TAT Technologies Ltd. (TATT) 10-Year Financial Performance & Capital Metrics

TATT • • Industrial / General

IndustrialsAerospace & DefenseAerospace Components & SubsystemsAvionics & Flight Systems

AboutTAT Technologies Ltd., together with its subsidiaries, provides solutions and services to the commercial and military aerospace, and ground defense industries in the United States, Israel, and internationally. The company operates through four segments: Original Equipment Manufacturing (OEM) of Heat Transfer Solutions and Aviation Accessories; Maintenance, Repair, and Overhaul (MRO) Services for Heat Transfer Components and OEM of Heat Transfer Solutions; MRO Services for Aviation Components; and Overhaul and Coating of Jet Engine Components. It designs, develops, and manufactures a range of heat transfer solutions, such as pre-cooler and oil/fuel hydraulic heat exchangers used in mechanical and electronic systems in commercial, military, and business aircraft; environmental control and power electronics cooling systems for use in aircraft and ground applications; and a range of other mechanical aircraft accessories and systems, such as pumps, valves, and turbine power units. The company also provides MRO services for heat transfer components, as well as for manufacturing heat transfer solutions; and aviation components. In addition, it engages in the operation of a repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers, and the military; and the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes, and afterburner flaps. The company was formerly known as Galagraph Ltd. and changed its name to TAT Technologies Ltd. in May 1992. TAT Technologies Ltd. was founded in 1969 and is based in Netanya, Israel.Show more

Revenue $152M +33.7%
EBITDA $18M +66.5%
Net Income $11M +139.0%
EPS (Diluted) 1.00 +96.1%
Gross Margin 21.7% +9.9%
EBITDA Margin 11.8% +24.6%
Operating Margin 8.22% +53.9%
Net Margin 7.34% +78.8%
ROE 11.02% +96.1%
ROIC 8.18% +81.7%
Debt/Equity 0.18 -46.9%
Interest Coverage 8.49 +135.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 69.2%
✓Momentum leader: RS Rating 89 (top 11%)
✓Trading near 52-week high

✗Weaknesses

✗Weak 3Y average ROE of 4.9%
✗Negative free cash flow
✗Shares diluted 23.5% in last year
✗Thin 5Y average net margin of 0.1%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.54%

5Y9.31%

3Y24.95%

TTM20.72%

Profit (Net Income) CAGR

10Y22.8%

5Y69.17%

3Y-

TTM96.35%

EPS CAGR

10Y20.11%

5Y61.58%

3Y-

TTM78.26%

ROCE

10Y Avg1.89%

5Y Avg1.23%

3Y Avg4.94%

Latest10.8%

Peer Comparison

Avionics & Flight Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CWCurtiss-Wright Corporation	23.44B	635.74	60.26	9.69%	13.78%	18.39%	2.06%	0.50
RTXRTX Corporation	260.22B	194.08	54.67	17.15%	7.67%	9.93%	1.74%	0.69
TATTTAT Technologies Ltd.	675.51M	52.16	52.16	33.68%	9.08%	9.18%		0.18
WWDWoodward, Inc.	19.8B	330.09	45.91	7.3%	12.39%	17.23%	1.72%	0.10
TDGTransDigm Group Incorporated	77.83B	1381.98	38.78	11.22%	22.52%		2.33%
MOG-AMoog Inc.	7.98B	276.61	37.74	6.97%	6.08%	11.8%	1.61%	0.56
ISSCInnovative Solutions and Support, Inc.	341.73M	19.25	21.88	78.6%	15.11%	20.6%	1.99%	0.37
RALRalliant Corp.	5.89B	52.25	19.50	-0.05%	14.06%	10.06%	7.13%	0.02

