StandardAero (SARO)
Market Price (9/2/2026): $24.215 | Market Cap: $7.9 BilSector: Industrials | Industry: Aerospace & Defense
StandardAero (SARO)
Market Price (9/2/2026): $24.215Market Cap: $7.9 BilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 36% Megatrend and thematic driversMegatrends include Aerospace Sustainment. Themes include Aircraft Maintenance, Repair, and Overhaul, Show more. | Weak multi-year price returns2Y Excs Rtn is -62%, 3Y Excs Rtn is -99% | Key risksSARO 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. |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include Aerospace Sustainment. Themes include Aircraft Maintenance, Repair, and Overhaul, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -62%, 3Y Excs Rtn is -99% |
| Key risksSARO 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. |
Qualitative Assessment
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StandardAero (SARO) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Significant Insider Selling Exceeded Threshold. StandardAero experienced insider selling totaling $5.85 million across 191,423 shares over the three months leading up to late August 2026. This included multiple transactions by CEO Russell Wayne Ford (through a family LLC), such as 40,000 shares sold on July 6, 2026, for over $1.2 million, and additional sales in early August, which can signal a lack of executive confidence and contribute to negative investor sentiment.
2. Negative Shift in Analyst Ratings and Price Targets. Around the beginning of the specified period, several analyst firms adjusted their outlook on StandardAero. Jefferies Financial Group, for instance, lowered its rating from "buy" to "hold" and reduced its price target from $34.00 to $30.00 on June 2, 2026. Similarly, Zacks Research cut its rating from "strong-buy" to "hold" on May 12, 2026, and Wall Street Zen downgraded the stock from "buy" to "hold" on May 17, 2026. These downgrades and reductions in price targets likely dampened investor enthusiasm and contributed to downward pressure on the stock.
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StandardAero (SARO) stock has lost about 15% since 5/31/2026 because of the following key factors:
1. Significant Insider Selling Exceeded Threshold. StandardAero experienced insider selling totaling $5.85 million across 191,423 shares over the three months leading up to late August 2026. This included multiple transactions by CEO Russell Wayne Ford (through a family LLC), such as 40,000 shares sold on July 6, 2026, for over $1.2 million, and additional sales in early August, which can signal a lack of executive confidence and contribute to negative investor sentiment.
2. Negative Shift in Analyst Ratings and Price Targets. Around the beginning of the specified period, several analyst firms adjusted their outlook on StandardAero. Jefferies Financial Group, for instance, lowered its rating from "buy" to "hold" and reduced its price target from $34.00 to $30.00 on June 2, 2026. Similarly, Zacks Research cut its rating from "strong-buy" to "hold" on May 12, 2026, and Wall Street Zen downgraded the stock from "buy" to "hold" on May 17, 2026. These downgrades and reductions in price targets likely dampened investor enthusiasm and contributed to downward pressure on the stock.
3. Underlying Concerns Despite Strong Fiscal Q2 2026 Earnings. While StandardAero reported adjusted diluted EPS of $0.40 and revenue of $1.5997 billion for fiscal Q2 2026 (ended June 30, 2026), beating analyst estimates, deeper analysis of the financial results revealed potential concerns. The company saw an increase in accounts receivable to $815.6 million from $654.4 million and a rise in total current and long-term debt to approximately $2.33 billion from $2.21 billion at year-end. Concurrently, cash on hand decreased to $179.1 million from $289.7 million at the end of 2025. Additionally, the Component Repair Services segment faced challenges, including lower military sales and input delays, which may have contributed to a cautious outlook from investors despite the headline beats.
4. Negative Market Reaction to Q2 2026 Earnings Announcement. Despite reporting adjusted EPS and revenue that surpassed analyst expectations and raising its full-year guidance for fiscal 2026, StandardAero's stock declined by 2.8% to $30.15 following the earnings announcement on August 6, 2026. This "sell the news" reaction, coupled with the underlying financial concerns mentioned previously, suggests that investors may have been skeptical about the sustainability of the positive results or reacted to other perceived risks, contributing to the stock's overall decline in the specified period.
