Embraer S.A. (ERJ) 10-Year Financial Performance & Capital Metrics

ERJ • • Industrial / General

IndustrialsAerospace & DefenseAircraft ManufacturingBusiness & Regional Jets

AboutEmbraer S.A. designs, develops, manufactures, and sells aircrafts and systems in Brazil, North America, Latin America, the Asia Pacific, Brazil, Europe, and internationally. It operates through Commercial Aviation; Defense and Security; Executive Jets; Service & Support; and Other segments. The Commercial Aviation segment designs, develops, and manufactures a variety of commercial aircrafts. The Defense and Security segment engages in the research, development, production, modification, and support for military defense and security aircraft; and offers a range of products and integrated solutions that include radars and special space systems, as well as information and communications systems comprising command, control, communications, computer, intelligence, surveillance, and reconnaissance systems. The Executive Jets segment develops, produces, and sells executive jets. It also leases Legacy 600 and Legacy 650 executive jets in the super midsize and large categories; Legacy 450 and Legacy 500 executive jets in the midlight and midsize categories; Phenom family executive jets in the entry jet and light jet categories; Lineage 1000, an ultra-large executive jet; and Praetor 500 and Praetor 600, disruptive executive jets in the midsize and super midsize categories. The Service & Support segment offers after-service solutions, support, and maintenance, repair, and overhaul services for commercial, executive, and defense aircrafts; provides aircraft components and engines; and supplies steel and composite aviation structures to various aircraft manufacturers. The Other segment is involved in the supply of fuel systems, structural parts, and mechanical and hydraulic systems; and production of agricultural crop-spraying aircraft. The company was formerly known as Embraer-Empresa Brasileira de Aeronáutica S.A. and changed its name to Embraer S.A. in November 2010. Embraer S.A. was incorporated in 1969 and is headquartered in São Paulo, Brazil.Show more

Revenue $6.39B +21.4%
EBITDA $911M +63.8%
Net Income $353M +114.9%
EPS (Diluted) 1.92 +118.2%
Gross Margin 18.03% +4.4%
EBITDA Margin 14.25% +35.0%
Operating Margin 10.44% +74.9%
Net Margin 5.51% +77.1%
ROE 11.04% +97.4%
ROIC 11.41% +109.8%
Debt/Equity 0.78 -20.7%
Interest Coverage 3.14 +140.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 3.3%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-8.61%

5Y3.2%

3Y15.03%

TTM19.9%

Profit (Net Income) CAGR

10Y-8.29%

5Y-

3Y-

TTM-36.95%

EPS CAGR

10Y-8.21%

5Y-

3Y-

TTM-36.4%

ROCE

10Y Avg1.62%

5Y Avg1.89%

3Y Avg4.04%

Latest9.19%

Peer Comparison

Business & Regional Jets

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ERJEmbraer S.A.	12B	65.43	34.08	21.38%	4.34%	7.99%	3.38%	0.78
TXTTextron Inc.	16.6B	94.17	21.75	6.47%	6.3%	11.9%	5.21%	0.50

