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CAE Inc. (CAE) 10-Year Financial Performance & Capital Metrics

CAE • • Industrial / General
IndustrialsAerospace & DefenseTraining & SimulationFlight Training & Simulation
AboutCAE Inc., together with its subsidiaries, provides simulation training and critical operations support solutions worldwide. It operates through three segments: Civil Aviation, Defense and Security, and Healthcare. The Civil Aviation segment provides training solutions for flight, cabin, maintenance, and ground personnel in commercial, business, and helicopter aviation; flight simulation training devices; and ab initio pilot training and crew sourcing services, as well as end to end digitally enabled crew management, training operations solutions, and optimization software. The Defense and Security segment offers training and mission support solutions for defense forces across multi-domain operations, OEMs, government agencies and public safety organizations. The Healthcare segment provides integrated education and training solutions, including interventional and imaging simulations, curricula, audiovisual debriefing solutions, center management platforms, and patient simulators for healthcare students and clinical professionals, hospital and university simulation centers, medical and nursing schools, paramedic organizations, defense forces, medical societies, public health agencies and OEMs. The company was formerly known as CAE Industries Ltd. and changed its name to CAE Inc. in 1993. CAE Inc. was incorporated in 1947 and is headquartered in Saint-Laurent, Canada.Show more
  • Revenue $4.71B +9.9%
  • EBITDA $1.14B +504.0%
  • Net Income $405M +233.3%
  • EPS (Diluted) 1.27 +224.5%
  • Gross Margin 27.62% +2.4%
  • EBITDA Margin 24.3% +449.4%
  • Operating Margin 15.49% +457.8%
  • Net Margin 8.61% +221.3%
  • ROE 8.74% +227.8%
  • ROIC 7.12% +479.7%
  • Debt/Equity 0.70 -2.4%
  • Interest Coverage 3.76 +465.5%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 13.1%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Weak 3Y average ROE of 2.3%
  • ✗Thin 5Y average net margin of 1.9%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.68%
5Y13.09%
3Y11.77%
TTM9.12%

Profit (Net Income) CAGR

10Y7.22%
5Y13.12%
3Y41.95%
TTM233.25%

EPS CAGR

10Y5.27%
5Y1.83%
3Y41.32%
TTM227.1%

ROCE

10Y Avg6.42%
5Y Avg3.56%
3Y Avg4.23%
Latest9.11%

Peer Comparison

Flight Training & Simulation
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
VTSIVirTra, Inc.56.28M4.9841.50-32.07%-2.42%-1.25%0.18
CAECAE Inc.10.66B33.1526.109.93%9.01%8.44%4.24%0.70

