StandardAero
SARO NYSE Aerospace & Defense Financials FY2022–FY2025
StandardAero's revenue rose 15.8% to $6.1 billion in fiscal 2025. Its operating margin was 9.1%, up from 7.7% a year earlier. Free cash flow was $234 million. The diluted share count rose 15.4%.
Revenue
Total sales reported in the income statement.
$6.1B
15.8%
vs prior year
Operating margin
Operating income as a share of revenue.
9.1%
1.4 pts
Net income
Profit after all expenses, interest and tax.
$277M
2,421.8%
Free cash flow
Cash from operations minus capital spending.
$234M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
8.9%
4.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$7.2B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
22.5x
On $0.97 EPS (TTM)
What StandardAero does
No business description yet.
- Legal name
- StandardAero, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001193125-26-072618
0002025410
Revenue and margins
StandardAero had $6.1B of revenue in fiscal 2025, up 15.8% on the year before.
FY22
Revenue $4.2B
FY23
Revenue $4.6B
FY24
Revenue $5.2B
FY25
Revenue $6.1B
Q1 '25
Revenue $1.4B
Q2 '25
Revenue $1.5B
Q3 '25
Revenue $1.5B
Q4 '25
Revenue $1.6B
Q1 '26
Revenue $1.6B
Q2 '26
Revenue $1.6B
FY22
Gross 13.2%
Operating 6.3%
Net −0.5%
FCF −0.3%
FY23
Gross 13.9%
Operating 7.4%
Net −0.8%
FCF 0.3%
FY24
Gross 14.4%
Operating 7.7%
Net 0.2%
FCF −0.5%
FY25
Gross 14.8%
Operating 9.1%
Net 4.6%
FCF 3.9%
Gross
Operating
Net
FCF
Q1 '25
Gross 15.2%
Operating 9.0%
Net 4.4%
FCF −3.4%
Q2 '25
Gross 15.5%
Operating 8.9%
Net 4.4%
FCF −1.3%
Q3 '25
Gross 14.9%
Operating 9.2%
Net 4.6%
FCF −0.3%
Q4 '25
Gross 13.8%
Operating 9.3%
Net 4.9%
FCF 19.2%
Q1 '26
Gross 14.7%
Operating 8.8%
Net 4.9%
FCF −8.3%
Q2 '26
Gross 16.8%
Operating 10.5%
Net 6.1%
FCF 3.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income −$21.0M
FY23
Net income −$35.1M
FY24
Net income $11.0M
FY25
Net income $277M
Q1 '25
Net income $62.9M
Q2 '25
Net income $67.7M
Q3 '25
Net income $68.1M
Q4 '25
Net income $78.6M
Q1 '26
Net income $79.9M
Q2 '26
Net income $97.3M
FY22
Diluted EPS −$0.08
FY23
Diluted EPS −$0.13
FY24
Diluted EPS $0.04
FY25
Diluted EPS $0.83
Q1 '25
Diluted EPS $0.19
Q2 '25
Diluted EPS $0.20
Q3 '25
Diluted EPS $0.20
Q4 '25
Diluted EPS $0.24
Q1 '26
Diluted EPS $0.24
Q2 '26
Diluted EPS $0.29
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital —
Return on equity —
Return on assets —
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital 4.6%
Return on equity 0.6%
Return on assets 0.2%
FY25
Return on capital 8.9%
Return on equity 11.0%
Return on assets 4.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $234M in fiscal 2025, 3.9% of revenue. Cash from operations minus capital spending.
FY22
Free cash flow −$14.0M
FY23
Free cash flow $12.8M
FY24
Free cash flow −$26.6M
FY25
Free cash flow $234M
Q1 '25
Free cash flow −$49.3M
Q2 '25
Free cash flow −$19.0M
Q3 '25
Free cash flow −$4.7M
Q4 '25
Free cash flow $307M
Q1 '26
Free cash flow −$135M
Q2 '26
Free cash flow $51.3M
FY22
Cash from operations $27.3M
Capital spending $41.2M
FY23
Cash from operations $67.9M
Capital spending $55.1M
FY24
Cash from operations $76.3M
Capital spending $103M
FY25
Cash from operations $317M
Capital spending $82.4M
Cash from operations
Capital spending
Q1 '25
Cash from operations −$24.0M
Capital spending $25.3M
Q2 '25
Cash from operations $2.9M
Capital spending $21.9M
Q3 '25
Cash from operations $14.8M
Capital spending $19.5M
Q4 '25
Cash from operations $323M
Capital spending $15.7M
Q1 '26
Cash from operations −$120M
Capital spending $15.6M
Q2 '26
Cash from operations $72.3M
Capital spending $21.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
StandardAero returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 15.4%.
