Tearsheet

StandardAero (SARO)


Market Price (4/14/2026): $27.845 | Market Cap: $9.1 Bil
Sector: Industrials | Industry: Aerospace & Defense

StandardAero (SARO)


Market Price (4/14/2026): $27.845
Market Cap: $9.1 Bil
Sector: Industrials
Industry: Aerospace & Defense

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

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 16%

Low stock price volatility
Vol 12M is 30%

Megatrend and thematic drivers
Megatrends include Aerospace Sustainment. Themes include Aircraft Maintenance, Repair, and Overhaul, Show more.

Weak multi-year price returns
2Y Excs Rtn is -47%, 3Y Excs Rtn is -83%

Key risks
SARO key risks include [1] parts shortages for critical engine platforms like the LEAP and PW1000G and [2] the potential loss of crucial Original Equipment Manufacturer (OEM) service authorizations.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 16%
1 Low stock price volatility
Vol 12M is 30%
2 Megatrend and thematic drivers
Megatrends include Aerospace Sustainment. Themes include Aircraft Maintenance, Repair, and Overhaul, Show more.
3 Weak multi-year price returns
2Y Excs Rtn is -47%, 3Y Excs Rtn is -83%
4 Key risks
SARO key risks include [1] parts shortages for critical engine platforms like the LEAP and PW1000G and [2] the potential loss of crucial Original Equipment Manufacturer (OEM) service authorizations.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

StandardAero (SARO) stock has lost about 5% since 12/31/2025 because of the following key factors:

1. Secondary Offering at a Discounted Price.

On January 27, 2026, major shareholders, affiliates of The Carlyle Group and GIC, announced a secondary offering of 50 million shares of StandardAero common stock priced at $31 per share. This offering price was at a discount to the prevailing market value of $33.12, which likely contributed to selling pressure on the stock and raised concerns about potential share dilution in the market.

2. Q4 2025 Earnings Per Share Miss and Margin Contraction.

StandardAero reported its Fourth Quarter 2025 earnings, with an earnings per share (EPS) of $0.24, missing analysts' consensus estimate of $0.25 by 4.00%. While revenue increased 13.5% year-over-year to $1.60 billion and beat estimates, the Adjusted EBITDA margin for the quarter declined by 10 basis points compared to the prior year period, mainly due to increased corporate expenses associated with public company costs.

Show more

Stock Movement Drivers

Fundamental Drivers

The -2.9% change in SARO stock from 12/31/2025 to 4/13/2026 was primarily driven by a -35.4% change in the company's P/E Multiple.
(LTM values as of)123120254132026Change
Stock Price ($)28.6827.84-2.9%
Change Contribution By: 
Total Revenues ($ Mil)5,8726,0633.2%
Net Income Margin (%)3.1%4.6%45.5%
P/E Multiple51.033.0-35.4%
Shares Outstanding (Mil)3283280.0%
Cumulative Contribution-2.9%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/13/2026
ReturnCorrelation
SARO-2.9% 
Market (SPY)-5.4%49.3%
Sector (XLI)11.4%65.5%

Fundamental Drivers

The 2.0% change in SARO stock from 9/30/2025 to 4/13/2026 was primarily driven by a 93.3% change in the company's Net Income Margin (%).
(LTM values as of)93020254132026Change
Stock Price ($)27.2927.842.0%
Change Contribution By: 
Total Revenues ($ Mil)5,6196,0637.9%
Net Income Margin (%)2.4%4.6%93.3%
P/E Multiple67.433.0-51.1%
Shares Outstanding (Mil)3283280.0%
Cumulative Contribution2.0%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/13/2026
ReturnCorrelation
SARO2.0% 
Market (SPY)-2.9%53.8%
Sector (XLI)12.4%67.2%

Fundamental Drivers

The 4.5% change in SARO stock from 3/31/2025 to 4/13/2026 was primarily driven by a 2083.8% change in the company's Net Income Margin (%).
(LTM values as of)33120254132026Change
Stock Price ($)26.6427.844.5%
Change Contribution By: 
Total Revenues ($ Mil)5,2376,06315.8%
Net Income Margin (%)0.2%4.6%2083.8%
P/E Multiple811.933.0-95.9%
Shares Outstanding (Mil)3343281.8%
Cumulative Contribution4.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/13/2026
ReturnCorrelation
SARO4.5% 
Market (SPY)16.3%69.9%
Sector (XLI)33.2%75.3%

