NASDAQ : CAE
CAE Inc. — Financial statements
Industrials · Aerospace & Defense · Canada
Last price 25.8 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 8.27B
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Financial statements
CAE Inc. (CAE) reported revenue of 4.99B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in CAD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 4.99B | 4.91B | 4.71B | 4.28B | 4.01B | 3.37B |
| Cost of Revenue | 3.56B | 3.52B | 3.41B | 3.13B | 2.93B | 2.42B |
| Gross Profit | 1.43B | 1.39B | 1.30B | 1.15B | 1.08B | 955.50M |
| Selling, General & Admin | 647.80M | 624.30M | 546.50M | 535.00M | 504.80M | 494.40M |
| Research & Development | 147.60M | 144.00M | 123.20M | 149.80M | 129.00M | 120.80M |
| Other Operating Expenses | 6.90M | 5.30M | -5.50M | -200.00K | -12.40M | -900.00K |
| Operating Expenses | 802.30M | 773.60M | 664.20M | 684.60M | 621.40M | 614.30M |
| Operating Income | 623.10M | 617.20M | 635.90M | 469.90M | 462.10M | 341.20M |
| Interest Expense | -181.90M | -186.50M | -193.90M | -180.20M | -151.30M | -113.00M |
| Interest & Investment Income | 12.00M | 12.00M | 13.80M | 11.00M | 10.30M | 9.10M |
| Earnings From Equity Investments | 78.10M | 82.70M | 88.30M | 72.20M | 53.20M | 48.50M |
| Currency Exchange Gain (Loss) | -3.20M | -3.20M | 1.40M | 2.40M | 12.60M | 900.00K |
| Other Non Operating Income (Expenses) | -33.10M | -37.60M | -35.40M | -35.80M | -29.30M | -21.40M |
| EBT Excluding Unusual Items | 495.00M | 484.60M | 510.10M | 339.50M | 357.60M | 265.30M |
| Merger & Restructuring Charges | -132.70M | -84.40M | -56.50M | -131.40M | -62.60M | -146.90M |
| Impairment of Goodwill | -568.00M | |||||
| Gain (Loss) on Sale of Investments | 72.60M | |||||
| Gain (Loss) on Sale of Assets | 6.40M | |||||
| Asset Writedown | -35.70M | |||||
| Other Unusual Items | -18.90M | 5.20M | -2.60M | 35.20M | ||
| Pretax Income | 362.30M | 400.20M | 513.70M | -390.40M | 292.40M | 153.60M |
| Income Tax Expense | 67.20M | 77.50M | 98.70M | -72.80M | 62.60M | 3.60M |
| Earnings From Continuing Operations | 295.10M | 322.70M | 415.00M | -317.60M | 229.80M | 150.00M |
| Earnings From Discontinued Operations | 21.30M | 2.10M | ||||
| Net Income to Company | 295.10M | 322.70M | 415.00M | -296.30M | 231.90M | 150.00M |
| Minority Interest in Earnings | -8.20M | -9.60M | -9.70M | -7.70M | -9.20M | -8.30M |
| Net Income | 286.90M | 313.10M | 405.30M | -304.00M | 222.70M | 141.70M |
| Net Income to Common | 286.90M | 313.10M | 405.30M | -304.00M | 222.70M | 141.70M |
| Shares Outstanding (Basic) | 321.36M | 321.08M | 319.07M | 318.19M | 317.66M | 311.02M |
| Shares Outstanding (Diluted) | 322.41M | 322.16M | 319.72M | 318.19M | 318.42M | 312.90M |
| EPS (Basic) | 0.89 | 0.98 | 1.27 | -0.96 | 0.70 | 0.46 |