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Stock Movement Drivers
Fundamental Drivers
The -15.5% change in SARO stock from 5/31/2026 to 9/1/2026 was primarily driven by a -23.4% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 28.64 | 24.21 | -15.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,254 | 6,325 | 1.1% |
| Net Income Margin (%) | 4.7% | 5.1% | 8.8% |
| P/E Multiple | 31.8 | 24.4 | -23.4% |
| Shares Outstanding (Mil) | 327 | 326 | 0.3% |
| Cumulative Contribution | -15.5% |
Market Drivers
5/31/2026 to 9/1/2026| Return | Correlation | |
|---|---|---|
| SARO | -15.5% | |
| Market (SPY) | 0.7% | 37.1% |
| Sector (XLI) | -0.2% | 57.2% |
Fundamental Drivers
The -21.4% change in SARO stock from 2/28/2026 to 9/1/2026 was primarily driven by a -33.1% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.80 | 24.21 | -21.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6,063 | 6,325 | 4.3% |
| Net Income Margin (%) | 4.6% | 5.1% | 11.9% |
| P/E Multiple | 36.5 | 24.4 | -33.1% |
| Shares Outstanding (Mil) | 328 | 326 | 0.7% |
| Cumulative Contribution | -21.4% |
Market Drivers
2/28/2026 to 9/1/2026| Return | Correlation | |
|---|---|---|
| SARO | -21.4% | |
| Market (SPY) | 11.4% | 46.4% |
| Sector (XLI) | -2.2% | 63.5% |
Fundamental Drivers
The -8.6% change in SARO stock from 8/31/2025 to 9/1/2026 was primarily driven by a -62.7% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9012026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.49 | 24.21 | -8.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,619 | 6,325 | 12.6% |
| Net Income Margin (%) | 2.4% | 5.1% | 116.3% |
| P/E Multiple | 65.4 | 24.4 | -62.7% |
| Shares Outstanding (Mil) | 328 | 326 | 0.7% |
| Cumulative Contribution | -8.6% |
Market Drivers
8/31/2025 to 9/1/2026| Return | Correlation | |
|---|---|---|
| SARO | -8.6% | |
| Market (SPY) | 19.1% | 47.4% |
| Sector (XLI) | 14.8% | 62.4% |
Fundamental Drivers
nullnull
Market Drivers
8/31/2023 to 9/1/2026| Return | Correlation | |
|---|---|---|
| SARO | ||
| Market (SPY) | 75.1% | 52.1% |
| Sector (XLI) | 66.2% | 61.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SARO Return | - | - | - | -24% | 16% | -15% | -25% |
| Peers Return | 0% | -13% | 82% | 28% | 88% | -0% | 281% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| SARO Win Rate | - | - | - | 0% | 67% | 38% | |
| Peers Win Rate | 42% | 50% | 71% | 50% | 62% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SARO Max Drawdown | - | - | - | - | -24% | -27% | |
| Peers Max Drawdown | -36% | -44% | -22% | -25% | -23% | -41% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FLY, ATRO, AADX, SPCX, GE.
[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 9/1/2026 (YTD)
How Low Can It Go
| Event | SARO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.0% | -18.8% |
| % Gain to Breakeven | 21.9% | 23.1% |
| Time to Breakeven | 23 days | 79 days |
In The Past
StandardAero's stock fell -18.0% during the 2025 US Tariff Shock. Such a loss loss requires a 21.9% gain to breakeven.
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In The Past
StandardAero's stock fell -18.0% during the 2025 US Tariff Shock. Such a loss loss requires a 21.9% 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)
StandardAero is recognized as the world's largest independent, pure-play provider of aftermarket services for aerospace engines, catering to both fixed and rotary wing aircraft. The company serves as a vital intermediary, connecting engine Original Equipment Manufacturers (OEMs) with aircraft operators. Their business operates within a high-barrier-to-entry industry, necessitating substantial investments, specialized engineering expertise, and extensive government regulatory and OEM certifications. StandardAero holds licenses and authorizations for over 40 critical engine platforms, underpinning their strong market position.
