Key Takeaways AAR and TAT Technologies are positioned to benefit from strong MRO demand in 2026.AIR posted 16% revenue growth and 31% earnings growth, while expanding MRO capacity and tech.TATT secured a $14M landing gear MRO deal and projects strong 2026 sales and EPS growth.The global aerospace services market continues to expand in 2026, supported by strong air travel demand, higher aircraft utilization and sustained growth in the Maintenance, Repair and Overhaul market. Airlines, cargo operators and def ...

For the quarter ended December 2025, StandardAero, Inc. (SARO) reported revenue of $1.6 billion, up 13.5% over the same period last year. EPS came in at $0.24, compared to $0.12 in the year-ago quarter.The reported revenue represents no surprise over the Zacks Consensus Estimate of $0 million. With the consensus EPS estimate being $0.25, the EPS surprise was -3.03%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their nex ...

As filed with the Securities and Exchange Commission on February 11, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 T3 Defense Inc. (Exact name of registrant as specified in its charter) Delaware 6770 38-3912845 (State or jurisdiction of (Primary Standard Industrial (I.R.S. Employer incorporation or organization) Classification Code Number) Identification Number) 575 Fifth Ave., 14th Floor N ...

Core Insights - Rising global air passenger traffic and an ageing aircraft base are driving growth in aircraft fleet sizes and increasing demand for aftermarket services, benefiting aerospace service stocks like Astronics Corporation (ATRO) and HEICO Corporation (HEI) [1][19] - Higher global defense spending due to geopolitical tensions is boosting demand for advanced avionics, electronics, and power systems used in military aircraft supplied by these companies [1] Group 1: Company Performance - Astronics reported a revenue growth of 3.8% and a 44% increase in net adjusted earnings for Q3 2025 compared to the previous year [4][10] - The Aerospace segment of Astronics generated sales of $192.7 million, up nearly 8.5% year over year, driven by increased demand for cabin power products and military orders [5][10] - HEICO reported a revenue growth of 19.3% and a 34.3% increase in earnings per share for Q4 fiscal 2025 compared to the previous year [8][10] Group 2: Acquisitions and Strategic Moves - Astronics expanded its aviation portfolio by acquiring Buhler Motor Aviation, enhancing its seat actuation offerings and technical expertise [6][7] - HEICO's Flight Support Group subsidiary, Wencor Group, announced an agreement to acquire EthosEnergy Accessories and Components, which is expected to strengthen HEICO's aftermarket repair capabilities [9][11] Group 3: Financial Metrics and Valuation - The Zacks Consensus Estimate for ATRO's 2025 sales and EPS implies improvements of 7.7% and 67% respectively from the previous year [12] - ATRO's forward 12-month price/earnings (P/E F12M) ratio is 22.42X, lower than HEI's 59.68X, indicating a more attractive valuation for Astronics [17] - ATRO has a Return on Equity (ROE) of 29.65%, outperforming HEI's 17.18%, showcasing better efficiency in generating profits from equity [18] Group 4: Market Position and Outlook - Both companies are well-positioned for revenue and earnings growth, but Astronics stands out in terms of valuation and profitability metrics, making it a more attractive choice for investors [22]

Financial Performance - Revenue for Q3 2025 reached $1498 million, a 204% increase year-over-year[15] - Adjusted EBITDA for Q3 2025 was $196 million, up 161% year-over-year[15] - The adjusted EBITDA margin was 131% in Q3 2025, a decrease of 40 bps year-over-year[15] - Free Cash Flow for Q3 2025 was $(4) million[32] - The company is raising its 2025 revenue guidance to $5970 - $6030 million, representing a 14% to 15% year-over-year increase[21] - The company is raising its 2025 Free Cash Flow guidance to $170 - $190 million[21] Segment Performance - Engine Services revenue grew by 213% year-over-year in Q3 2025[34] - Component Repair Services revenue grew by 139% year-over-year in Q3 2025[39] - Component Repair Services achieved an adjusted EBITDA margin of 307% in Q3 2025, an increase of 430 bps year-over-year[39] Balance Sheet - The Net Debt to Adjusted EBITDA leverage ratio improved to 29x[50]

