CAE
Designs flight simulators and trains the civil and military pilots who fly them.
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Profile
Builds full-flight simulators and runs the training centers that use them, spanning civil, business-jet, and defense aviation through two segments — Civil Aviation and Defense and Security — anchored by a global ab initio pilot-school network and a US-focused military training franchise built around a 2021 acquisition.
Builds full-flight simulators and operates the training centers that use them, running the broadest civil-aviation training footprint in the industry alongside an ab initio pilot school network that trains cadets from their first lesson.
Two segments carry the business: Civil Aviation, serving commercial and business-jet operators, and Defense and Security, which became a top-tier US military training supplier after absorbing a major American simulation business in 2021, trailing only Lockheed Martin in that market.
Civil results track airline hiring and training-center utilization; older fixed-price defense contracts predating pandemic-era cost inflation are still being worked through the backlog.
Headquartered in Quebec since a 1947 founding, the company has traded on the New York Stock Exchange and the Toronto Stock Exchange since 1972.
Company facts
Categories
Key statistics
Year to date −21.5% · Average volume (30d) 606.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 15, 2026 | Morgan Stanley | Downgrade | Equal-Weight | Underweight | ||
| Jun 25, 2026 | Jefferies | Reiterate | Hold | $27 | $26 | |
| May 26, 2026 | RBC Capital | Reiterate | Sector Perform | $34 | ||
| Apr 17, 2026 | Jefferies | Reiterate | Hold | $30 | $27 | |
| May 21, 2025 | RBC Capital | Downgrade | Outperform | Sector Perform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q1 FY27 | $0.17 | $0.19 | +11.8% | $796.9M | $826.1M | +3.7% | −4.88% |
| May 21, 2026Q4 FY26 | $0.30 | $0.31 | +3.3% | $924.8M | $953.8M | +3.1% | −14.03% |
| Feb 12, 2026Q3 FY26 | $0.22 | $0.24 | +9.1% | $919.0M | $911.8M | −0.8% | −3.70% |
| Nov 11, 2025Q2 FY26 | $0.14 | $0.17 | +21.4% | $900.0M | $886.6M | −1.5% | +0.04% |
Financial highlights
| 12 quarters | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|
| Revenue | $917.4M | $790.3M | $889.5M | $900.7M | $956.8M | $844.1M | |
| Gross profit | $281.0M | $221.8M | $229.7M | $260.5M | $289.2M | $246.7M | |
| Operating income | $172.6M | $96.2M | $111.7M | $140.8M | $145.5M | $52.5M | |
| Net income | $97.8M | $41.1M | $53.2M | $78.3M | $52.7M | $22.3M | |
| Diluted EPS | $0.30 | $0.13 | $0.17 | $0.24 | $0.16 | $0.07 | |
| Gross margin | 30.6% | 28.1% | 25.8% | 28.9% | 30.2% | 29.2% | |
| Operating margin | 18.8% | 12.2% | 12.6% | 15.6% | 15.2% | 6.2% |
Fiscal years (4-quarter sums)FY22 $2.51B · FY23 $2.91B · FY24 $3.08B · FY25 $3.39B · FY26 $3.54B
Revenue by product · FY25
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $409.1M · Total debt $2.31B · Total assets $8.04B · Shareholders' equity $3.89B
Dividends
No dividends on record.
Ownership
Shares outstanding 321.58M · Float 290.24M · 90.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Caisse de Depot et Placement du Quebec | 30.92M | 9.61% | 13F | Aug 14, 2026 |
| Caisse depot et placement du Quebec | 30.92M | 9.70% | 13D | Feb 14, 2025 |
| 1832 Asset Management L.P. | 19.56M | 6.08% | 13F | Aug 13, 2026 |
| Brandes Investment Partners, LP | 17.30M | 5.80% | 13G | Aug 13, 2026 |
| BlackRock, Inc. | 16.17M | 5.02% | 13G | Jan 21, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Lockheed Martin
Largest US defense training and simulation prime by market share
- Boeing
Competes in airline pilot training, OEM aircrew simulators, and ops software
- Textron
Direct FFS rival for business jets and rotorcraft via TRU Simulation
- Northrop Grumman
Electronic-warfare and networked-training rival in the same USAF ecosystem
- Elbit Systems
International defense trainer overlapping on UK MoD and platform simulators
- General Dynamics
Peripheral US Army live-training and naval simulator rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| CAE | $24.33 | +0.24% | $7.81B | 37.9 | 27.0 | 2.2 | +2.5% |
| Lockheed Martin | $564.08 | +0.07% | $130.13B | 20.8 | 17.9 | 1.7 | +10.5% |
| Boeing | $209.76 | −0.03% | $165.84B | 90.8 | 152.1 | 1.8 | +8.0% |
| Textron | $83.04 | +0.01% | $14.28B | 15.7 | 12.5 | 0.9 | +8.5% |
| Northrop Grumman | $546.65 | +0.20% | $77.51B | 17.3 | 18.6 | 1.8 | +5.1% |
| Elbit Systems | $708.68 | −0.18% | $33.20B | 53.0 | — | 3.9 | +15.9% |
| General Dynamics | $376.45 | −0.75% | $102.63B | 23.1 | 21.7 | 1.9 | +8.1% |
| Median | 21.9 | 18.6 | 1.8 | +8.3% |