The company delivers a comprehensive range of mission-critical services, including scheduled and unscheduled engine maintenance, repair, and overhaul (MRO), specialized engine component repair, on-wing and field service support, and engineering solutions. StandardAero serves a highly diversified global customer base spanning commercial, military, and business aviation markets, cultivating decades-long relationships with approximately 5,000 customers. Their "OEM-aligned" strategy involves partnerships with major OEMs like GE Aerospace, CFM International, and Pratt & Whitney, granting them preferred access to essential parts, technical information, and intellectual property.
StandardAero's financial stability is underscored by approximately 77% of its revenue being derived from long-term contractual agreements, ensuring predictable and recurring income due to the stringent regulatory requirements of aircraft engine maintenance. A significant growth driver is their strategic expansion into supporting next-generation engine platforms; notably, they are the first and only independent service provider in North America authorized for CFM's LEAP-1A and LEAP-1B engines, projected to become the world's largest engine family. The company also strategically invests in higher-margin engine component repair services and executes value-accretive acquisitions to enhance capabilities and broaden market reach, such as the recent acquisition of Aero Turbine.
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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.
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- 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.
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- 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.
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- GE Aerospace (GE)
- CFM International (null)
- Pratt & Whitney (RTX)
- Rolls-Royce Holdings plc (LSE: RR.)
- Honeywell International Inc. (HON)
- Safran S.A. (EPA: SAF)
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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.
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Key Risks:
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Aerospace & Defense
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 10.0% | 101.1% | 182.9% | CDNL 2670% · FIX 1977% · STRL 1844% |
| Marine Transportation | 4 | 59.7% | 55.5% | 148.9% | MATX 183% · KEX 160% · SFL 138% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 7.6% | 52.3% | 109.0% | CAT 301% · ALSN 242% · WAB 218% |
| Aerospace & Defense ← | 55 | -0.5% | 56.8% | 73.8% | ATI 1015% · FTAI 845% · HWM 711% |
| Passenger Ground Transportation | 3 | -11.1% | 35.9% | 55.9% | UBER 82% · CAR 56% · LYFT -66% |
| Rail Transportation | 7 | 27.6% | 65.8% | 45.8% | FSTR 119% · CSX 60% · UNP 50% |
| Industrial Machinery & Supplies & Components | 71 | 7.3% | 40.2% | 40.4% | CRS 1386% · PSIX 820% · GHM 572% |
| Cargo Ground Transportation | 16 | 33.4% | -2.7% | 30.0% | XPO 244% · R 241% · CVLG 194% |
| Trading Companies & Distributors | 19 | 0.3% | 27.6% | 29.6% | DXPE 517% · AIT 277% · WCC 194% |
| Diversified Support Services | 33 | 11.2% | 28.6% | 24.5% | LIME 4550% · TH 345% · WLFC 343% |