| EPS (Diluted) | 0.89 | 0.97 | 1.27 | -0.96 | 0.70 | 0.45 |
| Free Cash Flow | 749.70M | 504.10M | 540.30M | 237.10M | 109.50M | 146.00M |
| Free Cash Flow Per Share | 2.33 | 1.56 | 1.69 | 0.74 | 0.34 | 0.47 |
| Gross Margin | 28.57% | 28.30% | 27.62% | 26.96% | 27.02% | 28.34% |
| Operating Margin | 12.49% | 12.56% | 13.51% | 10.97% | 11.52% | 10.12% |
| Profit Margin | 5.75% | 6.37% | 8.61% | -7.10% | 5.55% | 4.20% |
| Free Cash Flow Margin | 15.03% | 10.26% | 11.48% | 5.54% | 2.73% | 4.33% |
| EBITDA | 928.40M | 915.70M | 915.70M | 785.70M | 693.60M | 552.30M |
| EBITDA Margin | 18.61% | 18.63% | 19.45% | 18.34% | 17.29% | 16.38% |
| D&A For EBITDA | 305.30M | 298.50M | 279.80M | 315.80M | 231.50M | 211.10M |
| EBIT | 623.10M | 617.20M | 635.90M | 469.90M | 462.10M | 341.20M |
| EBIT Margin | 12.49% | 12.56% | 13.51% | 10.97% | 11.52% | 10.12% |
| Effective Tax Rate | 18.55% | 19.36% | 19.21% | 21.41% | 2.34% |
Balance sheet
Fiscal year April - March; amounts in CAD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 568.70M | 552.40M | 293.70M | 160.10M | 217.60M | 346.10M |
| Cash & Short-Term Investments | 568.70M | 552.40M | 293.70M | 160.10M | 217.60M | 346.10M |
| Accounts Receivable | 991.70M | 1.04B | 980.10M | 1.06B | 1.22B | 1.09B |
| Other Receivables | 64.40M | 129.50M | 173.10M | 137.00M | 139.20M | 110.10M |
| Receivables | 1.06B | 1.17B | 1.15B | 1.20B | 1.36B | 1.20B |
| Inventory | 481.50M | 454.80M | 595.00M | 573.60M | 583.40M | 519.80M |
| Prepaid Expenses | 98.10M | 77.20M | 78.20M | 68.00M | 64.10M | 56.70M |
| Other Current Assets | 5.40M | 9.70M | 23.50M | 7.20M | 12.10M | 27.60M |
| Total Current Assets | 2.21B | 2.27B | 2.14B | 2.01B | 2.23B | 2.15B |
| Property, Plant & Equipment | 3.75B | 3.74B | 3.78B | 3.06B | 2.81B | 2.50B |
| Long-Term Investments | 591.40M | 572.70M | 559.10M | 588.80M | 530.70M | 454.00M |
| Goodwill | 2.40B | 2.44B | 1.97B | 2.66B | 2.46B | |
| Other Intangible Assets | 3.70B | 1.00B | 1.11B | 1.01B | 1.09B | 1.10B |
| Long-Term Accounts Receivable | 166.20M | 164.80M | 177.50M | 154.10M | 131.20M | |
| Long-Term Deferred Tax Assets | 149.60M | 147.60M | 191.80M | 233.30M | 125.10M | 117.40M |
| Long-Term Deferred Charges | 290.70M | 320.30M | 287.20M | 294.70M | 234.40M | |
| Other Long-Term Assets | 776.80M | 567.50M | 506.00M | 494.70M | 526.80M | 429.00M |
| Total Assets | 11.18B | 11.15B | 11.21B | 9.83B | 10.44B | 9.58B |
| Accounts Payable | 854.60M | 515.20M | 715.90M | 566.40M | 527.80M | 441.30M |
| Accrued Expenses | 419.90M | 474.90M | 468.90M | 508.90M | 533.80M | |
| Current Portion of Long-Term Debt | 592.60M | 183.80M | 277.90M | 253.70M | 133.40M | 142.80M |
| Current Portion of Leases | 68.20M | 121.10M | 55.20M | 81.20M | 99.00M | |