Profit & Loss

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales/Revenue+2.51B2.7B2.83B3.3B2.55B2.98B3.37B4.01B4.28B4.71B
Revenue Growth %0.12%0.08%0.05%0.17%-0.23%0.17%0.13%0.19%0.07%0.1%
Cost of Goods Sold+1.82B1.89B1.95B2.36B1.82B2.22B2.42B2.93B3.13B3.41B
COGS % of Revenue0.72%0.7%0.69%0.72%0.71%0.74%0.72%0.73%0.73%0.72%
Gross Profit+695.9M811.2M876.9M941.5M729.83M765M955.5M1.08B1.15B1.3B
Gross Margin %0.28%0.3%0.31%0.28%0.29%0.26%0.28%0.27%0.27%0.28%
Gross Profit Growth %0.15%0.17%0.08%0.07%-0.22%0.05%0.25%0.13%0.07%0.13%
Operating Expenses+376.4M469.5M497M524M372.5M716.6M671.3M617.5M1.34B570.9M
OpEx % of Revenue0.15%0.17%0.18%0.16%0.15%0.24%0.2%0.15%0.31%0.12%
Selling, General & Admin311.5M364.4M380.8M415.2M303.51M398.9M494.4M504.8M536.8M565.4M
SG&A % of Revenue0.12%0.13%0.13%0.13%0.12%0.13%0.15%0.13%0.13%0.12%
Research & Development87.6M111M114.9M101.4M68.99M104.7M120.8M129M149.8M123.2M
R&D % of Revenue0.03%0.04%0.04%0.03%0.03%0.04%0.04%0.03%0.03%0.03%
Other Operating Expenses-22.7M-5.9M1.3M7.4M0213M56.1M-16.3M653.3M-117.7M
Operating Income+335.5M364.7M461M480.6M357.33M48.4M284.2M466M-185.4M729.2M
Operating Margin %0.13%0.13%0.16%0.15%0.14%0.02%0.08%0.12%-0.04%0.15%
Operating Income Growth %0.01%0.09%0.26%0.04%-0.26%-0.86%4.87%0.64%-1.4%4.93%
EBITDA+553.3M576.6M660.6M693.1M568.38M367.9M594.7M808.2M189.4M1.14B
EBITDA Margin %0.22%0.21%0.23%0.21%0.22%0.12%0.18%0.2%0.04%0.24%
EBITDA Growth %0.06%0.04%0.15%0.05%-0.18%-0.35%0.62%0.36%-0.77%5.04%
D&A (Non-Cash Add-back)217.8M211.9M199.6M212.5M211.05M319.5M310.5M342.2M374.8M414.7M
EBIT322.9M353.3M444.4M465.4M362.17M31.5M266.6M443.7M-210.2M707.6M
Net Interest Income+-74M-50.31M-77.2M-56.29M-97.52M-102.72M-100.14M-125.92M-169.2M-180.1M
Interest Income7.9M8.7M9.9M12.13M8.08M10.42M10.23M9.91M11M13.8M
Interest Expense62.6M59.01M58.8M68.42M105.6M113.14M110.37M135.83M180.2M193.9M
Other Income/Expense-75.2M-72.4M-77.2M-80.9M-81.43M-135.6M-130.6M-173.6M-205M-215.5M
Pretax Income+260.3M292.3M384.8M399.7M275.9M-87.2M153.6M292.4M-390.4M513.7M
Pretax Margin %0.1%0.11%0.14%0.12%0.11%-0.03%0.05%0.07%-0.09%0.11%
Income Tax+20.4M35.2M29.1M59.6M51.85M-39.7M3.6M62.6M-72.8M98.7M
Effective Tax Rate %0.88%0.86%0.9%0.83%0.79%0.54%0.92%0.76%0.78%0.79%
Net Income+229.7M251.5M347M330M218.78M-47.2M141.7M222.7M-304M405.3M
Net Margin %0.09%0.09%0.12%0.1%0.09%-0.02%0.04%0.06%-0.07%0.09%
Net Income Growth %0.14%0.09%0.38%-0.05%-0.34%-1.22%4%0.57%-2.37%2.33%
Net Income (Continuing)239.9M257.1M354.7M340.1M224.05M-47.5M150M229.8M-317.6M415M
Discontinued Operations00000002.1M21.3M0
Minority Interest51.6M60.2M68.4M78.7M62.25M72.3M76.9M81.2M77.7M84.5M
EPS (Diluted)+0.850.931.291.231.16-0.170.450.70-1.021.27
EPS Growth %0.12%0.09%0.39%-0.05%-0.06%-1.15%3.65%0.56%-2.46%2.25%
EPS (Basic)0.850.941.291.241.17-0.170.460.70-1.091.27
Diluted Shares Outstanding269.2M269.6M269.45M267.97M267.6M272.01M312.9M318.42M318.19M319.72M
Basic Shares Outstanding268.8M268.69M268.24M266.58M265.95M272.01M311.02M317.66M297.36M319.07M
Dividend Payout Ratio0.25%0.32%0.26%0.3%0.51%-----