| Building Products | 33 | -11.8% | 1.5% | 15.7% | LMB 492% · GFF 366% · PPIH 282% |
| Electrical Components & Equipment | 41 | 13.1% | 43.2% | 13.8% | POWL 2084% · BE 870% · ELVA 820% |
| Research & Consulting Services | 13 | -8.9% | -18.6% | -2.4% | HURN 217% · CRAI 91% · GRNQ 75% |
| Industrial Conglomerates | 17 | 4.1% | 8.7% | -6.7% | RCMT 708% · CSW 133% · CSL 69% |
| Environmental & Facilities Services | 29 | -10.6% | 16.3% | -12.0% | CECO 828% · ADUR 546% · NVRI 331% |
| Agricultural & Farm Machinery | 17 | 9.5% | -6.2% | -16.5% | BLBD 189% · DE 88% · GENC 60% |
| Data Processing & Outsourced Services | 6 | -30.6% | -11.9% | -26.0% | EXLS 52% · BR 15% · G -23% |
| Office Services & Supplies | 9 | 11.2% | 19.3% | -29.3% | PBI 178% · TILE 158% · HNI 49% |
| Passenger Airlines | 11 | -1.7% | -7.2% | -29.7% | LTM 2259% · UAL 124% · SKYW 101% |
| Human Resource & Employment Services | 21 | 5.7% | -23.4% | -39.8% | BBSI 84% · ADP 53% · KFY 29% |
| Air Freight & Logistics | 12 | -12.3% | -27.5% | -39.9% | CHRW 83% · FDX 67% · EXPD 60% |
| Security & Alarm Services | 10 | -33.4% | 5.9% | -45.3% | CIX 119% · MG 82% · BCO 47% |
| Airport Services | 3 | -68.9% | -76.1% | -60.3% | JOBY -44% · ASLE -60% · UP -100% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 48.60 |
| Mkt Cap | 5.6 |
| Rev LTM | 3,633 |
| Op Inc LTM | -1 |
| FCF LTM | -32 |
| FCF 3Y Avg | 102 |
| CFO LTM | 197 |
| CFO 3Y Avg | 204 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.1% |
| Rev Chg 3Y Avg | 20.6% |
| Rev Chg Q | 24.1% |
| QoQ Delta Rev Chg LTM | 5.5% |
| Op Inc Chg LTM | 24.7% |
| Op Inc Chg 3Y Avg | 288.9% |
| Op Mgn LTM | -2.1% |
| Op Mgn 3Y Avg | 8.4% |
| QoQ Delta Op Mgn LTM | 1.8% |
| CFO/Rev LTM | 7.7% |
| CFO/Rev 3Y Avg | 5.2% |
| FCF/Rev LTM | -9.8% |
| FCF/Rev 3Y Avg | 3.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Engine Services | 5,354 | 4,645 | 4,050 | 3,723 | 3,123 |
| Component Repair Services | 709 | 592 | 513 | 427 | 357 |
| Total | 6,063 | 5,237 | 4,563 | 4,150 | 3,480 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Engine Services | 707 | 611 |
| Component Repair Services | 203 | 155 |
| Integration costs and severance | -6 | -3 |
| Non-cash stock compensation expense | -13 | -17 |
| Other | -19 | -7 |
| Business transformation costs (LEAP and CFM) | -26 | -43 |
| Corporate | -101 | -75 |
| Depreciation and amortization | -194 | -188 |
| Acquisition costs | -1 | |
| Initial public offering (IPO) -related costs | -27 | |
| Total | 551 | 403 |
Price Behavior
| Market Price | $24.21 | |
| Market Cap ($ Bil) | 7.9 | |
| First Trading Date | 10/02/2024 | |
| Distance from 52W High | -26.9% | |
| 50 Days | 200 Days | |
| DMA Price | $27.87 | $27.79 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -13.1% | -12.9% |
| 3M | 1YR | |
| Volatility | 37.1% | 36.0% |
| Downside Capture | 153.63 | 168.84 |
| Upside Capture | 133.71 | 124.36 |
| Correlation (SPY) | 36.7% | 47.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.55 | 1.36 | 1.07 | 1.35 | 1.33 | -0.02 |
| Up Beta | 2.01 | 0.89 | 1.78 | 1.61 | 1.39 | -0.19 |
| Down Beta | 3.22 | 0.92 | 0.31 | 1.04 | 0.91 | 0.06 |
| Up Capture | -44% | 70% | 67% | 90% | 140% | 33% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 6 | 18 | 32 | 62 | 129 | 247 |