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	85.61M	95.79M	106.53M	93.18M	97.48M	75.36M	77.97M	84.56M	113.79M	152.12M
Revenue Growth %	0.06%	0.12%	0.11%	-0.13%	0.05%	-0.23%	0.03%	0.08%	0.35%	0.34%
Cost of Goods Sold+	71.94M	76.76M	86.08M	84.79M	82.18M	66.92M	66.7M	68.63M	91.33M	119.1M
COGS % of Revenue	0.84%	0.8%	0.81%	0.91%	0.84%	0.89%	0.86%	0.81%	0.8%	0.78%
Gross Profit+	13.66M	19.04M	20.44M	8.39M	15.3M	8.44M	11.27M	15.93M	22.47M	33.01M
Gross Margin %	0.16%	0.2%	0.19%	0.09%	0.16%	0.11%	0.14%	0.19%	0.2%	0.22%
Gross Profit Growth %	-0.2%	0.39%	0.07%	-0.59%	0.82%	-0.45%	0.34%	0.41%	0.41%	0.47%
Operating Expenses+	12.89M	14.9M	15.17M	14.02M	12.7M	12.48M	15.3M	17.7M	16.39M	20.51M
OpEx % of Revenue	0.15%	0.16%	0.14%	0.15%	0.13%	0.17%	0.2%	0.21%	0.14%	0.13%
Selling, General & Admin	11.37M	13.9M	14.38M	13.47M	12.58M	11.98M	13.5M	15.6M	16.11M	19.65M
SG&A % of Revenue	0.13%	0.15%	0.14%	0.14%	0.13%	0.16%	0.17%	0.18%	0.14%	0.13%
Research & Development	890K	1.14M	731K	553K	113K	185K	517K	479K	715K	1.25M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0%	0%	0.01%	0.01%	0.01%	0.01%
Other Operating Expenses	631K	-138K	53K	-4K	0	315K	1.29M	1.63M	-433K	-383K
Operating Income+	5.61M	4.14M	5.28M	-5.63M	2.6M	-3.82M	-4.04M	-1.77M	6.08M	12.5M
Operating Margin %	0.07%	0.04%	0.05%	-0.06%	0.03%	-0.05%	-0.05%	-0.02%	0.05%	0.08%
Operating Income Growth %	0.47%	-0.26%	0.28%	-2.07%	1.46%	-2.47%	-0.06%	0.56%	4.42%	1.06%
EBITDA+	8.39M	7.77M	9.22M	-1.45M	6.9M	248K	846K	1.93M	10.79M	17.96M
EBITDA Margin %	0.1%	0.08%	0.09%	-0.02%	0.07%	0%	0.01%	0.02%	0.09%	0.12%
EBITDA Growth %	0.42%	-0.07%	0.19%	-1.16%	5.77%	-0.96%	2.41%	1.28%	4.59%	0.66%
D&A (Non-Cash Add-back)	2.78M	3.64M	3.94M	4.18M	4.29M	4.07M	4.88M	3.71M	4.71M	5.46M
EBIT	6.52M	5.12M	6.07M	-3.7M	3.45M	-4.72M	-4.33M	-746K	6.43M	12.03M
Net Interest Income+	-349K	-154K	-338K	-88K	-422K	-770K	-540K	127K	-1.33M	-1.95M
Interest Income	913K	985K	794K	1.47M	848K	229K	143K	1.03M	353K	-477K
Interest Expense	1.26M	1.14M	1.13M	1.55M	1.27M	999K	683K	902K	1.68M	1.47M
Other Income/Expense	-349K	-154K	-338K	-568K	-554K	-770K	-616K	311K	-827K	-1.14M
Pretax Income+	5.26M	3.98M	4.94M	-5.73M	2.05M	-4.82M	-4.65M	-1.46M	5.25M	11.36M
Pretax Margin %	0.06%	0.04%	0.05%	-0.06%	0.02%	-0.06%	-0.06%	-0.02%	0.05%	0.07%
Income Tax+	644K	3.87M	2.33M	-1.46M	589K	-1.52M	-662K	98K	576K	195K
Effective Tax Rate %	1.11%	0.02%	0.49%	0.77%	0.39%	0.69%	0.77%	1.07%	0.89%	0.98%
Net Income+	5.85M	62K	2.4M	-4.41M	806K	-3.3M	-3.56M	-1.56M	4.67M	11.17M
Net Margin %	0.07%	0%	0.02%	-0.05%	0.01%	-0.04%	-0.05%	-0.02%	0.04%	0.07%
Net Income Growth %	3.08%	-0.99%	37.65%	-2.84%	1.18%	-5.09%	-0.08%	0.56%	3.99%	1.39%
Net Income (Continuing)	5.85M	117K	2.61M	-4.27M	1.46M	-3.3M	-3.99M	-1.56M	4.67M	11.17M
Discontinued Operations	0	0	0	0	-655K	-430K	427K	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.66	0.01	0.27	-0.50	0.09	-0.37	-0.44	-0.20	0.51	1.00
EPS Growth %	3.13%	-0.99%	-	-2.85%	1.18%	-5.07%	-0.19%	0.55%	3.55%	0.96%
EPS (Basic)	0.66	0.01	0.27	-0.50	0.09	-0.37	-0.44	-0.20	0.52	1.08
Diluted Shares Outstanding	8.81M	8.83M	8.92M	8.86M	8.87M	8.87M	8.87M	8.91M	9.08M	11.22M
Basic Shares Outstanding	8.81M	8.83M	8.85M	8.73M	8.87M	8.87M	8.87M	8.91M	8.96M	10.36M
Dividend Payout Ratio	-	48.39%	1.25%	-	-	-	-	-	-	-