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	23.33B	20.24B	8.42B	5.07B	5.46B	3.77B	4.2B	4.54B	5.27B	6.39B
Revenue Growth %	0.48%	-0.13%	-0.58%	-0.4%	0.08%	-0.31%	0.11%	0.08%	0.16%	0.21%
Cost of Goods Sold+	18.96B	16.26B	7.44B	4.3B	4.67B	3.29B	3.54B	3.63B	4.36B	5.24B
COGS % of Revenue	0.81%	0.8%	0.88%	0.85%	0.85%	0.87%	0.84%	0.8%	0.83%	0.82%
Gross Profit+	4.37B	3.99B	985.3M	768M	795.5M	477.6M	655.85M	912.2M	909.6M	1.15B
Gross Margin %	0.19%	0.2%	0.12%	0.15%	0.15%	0.13%	0.16%	0.2%	0.17%	0.18%
Gross Profit Growth %	0.4%	-0.09%	-0.75%	-0.22%	0.04%	-0.4%	0.37%	0.39%	-0%	0.27%
Operating Expenses+	4.37B	3.99B	985.3M	768M	872.5M	801M	458.3M	1.02B	595.1M	485.6M
OpEx % of Revenue	0.19%	0.2%	0.12%	0.15%	0.16%	0.21%	0.11%	0.23%	0.11%	0.08%
Selling, General & Admin	2.14B	1.69B	1.02B	488.3M	476.7M	337.4M	379.6M	459.3M	519.6M	508.6M
SG&A % of Revenue	0.09%	0.08%	0.12%	0.1%	0.09%	0.09%	0.09%	0.1%	0.1%	0.08%
Research & Development	164.14M	155.31M	73.43M	46.1M	49.4M	30.07M	43.25M	110M	90.3M	55M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%
Other Operating Expenses	2.07B	2.14B	-109.48M	233.6M	346.4M	433.8M	35.7M	453.4M	-14.8M	-78M
Operating Income+	1.42B	1.19B	-493.47M	92.3M	-77M	-323.4M	201.3M	-110.5M	314.5M	667.5M
Operating Margin %	0.06%	0.06%	-0.06%	0.02%	-0.01%	-0.09%	0.05%	-0.02%	0.06%	0.1%
Operating Income Growth %	0.19%	-0.17%	-1.42%	1.19%	-1.83%	-3.2%	1.62%	-1.55%	3.85%	1.12%
EBITDA+	3.27B	2.46B	954.87M	365.8M	132.7M	-31.3M	410.03M	99.8M	556.2M	911.1M
EBITDA Margin %	0.14%	0.12%	0.11%	0.07%	0.02%	-0.01%	0.1%	0.02%	0.11%	0.14%
EBITDA Growth %	0.34%	-0.25%	-0.61%	-0.62%	-0.64%	-1.24%	14.1%	-0.76%	4.57%	0.64%
D&A (Non-Cash Add-back)	0	0	0	0	209.7M	292.1M	208.73M	210.3M	241.7M	243.6M
EBIT	3.27B	2.46B	954.87M	365.8M	22.1M	-415.4M	271.3M	18.1M	356.5M	769.5M
Net Interest Income+	-696.69M	-664.31M	-135.94M	-230M	-106.01M	-211.12M	-180.8M	-187.92M	-121.34M	-108.3M
Interest Income	0	0	0	0	121.56M	28.17M	29.21M	48.13M	119.34M	141.9M
Interest Expense	696.69M	664.31M	135.94M	230M	227.57M	239.29M	243.9M	236.05M	240.68M	212.5M
Other Income/Expense	-100.76M	-597.42M	178.93M	-228.5M	-109.2M	-311.8M	-173.9M	-95.3M	-193.8M	-110.5M
Pretax Income+	1.32B	589.26M	-314.54M	-136.2M	-186.2M	-635.2M	27.4M	-205.8M	120.7M	557M
Pretax Margin %	0.06%	0.03%	-0.04%	-0.03%	-0.03%	-0.17%	0.01%	-0.05%	0.02%	0.09%
Income Tax+	1.01B	978.84K	93.27M	35M	130.3M	93.1M	70.9M	-2.3M	-43.6M	202.4M
Effective Tax Rate %	0.21%	0.99%	-2.78%	1.31%	1.73%	1.15%	-1.63%	0.9%	1.36%	0.63%
Net Income+	272.38M	582.74M	873.17M	-178.2M	-322.3M	-731.9M	-44.7M	-185.4M	164M	352.5M
Net Margin %	0.01%	0.03%	0.1%	-0.04%	-0.06%	-0.19%	-0.01%	-0.04%	0.03%	0.06%
Net Income Growth %	-0.67%	1.14%	0.5%	-1.2%	-0.81%	-1.27%	0.94%	-3.15%	1.88%	1.15%
Net Income (Continuing)	318.04M	588.28M	-407.81M	-171.2M	-316.5M	-728.3M	-43.5M	-203.5M	164.3M	354.6M
Discontinued Operations	0	0	0	0	-111.8M	0	0	0	0	0
Minority Interest	0	0	0	0	96.9M	112.6M	107.1M	256.8M	252.8M	269.62M
EPS (Diluted)+	1.48	3.13	4.76	-0.96	-1.76	-3.96	-0.24	-1.00	0.88	1.92