Balance Sheet

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Total Current Assets+1.75B1.92B2.06B2.11B1.97B3.38B2.15B2.23B2.01B2.14B
Cash & Short-Term Investments485.6M504.7M611.5M446.1M664.98M926.1M346.1M217.6M160.1M293.7M
Cash Only485.6M504.7M611.5M446.1M664.98M926.1M346.1M217.6M160.1M293.7M
Short-Term Investments0000000000
Accounts Receivable873.6M911.5M823.2M933.2M819.05M1.02B1.2B1.36B1.2B1.15B
Days Sales Outstanding126.91123.02106.17103.09117.44124.88129.75123.57102.0689.41
Inventory278.3M416.3M375.3M537M432.92M647.8M519.8M583.4M573.6M595M
Days Inventory Outstanding55.9180.2670.1482.9687.03106.6678.5472.7566.9363.73
Other Current Assets223.3M209.7M122.5M139.2M17.56M732.4M27.6M12.1M7.2M23.5M
Total Non-Current Assets+3.25B3.44B3.66B5.05B3.99B5.37B7.43B8.2B7.83B9.07B
Property, Plant & Equipment1.47B1.58B1.8B2.15B1.79B2.28B2.5B2.84B3.09B3.78B
Fixed Asset Turnover1.71x1.71x1.57x1.54x1.42x1.31x1.35x1.41x1.39x1.25x
Goodwill556.6M560M625.5M1.07B762.5M1.17B2.46B2.66B1.97B2.44B
Intangible Assets372.6M384M430.1M960.2M682.33M882.6M1.33B1.39B1.3B1.43B
Long-Term Investments346.7M378.4M244.5M312.1M487.72M422.2M454M530.7M588.8M559.1M
Other Non-Current Assets451.3M487.3M493.5M492.3M203.67M509M560.2M650.2M642.2M667.5M
Total Assets+5B5.35B5.72B7.17B5.96B8.75B9.58B10.44B9.83B11.21B
Asset Turnover0.50x0.51x0.49x0.46x0.43x0.34x0.35x0.38x0.44x0.42x
Asset Growth %0.07%0.07%0.07%0.25%-0.17%0.47%0.09%0.09%-0.06%0.14%
Total Current Liabilities+1.19B1.27B1.32B1.89B1.45B2.63B2.09B2.25B2.36B2.69B
Accounts Payable324.6M332.4M313.3M461.1M379.18M461.9M436.2M522.1M561.7M701M
Days Payables Outstanding65.2264.0858.5571.2476.2276.0565.965.165.5475.08
Short-Term Debt98.5M51.9M35.2M264.1M146.91M128.5M142.8M133.4M253.7M277.9M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities412.8M506.1M601.5M690.4M369.34M796.6M82.4M78.9M82.3M88M
Current Ratio1.47x1.51x1.56x1.12x1.36x1.28x1.03x0.99x0.85x0.80x
Quick Ratio1.23x1.18x1.28x0.83x1.06x1.04x0.78x0.74x0.61x0.58x
Cash Conversion Cycle117.6139.19117.76114.82128.25155.49142.38131.22103.4578.05
Total Non-Current Liabilities+1.86B2B2.03B2.87B2.7B2.9B3.4B3.6B3.17B3.55B
Long-Term Debt1.15B1.2B1.21B1.87B2.02B1.88B2.51B2.66B2.27B2.4B
Capital Lease Obligations000196.5M263.53M259.4M296M374.7M496.7M671M
Deferred Tax Liabilities213.1M238.6M208.1M147M105.81M123.5M93.7M129.3M36.6M40.7M
Other Non-Current Liabilities709.9M796.4M823.3M801.8M239.29M547.4M372.6M342.1M271.3M312.4M
Total Liabilities3.06B3.27B3.35B4.76B4.15B5.54B5.49B5.85B5.53B6.24B
Total Debt+1.27B1.26B1.26B2.33B2.43B2.35B3.05B3.25B3.07B3.47B
Net Debt787.3M750.7M649.4M1.88B1.76B1.43B2.7B3.03B2.91B3.18B
Debt / Equity0.66x0.60x0.53x0.97x1.34x0.73x0.75x0.71x0.71x0.70x
Debt / EBITDA2.30x2.18x1.91x3.36x4.27x6.39x5.12x4.02x16.23x3.03x
Net Debt / EBITDA1.42x1.30x0.98x2.72x3.10x3.87x4.54x3.75x15.39x2.78x
Interest Coverage5.36x6.18x7.84x7.02x3.38x0.43x2.57x3.43x-1.03x3.76x
Total Equity+1.94B2.08B2.37B2.41B1.81B3.21B4.09B4.59B4.3B4.98B
Equity Growth %0.17%0.07%0.14%0.02%-0.25%0.77%0.27%0.12%-0.06%0.16%
Book Value per Share7.217.728.788.996.7711.8113.0614.4113.5215.56
Total Shareholders' Equity1.89B2.02B2.3B2.33B1.75B3.14B4.01B4.51B4.22B4.89B
Common Stock601.7M615.4M633.2M649.6M477.39M1.52B2.22B2.24B2.25B2.33B
Retained Earnings1.05B1.19B1.38B1.46B1.12B1.54B1.78B2.05B1.76B2.11B
Treasury Stock0000000000
Accumulated OCI220.7M193.7M262.3M199M135.74M58.1M-31.2M167.2M154M381.8M
Minority Interest51.6M60.2M68.4M78.7M62.25M72.3M76.9M81.2M77.7M84.5M

