistance
											$
											% away ·  touches
										
										
											Nearest Support
											$
											% away ·  touches
										
										
											2nd Support
											$
											 touches
										
										
											Risk / Reward
											×
										
									
									
										
											Approach Volume
											
										
										
											Current Price
											$
										
									
								
							

							
								
									7
									Earnings Reaction History
									
									▾
								
								
									
										★
										
									
									
										
											
												
												
											
											
												%
												Earnings Day Return · Vol Spike ×
												
													
														5D
														%
													
													
														10D
														%
													
													
														20D
														%
													
													
														Post Vol
														×
													
												
												
												
											
										
										
											
												
												
											
											
												%
												Earnings Day Return · Vol Spike ×
												
													
														5D
														%
													
													
														10D
														%
													
													
														20D
														%
													
													
														Post Vol
														×
													
												
												
												
											
										
									
								
							

							
								
									8
									How the Verdict Is Derived
									Three Pillars
									▾
								
								
									
										
											
												Pillar
												Score
											
										
										
											
												① Structure
												0
											
											
												② Vol / Mom
												0
											
											
												③ Catalyst
												0
											
										
									
									
										ℹ
										
											Bull Pillars: 0 ·
											Bear Pillars: 0 ·
											Combined Score: 0 →
											
										
									
								
							

							
								Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.
							
						
					
					
				
			
		
	
	
	
		
			
				
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Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

	Title	Date
0	DASHBOARDS
1	How Low Can CAE Stock Really Go?	10/17/2025
2	Fundamental Metrics: ...	06/19/2024

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
EFX_2272026_Monopoly_xInd_xCD_Getting_Cheaper	02272026	EFX	Equifax	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.0%	0.0%	0.0%
LZ_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02202026	LZ	LegalZoom.com	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	7.2%	7.2%	-5.0%
ADP_2132026_Dip_Buyer_ValueBuy	02132026	ADP	Automatic Data Processing	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	1.1%	1.1%	-3.0%
TREX_2132026_Dip_Buyer_ValueBuy	02132026	TREX	Trex	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-3.2%	-3.2%	-5.9%
PCTY_2132026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02132026	PCTY	Paylocity	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-0.6%	-0.6%	-4.8%

	CAE	LHX	LMT	BA	TXT	KTOS	Median
Name	CAE	L3Harris.	Lockheed.	Boeing	Textron	Kratos D.
Mkt Price	25.86	343.00	615.84	190.52	87.47	71.94	139.00
Mkt Cap	8.3	64.1	142.2	146.4	15.4	12.3	39.7
Rev LTM	4,863	21,865	75,048	89,463	14,799	1,347	18,332
Op Inc LTM	626	2,150	7,731	-5,416	1,001	28	813
FCF LTM	502	2,682	6,908	-1,886	929	-137	716
FCF 3Y Avg	310	2,160	6,141	-3,950	814	-44	562
CFO LTM	929	3,106	8,557	1,065	1,312	-42	1,188
CFO 3Y Avg	750	2,587	7,816	-1,685	1,197	24	974

$ Mil	2025	2024	2023	2022	2021
Civil Aviation	6,132	5,852	5,270	4,848	5,090
Defense and Security	2,869	3,436	3,163	1,562	1,768
Assets not included in assets employed by segment	833	838	877	2,089	1,373
Healthcare		310	269	250	254
Total	9,834	10,436	9,579	8,748	8,484

Market Price	$25.86
Market Cap ($ Bil)	8.3
First Trading Date	01/10/1996
Distance from 52W High	-24.1%
	50 Days	200 Days
DMA Price	$30.07	$28.70
DMA Trend	up	down
Distance from DMA	-14.0%	-9.9%
	3M	1YR
Volatility	35.2%	32.6%
Downside Capture	1.38	0.94
Upside Capture	187.69	113.56
Correlation (SPY)	64.2%	62.0%

	1M	2M	3M	6M	1Y	3Y
Beta	1.35	1.64	1.48	1.17	1.02	1.01
Up Beta	2.50	1.96	2.03	1.17	0.95	0.89
Down Beta	0.09	1.45	0.87	1.08	1.08	1.11
Up Capture	65%	148%	208%	130%	108%	89%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	10	21	35	69	140	400
Down Capture	210%	177%	130%	116%	101%	103%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	11	20	26	54	106	341