Fundamental Drivers

null
null

Market Drivers

3/31/2023 to 4/13/2026
ReturnCorrelation
SARO  
Market (SPY)63.3%55.6%
Sector (XLI)78.0%63.0%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SARO Return----24%16%-5%-17%
Peers Return43%-7%35%-4%59%-8%153%
S&P 500 Return27%-19%24%23%16%-0%81%

Monthly Win Rates [3]
SARO Win Rate---0%67%50% 
Peers Win Rate54%29%29%12%34%45% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
SARO Max Drawdown----24%-10%-12% 
Peers Max Drawdown-14%-18%-1%-5%-25%-39% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: FLY, ATRO, DFNS, MDA, MRLN.
[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 4/13/2026 (YTD)

How Low Can It Go

SARO has limited trading history. Below is the Industrials sector ETF (XLI) in its place.

Unique KeyEventXLIS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-22.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven29.2%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven273 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-42.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven74.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven232 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-24.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven32.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven312 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-63.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven172.8%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1,463 days1,480 days

Compare to FLY, ATRO, DFNS, MDA, MRLN

In The Past

SPDR Select Sector Fund's stock fell -22.6% during the 2022 Inflation Shock from a high on 1/4/2022. A -22.6% loss requires a 29.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About StandardAero (SARO)