EPS Growth %	-0.67%	1.11%	0.52%	-1.2%	-0.83%	-1.25%	0.94%	-3.17%	1.88%	1.18%
EPS (Basic)	1.49	3.13	4.76	-0.96	-1.76	-3.96	-0.24	-1.00	0.88	1.92
Diluted Shares Outstanding	183.39M	184.32M	183.7M	183.7M	183.96M	184.04M	183.68M	183.66M	183.66M	183.66M
Basic Shares Outstanding	182.55M	183.89M	183.57M	183.52M	183.96M	184.04M	183.68M	183.66M	183.66M	183.66M
Dividend Payout Ratio	0.67%	0.17%	0.2%	-	-	-	-	-	0.08%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	25.24B	22.26B	23.42B	7.07B	8.57B	6.12B	5.88B	5.76B	6.06B	6.51B
Cash & Short-Term Investments	10.97B	9.84B	12.03B	3.02B	1.26B	2.7B	2.57B	2.31B	2.15B	2.2B
Cash Only	8.52B	4.05B	4.2B	1.28B	855.2M	1.88B	1.82B	1.82B	1.63B	1.56B
Short-Term Investments	2.45B	5.79B	7.83B	1.74B	409.8M	817.5M	750.8M	494.4M	521.7M	639.7M
Accounts Receivable	3.44B	1.56B	1.6B	536.5M	705.8M	787.8M	895.4M	864.6M	938.1M	1.1B
Days Sales Outstanding	53.77	28.22	69.17	38.62	47.16	76.25	77.79	69.5	64.99	62.66
Inventory	8.79B	8.15B	7.01B	2.48B	1.27B	2.39B	1.96B	2.3B	2.61B	2.9B
Days Inventory Outstanding	169.27	182.9	344.09	209.99	99.7	264.88	201.73	230.9	218.6	201.73
Other Current Assets	2.03B	2.71B	2.78B	1.03B	5.3B	189.4M	425.3M	251.7M	330.4M	275.9M
Total Non-Current Assets+	20.7B	15.98B	16.19B	4.22B	2B	4.4B	4.28B	4.39B	4.73B	5.31B
Property, Plant & Equipment	7.98B	7.03B	6.96B	1.96B	1.01B	2.02B	1.75B	1.71B	1.86B	2.05B
Fixed Asset Turnover	2.92x	2.88x	1.21x	2.58x	5.43x	1.87x	2.40x	2.65x	2.83x	3.13x
Goodwill	64.55M	68.52M	39.69M	10.4M	10M	21.7M	21.4M	22.3M	23.8M	19.19M
Intangible Assets	5.47B	5.36B	6.19B	1.89B	884.1M	2.05B	2.19B	2.22B	2.31B	2.48B
Long-Term Investments	2.96B	577.52M	849.36M	189.8M	23M	56.9M	70M	182.3M	198.2M	392M
Other Non-Current Assets	9.76B	8.37B	8.38B	2.07B	76.6M	144.9M	150.4M	194.3M	201.5M	197M
Total Assets+	45.93B	38.24B	39.61B	11.29B	10.57B	10.52B	10.15B	10.14B	10.78B	11.82B
Asset Turnover	0.51x	0.53x	0.21x	0.45x	0.52x	0.36x	0.41x	0.45x	0.49x	0.54x
Asset Growth %	0.76%	-0.17%	0.04%	-0.71%	-0.06%	-0.01%	-0.03%	-0%	0.06%	0.1%
Total Current Liabilities+	12.12B	10.53B	9.27B	3.03B	6.39B	2.43B	2.83B	3.22B	3.67B	4.42B
Accounts Payable	4.07B	3.11B	2.73B	892.1M	358M	502.3M	510M	757.92M	821.78M	1.01B
Days Payables Outstanding	78.42	69.75	133.87	75.67	28	55.67	52.62	76.25	68.81	70.3
Short-Term Debt	903.33M	1.74B	1.34B	503.3M	18.9M	375.5M	574.2M	308.5M	127.1M	113.8M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	7.03B	5.25B	4.62B	1.48B	5.09B	142.3M	156.9M	530.63M	566.13M	162.1M
Current Ratio	2.08x	2.11x	2.53x	2.33x	1.34x	2.52x	2.08x	1.79x	1.65x	1.47x
Quick Ratio	1.36x	1.34x	1.77x	1.52x	1.14x	1.53x	1.39x	1.08x	0.94x	0.82x
Cash Conversion Cycle	144.62	141.36	279.4	172.93	118.86	285.46	226.91	224.16	214.78	194.08
Total Non-Current Liabilities+	18.68B	14.86B	16.52B	4.32B	571.9M	5.18B	4.55B	4.1B	4.08B	4.06B
Long-Term Debt	14.51B	11.75B	13.75B	3.49B	89.7M	4.07B	3.45B	2.89B	2.76B	2.38B
Capital Lease Obligations	0	0	0	0	33.6M	53.3M	52.3M	59M	82.2M	92.6M
Deferred Tax Liabilities	1.64B	865.29M	853.33M	254M	272.3M	474.7M	505.8M	370.6M	304.7M	450.3M