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+	85.65M	84.92M	84.72M	77.46M	83.6M	79.44M	71.98M	75.15M	94.33M	113.21M
Cash & Short-Term Investments	26.81M	22.4M	17.98M	15.95M	15.96M	24.13M	12.87M	7.72M	16.64M	7.13M
Cash Only	18.69M	21.43M	17.51M	15.95M	15.96M	24.13M	12.87M	7.72M	15.98M	7.13M
Short-Term Investments	8.12M	964K	470K	0	0	0	0	0	661K	0
Accounts Receivable	19.15M	21.57M	25.74M	19.28M	20.31M	11.36M	13.89M	15.62M	20.01M	29.7M
Days Sales Outstanding	81.65	82.19	88.21	75.51	76.05	55	65.01	67.44	64.18	71.26
Inventory	36.66M	39.27M	38.63M	38.6M	43.33M	41.22M	41M	45.76M	51.28M	68.54M
Days Inventory Outstanding	186.02	186.73	163.79	166.19	192.44	224.83	224.37	243.37	204.95	210.05
Other Current Assets	3.02M	1.69M	2.36M	3.63M	4.01M	2.74M	4.22M	6.05M	6.4M	7.85M
Total Non-Current Assets+	23.93M	27.05M	27.27M	25.83M	31.07M	36.68M	38.85M	51.5M	51.25M	50.15M
Property, Plant & Equipment	18.93M	21.3M	21.32M	21.42M	27.27M	32.5M	33.58M	45.9M	45.3M	43.86M
Fixed Asset Turnover	4.52x	4.50x	5.00x	4.35x	3.57x	2.32x	2.32x	1.84x	2.51x	3.47x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	1.31M	1.18M	1.04M	911K	382K	1.48M	1.83M	1.62M	1.82M	1.55M
Long-Term Investments	169K	1.02M	1.19M	1.08M	956K	771K	695K	1.67M	2.17M	2.9M
Other Non-Current Assets	2.63M	2.66M	2.78M	2.25M	2.24M	1.36M	1.5M	1.08M	966K	959K
Total Assets+	109.58M	111.98M	112M	103.29M	114.67M	116.12M	110.83M	126.65M	145.58M	163.36M
Asset Turnover	0.78x	0.86x	0.95x	0.90x	0.85x	0.65x	0.70x	0.67x	0.78x	0.93x
Asset Growth %	0.08%	0.02%	0%	-0.08%	0.11%	0.01%	-0.05%	0.14%	0.15%	0.12%
Total Current Liabilities+	14.84M	18.24M	17.68M	14.68M	20.7M	25.18M	24.58M	28.99M	39.31M	38.12M
Accounts Payable	7.02M	8.41M	9.35M	8.27M	11.82M	12.22M	9.09M	10.23M	9.99M	12.16M
Days Payables Outstanding	35.63	39.97	39.64	35.6	52.51	66.66	49.76	54.42	39.92	37.26
Short-Term Debt	0	0	0	0	0	4.48M	6.7M	7.98M	14.34M	6.43M
Deferred Revenue (Current)	1000K	1000K	1000K	483K	513K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.62M	4.15M	3.4M	3.06M	393K	2.89M	2.41M	3.15M	3.53M	353K
Current Ratio	5.77x	4.66x	4.79x	5.28x	4.04x	3.15x	2.93x	2.59x	2.40x	2.97x
Quick Ratio	3.30x	2.50x	2.61x	2.65x	1.95x	1.52x	1.26x	1.01x	1.10x	1.17x
Cash Conversion Cycle	232.04	228.96	212.37	206.1	215.98	213.17	239.62	256.38	229.21	244.05
Total Non-Current Liabilities+	3.32M	5.08M	5.74M	4.31M	8.6M	10.66M	9.47M	22.09M	15.58M	17.98M
Long-Term Debt	0	0	0	0	0	3.49M	5.98M	19.41M	12.89M	10.94M
Capital Lease Obligations	0	0	0	0	5.69M	5.76M	1.99M	1.53M	1.7M	1.34M
Deferred Tax Liabilities	262K	1.94M	2.36M	1.48M	1.1M	0	0	0	0	4.71M
Other Non-Current Liabilities	3.06M	3.15M	3.38M	2.83M	1.81M	1.41M	1.5M	1.15M	1M	986K
Total Liabilities	18.16M	23.32M	23.42M	18.99M	29.3M	35.84M	34.05M	51.08M	54.89M	51.39M
Total Debt+	0	0	0	0	7.02M	15.34M	15.84M	29.82M	29.95M	19.66M
Net Debt	-18.69M	-21.43M	-17.51M	-15.95M	-8.94M	-8.79M	2.96M	22.1M	13.97M	12.53M
Debt / Equity	-	-	-	-	0.08x	0.19x	0.21x	0.39x	0.33x	0.18x
Debt / EBITDA	-	-	-	-	1.02x	61.85x	18.72x	15.44x	2.78x	1.09x
Net Debt / EBITDA	-2.23x	-2.76x	-1.90x	-	-1.30x	-35.44x	3.50x	11.45x	1.30x	0.70x
Interest Coverage	4.44x	3.63x	4.66x	-3.62x	2.05x	-3.82x	-5.91x	-1.97x	3.61x	8.49x
Total Equity+	91.42M	88.65M	88.57M	84.29M	85.37M	80.28M	76.78M	75.57M	90.68M	111.97M
Equity Growth %	0.07%	-0.03%	-0%	-0.05%	0.01%	-0.06%	-0.04%	-0.02%	0.2%	0.23%
