CAE Inc. (CAE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.23	$0.26	+13.0%	—	$1.2B	—
Q4 26	$0.42	$0.42	0.0%	—	$1.3B	—
Q3 26	$0.3	$0.34	+13.3%	—	$1.3B	—
Q1 26	$0.2	$0.21	+5.0%	—	$1.1B	—
Q4 25	$0.46	$0.47	+2.2%	—	$1.3B	—
Q3 25	$0.29	$0.29	0.0%	—	$903.5M	—
Q2 25	$0.18	$0.24	+33.3%	—	$810.1M	—
Q1 25	$0.2	$0.21	+5.0%	—	$1.1B	—
Q4 24	$0.42	$0.37	-11.9%	—	$1.1B	—
Q3 24	$0.25	$0.24	-4.0%	—	$1.1B	—
Q2 24	$0.2	$0.27	+35.0%	—	$1.1B	—
Q1 24	$0.21	$0.24	+14.3%	—	$1B	—
Q4 23	$0.34	$0.35	+2.9%	—	$1.3B	—
Q3 23	$0.25	$0.28	+12.0%	—	$969.9M	—
Q2 23	$0.17	$0.19	+11.8%	—	$993.2M	—
Q1 23	$0.22	$0.06	-72.7%	—	$933.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$0.98	—	—	$4.9B	—
FY25	—	$1.27	—	—	$4.7B	—
FY24	—	-$0.95	—	—	$4.3B	—
FY23	—	$0.7	—	—	$4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$2.7B	$2.8B	$3.3B	$3.6B	$3B	$3.4B	$4B	$4.3B	$4.7B	$4.9B
YoY change	+7.64%	+4.4%	+17%	+9.66%	-17.7%	+13.1%	+19%	+6.79%	+9.93%	+4.38%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	2.7B	2.8B	3.3B	3.6B	3B	3.4B	4B	4.3B	4.7B	4.9B
Cost of revenue	1.9B	1.9B	2.4B	2.5B	2.2B	2.4B	2.9B	3.1B	3.4B	3.5B
Gross profit	811.2M	877.9M	941.5M	1.1B	765M	955.5M	1.1B	1.2B	1.3B	1.4B
Gross margin	30%	31.1%	28.5%	29.9%	25.7%	28.3%	27%	27%	27.6%	28.3%
Research & development	111M	114.9M	101.4M	137.5M	104.7M	120.8M	129M	149.8M	123.2M	144M
Selling, general & administrative	364.4M	380.8M	415.2M	437.5M	398.9M	494.4M	504.8M	536.8M	565.4M	624.3M
Operating expenses	475.5M	497M	520.3M	585.1M	509M	591.4M	628.9M	686.6M	688.6M	768.3M
Operating income	335.8M	380.9M	421.2M	508.6M	256M	340.3M	449.7M	467.9M	611.5M	622.5M
Operating margin	12.4%	13.5%	12.7%	14%	8.59%	10.1%	11.2%	10.9%	13%	12.7%
Non-operating income, net	28.9M	81.9M	59.4M	28.5M	-207.6M	-61.4M	13M	-655.1M	117.7M	-10.2M
Pretax income	292.3M	385.6M	399.7M	392.7M	-87.2M	153.6M	292.4M	-390.4M	513.7M	400.2M
Income tax	35.2M	30.9M	59.6M	73.8M	-39.7M	3.6M	62.6M	-72.8M	98.7M	77.5M
Net income	256.6M	354.7M	340.1M	318.9M	-47.5M	150M	231.9M	-296.3M	415M	322.7M
Net margin	9.49%	12.6%	10.3%	8.8%	-1.59%	4.45%	5.78%	-6.92%	8.81%	6.57%
EBITDA	594M	617.5M	656.6M	834.6M	561.3M	711.7M	838.5M	897.3M	1.2B	1.1B
EPS	0.94	1.29	1.24	1.17	-0.17	0.46	0.7	-0.95	1.27	0.98
Diluted EPS	0.93	1.29	1.23	1.16	-0.17	0.45	0.7	-0.95	1.27	0.97