We believe that we are the world’s largest independent, pure-play provider of aerospace engine aftermarket services for fixed and rotary wing aircraft, serving the commercial, military and business aviation end markets. We provide a comprehensive suite of critical, value-added aftermarket solutions, including scheduled and unscheduled engine maintenance, repair and overhaul, engine component repair, on-wing and field service support, asset management and engineering solutions. We serve a crucial role in the engine aftermarket value chain, connecting engine original equipment manufacturers (“OEMs”) with aircraft operators through our aftermarket services, maintaining longstanding relationships with both. We command a leading reputation that is based upon our strong track record of safety, reliability and operational performance built over our more than 100 years of successful operations in the aerospace aftermarket. Our business consists of an attractive mix of end markets, customers and engine platforms. Our revenue is highly diversified across the commercial, military and business aviation end markets. We believe this diversification provides us with significant resiliency, while affording us the ability to take advantage of new business opportunities that arise. In addition, diversification across engine OEMs and platforms reduces our exposure to idiosyncratic events that may impact demand related to a specific aircraft or engine type. Within our markets, we hold leadership positions on most of the engine platforms we serve, with an estimated 80% of our Engine Services sales in 2023 from engine platforms where we hold #1 or #2 positions globally. Our platform portfolio consists of a healthy mix of mature, growth and next generation programs and includes many of the engines that power the world’s most prevalent aircraft. For example, we provide support for the CFM56, which powers the Boeing 737NG and Airbus A320ceo family narrowbody aircraft and currently has the largest installed base of any engine platform, the LEAP-1A/-1B, which power the next generation of narrowbody aircraft and are expected to become the most widely fielded platform family in the world by the early 2030s, and the CF34, which powers many of the world’s most utilized regional jets. On several platforms, we hold contracts directly with the OEM that designates us as the primary or sole outsourced provider of maintenance services for the engine. Furthermore, with approximately 77% of our revenue in the year ended December 31, 2023 derived from long-term contractual agreements, our financial profile is characterized by a significant amount of predictable, recurring revenue supported by the highly regulated nature of aircraft engine maintenance requirements. We are also one of the largest independent engine component repair platforms globally, providing services to commercial aerospace, military, land and marine and oil and gas end markets. We have made substantial investments in our Component Repair Services business, which provides attractive margins, significant growth opportunities and synergies with our Engine Services business. --- Core to our strategy is our positioning as an OEM-aligned and independent service provider of aftermarket services. Our OEM-aligned strategy, coupled with our scale and service performance, entrenches us as a trusted and preferred partner to every major OEM, including GE Aerospace, CFM International, Pratt & Whitney, Rolls-Royce, Honeywell and Safran. We hold long-term OEM licenses and authorizations to provide aftermarket support for all of the engine platforms that we service, and we believe we have a 100% historical success rate on the OEM licenses and authorizations we sought to retain upon their expiration. Our status as an independent services provider, not affiliated with any single OEM or airline operator, provides us with diversification and enhances the value proposition that we can offer to customers. These factors are critical drivers of our ability to cultivate decades-long relationships with many of our approximately 5,000 customers globally. The engine aftermarket solutions we provide are mission-critical to our customers’ flight operations and our OEM partners’ businesses. Furthermore, aerospace engine maintenance is highly specialized and requires significant investment over years to obtain the necessary infrastructure, tooling and skilled engineering expertise. New entrants must obtain extensive approvals and certifications from government regulators and OEMs, who award licenses and authorizations for each engine platform separately. As of June 30, 2024, we operate with OEM licenses and authorizations to perform critical maintenance and overhaul work on over 40 key engine platforms. These licenses and authorizations typically provide us with preferred access to OEM parts and technical information, OEM warranty support and use of the OEM name in marketing and create the foundation for the sharing of closely guarded intellectual property as well as market and customer insights. --- As of June 30, 2024, we employed approximately 7,300 people across over 50 facilities around the globe. We believe our scaled, global footprint is well-aligned to the global nature of our OEM partners and aircraft operator customers and positions us well to win business and support growing global demand for our aerospace engine maintenance services. --- Given the nature of engine maintenance and the structure of certain of our agreements, a significant portion of our costs of sales consists of new OEM materials that are included in the engines we service and are often passed through to end customers at minimal or no mark-up, impacting our reported margins. Our value creation strategy includes a combination of organic growth initiatives on our existing platforms, pursuit of new platform programs, and investment in value-accretive acquisitions. For our existing business, we focus on developing new capabilities and on ways to continuously improve operational performance to enhance our competitiveness, accelerate growth and increase margins. Over the last five years, we have invested to significantly expand our engine component repair services business, which enjoys higher margins than and is synergistic with our engine services business. We have also invested to expand our capacity and competitiveness on the CFM56 platform, the largest engine platform in the world today, including establishing a new CFM56-dedicated Center of Excellence facility in Dallas, Texas to service the growing demand on that platform. Another significant pillar to our growth is the expansion into new engine platforms that create value for us and for our customers. Since 2016, we have been awarded licenses and authorizations and established capabilities on eight new platforms across our end markets. Most notably, in March 2023 we became the first and only independent aftermarket service provider in North America to join CFM International Inc.’s (“CFM”) authorized service network for the LEAP-1A and LEAP-1B engines through the award of a long-term CFM Branded Service Agreement (“CBSA”). The LEAP-1A and LEAP-1B engines power the Airbus A320neo family and the Boeing 737MAX series aircraft, respectively, and are expected to become by far the largest engine platform family in the world, accounting for over 35% share of the world’s installed base of engines by 2033. We are one of only five total CBSA holders in the world, one of two global independent service providers, and the only independent service provider in the Americas with such a CBSA, which affords us significant competitive benefits and support from CFM, as well as the ability to develop and provide additional component repair on the engines that we service and to external parties. The CBSA has the potential to be the largest award in the Company’s history, and we believe it positions us to achieve above-market growth as LEAP engines experience a significant ramp up in demand over the next decade and beyond. Alongside this organic investment, over the past seven years we have successfully completed 11 strategic acquisitions. Our disciplined approach to evaluating and executing M&A focuses on companies that add strategic engine platforms, new capabilities and intellectual property, and reach into targeted customers and geographies where we have an opportunity to accelerate the growth and financial performance of the combined businesses. We have a proven playbook for integrating new acquisitions and achieving significant synergies, which has enabled us to acquire businesses at attractive valuations on a post-synergy basis. We operate in highly fragmented markets, which has historically provided ample acquisition opportunities to grow and enhance our platform and achieve compounding returns. On August 23, 2024, we completed our most recent acquisition through our purchase of Aero Turbine Inc. (“Aero Turbine”), a provider of engine component repair and other value-added engine aftermarket services for U.S. and international customers. The acquisition was funded with borrowings under the ABL Credit Facility, which was repaid on September 6, 2024 with incremental borrowings from the 2024 Term Loan B-1 Facility and the 2024 Term Loan B-2 Facility. Aero Turbine adds highly complementary component repair and source approval request (“SAR”) capabilities on strategic military platforms and generated revenues and net income of $70.1 million and $14.3 million, respectively, during the year ended December 31, 2023. We expect to report Aero Turbine within our Component Repair Services segment. StandardAero, Inc. is the issuer in this offering and is a Delaware corporation incorporated on September 5, 2018. Our principal executive office is located at 6710 North Scottsdale Road, Suite 250, Scottsdale, AZ.