Book Value per Share	10.38	10.04	9.93	9.51	9.62	9.05	8.65	8.48	9.98	9.98
Total Shareholders' Equity	91.42M	88.65M	88.57M	84.29M	85.37M	80.28M	76.78M	75.57M	90.68M	111.97M
Common Stock	2.79M	2.8M	2.8M	2.81M	2.81M	2.81M	2.81M	2.84M	3.14M	0
Retained Earnings	26.19M	23.26M	22.65M	18.24M	19.05M	13.72M	10.16M	8.6M	13.27M	24.44M
Treasury Stock	-2.09M	-2.09M	-2.09M	-2.09M	-2.09M	-2.09M	-2.09M	-2.09M	-2.09M	-2.09M
Accumulated OCI	-4K	-73K	135K	-206K	26K	128K	33K	-26K	27K	-76K
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	733K	5.52M	2.5M	2.08M	3.42M	7.95M	-1.49M	-4.87M	2.25M	-5.82M
Operating CF Margin %	0.01%	0.06%	0.02%	0.02%	0.04%	0.11%	-0.02%	-0.06%	0.02%	-0.04%
Operating CF Growth %	1.5%	6.53%	-0.55%	-0.17%	0.65%	1.32%	-1.19%	-2.26%	1.46%	-3.58%
Net Income	5.85M	62K	2.4M	-4.41M	806K	-3.48M	-3.56M	-1.56M	4.67M	11.17M
Depreciation & Amortization	2.78M	3.64M	3.94M	4.18M	4.37M	4.07M	4.88M	3.71M	4.71M	5.46M
Stock-Based Compensation	38K	105K	174K	272K	38K	0	160K	218K	159K	395K
Deferred Taxes	-21K	1.67M	382K	-102K	-450K	-1.44M	0	23K	235K	117K
Other Non-Cash Items	-5.86M	-15K	330K	-412K	-684K	2.8M	1.9M	-1.56M	-1.53M	-1.45M
Working Capital Changes	-2.06M	63K	-4.73M	2.54M	-660K	6M	-4.87M	-5.69M	-5.99M	-21.51M
Change in Receivables	-2.46M	-2.39M	-4.49M	6.81M	-1.93M	9.47M	-2.93M	-2.66M	-4.21M	-9.74M
Change in Inventory	-571K	-2.71M	210K	161K	-5.39M	1.87M	-681K	-5.07M	-5.4M	-17.16M
Change in Payables	961K	1.19M	578K	-969K	3.29M	-5.34M	0	1.14M	-245K	2.17M
Cash from Investing+	-4.47M	594K	-3.56M	-3.84M	-3.41M	-7.25M	-15.64M	-16.12M	-3.58M	-3.85M
Capital Expenditures	-3.31M	-5.7M	-3.52M	-4.27M	-3.4M	-5.41M	-16.25M	-16.21M	-5.1M	-5.13M
CapEx % of Revenue	0.04%	0.06%	0.03%	0.05%	0.03%	0.07%	0.21%	0.19%	0.04%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	9K	7.18M	-156K	7K	-789K	-1.84M	608K	93K	1.52M	1.27M
Cash from Financing+	-469K	-3.37M	-2.86M	197K	0	7.65M	6.04M	15.8M	10.24M	161K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	-3M	-3M	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	-370K	144K	197K	0	0	3M	189K	165K	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-2.58M	-181K	-1.02M	-2.19M	19K	4.05M	-17.74M	-21.08M	-3.33M	-10.94M
FCF Margin %	-0.03%	-0%	-0.01%	-0.02%	0%	0.05%	-0.23%	-0.25%	-0.03%	-0.07%
FCF Growth %	0.42%	0.93%	-4.66%	-1.14%	1.01%	212.21%	-5.38%	-0.19%	0.84%	-2.29%
FCF per Share	-0.29	-0.02	-0.11	-0.25	0.00	0.46	-2.00	-2.37	-0.37	-0.98
FCF Conversion (FCF/Net Income)	0.13x	89.05x	1.04x	-0.47x	4.25x	-2.41x	0.42x	3.12x	0.48x	-0.52x
Interest Paid	4K	2K	35K	10K	0	0	251K	796K	1.44M	1.4M
Taxes Paid	1.32M	1.47M	2.4M	1.09M	0	0	0	0	0	39K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.61%	0.07%	2.7%	-5.1%	0.95%	-3.98%	-4.54%	-2.05%	5.62%	11.02%
Return on Invested Capital (ROIC)	6.21%	4.43%	5.72%	-6.06%	2.7%	-3.87%	-4%	-1.5%	4.5%	8.18%
Gross Margin	15.96%	19.87%	19.19%	9.01%	15.7%	11.19%	14.45%	18.84%	19.74%	21.7%
Net Margin	6.83%	0.06%	2.25%	-4.73%	0.83%	-4.38%	-4.57%	-1.85%	4.11%	7.34%
Debt / Equity	-	-	-	-	0.08x	0.19x	0.21x	0.39x	0.33x	0.18x
Interest Coverage	4.44x	3.63x	4.66x	-3.62x	2.05x	-3.82x	-5.91x	-1.97x	3.61x	8.49x
FCF Conversion	0.13x	89.05x	1.04x	-0.47x	4.25x	-2.41x	0.42x	3.12x	0.48x	-0.52x
Revenue Growth	6.05%	11.9%	11.2%	-12.53%	4.62%	-22.69%	3.47%	8.44%	34.58%	33.68%