Core Insights - The global aerospace services market is rapidly expanding due to increasing air traffic, fleet utilization, and strong demand in the Maintenance, Repair and Overhaul (MRO) sector, benefiting companies like TAT Technologies (TATT) and AAR Corp. (AIR) [1] - Both TATT and AIR are strategically positioned to capture growth opportunities in the MRO market, with TATT focusing on thermal management systems and AIR leveraging its diversified presence [2] TAT Technologies (TATT) - Recent Achievements: TATT unified its business units under a single brand to enhance customer experience and streamline operations in thermal solutions and MRO services [3] - Contract Acquisition: TATT secured a $12 million contract for MRO services on Boeing 777 aircraft, expanding its footprint in the APU services market [4] - Financial Stability: TATT ended Q2 with $43 million in cash and cash equivalents, $2 million in current debt, and $10 million in long-term debt, indicating a solid solvency position [5] - Challenges: TATT faces industry-specific risks such as supply-chain disruptions, rising raw material costs, and geopolitical risks due to its operations in Israel [6][7] AAR Corp. (AIR) - Recent Achievements: AIR reported Q1 fiscal 2026 adjusted earnings of $1.08 per share, a 27.1% increase year-over-year, with net sales of $739.6 million, reflecting an 11.8% growth [8] - Acquisition: AIR acquired American Distributors Holding Company for $146 million, enhancing its parts distribution business and relationships with OEMs [9] - Financial Stability: As of August 31, 2025, AIR had $92 million in cash and cash equivalents but a long-term debt of $1,022 million, indicating a higher debt load compared to TATT [11] - Challenges: AIR faces ongoing supply-chain challenges and workforce constraints that could impact production and operational efficiency [12] Comparative Analysis - Stock Performance: TATT's stock surged 118.2% over the past year, outperforming AIR's 32.1% increase [10] - Valuation: AIR has a trailing Price/Book ratio of 2.50X, which is more attractive than TATT's 3.03X [17] - Leverage: TATT has a lower long-term debt-to-capital ratio of 5.86 compared to AIR's 45.00, indicating less debt [20] Conclusion - The growth in global air traffic and MRO demand supports solid growth for TATT and AIR, but TATT's strong stock performance, lower leverage, and solid solvency position make it a more compelling investment option [21][22]

Core Insights - Rising air passenger traffic and an expanding global fleet are driving demand for aerospace service stocks like Astronics Corporation (ATRO) and HEICO Corporation (HEI) [1][2] - Increased defense budgets due to geopolitical tensions are boosting demand for advanced avionics and electronics supplied by these companies [1] Company Overview - Astronics specializes in advanced technologies in electrical power, lighting, connectivity, and cabin electronics for both commercial and military clients [3] - HEICO is one of the largest independent aerospace parts manufacturers globally, supplying jet engines and aircraft components [3] Financial Stability & Growth Drivers - Astronics ended June 2025 with cash and cash equivalents of $13 million and long-term debt of $159 million, indicating solid liquidity to meet capital expenditure targets of $40-$50 million in 2025 [5] - HEICO's cash and cash equivalents totaled $0.26 billion as of July 31, 2025, with long-term debt of $2.44 billion, providing flexibility for its acquisition strategy [6] - Both companies are experiencing sales growth due to rising global air passenger traffic, with Astronics reporting a 3.3% year-over-year increase in sales in Q2 2025 and HEICO's Flight Support Group achieving 18% sales growth in Q3 2025 [7] - Military sales for Astronics rose 11% year-over-year in Q2 2025, while HEICO's Electronic Technologies Group saw a 7% organic sales increase in Q3 2025 [8] Stock Performance & Valuation - Astronics outperformed HEICO with a stock increase of 111.9% over the past year compared to HEICO's 20.5% [10] - ATRO trades at a lower forward P/E of 21.55X versus HEI's 61.87X, indicating a more attractive valuation [10][18] - Astronics has a lower long-term debt-to-capital ratio of 36.97 compared to HEICO's 40.62, suggesting less leverage [19] - Return on Equity (ROE) for Astronics is 22.89%, higher than HEICO's 16.29%, indicating better efficiency in generating profits [21] Conclusion - The aerospace services industry is expected to benefit from rising global air traffic, fleet expansion, and increased defense spending [22] - Astronics presents a more compelling investment option due to its attractive valuation metrics, better ROE, and lower leverage compared to HEICO [22]