Other Non-Current Liabilities	1.42B	1.39B	1.2B	313.4M	125.9M	259.6M	194M	258.6M	291.8M	409.2M
Total Liabilities	30.8B	25.4B	25.79B	7.35B	6.96B	7.61B	7.38B	7.32B	7.74B	8.48B
Total Debt+	15.41B	13.49B	15.09B	3.99B	147.2M	4.51B	4.09B	3.27B	2.98B	2.6B
Net Debt	6.89B	9.44B	10.89B	2.71B	-708M	2.63B	2.27B	1.46B	1.35B	1.04B
Debt / Equity	1.05x	1.08x	1.12x	1.04x	0.04x	1.55x	1.47x	1.16x	0.98x	0.78x
Debt / EBITDA	4.72x	5.49x	15.80x	10.91x	1.11x	-	9.98x	32.81x	5.36x	2.86x
Net Debt / EBITDA	2.11x	3.84x	11.40x	7.40x	-5.34x	-	5.54x	14.60x	2.43x	1.14x
Interest Coverage	2.04x	1.79x	-3.63x	0.40x	-0.34x	-1.35x	0.83x	-0.47x	1.31x	3.14x
Total Equity+	14.73B	12.54B	13.44B	3.85B	3.61B	2.91B	2.77B	2.82B	3.04B	3.34B
Equity Growth %	0.56%	-0.15%	0.07%	-0.71%	-0.06%	-0.2%	-0.05%	0.02%	0.08%	0.1%
Book Value per Share	80.31	68.05	73.17	20.94	19.65	15.80	15.11	15.38	16.55	18.21
Total Shareholders' Equity	14.73B	12.54B	13.44B	3.85B	3.52B	2.79B	2.67B	2.57B	2.79B	3.08B
Common Stock	0	0	0	0	1.55B	1.55B	1.55B	1.55B	1.55B	1.55B
Retained Earnings	0	0	0	0	0	-31.6M	0	0	0	0
Treasury Stock	-151.15M	-160.2M	-171.33M	-31.4M	-26.5M	-14.17M	-28.2M	-28.2M	-28.2M	-28.2M
Accumulated OCI	9.08B	7.93B	8.72B	2.29B	1.96B	1.26B	1.11B	1B	1.22B	1.5B
Minority Interest	0	0	0	0	96.9M	112.6M	107.1M	256.8M	252.8M	269.62M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.63B	-309.02M	2.5B	0	893.8M	-1.29B	515.3M	751.3M	617M	871.2M
Operating CF Margin %	0.16%	-0.02%	0.3%	-	0.16%	-0.34%	0.12%	0.17%	0.12%	0.14%
Operating CF Growth %	-	-1.09%	9.08%	-1%	-	-2.44%	1.4%	0.46%	-0.18%	0.41%
Net Income	241.6M	585.43M	850.7M	-171.2M	-316.5M	-728.3M	-43.5M	-203.5M	164.3M	354.6M
Depreciation & Amortization	1.07B	1.28B	1.1B	0	209.7M	292.1M	208.6M	210.3M	242.04M	243.6M
Stock-Based Compensation	7.88M	4.8M	7.59M	0	0	0	0	2.9M	0	0
Deferred Taxes	0	0	0	0	33.2M	78.41M	38.4M	-87.5M	-43.6M	202.4M
Other Non-Cash Items	2.08B	-1.44B	-500.9M	171.2M	105M	173.9M	-157.5M	237.3M	-184.9M	-24M
Working Capital Changes	225.17M	-734.51M	1.04B	0	862.4M	-1.13B	469.3M	591.8M	439.5M	94.6M
Change in Receivables	-263.01M	518.72M	-230.12M	88.1M	53M	24.69M	-94M	-13.4M	-2.6M	-248.3M
Change in Inventory	839.03M	-656.66M	1.34B	0	147.3M	27.25M	474.4M	-294.3M	-287.1M	-370.2M
Change in Payables	0	0	0	0	-44.6M	-314M	4.7M	257.6M	50.2M	204.8M
Cash from Investing+	-5.16B	-3.38B	-3.46B	0	407.7M	-105.3M	-131.6M	-109.5M	-447.6M	-599.7M
Capital Expenditures	-1.14B	-1.35B	-762.84M	-154.3M	-284.5M	-102.3M	-101.7M	-136.2M	-238.7M	-200.4M
CapEx % of Revenue	0.05%	0.07%	0.09%	0.03%	0.05%	0.03%	0.02%	0.03%	0.05%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.01B	-2.02B	-2.7B	156.7M	-283.1M	-110.2M	-161.2M	-113.5M	-227.5M	-192.5M
Cash from Financing+	3.89B	14.65M	1.1B	-503.4M	-257M	1.01B	-441.04M	-669.2M	-348.7M	-335.7M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-182.36M	-99.8M	-173.04M	0	-2M	0	0	0	-13.4M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	23.48M	6.49M	19.06M	-31.1M	2.2M	400K	-10.39M	159.1M	-27.01M	-19.05M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.49B	-1.66B	1.73B	0	326M	-1.51B	247.1M	495.3M	186.2M	405M
