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Canadian maker of flight simulators and training systems for civil aviation and defence, plus healthcare simulation technology.
Canadian maker of flight simulators and training systems for civil aviation and defence, plus healthcare simulation technology.
Earns in two ways: selling simulators outright to airlines, militaries and others, and running its own training centres where airlines pay for pilot hours, often under multi-year contracts. Training fees recur while simulator sales are lumpy and follow aircraft deliveries. Defence work is paid through government contracts.
In one line: Canada's peer to L3Harris' training/simulation segment.
Moat: wide (IP / patents, installed base, switching costs). Leading global simulator technology and long-term training contracts with airlines and defence customers.
Headquarters: Montreal, Canada · Founded: 1947 · Employees: 11,500
Size CAE (CAE.TO) is a Canada Industrials company (Miscellaneous Commercial Services) with a market value of $8.67B, the 81st largest of 420 Canada companies the cockpit tracks. Shares closed at C$37.91 on 6 Nov 2026.
Performance Over six months the shares gained 2.9%, against +12.2% for the median peer and +5.2% for the Canada market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 5.4% over the last twelve months (peer median +3.8%); the operating margin is 12.6% (peer median 13.2%).
Valuation It trades at 29.5× forward earnings against a peer median of 16.9× (4th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.3 points below its cost of capital (7.9% WACC).
Backlog Backlog (remaining performance obligations) was C$8.53B at 31 Mar 2025, up 33% on a year earlier — 1.8 years of trailing revenue. Backlog detail →
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$4.99B | C$4.91B | C$4.71B | C$4.28B | C$4.01B |
| Revenue growth | — | +4% | +10% | +7% | — |
| Gross profit | C$1.43B | C$1.34B | C$1.26B | C$1.12B | C$1.06B |
| EBITDA | C$1.10B | C$1.07B | C$1.01B | C$829M | C$777M |
| Net income | C$287M | C$313M | C$405M | -C$320M | C$223M |
| Free cash flow | C$816M | C$584M | C$569M | C$274M | C$150M |
| Capital expenditure | C$293M | C$362M | C$444M | C$478M | C$425M |
| Total debt | C$3.21B | C$3.30B | C$3.48B | C$3.16B | C$3.38B |
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 |
|---|---|---|---|---|---|---|
| CAE CAE.TO | $8.67B | +3% | +5% | 13% | 29.5× | 13.2% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Textron TXT | $14.2B | -8% | +9% | 7% | 11.9× | 8.3% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| Boeing BA | $137B | -27% | +18% | 0% | 179,875.5× | n/a |
| 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 | CAE.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.8% | +8.9% | 7th highest of 20 |
| 6-month return | +2.9% | +12.2% | 7th lowest of 20 |
| Distance from 52-week high | -20.4% | -10.5% | 5th lowest of 21 |
| Revenue growth (TTM) | +5.4% | +3.8% | 8th highest of 21 |
| Operating margin | 12.6% | 13.2% | 9th lowest of 21 |
| Forward P/E | 29.5× | 16.9× | 4th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 13.2% | 7.9% | 5th most demanding of 20 |
| Growth delivered (Del g) | +10.5% | +11.3% | 10th lowest of 20 |
| Hurdle (Req g minus delivered) | +2.7 pp | -9.7 pp | 6th most demanding of 20 |
| ROIC minus cost of capital | -2.3 pp | +6.4 pp | 4th lowest of 18 |
| EV / EBITDA | 13.6× | 10.3× | 5th most expensive of 19 |
| Net debt / EBITDA | 2.4× | 1.9× | 5th most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CAE CAE.TO | Canada | $8.67B | +3% | +5% | 13% | 29.5× | 13.2% | +10.5% |
| Spie SPIE.PA | France | $8.64B | -8% | +3% | 6% | 14.5× | 8.6% | +9.3% |
| Securitas SECU-B.ST | Sweden | $9.22B | +4% | -5% | 7% | 12.3× | -4.9% | +7.5% |
| Booz Allen Hamilton BAH | United States | $10.1B | +11% | -6% | 9% | 13.3× | -7.0% | +7.4% |
| ALS ALQ.AX | Australia | $7.40B | -3% | +11% | 17% | 23.6× | 23.0% | +13.5% |
| Iss A/s ISS.CO | Denmark | $7.08B | +13% | +4% | 5% | 15.3× | -6.1% | +3.7% |
| Genpact G | United States | $7.07B | +30% | +7% | 16% | 9.9× | -7.5% | +6.5% |
| Airtel Mobile Commerce AMC.L | United Kingdom | $7.05B | n/a | +30% | 48% | n/a | 11.5% | +30.3% |
| Baycurrent 6532.T | Japan | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% | +28.2% |
| Edenred EDEN.PA | France | $6.52B | +15% | +3% | 30% | 12.0× | -8.0% | +13.9% |
| Elis ELIS.PA | France | $6.44B | -12% | +5% | 13% | 12.0× | 10.1% | +11.3% |
| Rentokil Initial RTO.L | United Kingdom | $11.9B | -26% | 0% | 14% | 16.9× | 8.2% | +13.4% |
| CETC Lantian Technology 688818.SS | China | $12.1B | -33% | +5% | 9% | 214.2× | n/a | n/a |
| Intertek ITRK.L | United Kingdom | $12.3B | +12% | +4% | 18% | 22.3× | 14.8% | +4.6% |
| Nexi NEXI.MI | Italy | $5.93B | +18% | +1% | 13% | 7.0× | 1.5% | +30.5% |
| Beijing Compass Technology Development 300803.SZ | China | $5.91B | -23% | +12% | 0% | 174.6× | 46.9% | +25.3% |
| Reply REY.MI | Italy | $5.46B | +41% | +6% | 13% | 17.0× | 2.9% | +14.4% |
| FTI Consulting FCN | United States | $5.33B | +19% | +8% | 10% | 18.7× | -3.6% | +9.0% |
| Bureau Veritas BVI.PA | France | $14.9B | +13% | +2% | 15% | 20.2× | 7.9% | +7.0% |
| Aalberts AALB.AS | Netherlands | $4.87B | +6% | 0% | 10% | 14.6× | 12.9% | +3.4% |
| L&T Technology Services LTTS.NS | India | $4.79B | +13% | +2% | 15% | 29.4× | 31.0% | +15.1% |
CAE reported C$8.53B of remaining performance obligations at 31 Mar 2025, up 33% from a year earlier. That is 1.8 years of trailing revenue already under contract.