AI Analysis | Feedback

Here are 1-2 brief analogies for StandardAero (SARO):

  • Imagine a highly specialized, global version of Ryder, but for jet engines instead of trucks – they keep the world's commercial, military, and business aircraft engines maintained and flying.

  • StandardAero is like the Flex or Jabil of the aerospace engine industry, providing independent, high-tech maintenance, repair, and overhaul services for all major engine manufacturers globally.

AI Analysis | Feedback

  • Engine Services: Comprehensive maintenance, repair, and overhaul (MRO) for fixed and rotary wing aircraft engines, including scheduled/unscheduled work, on-wing support, and engineering solutions.
  • Component Repair Services: Specialized repair services for aerospace engine components and other critical components across diverse end markets such as commercial aerospace, military, land and marine, and oil and gas.

AI Analysis | Feedback

StandardAero (SARO) primarily sells its aerospace engine aftermarket services to **other companies**, specifically **aircraft operators**. The provided text does not list the names of specific customer companies. Instead, it describes their diverse customer base across the following three categories of end markets:
  • Commercial Aviation: This category includes airlines and other commercial aircraft operators.
  • Military Aviation: This category encompasses military organizations and defense departments operating various aircraft.
  • Business Aviation: This category includes operators of business jets and other private aircraft.

AI Analysis | Feedback

  • GE Aerospace (GE)
  • CFM International (null)
  • Pratt & Whitney (RTX)
  • Rolls-Royce Holdings plc (LSE: RR.)
  • Honeywell International Inc. (HON)
  • Safran S.A. (EPA: SAF)

AI Analysis | Feedback

Russell Ford, Chairman and Chief Executive Officer

Appointed Chief Executive Officer in October 2013 and subsequently elected as Chairman of the Board in April 2019. Mr. Ford has over 30 years of experience in the aerospace industry. He previously held executive roles at Precision Castparts Corporation as President of Carlton Forge Works and Dickson Test Group, President and Chief Executive Officer of ClearEdge Power Inc., President and Chief Executive Officer of Prestolite Electric Inc., Chief Operations Officer at Holley Performance Products Inc., Senior Vice President of Operations at Lockheed Martin Corporation, and General Manager of the Industrial and Marine Engine Division at Allied Signal Corporation. StandardAero has been acquired by private equity firms, including Veritas Capital in 2015 and previously The Carlyle Group, during his tenure as CEO.

Daniel Satterfield, Chief Financial Officer

Appointed Chief Financial Officer in January 2023. Mr. Satterfield has over 30 years of international management experience. Prior to joining StandardAero, he served as Chief Financial Officer for Honeywell Aerospace from December 2018 to December 2022. He also held senior executive financial leadership roles at Gates Corporation, Eaton, Cooper Industries, and Siemens.

Kimberly Ernzen, Chief Operating Officer

Appointed Chief Operating Officer in May 2024. Ms. Ernzen brings three decades of experience in the aerospace industry. Prior to StandardAero, she served in various leadership positions at Raytheon since 2014, including President, Naval Power, Senior Vice President, Air Warfare Systems, Vice President, Land Warfare Systems, and Vice President, Operations. Her experience also includes roles at Hawker Beechcraft and the former Raytheon Aircraft.

Lewis Prebble, President, Commercial Engine Services

Appointed President of Commercial Engine Services in April 2021. Mr. Prebble has more than 25 years of aerospace experience. Before joining StandardAero, he served as Senior Vice President for the Americas at Rolls-Royce from February 2014 to March 2021, holding multiple executive positions within the company.