Cash Flow

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operations+345.8M464.3M403.3M530.4M545.1M366.6M418.2M408.4M566.9M896.5M
Operating CF Margin %0.14%0.17%0.14%0.16%0.21%0.12%0.12%0.1%0.13%0.19%
Operating CF Growth %0.29%0.34%-0.13%0.32%0.03%-0.33%0.14%-0.02%0.39%0.58%
Net Income239.9M257.1M355.7M340.1M318.9M-47.5M150M231.9M-296.3M415M
Depreciation & Amortization217.8M211.9M199.6M217.2M305.4M319.5M310.5M342.2M374.8M414.7M
Stock-Based Compensation8.3M29.2M23.1M9.3M14.5M9.6M6.4M6.1M14.8M25.2M
Deferred Taxes-15.5M8.2M-42.5M-14.9M11.9M-70.2M-59.9M5M-181.3M34.8M
Other Non-Cash Items-101.6M-71.2M-89.5M-56.5M-53.4M204.7M-11.3M-62.3M526.8M-190.3M
Working Capital Changes-3.1M29.1M-43.1M35.2M-52.2M-49.5M22.5M-114.5M128.1M197.1M
Change in Receivables-19M-35.9M300K-1.3M-39.9M32.6M34.2M-62.5M142.3M153.5M
Change in Inventory-6M-55.5M2.2M-22.2M-87.5M43.4M107.3M-65.6M-76.3M-11M
Change in Payables-6.8M16.2M-58.2M157M22.7M23.8M-79.5M000
Cash from Investing+-105.1M-259.2M-169M-1.38B-495.9M-343.4M-2.24B-400.7M-215.4M-732.3M
Capital Expenditures-133.4M-236M-188.7M-338.4M-384M-163.6M-362.8M-298.9M-329.8M-444.1M
CapEx % of Revenue0.05%0.09%0.07%0.1%0.15%0.05%0.11%0.07%0.08%0.09%
Acquisitions----------
Investments----------
Other Investing11M-7.1M-26.8M-175.3M21.6M42.7M33.1M-84.5M158.3M38.8M
Cash from Financing+-91M-181.1M-142.5M690.3M443.4M-21.3M1.26B-152.6M-395.3M-49.8M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-56.7M-80.6M-89.9M-99.9M-110.9M00000
Share Repurchases----------
Other Financing0700K12.8M24M40.9M-700K7.4M-200K0-900K
Net Change in Cash----------
Free Cash Flow+212.4M228.3M214.6M192M161.1M203M55.4M-16.9M89.2M452.4M
FCF Margin %0.08%0.08%0.08%0.06%0.06%0.07%0.02%-0%0.02%0.1%
FCF Growth %1.03%0.07%-0.06%-0.11%-0.16%0.26%-0.73%-1.31%6.28%4.07%
FCF per Share0.790.850.800.720.600.750.18-0.050.281.41
FCF Conversion (FCF/Net Income)1.51x1.85x1.16x1.61x2.49x-7.77x2.95x1.83x-1.86x2.21x
Interest Paid65.1M58.5M56M55.2M108.7M98M93.8M174.7M189.7M201.7M
Taxes Paid18.5M24.8M36.4M34M34.2M26.4M44.5M34.7M69.7M101.4M

