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Swiss-listed aerospace manufacturer making lightweight structural components and systems for aircraft and e-mobility customers.
Swiss-listed aerospace manufacturer making lightweight structural components and systems for aircraft and e-mobility customers.
Makes parts to aircraft makers' designs and supplies them under long-term contracts, so most sales come from structural parts and systems for Airbus and Boeing programs and follow their production rates. It listed in Zurich in 2021, with Montana Tech Components keeping control.
In one line: A lightweight-structures aerospace supplier like a smaller Triumph Group.
Moat: narrow (process know-how, customer qualification, regulatory licence). Aerospace certification and OEM qualification create switching costs, though the segment is capital-intensive and cyclical.
Headquarters: Baar, Switzerland · Founded: 2018 · Employees: 6,346
Size Montana Aerospace (AERO.SW) is a Switzerland Industrials company (Aerospace & Defense) with a market value of $1.69B, the 101st largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 22.05 on 6 Nov 2026.
Performance Over six months the shares fell 2.2%, against -5.6% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue fell 36.4% over the last twelve months (peer median +9.3%); the operating margin is 7.4% (peer median 3.0%).
Valuation It trades at 20.5× forward earnings against a peer median of 27.1× (5th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points below its cost of capital (6.4% WACC).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 957M | CHF 918M | CHF 811M | CHF 1.23B | CHF 1.31B |
| Revenue growth | — | +13% | -34% | -6% | — |
| Gross profit | CHF 169M | CHF 153M | CHF 138M | CHF 132M | CHF 116M |
| EBITDA | CHF 158M | CHF 125M | CHF 96.0M | CHF 81.4M | CHF 29.3M |
| Net income | CHF 17.0M | CHF 19.1M | CHF 34.4M | -CHF 36.9M | -CHF 36.2M |
| Free cash flow | CHF 80.8M | CHF 68.6M | -CHF 3.12M | CHF 19.4M | CHF 25.6M |
| Capital expenditure | CHF 54.9M | CHF 70.1M | CHF 82.9M | CHF 67.4M | CHF 86.3M |
| Total debt | CHF 100M | CHF 210M | CHF 247M | CHF 317M | CHF 697M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Montana Aerospace AERO.SW | $1.69B | -2% | -36% | 7% | 20.5× | 6.1% |
| Safran SAF.PA | $138B | +4% | +14% | 13% | 28.5× | 22.2% |
| Leonardo LDO.MI | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AERO.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | -6.7% | 9th highest of 20 |
| 6-month return | -2.2% | -5.6% | 9th highest of 19 |
| Distance from 52-week high | -37.5% | -35.8% | 8th lowest of 21 |
| Revenue growth (TTM) | -36.4% | +9.3% | lowest of 20 |
| Operating margin | 7.4% | 3.0% | 9th highest of 21 |
| Forward P/E | 20.5× | 27.1× | 5th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 6.1% | 26.1% | 3rd least demanding of 10 |
| Growth delivered (Del g) | +6.3% | +10.6% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | -0.2 pp | +15.6 pp | 3rd least demanding of 10 |
| ROIC minus cost of capital | -0.7 pp | -5.3 pp | 6th highest of 21 |
| EV / EBITDA | 8.9× | 17.2× | 2nd cheapest of 9 |
| Net debt / EBITDA | 0.1× | 1.3× | 4th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Montana Aerospace AERO.SW | Switzerland | $1.69B | -2% | -36% | 7% | 20.5× | 6.1% | +6.3% |
| Applied Aerospace & Defense AADX | United States | $1.67B | n/a | +35% | -10% | 23.4× | n/a | n/a |
| MTAR Technologies MTARTECH.NS | India | $1.77B | -18% | +108% | 20% | 64.7× | 48.5% | +29.2% |
| Avio AVIO.MI | Italy | $1.60B | -2% | +14% | 1% | 89.7× | 26.1% | +10.6% |
| Redwire RDW | United States | $1.80B | -35% | +63% | -41% | n/a | n/a | n/a |
| China Marine Information Electronics 600764.SS | China | $1.82B | -28% | +9% | -2% | 85.3× | n/a | n/a |
| Aequs AEQUS.NS | India | $1.56B | +8% | +33% | -7% | n/a | n/a | n/a |
| Cirrus Aircraft 2507.HK | Hong Kong | $1.85B | +5% | +14% | 13% | 10.6× | -1.4% | +18.3% |
| Xi'an Triangle Defense 300775.SZ | China | $1.50B | -39% | -29% | 2% | 17.6× | 31.7% | +21.0% |
| Chemring CHG.L | United Kingdom | $1.92B | +13% | -4% | 13% | 27.0× | n/a | n/a |
| Ligeance Aerospace Technology 000697.SZ | China | $1.94B | -9% | +24% | -10% | n/a | n/a | n/a |
| Beijing Beimo High-tech Frictional Material 002985.SZ | China | $1.46B | -17% | +36% | 28% | 38.2× | n/a | n/a |
| Aerospace Industrial Development 2634.TW | Taiwan | $1.46B | +3% | +3% | 6% | 19.5× | 4.1% | +11.0% |
| Sensofusion SENSO.HE | Finland | $1.97B | n/a | n/a | 64% | n/a | n/a | n/a |
| Beijing Highlander Digital Technology 300065.SZ | China | $1.44B | -48% | -32% | -1% | 78.8× | n/a | n/a |
| Ducommun DCO | United States | $2.04B | -1% | +9% | 10% | 27.6× | n/a | n/a |
| Cadre CDRE | United States | $1.40B | +9% | +20% | 11% | 22.5× | 16.9% | +8.6% |
| Beijing LeiKe Defense Technology 002413.SZ | China | $1.39B | -46% | -5% | -6% | n/a | n/a | n/a |
| Hefei Jianghang Aircraft Equipment 688586.SS | China | $1.38B | -11% | -4% | 2% | 27.1× | 49.7% | +2.6% |
| Bodycote BOY.L | United Kingdom | $2.09B | +35% | +2% | 15% | 18.1× | 22.6% | +4.0% |
| AECC Aero Science And Technology 600391.SS | China | $2.13B | +16% | -15% | 4% | 253.6× | 29.7% | +9.7% |