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends $0.0M
Buybacks $0.0M
FY25
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
Q1 '25
Dividends $0.0M
Buybacks $0.0M
Q2 '25
Dividends $0.0M
Buybacks $0.0M
Q3 '25
Dividends $0.0M
Buybacks $0.0M
Q4 '25
Dividends $0.0M
Buybacks $0.0M
Q1 '26
Dividends $0.0M
Buybacks $60.1M
Q2 '26
Dividends $0.0M
Buybacks $40.0M
Dividends
Buybacks
FY22
Diluted shares 0.28B
FY23
Diluted shares 0.28B
FY24
Diluted shares 0.29B
FY25
Diluted shares 0.33B
Value StandardAero yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$1.9B and divides by 334.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 22.5x · peers 40.1x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably StandardAero can carry it.
FY22
Cash $120M
Debt —
FY23
Cash $58.0M
Debt $3.2B
FY24
Cash $103M
Debt $2.2B
FY25
Cash $290M
Debt $2.2B
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $120M | $58.0M | $103M | $290M |
| Debt incl. finance leases | — | $3.2B | $2.2B | $2.2B |
| Net debt / EBITDA | — | 5.9x | 3.6x | 2.6x |
| Debt / equity | — | 2.8x | 1.0x | 0.8x |
| Interest coverage | 1.1x | 1.1x | 1.4x | 3.2x |
| Current ratio | — | 2.0x | 2.0x | 2.2x |
| Quick ratio | — | 1.3x | 1.3x | 1.6x |
| Total assets | — | $5.8B | $6.2B | $6.6B |
| Total liabilities | — | $4.6B | $3.8B | $3.9B |
| Shareholders' equity | $1.2B | $1.1B | $2.4B | $2.7B |
| Net debt (− = net cash) | — | $3.2B | $2.1B | $1.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$9.9M
2 insiders
Of sales under plans
96%
$9.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold plan | 41 | $30.00 | $0.0M | Form 4 |
| Aug 7, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold plan | 20,413 | $30.56 | $0.6M | Form 4 |
| Aug 6, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold plan | 40,000 | $31.42 | $1.3M | Form 4 |
| Aug 5, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold plan | 40,000 | $30.89 | $1.2M | Form 4 |
| Aug 4, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold plan | 40,000 | $30.24 | $1.2M | Form 4 |
| Aug 3, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold plan | 10,969 | $30.04 | $0.3M | Form 4 |
| Jul 7, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold plan | 40,000 | $30.12 | $1.2M | Form 4 |
| Jul 6, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold plan | 40,000 | $30.44 | $1.2M | Form 4 |
| Jul 2, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold plan | 40,000 | $30.24 | $1.2M | Form 4 |
| Jul 1, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold plan | 40,000 | $30.23 | $1.2M | Form 4 |
| Apr 16, 2026 | Kimberly ErnzenChief Operating Officer | Sold | 2,516 | $27.36 | $0.1M | Form 4 |
| Apr 16, 2026 | Russell Wayne FordChief Executive Officer, Director | Sold | 10,638 | $27.36 | $0.3M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | — | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | ✕ | ✓ |
| Share count didn't rise | ✓ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 9 | — / 9 | 8 / 9 |
| Accruals ratio | — | −1.1% | −0.6% |
| Altman Z'' | 0.98 | 1.54 | 2.23 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| StandardAero SARO | $7.2B | 15.8% | 9.1% | 3.9% | 8.9% | 22.5x | 8 | |