Michael L. Kaplan, Chief Legal Officer

Mr. Kaplan serves as Chief Legal Officer for StandardAero, bringing more than 25 years of legal and executive leadership experience. He previously served as SVP, General Counsel, Chief Security Officer and Secretary at StandardAero from 2010 to 2013 and most recently as Senior Counsel at the global law firm Norton Rose Fulbright.

AI Analysis | Feedback

Key Risks:

  1. Dependency on OEM Licenses and Authorizations: StandardAero’s ability to perform critical maintenance, repair, and overhaul services is contingent upon obtaining and retaining extensive approvals, certifications, licenses, and authorizations from government regulators and engine Original Equipment Manufacturers (OEMs) for each engine platform it services. The failure to secure or renew these essential licenses and authorizations for key platforms would severely impede their operational capabilities and market access.
  2. Reliance on Key OEM Relationships and Contracts: The company's business model is heavily reliant on its OEM-aligned strategy and long-standing relationships with major OEMs, including significant long-term agreements such as the CFM Branded Service Agreement (CBSA) for LEAP-1A and LEAP-1B engines. This CBSA is described as having the "potential to be the largest award in the Company’s history," positioning StandardAero for substantial growth. Any deterioration of these critical OEM relationships or the loss/non-renewal of significant contracts like the LEAP CBSA could materially impact its market position, growth trajectory, and financial performance.
  3. Impact of OEM Material Costs on Reported Margins: A substantial portion of StandardAero’s cost of sales comprises new OEM materials, which are integrated into the engines they service. While these costs are frequently passed through to end customers with minimal or no mark-up, this dynamic significantly impacts the company’s reported margins. This structural characteristic could constrain reported profitability metrics and necessitates diligent cost management strategies to maintain actual profit levels and positive investor perception.

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

StandardAero (SARO) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market opportunities outlined in its business description. Here are 3-5 expected drivers of future revenue growth: * Growth in LEAP-1A and LEAP-1B Engine Platform Services: StandardAero's long-term CFM Branded Service Agreement (CBSA) for the LEAP-1A and LEAP-1B engines is expected to be a significant growth driver. These engines, powering the Airbus A320neo family and Boeing 737MAX series aircraft, are projected to become the largest engine platform family globally by the early 2030s, accounting for over 35% of the world's installed base of engines by 2033. StandardAero anticipates "above-market growth" as these engines experience a "significant ramp up in demand" over the next decade and beyond. * Expansion and Investment in Component Repair Services: The company has made substantial investments in its Component Repair Services business, which it believes offers "attractive margins, significant growth opportunities and synergies" with its Engine Services business. This segment is identified as a key area for both revenue growth and enhanced profitability. * Increased Capacity and Competitiveness on the CFM56 Platform: StandardAero has invested in expanding its capacity and competitiveness for the CFM56 platform, including establishing a new CFM56-dedicated Center of Excellence facility in Dallas, Texas. This investment aims to service the growing demand on what is currently the "largest engine platform in the world," indicating an expectation of increased revenue from this mature but high-demand platform. * Strategic Acquisitions: StandardAero's value creation strategy includes "investment in value-accretive acquisitions." The company has a proven track record of completing 11 strategic acquisitions over the past seven years, with a focus on adding strategic engine platforms, new capabilities, and intellectual property. The recent acquisition of Aero Turbine Inc. in August 2024, which adds complementary component repair and Source Approval Request (SAR) capabilities on military platforms, exemplifies this ongoing strategy to drive revenue growth.

AI Analysis | Feedback

Outbound Investments

  • On August 23, 2024, StandardAero completed the acquisition of Aero Turbine Inc., a provider of engine component repair and other value-added engine aftermarket services.
  • The Aero Turbine acquisition adds highly complementary component repair and source approval request (SAR) capabilities on strategic military platforms.
  • Over the past seven years, StandardAero has successfully completed 11 strategic acquisitions.

Capital Expenditures

  • Over the last five years, substantial investments have been made to significantly expand the engine component repair services business.
  • Investments were made to expand capacity and competitiveness on the CFM56 platform, including establishing a new CFM56-dedicated Center of Excellence facility in Dallas, Texas.
  • In March 2023, StandardAero became the first and only independent aftermarket service provider in North America to join CFM International Inc.’s authorized service network for the LEAP-1A and LEAP-1B engines.

