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Aerospace & defence · Industrials · Fiscal year ends Dec 31
StandardAero reported revenue of $6.1B in the fiscal year ended Dec 2025, up 15.8% from the year before. Operating income was $551M, an operating margin of 9.1%, and net income was $277M. Operating cash flow of $317M less capital expenditure of $82M left free cash flow of $234M. Net debt was $1.9B.
Ranks among the 30 aerospace & defence companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 4,150 | 4,563 | 5,237 | 6,063 |
| Cost of revenue | 3,605 | 3,928 | 4,483 | 5,165 |
| Gross profit | 546 | 635 | 754 | 897 |
| Selling, general & admin | 188 | 203 | 254 | 248 |
| Operating income | 263 | 337 | 403 | 551 |
| Interest expense | 243 | 310 | 283 | 174 |
| Pre-tax income | 22.0 | 5.1 | 81.8 | 377 |
| Income tax | 43.0 | 40.2 | 70.8 | 99.4 |
| Net income | −21.0 | −35.1 | 11.0 | 277 |
| Diluted EPS | −0.08 | −0.13 | 0.04 | 0.83 |
| Diluted shares | 275 | 275 | 290 | 334 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 120 | 58.0 | 103 | 290 |
| Receivables | – | 518 | 581 | 654 |
| Inventory | – | 699 | 847 | 828 |
| Current assets | – | 2,136 | 2,485 | 2,896 |
| Net PP&E | – | 522 | 569 | 580 |
| Goodwill | 1,610 | 1,632 | 1,686 | 1,684 |
| Total assets | – | 5,759 | 6,214 | 6,557 |
| Payables | – | 469 | 646 | 680 |
| Deferred revenue | 210 | 356 | 400 | 411 |
| Current liabilities | – | 1,069 | 1,274 | 1,316 |
| Short-term debt | – | 26.7 | 23.4 | 23.4 |
| Long-term debt | – | 3,172 | 2,208 | 2,191 |
| Total liabilities | – | 4,613 | 3,840 | 3,890 |
| Shareholders' equity | 1,199 | 1,147 | 2,373 | 2,667 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 27.3 | 67.9 | 76.3 | 317 |
| Capital expenditure | 41.2 | 55.1 | 103 | 82.4 |
| Free cash flow | −14.0 | 12.8 | −26.6 | 234 |
| Depreciation & amortisation | 195 | 197 | 187 | 194 |
| Stock-based compensation | – | – | 17.4 | 13.2 |
| Acquisitions | 19.9 | 31.1 | 114 | – |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.9% | 14.8% | 15.8% |
| Operating income growth (YoY) | – | 28.5% | 19.5% | 36.7% |
| EPS growth (YoY) | – | – | – | 1975.0% |
| Gross margin | 13.1% | 13.9% | 14.4% | 14.8% |
| Operating margin | 6.3% | 7.4% | 7.7% | 9.1% |
| Net margin | −0.5% | −0.8% | 0.2% | 4.6% |
| Return on equityBlank when equity is negative | −1.8% | −3.1% | 0.5% | 10.4% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 7.2% | 8.2% | 10.5% |
| Free cash flow margin | −0.3% | 0.3% | −0.5% | 3.9% |
| Cash conversion (CFO ÷ net income) | −1.30x | −1.94x | 6.96x | 1.14x |
| Receivable days | – | 41 | 40 | 39 |
| Inventory days | – | 65 | 69 | 58 |
| Payable days | – | 44 | 53 | 48 |
| Interest cover | 1.08x | 1.09x | 1.43x | 3.16x |
| Debt ÷ equity | – | 2.79x | 0.94x | 0.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 3,141 | 2,129 | 1,925 |
| Current ratio | – | 2.00x | 1.95x | 2.20x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.