CAE INC financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data CAE INC files with the SEC in its annual reports.

In CAD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,705	2,824	3,304	3,623	2,982	3,371	4,011	4,283	4,708
Cost of revenue	1,893	1,946	2,363	2,540	2,217	2,416	2,927	3,128	3,408
Gross profit	811	878	942	1,084	765	956	1,084	1,155	1,300
Research and development	111	115	101	138	105	121	129	150	123
Selling, general and administrative	364	381	415	438	399	489	502	535	565
Operating income	365	463	481	537	48.4	284	466	-185	729
Interest expense	84	90.9	97.1	156	149	143	187	223	237
Interest income	11.6	13.7	16.2	11.5	13.1	12.8	13.4	17.5	21.2
Pre-tax income	292	386	400	393	-87.2	154	292	-390	514
Income tax	35.2	30.9	59.6	73.8	-39.7	3.6	62.6	-72.8	98.7
Income from continuing operations	257	356					230	-318	415
Net income to minority interests	5.1	8.7	10.1	7.5	-0.3	8.3	9.2	7.7	9.7
Net income	252	346	330	311	-47.2	142	223	-304	405
EBITDA			698	843	368	595	808	189	1,144

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	505	612	446	947	926	346	218	160	294
Receivables	450	452	496	566	519	557	616	625	612
Inventory	549	516	537	616	648	520	583	574	595
Total current assets	1,965	2,123	2,113	2,809	3,379	2,149	2,235	2,007	2,144
Property, plant and equipment	1,583	1,804	1,943	2,154	1,969	2,129	2,387	2,516	2,990
Lease right-of-use assets			433	396	309	373	427	546	788
Goodwill					1,173	2,464	2,663	1,971	2,440
Total assets	5,398	5,780	7,166	8,484	8,748	9,579	10,437	9,834	11,214
Accounts payable	686	667	884	934	946	975	1,037	1,035	1,191
Total current liabilities	1,411	1,474	1,890	2,062	2,633	2,091	2,247	2,358	2,687
Total liabilities	3,385	3,483	4,756	5,905	5,536	5,492	5,848	5,532	6,238
Total debt	1,255	1,261	2,328
Paid-in capital	19.4	21.3	24.8	26.9	22.5	38.6	42.1	55.4	69.8
Retained earnings	1,126	1,314	1,458	1,590	1,544	1,778	2,055	1,763	2,113
Shareholders' equity	1,952	2,229	2,331	2,490	3,141	4,010	4,508	4,225	4,892
Minority interests	60.2	68.4	78.7	88.6	72.3	76.9	81.2	77.7	84.5
Total equity	2,012	2,298	2,383	2,578	3,213	4,087	4,589	4,303	4,976
Total liabilities and equity	5,398	5,780	7,166	8,484	8,748	9,579	10,437	9,834	11,214

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	257	355	340	319	-47.5	150	232	-296	415
Depreciation and amortization			217	305	320	311	342	375	415
Cash from operations	464	403	530	545	367	418	408	567	897
Capital expenditures	-223	-174	-252	-283	-108	-272	-269	-330	-356
Cash from investing	259	-169	-1,379	-496	-343	-2,237	-401	-215	-732
Debt issued	668	106
Debt repaid	-668	-106
Stock issued	12.7	15.7	18.3	26.6	821	696	16.3	7.8	67.1
Share buybacks								0	-21.3
Dividends paid	-80.6	-89.9	-99.9	-111	0
Cash from financing	-181	-143	690	443	-21.3	1,256	-153	-395	-49.8
Exchange rate effect	-4.9	15	-6.9	7.8	-22.3	-16.7	16.4	-13.7	19.2
Net change in cash	19.1	107	-165	500	-20.4	-580	-129	-57.5	134
Free cash flow	241	229	279	262	259	146	140	237	540

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Gross margin	27.6%	Gross profit / revenue.
Operating margin	15.5%	Operating income / revenue.
EBITDA margin	24.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.9%	Pre-tax income / revenue.
Net margin	8.6%	Net income / revenue.
FCF margin	11.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.0%	Cash from operations / revenue.
Effective tax rate	19.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.9%	Net income / average total assets.
Return on invested capital (ROIC)	13.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.6%	Research and development expense / revenue.
SG&A / revenue	12.0%	Selling, general and administrative expense / revenue.
Capex / revenue	7.6%	Capital expenditures / revenue.
D&A / revenue	8.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	3.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	36.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	6.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	504.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	24.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	6.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	42.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	5.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	58.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	28.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	127.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	54.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	15.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.80x	Current assets / current liabilities.
Quick ratio	0.34x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	55.6%	Total liabilities / total assets.
Interest coverage	3.08x	Operating income / interest expense.
Working capital	-CA$542.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	21.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	CA$2.45B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	1.71x	Revenue / average property, plant and equipment.
Inventory turnover	5.83x	Cost of revenue / average inventory.
Days inventory	63 days	365 x average inventory / cost of revenue.
Receivables turnover	7.61x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	119 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-9 days	Days inventory + days sales outstanding - days payables.
FCF conversion	133.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	39.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Buybacks / FCF	3.9%	Share buybacks / free cash flow, when free cash flow is positive.

What was CAE INC's revenue in fiscal 2025?

CAE INC reported revenue of CA$4.71B for fiscal 2025, 9.9% higher than the year before.

Was CAE INC profitable in fiscal 2025?

Yes. Net income was CA$405.3M, a net margin of 8.6%.

How much free cash flow did CAE INC generate in fiscal 2025?

Cash from operations of CA$896.5M minus capital expenditures of CA$356.2M left free cash flow of CA$540.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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