Trade Ideas

Select ideas related to SARO.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
NSP_3312026_Insider_Buying_45D_2Buy_200K03312026NSPInsperityInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
TNC_3312026_Insider_Buying_45D_2Buy_200K03312026TNCTennantInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
ADP_3272026_Dip_Buyer_FCFYield03272026ADPAutomatic Data ProcessingDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
1.0%1.0%0.0%
HURN_3272026_Dip_Buyer_FCFYield03272026HURNHuron ConsultingDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
4.0%4.0%0.0%
TRU_3272026_Dip_Buyer_FCFYield03272026TRUTransUnionDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
5.2%5.2%0.0%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SAROFLYATRODFNSMDAMRLNMedian
NameStandard.Firefly .AstronicsT3 Defen.MDA SpaceMerlin  
Mkt Price27.8438.8074.330.5831.3111.6629.57
Mkt Cap9.16.22.70.0--4.4
Rev LTM6,06316086201,633-862
Op Inc LTM551-26176-28158-76
FCF LTM204-23843-6132-43
FCF 3Y Avg--11-6187-11
CFO LTM317-20575-6408-75
CFO 3Y Avg--27-6411-27

Growth & Margins

SAROFLYATRODFNSMDAMRLNMedian
NameStandard.Firefly .AstronicsT3 Defen.MDA SpaceMerlin  
Rev Chg LTM15.8%163.0%8.4%100.0%51.2%-51.2%
Rev Chg 3Y Avg--17.5%-9.2%37.0%-17.5%
Rev Chg Q13.5%538.4%15.1%-44.0%-29.6%
QoQ Delta Rev Chg LTM3.2%43.7%3.8%-10.3%-7.0%
Op Mgn LTM9.1%-163.1%8.9%-9.7%-9.0%
Op Mgn 3Y Avg--3.7%-9.7%-6.7%
QoQ Delta Op Mgn LTM0.6%63.9%2.9%--0.2%-1.7%
CFO/Rev LTM5.2%-128.2%8.7%-25.0%-6.9%
CFO/Rev 3Y Avg--3.0%-34.0%-18.5%
FCF/Rev LTM3.4%-148.7%5.0%-8.1%-4.2%
FCF/Rev 3Y Avg--1.1%-14.0%-7.6%

Valuation

SAROFLYATRODFNSMDAMRLNMedian
NameStandard.Firefly .AstronicsT3 Defen.MDA SpaceMerlin  
Mkt Cap9.16.22.70.0--4.4
P/S1.538.73.1---3.1
P/EBIT16.6-19.734.60.1--8.4
P/E33.0-20.790.30.1--16.6
P/CFO28.9-30.235.4-1.8--13.5
Total Yield3.0%-4.8%1.1%694.5%--2.1%
Dividend Yield0.0%0.0%0.0%0.0%--0.0%
FCF Yield 3Y Avg--0.3%---0.3%
D/E0.30.00.10.2--0.2
Net D/E0.2-0.10.1-0.2--0.0

Returns

SAROFLYATRODFNSMDAMRLNMedian
NameStandard.Firefly .AstronicsT3 Defen.MDA SpaceMerlin  
1M Rtn6.8%65.3%16.3%-52.4%4.4%-50.4%5.6%
3M Rtn-12.7%27.5%6.2%-84.7%1.7%-50.4%-5.5%
6M Rtn1.2%29.9%54.1%-84.1%1.7%-50.4%1.4%
12M Rtn13.6%-35.7%230.6%-84.1%1.7%-50.4%-17.0%
3Y Rtn-15.0%-35.7%388.4%-84.1%1.7%-50.4%-25.4%
1M Excs Rtn1.5%63.8%6.3%-55.2%-1.5%-53.6%-0.0%
3M Excs Rtn-8.4%30.0%13.5%-83.6%2.8%-49.2%-2.8%
6M Excs Rtn1.7%26.8%59.2%-86.3%-0.6%-52.6%0.5%
12M Excs Rtn-16.0%-61.9%196.8%-110.2%-24.5%-76.6%-43.2%
3Y Excs Rtn-83.3%-104.1%397.8%-152.4%-66.7%-118.7%-93.7%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil2025202420232022
Engine Services4,6454,0503,7233,123
Component Repair Services592513427357
Total5,2374,5634,1503,480


