TransDigm Group INC TDG
TD Group, through its wholly-owned subsidiary, TransDigm Inc., is a leading global designer, producer and supplier of highly engineered aircraft components that are critical to the safe and effective operation of nearly all commercial and military aircraft worldwide. Our products are represented in nearly every commercial and military aircraft in service today. Our business is well diversified due to the broad range of products we offer to our customers. We estimate that approximately 90% of our net sales for fiscal year 2025 were generated by proprietary products.
Most of our products generate significant aftermarket revenue. Once our parts are designed into and sold on a new aircraft, we generate net sales from aftermarket consumption over the life of that aircraft, which is generally estimated to be approximately 25 to 30 years. A typical platform can be produced for 20 to 30 years, giving us an estimated product life cycle in excess of 50 years. We estimate that approximately 55% of our net sales in fiscal year 2025 were generated from the aftermarket, the vast majority of which come from the commercial and military aftermarkets. Historically, these aftermarket revenues have produced a higher gross profit and have been more stable than net sales to original equipment manufacturers ("OEMs").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.83B | $7.94B | $6.58B | $5.43B | $4.80B | $5.10B | $5.22B | $3.81B | $3.50B | $3.17B |
| Cost of revenue | $3.52B | $3.27B | $2.74B | $2.33B | $2.29B | $2.46B | $2.41B | $1.63B | $1.52B | $1.44B |
| Gross profit | $5.31B | $4.67B | $3.84B | $3.10B | $2.51B | $2.65B | $2.81B | $2.18B | $1.98B | $1.73B |
| R&D | $118.0M | $107.0M | $105.0M | $95.0M | $106.0M | $130.9M | $116.8M | $73.8M | $73.8M | $58.6M |
| SG&A | $945.0M | $980.0M | $780.0M | $748.0M | $685.0M | $727.0M | $748.0M | $450.0M | $412.6M | $382.9M |
| Operating income | $4.17B | $3.53B | $2.92B | $2.21B | $1.69B | $1.75B | $1.93B | $1.66B | $1.48B | $1.27B |
| Interest expense | $1.57B | $1.29B | $1.16B | $1.08B | $1.06B | $1.03B | $859.0M | $663.0M | $602.6M | $483.9M |
| Pre-tax income | $2.63B | $2.21B | $1.72B | $1.13B | $715.0M | $740.0M | $1.06B | $986.0M | $837.4M | $768.1M |
| Income tax | $555.0M | $500.0M | $417.0M | $261.0M | $34.0M | $87.0M | $222.0M | $24.0M | $208.9M | $181.7M |
| Net income | $2.07B | $1.71B | $1.30B | $866.0M | $680.0M | $699.0M | $890.0M | $957.0M | $596.9M | $586.4M |
| EPS, basic | 32.08 | 25.62 | 22.03 | 13.40 | 10.41 | 8.96 | — | — | — | — |
| EPS, diluted | 32.08 | 25.62 | 22.03 | 13.40 | 10.41 | 8.96 | 13.84 | 16.20 | 7.88 | 10.39 |
| Shares, diluted (wtd. avg.) | $58.2M | $57.8M | $57.2M | $58.2M | $58.4M | $57.3M | $53.1M | $52.3M | $52.5M | $53.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.81B | $6.26B | $3.47B | $3.00B | $4.79B | $4.72B | $1.47B | $2.07B | $651.0M | $1.59B |
| Receivables | $1.62B | $1.38B | $1.23B | $967.0M | $791.0M | $720.0M | $1.07B | $704.3M | $636.1M | $576.3M |
| Inventory | $2.10B | $1.88B | $1.62B | $1.33B | $1.19B | $1.28B | $1.23B | $805.3M | $730.7M | $724.0M |
| Total current assets | $7.01B | $10.03B | $6.74B | $5.65B | $7.03B | $6.96B | $4.87B | $3.66B | $2.13B | $2.93B |
| Property, plant and equipment | $1.58B | $1.49B | $1.25B | $807.0M | $770.0M | $752.0M | $757.0M | $388.3M | $324.9M | $310.6M |
| Goodwill | $10.61B | $10.42B | $8.99B | $8.64B | $8.57B | $7.89B | $7.82B | $6.22B | $5.75B | $5.68B |
| Other intangibles | $3.45B | $3.45B | $2.75B | $2.75B | $2.79B | $2.61B | $2.74B | $1.79B | $1.72B | $1.76B |
| Total assets | $22.91B | $25.59B | $19.97B | $18.11B | $19.32B | $18.39B | $16.25B | $12.20B | $9.98B | $10.73B |
| Accounts payable | $368.0M | $323.0M | $305.0M | $279.0M | $227.0M | $218.0M | $276.0M | $173.6M | $148.8M | $156.1M |
| Short-term debt | $124.0M | $98.0M | $71.0M | $76.0M | $277.0M | $276.0M | $80.0M | $75.8M | $69.5M | $52.6M |
| Total current liabilities | $2.18B | $6.34B | $1.58B | $1.43B | $1.66B | $1.62B | $1.54B | $900.4M | $871.0M | $752.6M |
| Long-term debt | $29.29B | $24.39B | $19.40B | $19.45B | $19.65B | $19.66B | $16.47B | $12.50B | $11.39B | $9.94B |
| Total liabilities | $32.59B | $31.87B | $21.95B | $21.87B | $22.23B | $22.36B | $19.14B | $14.01B | $12.93B | $11.38B |
| Retained earnings | -$10.61B | -$7.36B | -$2.62B | -$3.91B | -$3.71B | -$4.36B | -$3.12B | -$2.25B | -$3.19B | -$1.15B |
| Total equity | -$9.69B | -$6.29B | -$1.98B | -$3.77B | -$2.91B | -$3.97B | -$2.88B | -$1.81B | -$2.95B | -$651.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.04B | $2.04B | $1.38B | $948.0M | $913.0M | $1.21B | $1.01B | $1.02B | $788.7M | $683.3M |
| Depreciation and amortisation | $367.0M | $312.0M | $268.0M | $253.0M | $253.0M | $283.0M | $226.0M | $129.0M | $141.0M | $121.7M |
| Stock-based compensation | $152.0M | $188.0M | $135.0M | $153.0M | $129.0M | $93.0M | $93.0M | $58.5M | $45.5M | $48.3M |
| Capital expenditure | $222.0M | $165.0M | $139.0M | $119.0M | $105.0M | $105.0M | $102.0M | $73.0M | $71.0M | $44.0M |
| Investing cash flow | -$595.0M | -$2.44B | -$900.0M | -$553.0M | -$785.0M | $799.0M | -$3.89B | -$684.0M | -$287.0M | -$1.44B |
| Financing cash flow | -$4.90B | $3.17B | -$16.0M | -$2.15B | -$70.0M | $1.23B | $2.27B | $1.09B | -$1.44B | $1.63B |
| Dividends paid | $159.0M | $2.04B | $38.0M | $1.09B | $73.0M | $1.93B | $1.71B | $56.0M | $2.58B | $3.0M |
| Buybacks | $500.0M | $0 | $0 | $912.0M | $0 | $19.0M | $0 | $0 | $389.8M | $207.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001260221-25-000081.
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| DCO | DUCOMMUN INC /DE/ | $2.54B | — | 4.9% |
| PKE | PARK AEROSPACE CORP | $680.4M | 55.9x | 18.2% |
| CVU | CPI AEROSTRUCTURES INC | $68.4M | — | -14.6% |
| FACT | FACT II Acquisition Corp. | $48.5M | — | — |
| AIRI | AIR INDUSTRIES GROUP | $12.7M | — | -13.0% |