| Current Income Taxes Payable | 20.50M | 20.00M | 18.40M | 31.10M | 21.10M | 22.70M |
| Current Unearned Revenue | 1.09B | 1.09B | 1.00B | 911.70M | 905.70M | 788.30M |
| Other Current Liabilities | 93.40M | 67.30M | 76.70M | 71.40M | 68.60M | 63.30M |
| Total Current Liabilities | 2.65B | 2.36B | 2.69B | 2.36B | 2.25B | 2.09B |
| Long-Term Debt | 1.87B | 2.29B | 2.40B | 2.27B | 2.66B | 2.51B |
| Long-Term Leases | 748.40M | 694.00M | 671.00M | 496.70M | 374.70M | 296.00M |
| Long-Term Unearned Revenue | 144.00M | 126.80M | 99.80M | 94.00M | 130.30M | |
| Pension & Post-Retirement Benefits | 109.90M | 106.10M | 134.10M | 98.70M | 91.90M | 109.70M |
| Long-Term Deferred Tax Liabilities | 39.30M | 38.30M | 40.70M | 36.60M | 129.30M | 93.70M |
| Other Long-Term Liabilities | 269.30M | 127.80M | 178.30M | 172.60M | 250.20M | 262.90M |
| Total Liabilities | 5.69B | 5.76B | 6.24B | 5.53B | 5.85B | 5.49B |
| Common Stock | 2.40B | 2.38B | 2.33B | 2.25B | 2.24B | 2.22B |
| Additional Paid-In Capital | 94.00M | 96.80M | 69.80M | 55.40M | 42.10M | 38.60M |
| Retained Earnings | 2.50B | 2.48B | 2.11B | 1.76B | 2.05B | 1.78B |
| Comprehensive Income & Other | 417.60M | 347.20M | 381.80M | 154.00M | 167.20M | -31.20M |
| Total Common Equity | 5.41B | 5.30B | 4.89B | 4.22B | 4.51B | 4.01B |
| Minority Interest | 73.50M | 83.30M | 84.50M | 77.70M | 81.20M | 76.90M |
| Shareholders' Equity | 5.48B | 5.39B | 4.98B | 4.30B | 4.59B | 4.09B |
| Total Liabilities & Equity | 11.18B | 11.15B | 11.21B | 9.83B | 10.44B | 9.58B |
| Total Debt | 3.21B | 3.23B | 3.47B | 3.07B | 3.25B | 3.05B |
| Net Cash (Debt) | -2.65B | -2.68B | -3.18B | -2.91B | -3.03B | -2.70B |
| Net Cash Per Share | -8.21 | -8.32 | -9.94 | -9.16 | -9.52 | -8.63 |
| Filing Date Shares Outstanding | 320.46M | 321.53M | 320.27M | 318.38M | 317.95M | 317.03M |
| Total Common Shares Outstanding | 321.40M | 321.73M | 320.27M | 318.31M | 317.91M | 317.02M |
| Working Capital | -444.10M | -96.10M | -542.90M | -351.90M | -11.70M | 57.40M |
| Book Value Per Share | 16.83 | 16.49 | 15.27 | 13.27 | 14.18 | 12.65 |
| Tangible Book Value | 1.70B | 1.90B | 1.34B | 1.24B | 751.60M | 447.80M |
| Tangible Book Value Per Share | 5.30 | 5.92 | 4.19 | 3.90 | 2.36 | 1.41 |
| Buildings | 858.70M | 842.50M | 666.90M | 623.90M | 561.90M | |
| Machinery | 3.65B | 3.53B | 3.03B | 2.87B | 2.48B | |
| Construction In Progress | 301.80M | 316.50M | 259.60M | 229.50M | 256.40M | |
| Order Backlog | 19.26B | 20.14B | 12.18B | 10.80B | 9.58B |
Cash flow statement
Fiscal year April - March; amounts in CAD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 286.90M | 313.10M | 405.30M | -304.00M | 222.70M | 141.70M |
| Depreciation & Amortization | 378.70M | 371.90M | 345.10M | 368.70M | 281.60M | 259.50M |
| Other Amortization | 88.20M | 88.20M | 69.60M | 60.60M | 51.00M | |