| Down Capture | 382% | 268% | 146% | 159% | 139% | 98% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 15 | 24 | 32 | 65 | 120 | 228 |
[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 | |
|---|---|---|---|---|
| SARO | -8.6% | 35.9% | -0.19 | - |
| Sector ETF (XLI) | 14.9% | 17.1% | 0.64 | 62.2% |
| Equity (SPY) | 19.2% | 12.8% | 1.10 | 47.2% |
| Gold (GLD) | 24.8% | 29.2% | 0.76 | 17.8% |
| Commodities (DBC) | 44.0% | 20.4% | 1.67 | -23.7% |
| Real Estate (VNQ) | 8.5% | 13.7% | 0.35 | 27.0% |
| Bitcoin (BTCUSD) | -27.6% | 43.5% | -0.62 | 21.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SARO | |
|---|---|---|---|---|
| SARO | -5.7% | 36.7% | -0.36 | - |
| Sector ETF (XLI) | 12.3% | 17.6% | 0.54 | 61.8% |
| Equity (SPY) | 12.7% | 17.2% | 0.56 | 52.1% |
| Gold (GLD) | 18.7% | 18.7% | 0.81 | 10.8% |
| Commodities (DBC) | 11.0% | 19.5% | 0.44 | -3.9% |
| Real Estate (VNQ) | 2.0% | 18.9% | -0.00 | 33.0% |
| Bitcoin (BTCUSD) | 10.5% | 52.6% | 0.38 | 25.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SARO | |
|---|---|---|---|---|
| SARO | -2.9% | 36.7% | -0.36 | - |
| Sector ETF (XLI) | 13.3% | 20.0% | 0.58 | 61.8% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 52.1% |
| Gold (GLD) | 12.0% | 16.3% | 0.60 | 10.8% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | -3.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 33.0% |
| Bitcoin (BTCUSD) | 63.2% | 66.1% | 1.03 | 25.7% |
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Returns Analyses
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -2.7% | -9.6% | |
| 5/7/2026 | -3.4% | 1.1% | -4.8% |
| 2/25/2026 | 3.5% | -2.3% | -14.7% |
| 8/13/2025 | -4.0% | -5.4% | -3.6% |
| 5/12/2025 | 4.4% | 4.7% | 7.5% |
| 3/10/2025 | 8.5% | 9.8% | -15.5% |
| 11/13/2024 | -6.8% | -1.9% | -10.2% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 1 |
| # Negative | 4 | 4 | 5 |
| Median Positive | 4.4% | 4.7% | 7.5% |
| Median Negative | -3.7% | -3.8% | -10.2% |
| Max Positive | 8.5% | 9.8% | 7.5% |
| Max Negative | -6.8% | -9.6% | -15.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | -2.7% | -9.6% | |
| 5/7/2026 | -3.4% | 1.1% | -4.8% |
| 2/25/2026 | 3.5% | -2.3% | -14.7% |
| 8/13/2025 | -4.0% | -5.4% | -3.6% |
| 5/12/2025 | 4.4% | 4.7% | 7.5% |
| 3/10/2025 | 8.5% | 9.8% | -15.5% |
| 11/13/2024 | -6.8% | -1.9% | -10.2% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 1 |
| # Negative | 4 | 4 | 5 |
| Median Positive | 4.4% | 4.7% | 7.5% |
| Median Negative | -3.7% | -3.8% | -10.2% |
| Max Positive | 8.5% | 9.8% | 7.5% |
| Max Negative | -6.8% | -9.6% | -15.5% |
Recent Forward Guidance
Updated 8/7/2026Latest: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 6.38 Bil | 6.44 Bil | 6.50 Bil | 0.8% | Raised | Guidance: 6.39 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 885.00 Mil | 897.50 Mil | 910.00 Mil | 0.8% | Raised | Guidance: 890.00 Mil for 2026 | |
| 2026 Adjusted Diluted Earnings Per Share | Reported | 1.5 | 1.53 | 1.57 | 5.9% | Raised | Guidance: 1.45 for 2026 | |
| 2026 Adjusted Free Cash Flow | Reported | 270.00 Mil | 285.00 Mil | 300.00 Mil | 0 | Affirmed | Guidance: 285.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 6.33 Bil | 6.39 Bil | 6.45 Bil | 0.6% | Raised | Guidance: 6.35 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 875.00 Mil | 890.00 Mil | 905.00 Mil | 0.3% | Raised | Guidance: 887.50 Mil for 2026 | |