Operating Income by Segment
$ Mil2025202420232022
Engine Services611   
Component Repair Services155   
Acquisition costs-1   
Integration costs and severance-3   
Other-7   
Non-cash stock compensation expense-17   
Initial public offering (IPO) -related costs-27   
Business transformation costs (LEAP and CFM)-43   
Corporate-75   
Depreciation and amortization-188   
Total403   


Price Behavior

Price Behavior
Market Price$27.84 
Market Cap ($ Bil)9.1 
First Trading Date10/02/2024 
Distance from 52W High-15.9% 
   50 Days200 Days
DMA Price$28.62$27.69
DMA Trenddowndown
Distance from DMA-2.7%0.5%
 3M1YR
Volatility33.5%30.0%
Downside Capture0.840.78
Upside Capture151.24127.78
Correlation (SPY)44.5%53.3%
SARO Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.541.331.241.361.270.05
Up Beta0.760.82-0.071.051.26-0.07
Down Beta0.680.460.520.861.13-0.07
Up Capture173%162%206%198%139%23%
Bmk +ve Days7162765139424
Stock +ve Days7182962128192
Down Capture207%175%166%145%128%90%
Bmk -ve Days12233358110323
Stock -ve Days15243362121178

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SARO
SARO10.9%30.1%0.36-
Sector ETF (XLI)37.9%15.6%1.8665.0%
Equity (SPY)18.7%13.7%1.0655.0%
Gold (GLD)53.7%27.6%1.551.0%
Commodities (DBC)25.2%16.2%1.372.7%
Real Estate (VNQ)14.8%14.0%0.7630.9%
Bitcoin (BTCUSD)-11.7%43.0%-0.1732.7%

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 SARO
SARO-3.1%35.4%-0.24-
Sector ETF (XLI)13.3%17.3%0.6062.9%
Equity (SPY)11.1%17.0%0.5055.6%
Gold (GLD)21.8%17.8%1.016.8%
Commodities (DBC)11.7%18.8%0.5115.1%
Real Estate (VNQ)3.7%18.8%0.1036.5%
Bitcoin (BTCUSD)4.6%56.6%0.3031.1%

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 SARO
SARO-1.5%35.4%-0.24-
Sector ETF (XLI)14.1%19.9%0.6262.9%
Equity (SPY)13.9%17.9%0.6755.6%
Gold (GLD)14.2%15.9%0.746.8%
Commodities (DBC)8.8%17.6%0.4215.1%
Real Estate (VNQ)5.2%20.7%0.2236.5%
Bitcoin (BTCUSD)67.5%66.9%1.0731.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date3312026
Short Interest: Shares Quantity13.1 Mil
Short Interest: % Change Since 315202645.6%
Average Daily Volume4.1 Mil
Days-to-Cover Short Interest3.2 days
Basic Shares Quantity328.5 Mil
Short % of Basic Shares4.0%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/27/2026-4.6%-7.8%-3.7%
8/13/2025-4.0%-5.4%-3.6%
3/10/20258.5%9.8%-15.5%
11/13/2024-6.8%-1.9%-10.2%
SUMMARY STATS   
# Positive110
# Negative334
Median Positive8.5%9.8% 
Median Negative-4.6%-5.4%-7.0%
Max Positive8.5%9.8% 
Max Negative-6.8%-7.8%-15.5%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/26/202610-K
09/30/202511/10/202510-Q
06/30/202508/14/202510-Q
03/31/202505/13/202510-Q
12/31/202403/12/202510-K
09/30/202411/13/202410-Q
06/30/202410/02/2024424B4

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Ford, Russell WayneChief Executive OfficerFamily LLCSell107202630.1840,0001,207,33629,185,990Form
2Ford, Russell WayneChief Executive OfficerFamily LLCSell107202630.4640,0001,218,40428,235,142Form
3Drobny, MarcSee RemarksDirectSell107202630.1215,000451,764340,931Form
4Trapp, AlexChief Strategy OfficerDirectSell1017202529.2110,000  Form
5Trapp, AlexChief Strategy OfficerDirectSell925202528.004,035112,980280,000Form