| Asset Writedown & Restructuring Costs | 69.60M | 58.80M | 7.10M | 625.30M | -2.40M | 41.80M |
| Loss (Gain) From Sale of Investments | -72.60M | |||||
| Loss (Gain) on Equity Investments | -78.10M | -82.70M | -88.30M | -72.20M | -53.20M | -48.50M |
| Stock-Based Compensation | 29.20M | 36.70M | 25.20M | 14.80M | 6.10M | 6.40M |
| Other Operating Activities | 22.00M | 43.60M | 8.00M | -183.40M | 7.50M | -56.20M |
| Change in Accounts Receivable | 105.40M | 500.00K | 153.50M | 142.30M | -62.50M | -15.10M |
| Change in Inventory | 147.80M | 135.80M | -11.00M | -76.30M | -65.60M | 107.30M |
| Change in Accounts Payable | -146.30M | -258.10M | 54.10M | 11.00M | 21.80M | -24.60M |
| Change in Unearned Revenue | 72.00M | 103.20M | 74.20M | 17.90M | 30.00M | -2.20M |
| Change in Income Taxes | -11.90M | -16.20M | -53.80M | 30.20M | -13.20M | -11.50M |
| Change in Other Net Operating Assets | 18.80M | -2.90M | -19.90M | 3.00M | -25.00M | -31.40M |
| Operating Cash Flow | 982.30M | 791.90M | 896.50M | 566.90M | 408.40M | 418.20M |
| Capital Expenditures | -232.60M | -287.80M | -356.20M | -329.80M | -298.90M | -272.20M |
| Sale of Property, Plant & Equipment | 300.00K | 5.40M | 19.40M | 4.00M | 5.70M | 8.40M |
| Cash Acquisitions | -308.00M | -6.40M | -1.88B | |||
| Sale (Purchase) of Intangibles | -60.10M | -73.70M | -87.90M | -147.90M | -126.40M | -90.60M |
| Investment in Securities | 42.60M | 48.00M | 9.70M | -6.80M | 30.00M | 3.40M |
| Other Investing Activities | -20.00M | -11.20M | -9.30M | 265.10M | -4.70M | -2.40M |
| Investing Cash Flow | -269.80M | -319.30M | -732.30M | -215.40M | -400.70M | -2.24B |
| Long-Term Debt Issued | 89.50M | 331.50M | 433.50M | 75.70M | 773.70M | |
| Total Debt Issued | -143.60M | 89.50M | 331.50M | 433.50M | 75.70M | 773.70M |
| Long-Term Debt Repaid | -340.00M | -426.20M | -836.60M | -244.40M | -221.60M | |
| Lease Payments | -65.70M | -61.10M | -59.90M | -69.50M | -83.40M | -89.50M |
| Total Debt Repaid | -178.00M | -340.00M | -426.20M | -836.60M | -244.40M | -221.60M |
| Net Debt Issued (Repaid) | -321.60M | -250.50M | -94.70M | -403.10M | -168.70M | 552.10M |
| Issuance of Common Stock | 46.60M | 46.30M | 67.10M | 7.80M | 16.30M | 696.10M |
| Repurchase of Common Stock | -46.00M | -7.00M | -21.30M | |||
| Other Financing Activities | -800.00K | -1.50M | -900.00K | -200.00K | 7.40M | |
| Financing Cash Flow | -321.80M | -212.70M | -49.80M | -395.30M | -152.60M | 1.26B |
| Foreign Exchange Rate Adjustments | 6.80M | -1.20M | 19.20M | -13.70M | 16.40M | -16.70M |
| Net Cash Flow | 397.50M | 258.70M | 133.60M | -57.50M | -128.50M | -580.00M |
| Free Cash Flow | 749.70M | 504.10M | 540.30M | 237.10M | 109.50M | 146.00M |
| Free Cash Flow Margin | 15.03% | 10.26% | 11.48% | 5.54% | 2.73% | 4.33% |