FCF Margin %	0.11%	-0.08%	0.21%	-	0.06%	-0.4%	0.06%	0.11%	0.04%	0.06%
FCF Growth %	-	-1.67%	2.04%	-1%	-	-5.64%	1.16%	1%	-0.62%	1.18%
FCF per Share	13.59	-9.01	9.44	-	1.77	-8.23	1.35	2.70	1.01	2.21
FCF Conversion (FCF/Net Income)	13.34x	-0.53x	2.86x	-	-2.77x	1.76x	-11.53x	-4.05x	3.76x	2.47x
Interest Paid	600.3M	570.34M	616.6M	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	2.26%	4.27%	6.72%	-2.06%	-8.64%	-22.44%	-1.57%	-6.62%	5.59%	11.04%
Return on Invested Capital (ROIC)	6.28%	4.08%	-1.6%	0.45%	-1.22%	-5.75%	2.85%	-1.78%	5.44%	11.41%
Gross Margin	18.75%	19.7%	11.7%	15.14%	14.56%	12.66%	15.61%	20.09%	17.26%	18.03%
Net Margin	1.17%	2.88%	10.37%	-3.51%	-5.9%	-19.41%	-1.06%	-4.08%	3.11%	5.51%
Debt / Equity	1.05x	1.08x	1.12x	1.04x	0.04x	1.55x	1.47x	1.16x	0.98x	0.78x
Interest Coverage	2.04x	1.79x	-3.63x	0.40x	-0.34x	-1.35x	0.83x	-0.47x	1.31x	3.14x
FCF Conversion	13.34x	-0.53x	2.86x	-	-2.77x	1.76x	-11.53x	-4.05x	3.76x	2.47x
Revenue Growth	48.35%	-13.25%	-58.39%	-39.79%	7.72%	-30.97%	11.4%	8.08%	16.04%	21.38%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Services	-	-	-	-	-	-	1.23B
Services Growth	-	-	-	-	-	-	-
Aircraft	2.25B	-	-	-	2.15B	-	-
Aircraft Growth	-	-	-	-	-	-	-
Service	353.7M	-	-	-	428.8M	-	-
Service Growth	-	-	-	-	-	-	-
Spare Parts	283M	-	-	-	276.7M	-	-
Spare Parts Growth	-	-	-	-	-	-	-
Others	66.6M	-	-	-	1.4M	-	-
Others Growth	-	-	-	-	-	-	-
Long Term Contracts Defense Bu	-	798.2M	593.8M	641.2M	-	-	-
Long Term Contracts Defense Bu Growth	-	-	-25.61%	7.98%	-	-	-
Aircraft or Development Defense BU	1.9M	-	-	-	-	-	-
Aircraft or Development Defense BU Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
North America	2.96B	6.69B	2.53B	2.17B	2.86B	3.28B	3.78B
North America Growth	-	126.13%	-62.15%	-14.38%	31.80%	14.86%	15.20%
Europe	966M	1.85B	544M	1.12B	884.4M	1.13B	1.44B
Europe Growth	-	91.24%	-70.55%	105.28%	-20.80%	27.85%	27.13%
Latin America	150M	152.8M	76M	37.8M	53M	98.2M	267.2M
Latin America Growth	-	1.87%	-50.26%	-50.26%	40.21%	85.28%	172.10%
Asia Pacific	432M	754M	161.6M	209.6M	100.9M	204.5M	256.2M
Asia Pacific Growth	-	74.54%	-78.57%	29.70%	-51.86%	102.68%	25.28%
BRAZIL	-	636.1M	-	-	-	-	-
BRAZIL Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Embraer S.A. (ERJ) has a price-to-earnings (P/E) ratio of 34.1x. This suggests investors expect higher future growth.

Growth & Financials

Embraer S.A. (ERJ) reported $7.26B in revenue for fiscal year 2024. This represents a 31% decrease from $10.59B in 2011.

Embraer S.A. (ERJ) grew revenue by 21.4% over the past year. This is strong growth.

Yes, Embraer S.A. (ERJ) is profitable, generating $314.9M in net income for fiscal year 2024 (5.5% net margin).

Dividend & Returns

Embraer S.A. (ERJ) has a return on equity (ROE) of 11.0%. This is reasonable for most industries.

Embraer S.A. (ERJ) generated $702.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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