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	1.1B	1.1B	1.1B	1.1B	810.1M	903.5M	1.3B	1.1B	1.2B	1.3B	1.3B	1.2B
Cost of revenue	765.3M	791.9M	844.8M	793.8M	602.6M	652.7M	884.7M	790.3M	917.3M	889.9M	925.7M	830.5M
Gross profit	284.7M	302.6M	281.5M	278.7M	207.5M	250.8M	390.7M	308.3M	319.3M	362.2M	401M	342.9M
Gross margin	27.1%	27.6%	25%	26%	25.6%	27.8%	30.6%	28.1%	25.8%	28.9%	30.2%	29.2%
Research & development	33.3M	38.1M	41.7M	35.9M	26.5M	21.2M	21.4M	36.7M	37M	26M	44.3M	40.3M
Selling, general & administrative	132.3M	140.9M	139.9M	133.5M	90.9M	103.5M	164.1M	159.4M	148.3M	161.7M	154.9M	182.9M
Operating expenses	165.6M	179M	181.6M	169.4M	117.5M	124.7M	185.5M	196.1M	185.3M	187.7M	199.2M	223.2M
Operating income	119.1M	123.6M	99.9M	109.3M	90M	126.1M	205.2M	112.2M	134M	174.5M	201.8M	119.7M
Operating margin	11.3%	11.3%	8.87%	10.2%	11.1%	14%	16.1%	10.2%	10.8%	13.9%	15.2%	10.2%
Non-operating income, net	-21.4M	-2M	-634.7M	-700K	-5.8M	67.7M	34.7M	21.6M	21.3M	21.3M	-74.4M	-32.9M
Pretax income	50.6M	69.2M	-585.4M	59.1M	46.5M	152.1M	183.4M	79.2M	98.4M	141.7M	80.9M	41.3M
Income tax	-8.3M	8.2M	-80.6M	8.3M	7.4M	25.7M	45.2M	19M	22.3M	29.6M	6.6M	8.7M
Net income	61.1M	59.1M	-484.3M	50.8M	39.1M	126.4M	138.2M	60.2M	76.1M	112.1M	74.3M	32.6M
Net margin	5.82%	5.4%	-43%	4.74%	4.82%	14%	10.8%	5.48%	6.15%	8.95%	5.6%	2.78%
EBITDA	226.8M	240.3M	194.7M	225.8M	177.5M	267.6M	339.2M	241.2M	269.3M	311.3M	306.3M	255.6M
EPS	0.18	0.17	-1.52	0.15	0.16	0.53	—	0.18	0.23	0.34	—	0.1
Diluted EPS	0.18	0.17	-1.52	0.15	0.16	0.53	—	0.18	0.23	0.34	—	0.1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	6B	7.2B	8.6B	4.9B	11.3B	—	10.4B	—	7.8B	8.4B	7.8B
Enterprise value	6.7B	7.9B	10.5B	7.2B	12.7B	—	13.5B	—	11B	11B	7.6B
Shares outstanding	390.4M	389.7M	387.3M	386.4M	395.2M	451.9M	461.6M	318.2M	319.1M	321.1M	321.1M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	23.3	20.4	25.2	15.3	—	—	45	—	18.9	25.9	39.5
P/S	2.21	2.57	2.6	1.35	3.78	—	2.6	—	1.67	1.7	1.6
P/B	2.97	3.15	3.56	1.89	3.5	—	2.28	—	1.58	1.55	2.08
EV/EBITDA	11.3	12.8	15.9	8.68	22.6	—	16.1	—	9.41	9.74	11.5
EV/Sales	2.48	2.8	3.17	2	4.25	—	3.36	—	2.34	2.25	2.14
Earnings yield	4.3%	4.9%	3.96%	6.54%	—	—	2.22%	—	5.29%	3.86%	2.53%
FCF yield	3.82%	2.51%	2.24%	3.3%	1.8%	—	-0.16%	—	5.77%	5.15%	6.28%
PEG	—	—	—	—	—	—	—	—	—	—	-0.89