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)12.75%12.51%15.6%13.82%10.37%-1.88%3.88%5.13%-6.84%8.74%
Return on Invested Capital (ROIC)9.42%9.84%11.83%9.86%6.81%0.88%3.73%4.85%-1.87%7.12%
Gross Margin27.7%29.99%30.99%28.49%28.67%25.65%28.34%27.02%26.96%27.62%
Net Margin9.14%9.3%12.26%9.99%8.59%-1.58%4.2%5.55%-7.1%8.61%
Debt / Equity0.66x0.60x0.53x0.97x1.34x0.73x0.75x0.71x0.71x0.70x
Interest Coverage5.36x6.18x7.84x7.02x3.38x0.43x2.57x3.43x-1.03x3.76x
FCF Conversion1.51x1.85x1.16x1.61x2.49x-7.77x2.95x1.83x-1.86x2.21x
Revenue Growth11.86%7.64%4.64%16.75%-22.96%17.14%13.06%18.96%6.79%9.93%

Revenue by Segment

2017201820192020202120232024
Training and Services1.55B1.83B2.09B1.62B1.97B2.79B2.84B
Training and Services Growth-18.21%13.98%-22.24%21.30%41.66%1.76%
Products---1.36B1.4B1.5B1.87B
Products Growth----3.23%6.53%25.15%
Simulation Products1.28B1.47B1.54B----
Simulation Products Growth-14.99%4.29%----

Revenue by Geography

2017201820192020202120232024
UNITED STATES1.05B1.28B1.54B1.32B1.68B2.08B2.24B
UNITED STATES Growth-22.25%20.14%-14.11%27.06%23.41%7.97%
Asia--707.1M381.4M472.2M566.1M759.9M
Asia Growth----46.06%23.81%19.89%34.23%
Europe--631.7M553.2M473.4M645.1M663.6M
Europe Growth----12.43%-14.43%36.27%2.87%
CANADA253.6M253.3M323.2M455.9M366.8M460.7M474.2M
CANADA Growth--0.12%27.60%41.06%-19.54%25.60%2.93%
Oceania And Africa------153.8M
Oceania And Africa Growth-------
Americas, Excluding Canada and United States--127.7M55M78.4M98.8M133M
Americas, Excluding Canada and United States Growth----56.93%42.55%26.02%34.62%
Africa And Oceania--82.9M74.5M89.5M164.7M-
Africa And Oceania Growth----10.13%20.13%84.02%-
Other European Countries337.6M367.7M-----
Other European Countries Growth-8.92%-----
Other Asian Countries289.5M361.1M-----
Other Asian Countries Growth-24.73%-----
CHINA220M226.5M-----
CHINA Growth-2.95%-----
Other Countries99.9M129.6M-----
Other Countries Growth-29.73%-----
GERMANY95.6M118.9M-----
GERMANY Growth-24.37%-----
SPAIN-114.5M-----
SPAIN Growth-------
UNITED ARAB EMIRATES102.8M109M-----
UNITED ARAB EMIRATES Growth-6.03%-----
NETHERLANDS95.8M79.7M-----
NETHERLANDS Growth--16.81%-----
AUSTRALIA52.7M50.1M-----
AUSTRALIA Growth--4.93%-----

Frequently Asked Questions

Valuation & Price

CAE Inc. (CAE) has a price-to-earnings (P/E) ratio of 26.1x. This suggests investors expect higher future growth.

Growth & Financials

CAE Inc. (CAE) reported $4.83B in revenue for fiscal year 2024. This represents a 165% increase from $1.82B in 2011.

CAE Inc. (CAE) grew revenue by 9.9% over the past year. This is steady growth.

Yes, CAE Inc. (CAE) is profitable, generating $435.6M in net income for fiscal year 2024 (8.6% net margin).

Dividend & Returns

CAE Inc. (CAE) has a return on equity (ROE) of 8.7%. This is below average, suggesting room for improvement.

CAE Inc. (CAE) generated $414.3M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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