| Free Cash Flow Per Share | 2.33 | 1.56 | 1.69 | 0.74 | 0.34 | 0.47 |
| Levered Free Cash Flow | 694.65M | 389.79M | 541.85M | 293.96M | 106.55M | 203.22M |
| Unlevered Free Cash Flow | 808.34M | 506.35M | 663.04M | 406.59M | 201.11M | 273.85M |
| Free Cash Flow After Leases | 684.00M | 443.00M | 480.40M | 167.60M | 26.10M | 56.50M |
| Cash Interest Paid | 177.30M | 188.70M | 201.70M | 189.70M | 174.70M | 93.80M |
| Cash Income Tax Paid | 46.50M | 49.90M | 101.40M | 69.70M | 34.70M | 44.50M |
| Change in Working Capital | 185.80M | -37.70M | 197.10M | 128.10M | -114.50M | 22.50M |
Ratios
Fiscal year April - March; amounts in CAD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.27B | 8.35B | 7.87B | 6.57B | 7.18B | 8.26B |
| Enterprise Value | 10.22B | 10.40B | 10.26B | 8.91B | 9.51B | 10.17B |
| Last Close Price | 25.80 | 26.05 | 24.59 | 20.64 | 22.63 | 26.08 |
| PE Ratio | 40.55 | 37.23 | 27.92 | 43.62 | 72.79 | |
| PS Ratio | 2.35 | 2.37 | 2.40 | 2.08 | 2.42 | 3.06 |
| PB Ratio | 2.14 | 2.16 | 2.27 | 2.07 | 2.12 | 2.52 |
| P/TBV Ratio | 6.89 | 6.12 | 8.44 | 7.18 | 12.92 | 23.03 |
| P/FCF Ratio | 15.43 | 23.12 | 20.94 | 37.55 | 88.71 | 70.65 |
| P/OCF Ratio | 11.78 | 14.72 | 12.62 | 15.71 | 23.79 | 24.66 |
| EV/Sales Ratio | 2.91 | 2.96 | 3.13 | 2.82 | 3.21 | 3.77 |
| EV/EBITDA Ratio | 15.64 | 15.86 | 16.11 | 15.36 | 18.55 | 23.00 |
| EV/EBIT Ratio | 23.30 | 23.53 | 23.20 | 25.68 | 27.85 | 37.23 |
| EV/FCF Ratio | 19.07 | 28.80 | 27.30 | 50.90 | 117.52 | 86.99 |
| Debt / Equity Ratio | 0.59 | 0.60 | 0.70 | 0.71 | 0.71 | 0.74 |
| Debt / EBITDA Ratio | 3.21 | 3.27 | 3.54 | 3.67 | 4.37 | 5.07 |
| Debt / FCF Ratio | 4.29 | 6.42 | 6.42 | 12.97 | 29.68 | 20.86 |
| Net Debt / Equity Ratio | 0.48 | 0.50 | 0.64 | 0.68 | 0.66 | 0.66 |
| Net Debt / EBITDA Ratio | 2.85 | 2.93 | 3.47 | 3.71 | 4.37 | 4.89 |
| Net Debt / FCF Ratio | 3.53 | 5.32 | 5.88 | 12.29 | 27.69 | 18.49 |
| Asset Turnover | 0.45 | 0.44 | 0.45 | 0.42 | 0.40 | 0.37 |
| Inventory Turnover | 6.49 | 6.71 | 5.83 | 5.41 | 5.31 | 4.14 |
| Quick Ratio | 0.61 | 0.73 | 0.54 | 0.58 | 0.70 | 0.74 |
| Current Ratio | 0.83 | 0.96 | 0.80 | 0.85 | 0.99 | 1.03 |
| Return on Equity (ROE) | 5.63% | 6.23% | 8.95% | -7.14% | 5.30% | 4.11% |
| Return on Assets (ROA) | 3.53% | 3.45% | 3.78% | 2.90% | 2.89% | 2.33% |
| Return on Invested Capital (ROIC) | 6.27% | 6.14% | 6.69% | 6.33% | 5.04% | 5.83% |
| Return on Capital Employed (ROCE) | 7.30% | 7.00% | 7.50% | 6.30% | 5.60% | 4.60% |
| Earnings Yield | 2.47% | 2.69% | 3.58% | -3.42% | 2.29% | 1.37% |
| FCF Yield | 6.48% | 4.32% | 4.78% | 2.66% | 1.13% | 1.42% |
| Buyback Yield / Dilution | -0.66% | -0.76% | -0.48% | 0.07% | -1.76% | -15.03% |
| Total Shareholder Return | -0.66% | -0.76% | -0.48% | 0.07% | -1.76% | -15.03% |