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	30%	31.1%	28.5%	29.9%	25.7%	28.3%	27%	27%	27.6%	28.3%	29.2%
Operating margin	12.4%	13.5%	12.7%	14%	8.59%	10.1%	11.2%	10.9%	13%	12.7%	10.1%
Net margin	9.49%	12.6%	10.3%	8.8%	-1.59%	4.45%	5.78%	-6.92%	8.81%	6.57%	5.75%
ROE	12.8%	15.4%	14.1%	12.4%	-1.48%	3.67%	5.05%	-6.89%	8.34%	5.99%	5.64%
ROA	4.75%	6.14%	4.75%	3.76%	-0.54%	1.57%	2.22%	-3.01%	3.7%	2.89%	3.53%
ROIC	10.7%	11.9%	8.35%	8.35%	5.52%	4.9%	4.64%	6.48%	6.06%	6.22%	6.31%
Return on tangible assets	7.31%	9.67%	10.9%	7.3%	-1.02%	7.55%	9.93%	-9.01%	12%	8.57%	3.95%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.39	1.44	1.12	1.36	1.28	1.03	0.99	0.85	0.8	0.96	0.83
Quick ratio	1	1.09	0.83	1.06	1.04	0.78	0.74	0.61	0.58	0.77	0.65
Debt / equity	0.62	0.55	0.97	1.28	0.73	0.75	0.71	0.71	0.7	0.6	0.59
Debt / assets	0.23	0.22	0.32	0.39	0.27	0.32	0.31	0.31	0.31	0.29	0.29
Net debt / EBITDA	1.26	1.05	2.87	2.83	2.54	3.79	3.62	3.25	2.71	2.36	2.32
Interest coverage	5.79	7.56	7.08	4.15	0.27	2.36	2.93	-1.17	3.65	3.15	3.04
Effective tax rate	12%	8.01%	14.9%	18.8%	0%	2.34%	21.4%	0%	19.2%	19.4%	18.5%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	6.93	7.24	8.53	9.38	7.54	7.46	8.69	13.5	14.8	15.3	15.5
EPS (basic)	0.94	1.29	1.24	1.17	-0.17	0.46	0.7	-0.95	1.27	0.98	0.98
EPS (diluted)	0.93	1.29	1.23	1.16	-0.17	0.45	0.7	-0.95	1.27	0.97	0.63
Book value per share	5.15	5.89	6.22	6.67	8.13	9.04	9.94	13.5	15.6	16.8	11.9
FCF per share	0.58	0.47	0.5	0.42	0.51	0.12	-0.04	0.28	1.42	1.34	2.14
Cash per share	1.29	1.57	1.15	2.45	2.34	0.77	0.47	0.5	0.92	1.72	1.77
Capex per share	0.02	0.07	0.64	0.73	0.26	0.58	0.64	1.02	0.06	1.13	0.91

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	0.24%	0.96%	7.54%	7.81%	3.46%	7.82%	7.31%	7.61%	0.41%	7.36%	5.87%
Capex / operating cash flow	1.34%	6.45%	44.2%	64.2%	39.1%	61.3%	65%	1.8K%	1.92%	45.6%	29.8%
Payout ratio	31.4%	25.3%	29.4%	34.8%	0%	—	—	—	—	—	0%
Dividend yield	1.35%	1.24%	1.16%	2.27%	0%	—	—	—	—	—	1.33%

Yield

1.33%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.0807

ex-dividend Mar 12, 2020

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Mar 12, 2020	$0.0807
Dec 12, 2019	$0.083
Sep 12, 2019	$0.0835
Jun 13, 2019	$0.0752
Mar 14, 2019	$0.0746
Dec 13, 2018	$0.0747