| 2026 Adjusted Earnings Per Share | Reported | 1.4 | 1.45 | 1.5 | 3.6% | Raised | Guidance: 1.4 for 2026 | |
| 2026 Free Cash Flow | Reported | 270.00 Mil | 285.00 Mil | 300.00 Mil | 0 | Affirmed | Guidance: 285.00 Mil for 2026 | |
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8122026 | 30.00 | 41 | 1,230 | 8,865,960 | Form |
| 2 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8102026 | 30.56 | 20,413 | 623,854 | 9,033,184 | Form |
| 3 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8072026 | 31.42 | 40,000 | 1,256,672 | 9,927,269 | Form |
| 4 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8072026 | 30.89 | 40,000 | 1,235,604 | 10,996,443 | Form |
| 5 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8052026 | 30.24 | 40,000 | 1,209,524 | 11,973,864 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8122026 | 30.00 | 41 | 1,230 | 8,865,960 | Form |
| 2 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8102026 | 30.56 | 20,413 | 623,854 | 9,033,184 | Form |
| 3 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8072026 | 31.42 | 40,000 | 1,256,672 | 9,927,269 | Form |
| 4 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8072026 | 30.89 | 40,000 | 1,235,604 | 10,996,443 | Form |
| 5 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8052026 | 30.24 | 40,000 | 1,209,524 | 11,973,864 | Form |
| 6 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 8052026 | 30.04 | 10,969 | 329,501 | 13,096,714 | Form |
| 7 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 7082026 | 30.12 | 40,000 | 1,204,700 | 13,461,167 | Form |
| 8 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 7082026 | 30.44 | 40,000 | 1,217,644 | 14,823,446 | Form |
| 9 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 7062026 | 30.24 | 40,000 | 1,209,640 | 15,935,646 | Form |
| 10 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 7062026 | 30.23 | 40,000 | 1,209,324 | 17,140,807 | Form |
| 11 | Chambliss, Malisa | Chief Human Resources Officer | Direct | Sell | 4172026 | 27.36 | 764 | 20,903 | 56,416 | Form |
| 12 | Brancato, Anthony | See Remarks | Direct | Sell | 4172026 | 27.36 | 1,107 | 30,288 | 81,834 | Form |
| 13 | Krekeler, Gregory Clemens | See Remarks | Direct | Sell | 4172026 | 27.36 | 390 | 10,670 | 20,274 | Form |
| 14 | Trapp, Alex | Chief Strategy Officer | Direct | Sell | 4172026 | 27.36 | 475 | 12,996 | 35,048 | Form |
| 15 | Prebble, Lewis | See Remarks | Direct | Sell | 4172026 | 27.36 | 1,141 | 31,218 | 82,244 | Form |
| 16 | Ernzen, Kimberly | Chief Operating Officer | Direct | Sell | 4172026 | 27.36 | 2,516 | 68,838 | 181,452 | Form |
| 17 | Drobny, Marc | See Remarks | Direct | Sell | 4172026 | 27.36 | 1,094 | 29,932 | 390,564 | Form |
| 18 | Satterfield, Daniel | CFO & Treasurer | Direct | Sell | 4172026 | 27.36 | 2,306 | 63,092 | 170,508 | Form |
| 19 | Ford, Russell Wayne | Chief Executive Officer | Direct | Sell | 4172026 | 27.36 | 10,638 | 291,056 | 392,397 | Form |
| 20 | McElhinney, Paul | Direct | Buy | 3172026 | 26.41 | 37,243 | 983,606 | 7,435,374 | Form | |
| 21 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 3062026 | 30.09 | 40,000 | 1,203,456 | 18,261,091 | Form |