| Parsons PSN | $5.3B | −5.7% | 6.6% | 6.5% | 9.8% | 23.5x | 7 | Compare → |
| Elbit Systems ESLT | $34.5B | 16.3% | 8.5% | 7.0% | 18.0% | — | 8 | Compare → |
| ATI ATI | $21.7B | 5.2% | 14.0% | 7.3% | 16.7% | 46.0x | 9 | Compare → |
| Howmet Aerospace HWM | $74.7B | 11.1% | 24.8% | 17.3% | 22.4% | 40.1x | 7 | Compare → |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $4.2B | $4.6B | $5.2B | $6.1B |
| Gross profit | $546M | $635M | $754M | $898M |
| Operating income | $263M | $337M | $403M | $551M |
| Interest expense | $243M | $310M | $283M | $174M |
| Pretax income | $22.0M | $5.1M | $81.8M | $377M |
| Income tax | $43.0M | $40.2M | $70.8M | $99.4M |
| Net income | −$21.0M | −$35.1M | $11.0M | $277M |
| Diluted EPS | −$0.08 | −$0.13 | $0.04 | $0.83 |
| Diluted shares | 0.28B | 0.28B | 0.29B | 0.33B |
| Cash flow | ||||
| Cash from operations | $27.3M | $67.9M | $76.3M | $317M |
| Capital expenditure | $41.2M | $55.1M | $103M | $82.4M |
| Free cash flow | −$14.0M | $12.8M | −$26.6M | $234M |
| Depreciation and amortization | $195M | $197M | $187M | $194M |
| Stock-based compensation | — | — | $17.4M | $13.2M |
| Acquisitions | $19.9M | $31.1M | $114M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M |
| Balance sheet | ||||
| Cash and short-term investments | $120M | $58.0M | $103M | $290M |
| Total debt | — | $3.2B | $2.2B | $2.2B |
| Finance lease liabilities | $0.0M | $20.3M | $18.4M | $18.5M |
| Current assets | — | $2.1B | $2.5B | $2.9B |
| Current liabilities | — | $1.1B | $1.3B | $1.3B |
| Inventory | $0.0M | $699M | $847M | $828M |
| Property and equipment, net | — | $522M | $569M | $580M |
| Total assets | — | $5.8B | $6.2B | $6.6B |
| Total liabilities | — | $4.6B | $3.8B | $3.9B |
| Shareholders' equity | $1.2B | $1.1B | $2.4B | $2.7B |
| Margins | ||||
| Gross margin | 13.2% | 13.9% | 14.4% | 14.8% |
| Operating margin | 6.3% | 7.4% | 7.7% | 9.1% |
| EBITDA margin | 11.0% | 11.7% | 11.3% | 12.3% |
| Net margin | −0.5% | −0.8% | 0.2% | 4.6% |
| FCF margin | −0.3% | 0.3% | −0.5% | 3.9% |
| Returns | ||||
| Return on capital | — | — | 4.6% | 8.9% |
| Return on capital employed | — | — | 8.4% | 10.8% |
| Return on equity | — | — | 0.6% | 11.0% |
| Return on assets | — | — | 0.2% | 4.3% |
| Growth | ||||
| Revenue growth | — | 10.0% | 14.8% | 15.8% |
| Net income growth | — | — | — | 2,428.0% |
| EPS growth | — | — | — | 1,975.0% |
| FCF growth | — | — | −308.4% | — |
| Share count change | — | 0.0% | 5.3% | 15.4% |
| Financial health | ||||
| Net debt / EBITDA | — | 5.9x | 3.6x | 2.6x |
| Debt / equity | — | 2.8x | 1.0x | 0.8x |
| Interest coverage | 1.1x | 1.1x | 1.4x | 3.2x |
| Current ratio | — | 2.0x | 2.0x | 2.2x |
| Quick ratio | — | 1.3x | 1.3x | 1.6x |
| Capital allocation | ||||
| Capex / revenue | 1.0% | 1.2% | 2.0% | 1.4% |
| Stock comp / revenue | — | — | 0.3% | 0.2% |
| Payouts / FCF | — | 0.0% | — | 0.0% |
| Quality scores | ||||
| Piotroski F-score | — | — | — | 8.0 |
| Altman Z'' | — | 1.0 | 1.5 | 2.2 |
| Accruals ratio | — | — | −1.1% | −0.6% |
Source: SEC EDGAR XBRL filings (CIK 0002025410). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.