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$1.1B	$1.1B	$1.1B	$1.1B	$810.1M	$903.5M	$1.3B	$1.1B	$1.2B	$1.3B	$1.3B	$1.2B
YoY change	+5.72%	+12.8%	-10.4%	+5.98%	-22.8%	-17.5%	+13.2%	+2.43%	+52.6%	+38.6%	+4.02%	+6.81%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	504.7M	611.5M	446.1M	946.5M	926.1M	346.1M	217.6M	160.1M	293.7M	552.4M
Receivables	450.1M	345.5M	367.4M	450.5M	368M	418.1M	453.8M	452.9M	420.7M	404.9M
Inventory	549M	516.1M	537M	616.2M	647.8M	519.8M	583.4M	573.6M	595M	454.8M
Total current assets	2B	2.1B	2.1B	2.8B	3.4B	2.1B	2.2B	2B	2.1B	2.3B
Property, plant & equipment	1.1B	1.4B	1.7B	2.1B	1.8B	1.9B	2.2B	2.4B	2.9B	2.9B
Goodwill & intangibles	1.9B	2.1B	4.1B	4.1B	4.1B	7.6B	8.1B	6.5B	7.7B	7.4B
Total assets	5.4B	5.8B	7.2B	8.5B	8.7B	9.6B	10.4B	9.8B	11.2B	11.1B
Accounts payable	686.1M	306M	458.9M	539.7M	461.9M	436.2M	522.1M	561.7M	701M	507.1M
Short-term debt	51.9M	52.2M	264.1M	206.2M	216.3M	241.8M	214.6M	308.9M	399M	252M
Total current liabilities	1.4B	1.5B	1.9B	2.1B	2.6B	2.1B	2.2B	2.4B	2.7B	2.4B
Long-term debt	1.2B	1.2B	2.1B	3.1B	2.1B	2.8B	3B	2.8B	3.1B	3B
Total liabilities	3.4B	3.5B	4.8B	5.9B	5.5B	5.5B	5.8B	5.5B	6.2B	5.8B
Shareholders' equity	2B	2.3B	2.4B	2.6B	3.2B	4.1B	4.6B	4.3B	5B	5.4B
Total debt	1.3B	1.3B	2.3B	3.3B	2.4B	3B	3.3B	3.1B	3.5B	3.2B
Net debt	750.7M	649.4M	1.9B	2.4B	1.4B	2.7B	3B	2.9B	3.2B	2.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	181.5M	124.5M	160.1M	143.2M	128.1M	223.4M	293.7M	171.2M	178.7M	463.7M	552.4M	568.7M
Receivables	656.9M	566.4M	452.9M	582.2M	411.7M	404.4M	420.7M	537.7M	598.2M	529M	404.9M	533.6M
Inventory	655.8M	601M	573.6M	634.8M	451.7M	429.6M	595M	616.4M	586.9M	527.9M	454.8M	481.5M
Total current assets	2.3B	2.4B	2B	2.1B	1.5B	1.6B	2.1B	2B	2B	2.2B	2.3B	2.2B
Property, plant & equipment	2.9B	2.9B	2.4B	3.2B	2.3B	2.7B	2.9B	3.7B	3.8B	3.7B	2.9B	3.7B
Goodwill & intangibles	4B	3.8B	6.5B	3.3B	2.3B	2.9B	7.7B	3.7B	3.8B	3.7B	7.4B	3.7B
Total assets	10.6B	10.5B	9.8B	10.1B	7.2B	8.2B	11.2B	10.9B	11.1B	11B	11.1B	11.2B
Accounts payable	997.5M	999.5M	561.7M	944.6M	680.9M	791.4M	701M	965.9M	1.1B	1B	507.1M	854.6M
Short-term debt	424.7M	592.8M	308.9M	312.1M	347.1M	251.3M	399M	250.2M	291.4M	242.9M	252M	592.6M
Total current liabilities	2.4B	2.7B	2.4B	2.3B	1.8B	1.9B	2.7B	2.3B	2.4B	2.4B	2.4B	2.7B
Long-term debt	2.9B	2.6B	2.8B	3B	2B	2.4B	3.1B	3.2B	3.1B	3B	3B	2.6B
Total liabilities	5.8B	5.7B	5.5B	5.6B	4B	4.7B	6.2B	5.9B	5.9B	5.8B	5.8B	5.7B