Revenue by Segment

	2014	2015	2020	2021	2022	2023	2024
Service	-	-	955K	440K	59.1M	78.55M	104.41M
Service Growth	-	-	-	-53.93%	13330.91%	32.92%	32.91%
Product	-	-	-	-	25.46M	35.24M	47.71M
Product Growth	-	-	-	-	-	38.42%	35.38%
Intersegment Elimination	-5.54M	-	-	-	-	-	-
Intersegment Elimination Growth	-	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2020	2021	2022	2023	2024
ISRAEL	-	-	-	-	3.91M	4.17M	43.8M
ISRAEL Growth	-	-	-	-	-	6.57%	950.36%
UNITED STATES	-	-	-	-	40.95M	58.06M	-
UNITED STATES Growth	-	-	-	-	-	41.77%	-
Segment Geographical Groups Of Countries Group Five	-	-	-	-	14.23M	16.32M	-
Segment Geographical Groups Of Countries Group Five Growth	-	-	-	-	-	14.70%	-
FRANCE	3.64M	3.72M	-	-	-	-	-
FRANCE Growth	-	2.14%	-	-	-	-	-
NETHERLANDS	1.73M	1.27M	-	-	-	-	-
NETHERLANDS Growth	-	-26.70%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

TAT Technologies Ltd. (TATT) has a price-to-earnings (P/E) ratio of 52.2x. This suggests investors expect higher future growth.

Growth & Financials

TAT Technologies Ltd. (TATT) reported $172.5M in revenue for fiscal year 2024. This represents a 102% increase from $85.4M in 2011.

TAT Technologies Ltd. (TATT) grew revenue by 33.7% over the past year. This is strong growth.

Yes, TAT Technologies Ltd. (TATT) is profitable, generating $15.7M in net income for fiscal year 2024 (7.3% net margin).

Dividend & Returns

TAT Technologies Ltd. (TATT) has a return on equity (ROE) of 11.0%. This is reasonable for most industries.

TAT Technologies Ltd. (TATT) had negative free cash flow of $2.0M in fiscal year 2024, likely due to heavy capital investments.

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