Parsons vs StandardAero
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The short version
- Parsons is the larger business, with $6.4B of revenue in fiscal 2025 against $6.1B for StandardAero.
- StandardAero grew revenue faster (15.8%, against −5.7%).
- StandardAero kept more of each dollar of sales as operating profit (9.1% operating margin, against 6.6%).
- Parsons turned more of its sales into free cash flow (6.5% FCF margin, against 3.9%).
- Parsons earned a higher return on the capital invested in it (9.8%, against 8.9%).
- Investors pay more for each dollar of Parsons’s earnings: a P/E of 23.5x against 22.5x for StandardAero.
| Latest fiscal year | PSN · FY25 | SARO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.3B | $7.2B |
| Revenue | $6.4B | $6.1B |
| Free cash flow | $410M | $234M |
| Net income | $241M | $277M |
| Growth | ||
| Revenue growth | −5.7% | 15.8% |
| 5-year growth | 10.2% | — |
| Share count change | −2.2% | 15.4% |
| Profitability | ||
| Gross margin | 22.5% | 14.8% |
| Operating margin | 6.6% | 9.1% |
| Net margin | 3.8% | 4.6% |
| FCF margin | 6.5% | 3.9% |
| Return on capital | 9.8% | 8.9% |
| Return on equity | 9.5% | 11.0% |
| Balance sheet | ||
| Net debt | $781M | $1.9B |
| Net debt / EBITDA | 1.5x | 2.6x |
| Dividends and buybacks | $125M | $0.0M |
| Valuation & quality | ||
| P/E | 23.5x | 22.5x |
| Piotroski F-score | 7 | 8 |
Revenue
FY17
PSN $3.0B
SARO —
FY18
PSN $3.6B
SARO —
FY19
PSN $4.0B
SARO —
FY20
PSN $3.9B
SARO —
FY21
PSN $3.7B
SARO —
FY22
PSN $4.2B
SARO $4.2B
FY23
PSN $5.4B
SARO $4.6B
FY24
PSN $6.8B
SARO $5.2B
FY25
PSN $6.4B
SARO $6.1B
PSN
SARO
Operating margin
FY17
PSN 5.0%
SARO —
FY18
PSN 5.8%
SARO —
FY19
PSN 2.3%
SARO —
FY20
PSN 4.5%
SARO —
FY21
PSN 3.6%
SARO —
FY22
PSN 4.4%
SARO 6.3%
FY23
PSN 5.3%
SARO 7.4%
FY24
PSN 6.3%
SARO 7.7%
FY25
PSN 6.6%
SARO 9.1%
PSN
SARO
Free cash flow
FY17
PSN $237M
SARO —
FY18
PSN $255M
SARO —
FY19
PSN $153M
SARO —
FY20
PSN $255M
SARO —
FY21
PSN $184M
SARO —
FY22
PSN $207M
SARO −$14.0M
FY23
PSN $367M
SARO $12.8M
FY24
PSN $474M
SARO −$26.6M
FY25
PSN $410M
SARO $234M
PSN
SARO
Return on capital
FY17
PSN —
SARO —
FY18
PSN —
SARO —
FY19
PSN 19.2%
SARO —
FY20
PSN 7.2%
SARO —
FY21
PSN 5.1%
SARO —
FY22
PSN 5.9%
SARO —
FY23
PSN 8.4%
SARO —
FY24
PSN 10.9%
SARO 4.6%
FY25
PSN 9.8%
SARO 8.9%
PSN
SARO
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.