CAENasdaqMiscellaneous Electrical Machinery, Equipment & Supplies
CAE INC
Financials through fiscal 2025, year ended Mar 31, 2025Last filing: 40-F on Jun 22, 2026
$24.50+0.35 (+1.45%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
27.6%−2.3 pts over 5 years
Operating margin
15.5%+0.7 pts over 5 years
Net margin
8.6%+0.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.9% | +11.8% | +5.4% | – | |
| Gross profit | +12.6% | +10.8% | +3.7% | – | |
| Operating income | – | +36.9% | +6.3% | – | |
| Net income | – | +42.0% | +5.4% | – | |
| Free cash flow | +127.9% | +54.7% | +15.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 12.9% | 8.9% | |
| Return on assets | – | 4.0% | 3.9% | |
| Current ratio | – | 1.36 | 0.80 | |
| Debt to equity | – | 1.33 | 0.71 | |
| Net debt to EBITDA | – | 2.81× | 2.78× | |
| Interest coverage | – | 3.4× | 3.1× | |
| Inventory turnover | – | 4.4× | 5.8× | |
| Capex to revenue | – | 7.8% | 7.6% | |
| Diluted shares | – | 268M | 320M |
Where the cash went
Fiscal 2021 to 2025, five years combined
CAE generated C$2.66B from operations and spent C$1.36B on capital expenditure, dividends and share buybacks. 98% of that went back into the business.
Generated
C$2.66B
Used
C$1.36B
Capital expenditureC$1.33B98%DividendsC$00%Share buybacksC$21.30M2%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin8.6%
×Asset turnover0.45×
×Equity multiplier2.31×
=Return on equity, FY20258.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 8.6% | 0.45× | 2.31× | 8.9% |
| FY2024 | -7.1% | 0.42× | 2.32× | -7.0% |
| FY2023 | 5.6% | 0.40× | 2.35× | 5.2% |
| FY2022 | 4.2% | 0.37× | 2.56× | 4.0% |
| FY2021 | -1.6% | 0.35× | 3.06× | -1.7% |
| FY2020 | 8.6% | 0.46× | 3.25× | 12.9% |
| FY2019 | 10.0% | 0.51× | 2.84× | 14.5% |
| FY2018 | 12.3% | 0.51× | 2.67× | 16.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zeroC$405.30M
- Cash generatingOperating cash flow above zeroC$896.50M
- Return on assets improvedROA up on the prior year-2.9% → 4.1%
- Earnings backed by cashOperating cash flow above net incomeC$896.50M vs C$405.30M
- Less leverageLong-term debt to assets fell28.1% → 27.4%
- Better liquidityCurrent ratio rose0.85 → 0.80
- No dilutionShare count did not rise318M → 320M
- Gross margin improvedGross margin up on the prior year26.96% → 27.62%
- More efficientAsset turnover rose0.41 → 0.48