Shareholders' equity	4.7B	4.7B	4.3B	4.4B	3.2B	3.5B	5B	5B	5.2B	5.3B	5.4B	5.5B
Total debt	3.4B	3.2B	3.1B	3.3B	2.3B	2.7B	3.5B	3.4B	3.4B	3.2B	3.2B	3.2B
Net debt	3.2B	3.1B	2.9B	3.1B	2.2B	2.5B	3.2B	3.2B	3.2B	2.8B	2.7B	2.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	257.1M	354.7M	340.1M	318.9M	-47.5M	150M	231.9M	-296.3M	415M	322.7M
Depreciation & amortization	211.9M	199.6M	217.2M	305.4M	319.5M	310.5M	342.2M	374.8M	414.7M	460.1M
Stock-based compensation	29.2M	23.1M	9.3M	14.5M	9.6M	6.4M	6.1M	14.8M	25.2M	36.7M
Change in working capital	28.9M	-74.4M	43.4M	-104.8M	2.2M	52.7M	-126.6M	128.3M	153.2M	227.8M
Operating cash flow	491.9M	418.6M	563M	440.7M	264M	430.1M	450.8M	18.4M	1B	791.9M
Capital expenditure	6.6M	27M	-249.1M	-282.9M	-103.1M	-263.8M	-293.2M	-325.8M	19.4M	-361.5M
Investing cash flow	-39.7M	132.4M	-1.3B	-417.9M	-299.5M	-2.2B	-315.2M	-379.9M	-316.9M	-404.3M
Dividends paid	-80.6M	-89.9M	-99.9M	-110.9M	0	—	—	—	—	—
Share repurchases	-41.7M	-44.8M	-94.4M	-49.6M	0	—	—	—	-21.3M	-7M
Financing cash flow	-181.1M	-142.5M	690.3M	443.4M	-21.3M	1.3B	-108.1M	-395.3M	-49.8M	-212.7M
Net change in cash	271.1M	408.5M	-61.3M	466.2M	-56.8M	-487.9M	27.5M	-756.8M	644.9M	174.9M
Free cash flow	228.3M	182.1M	192M	161.1M	203M	55.4M	-16.9M	89.2M	452.4M	430.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	61.1M	59.1M	-484.3M	50.8M	39.1M	126.4M	138.2M	60.2M	76.1M	112.1M	74.3M	32.6M
Depreciation & amortization	91.2M	95.2M	96.2M	97.8M	71.3M	78.5M	110.5M	113.7M	114M	115.5M	116.9M	120.5M
Stock-based compensation	14.2M	3.5M	-3.8M	16.3M	3.1M	2.1M	1.8M	19.5M	6.5M	5.3M	5.4M	12M
Change in working capital	—	—	—	—	—	—	-31.6M	—	—	—	—	—
Operating cash flow	134.7M	161.2M	-562.6M	145.9M	99.3M	241.8M	214.2M	-15.3M	214M	407.6M	185.6M	175.1M
Capital expenditure	200K	100K	-329.5M	1.7M	142.5K	1M	16.1M	-129.3M	-107.6M	-63.4M	-61.2M	-60.5M
Investing cash flow	-12.7M	-20.7M	-335.9M	2.1M	-427.6K	-233.7M	-2M	-145.8M	-118.1M	-70.9M	-69.5M	-78.2M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	—	—	-11.7M	-6.8M	0	0	0	-2.3M	-1.6M	-3.1M	-39M
Financing cash flow	-85M	140.6M	-730.9M	100.7M	-39.7M	85.4M	-209.6M	18.4M	-106.5M	-76.7M	-47.9M	-90.7M
Net change in cash	37M	281.1M	-1.6B	248.7M	59.2M	93.6M	2.6M	-142.7M	-10.6M	260M	68.2M	6.2M
Free cash flow	85.8M	101.7M	81.4M	-134.1M	57.5M	228.7M	196.1M	-144.6M	106.4M	344.2M	124.4M	114.6M

CAE Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history