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CAE
CAE	1.3%	32.6%	0.07	-
Sector ETF (XLI)	20.5%	19.2%	0.84	63.1%
Equity (SPY)	14.5%	18.9%	0.59	62.4%
Gold (GLD)	50.2%	27.7%	1.46	15.2%
Commodities (DBC)	17.8%	17.6%	0.85	19.4%
Real Estate (VNQ)	0.4%	16.4%	-0.15	49.6%
Bitcoin (BTCUSD)	-21.0%	44.0%	-0.41	34.9%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CAE
CAE	-1.8%	35.8%	0.03	-
Sector ETF (XLI)	12.3%	17.2%	0.56	55.3%
Equity (SPY)	11.8%	17.0%	0.54	56.9%
Gold (GLD)	20.7%	17.7%	0.96	9.1%
Commodities (DBC)	11.6%	18.9%	0.50	17.6%
Real Estate (VNQ)	3.0%	18.8%	0.07	44.4%
Bitcoin (BTCUSD)	4.7%	56.6%	0.30	24.3%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with CAE
CAE	8.8%	37.0%	0.34	-
Sector ETF (XLI)	13.0%	19.8%	0.58	60.1%
Equity (SPY)	14.0%	17.9%	0.67	56.2%
Gold (GLD)	13.3%	15.8%	0.70	4.3%
Commodities (DBC)	8.2%	17.6%	0.39	24.9%
Real Estate (VNQ)	4.7%	20.7%	0.19	50.7%
Bitcoin (BTCUSD)	66.9%	66.8%	1.06	16.8%

Short Interest: As Of Date	3132026
Short Interest: Shares Quantity	3.4 Mil
Short Interest: % Change Since 2282026	10.5%
Average Daily Volume	0.7 Mil
Days-to-Cover Short Interest	4.6 days
Basic Shares Quantity	320.3 Mil
Short % of Basic Shares	1.0%

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
SUMMARY STATS
# Positive	0	0	0
# Negative	0	0	0
Median Positive
Median Negative
Max Positive
Max Negative

Report Date	Filing Date	Filing
12/31/2025	02/12/2026	6-K
09/30/2025	11/12/2025	6-K
06/30/2025	08/12/2025	6-K
03/31/2025	06/20/2025	40-F
12/31/2024	02/13/2025	6-K
09/30/2024	11/12/2024	6-K
06/30/2024	08/13/2024	6-K
03/31/2024	06/21/2024	40-F
12/31/2023	02/14/2024	6-K
09/30/2023	11/14/2023	6-K
06/30/2023	08/09/2023	6-K
03/31/2023	06/22/2023	40-F
12/31/2022	02/14/2023	6-K
09/30/2022	11/10/2022	6-K
06/30/2022	08/10/2022	6-K
03/31/2022	06/23/2022	40-F

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

CAE (CAE)

Market Price (3/28/2026): $25.845 | Market Cap: $8.3 BilSector: Industrials | Industry: Aerospace & Defense

CAE (CAE)

Market Price (3/28/2026): $25.845Market Cap: $8.3 BilSector: IndustrialsIndustry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Better Bets vs. CAE (CAE)

INDUSTRY: Aerospace & Defense

Higher Rev Chg 3Y Avg | Lower P/S (Values for CAE: 8.1% | 1.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CAE: 8.1% | 13.2x)

Higher Rev Chg LTM (Value for CAE: 6.7%)

Higher Rev Chg 3Y Avg (Value for CAE: 8.1%)

Higher Op Mgn LTM (Value for CAE: 12.9%)

Higher CFO/Rev LTM (Value for CAE: 19.1%)

Higher FCF/Rev LTM (Value for CAE: 10.3%)

Higher Total Yield (Value for CAE: 4.5%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for CAE: 8.1% | 1.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CAE: 8.1% | 13.2x)

Higher Rev Chg LTM (Value for CAE: 6.7%)

Higher Rev Chg 3Y Avg (Value for CAE: 8.1%)

Higher Op Mgn LTM (Value for CAE: 12.9%)

Higher CFO/Rev LTM (Value for CAE: 19.1%)

Higher FCF/Rev LTM (Value for CAE: 10.3%)

Higher Total Yield (Value for CAE: 4.5%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for CAE: 8.1% | 1.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for CAE: 8.1% | 13.2x)

Higher Rev Chg LTM (Value for CAE: 6.7%)

Higher Rev Chg 3Y Avg (Value for CAE: 8.1%)

Higher Op Mgn LTM (Value for CAE: 12.9%)

Higher CFO/Rev LTM (Value for CAE: 19.1%)

Higher FCF/Rev LTM (Value for CAE: 10.3%)

Higher Total Yield (Value for CAE: 4.5%)

Best Bets in Industrials

P/EBIT (Value for CAE: 11.9x)

P/E (Value for CAE: 22.0x)

Rev Chg 3Y Avg (Value for CAE: 8.1%)

Rev Chg LTM (Value for CAE: 6.7%)

Rev Chg Q (Value for CAE: 2.3%)

FCF/Rev 3Y Avg (Value for CAE: 6.6%)

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Market Price (3/28/2026): $25.845 | Market Cap: $8.3 Bil
Sector: Industrials | Industry: Aerospace & Defense

Market Price (3/28/2026): $25.845
Market Cap: $8.3 Bil
Sector: Industrials
Industry: Aerospace & Defense