| 22 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 3042026 | 30.33 | 40,000 | 1,213,100 | 19,620,528 | Form |
| 23 | Carlyle, Group Inc | See Footnotes | Sell | 3022026 | 31.46 | 19,840,268 | 624,174,831 | 2,661,108,121 | Form | |
| 24 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 2102026 | 30.12 | 40,000 | 1,204,860 | 20,692,115 | Form |
| 25 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 2062026 | 30.12 | 40,000 | 1,204,720 | 21,894,431 | Form |
| 26 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 2042026 | 30.86 | 40,000 | 1,234,528 | 23,670,686 | Form |
| 27 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 2042026 | 30.47 | 40,000 | 1,218,704 | 24,585,982 | Form |
| 28 | Gic, Private Ltd | See Footnotes | Sell | 2022026 | 30.54 | 10,890,877 | 332,552,929 | 719,794,104 | Form | |
| 29 | Carlyle, Group Inc | See Footnotes | Sell | 1302026 | 31.00 | 48,246,588 | 1,495,644,228 | 3,237,246,393 | Form | |
| 30 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 1072026 | 30.46 | 40,000 | 1,218,404 | 28,235,142 | Form |
| 31 | Ford, Russell Wayne | Chief Executive Officer | Family LLC | Sell | 1072026 | 30.18 | 40,000 | 1,207,336 | 29,185,990 | Form |
| 32 | Drobny, Marc | See Remarks | Direct | Sell | 1072026 | 30.12 | 15,000 | 451,764 | 340,931 | Form |
| 33 | Trapp, Alex | Chief Strategy Officer | Direct | Sell | 10172025 | 29.21 | 10,000 | Form | ||
| 34 | Trapp, Alex | Chief Strategy Officer | Direct | Sell | 9252025 | 28.00 | 4,035 | 112,980 | 280,000 | Form |
| 35 | Trapp, Alex | Chief Strategy Officer | Direct | Sell | 9222025 | 28.00 | 2,873 | 80,444 | 392,980 | Form |
| 36 | Trapp, Alex | Chief Strategy Officer | Direct | Sell | 9222025 | 28.06 | 73,718 | 2,068,166 | 474,356 | Form |
| 37 | Drobny, Marc | See Remarks | Direct | Sell | 9122025 | 26.80 | 20,000 | 536,032 | 705,418 | Form |
Investor Activity (13F)
Updated Sep 2, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| M.D. Sass, LLC | $55.5 Mil | 4.2% | 36 | ADD +7.9% | 13F |
| Verbena Value LP | $23.0 Mil | 3.8% | 26 | ADD +379.3% | 13F |
| Trinity Street Asset Management LLP | $25.7 Mil | 1.8% | 22 | New | 13F |
| Vulcan Value Partners, LLC | $18.5 Mil | 0.5% | 33 | ADD +51.4% | 13F |
| Unisphere Establishment | $8.4 Mil | 0.1% | 50 | ADD +66.7% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Trinity Street Asset Management LLP | $25.7 Mil | 1.8% | 22 | New | 13F |
| Verbena Value LP | $23.0 Mil | 3.8% | 26 | ADD +379.3% | 13F |
| Unisphere Establishment | $8.4 Mil | 0.1% | 50 | ADD +66.7% | 13F |
| Vulcan Value Partners, LLC | $18.5 Mil | 0.5% | 33 | ADD +51.4% | 13F |
| M.D. Sass, LLC | $55.5 Mil | 4.2% | 36 | ADD +7.9% | 13F |
| Active Manager |
|---|
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| M.D. Sass, LLC | $55.5 Mil | 4.2% | 36 | ADD +7.9% | 13F |
| Trinity Street Asset Management LLP | $25.7 Mil | 1.8% | 22 | New | 13F |
| Verbena Value LP | $23.0 Mil | 3.8% | 26 | ADD +379.3% | 13F |
| Vulcan Value Partners, LLC | $18.5 Mil | 0.5% | 33 | ADD +51.4% | 13F |
| Unisphere Establishment | $8.4 Mil | 0.1% | 50 | ADD +66.7% | 13F |
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Aerospace & Defense Resources |
| Defense News |
| FlightGlobal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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