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Esterline Technologies

DB:ETZ
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ETZ
DB
$4B
Market Cap
  1. Home
  2. DE
  3. Capital Goods
Company description

Esterline Technologies Corporation designs, manufactures, and markets engineered products and systems primarily for aerospace and defense customers in the United States, Canada, France, the United Kingdom, and internationally. The last earnings update was 37 days ago. More info.


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ETZ Share Price and Events
7 Day Returns
0.2%
DB:ETZ
-0.4%
Europe Aerospace & Defense
-0.2%
DE Market
1 Year Returns
79%
DB:ETZ
12.4%
Europe Aerospace & Defense
-9.3%
DE Market
ETZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Esterline Technologies (ETZ) 0.2% -0.5% 1.6% 79% 83.1% 43.2%
Europe Aerospace & Defense -0.4% 5.7% 13.8% 12.4% 53.1% 81.7%
DE Market -0.2% 4% 4.5% -9.3% 7.9% 10.8%
1 Year Return vs Industry and Market
  • ETZ outperformed the Aerospace & Defense industry which returned 12.4% over the past year.
  • ETZ outperformed the Market in Germany which returned -9.3% over the past year.
Price Volatility
ETZ
Industry
5yr Volatility vs Market

Value

 Is Esterline Technologies undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Esterline Technologies to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Esterline Technologies.

DB:ETZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:ETZ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Aerospace & Defense Unlevered Beta Simply Wall St/ S&P Global 0.91
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.913 (1 + (1- 21%) (18.26%))
1.03
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.03
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.03 * 5.96%)
6.37%

Discounted Cash Flow Calculation for DB:ETZ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Esterline Technologies is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:ETZ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.37%)
2019 174.00 Analyst x1 163.58
2020 163.50 Analyst x2 144.51
2021 156.51 Est @ -4.28% 130.04
2022 151.93 Est @ -2.93% 118.68
2023 148.92 Est @ -1.98% 109.37
2024 146.96 Est @ -1.32% 101.46
2025 145.70 Est @ -0.85% 94.57
2026 144.93 Est @ -0.53% 88.44
2027 144.49 Est @ -0.3% 82.89
2028 144.28 Est @ -0.14% 77.82
Present value of next 10 years cash flows $1,111.38
DB:ETZ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $144.28 × (1 + 0.23%) ÷ (6.37% – 0.23%)
$2,355.12
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,355.12 ÷ (1 + 6.37%)10
$1,270.24
DB:ETZ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,111.38 + $1,270.24
$2,381.62
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $2,381.62 / 29.69
$70.14
DB:ETZ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:ETZ represents 0.87452x of NYSE:ESL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.87452x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 80.21 x 0.87452
€70.14
Value per share (EUR) From above. €70.14
Current discount Discount to share price of €107.12
= -1 x (€107.12 - €70.14) / €70.14
-52.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Esterline Technologies is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Esterline Technologies's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Esterline Technologies's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:ETZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-28) in USD $4.66
NYSE:ESL Share Price ** NYSE (2019-03-14) in USD $122.49
Europe Aerospace & Defense Industry PE Ratio Median Figure of 27 Publicly-Listed Aerospace & Defense Companies 22.43x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.22x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Esterline Technologies.

DB:ETZ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:ESL Share Price ÷ EPS (both in USD)

= 122.49 ÷ 4.66

26.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Esterline Technologies is overvalued based on earnings compared to the Europe Aerospace & Defense industry average.
  • Esterline Technologies is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Esterline Technologies's expected growth come at a high price?
Raw Data
DB:ETZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 26.27x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
1.5%per year
Europe Aerospace & Defense Industry PEG Ratio Median Figure of 25 Publicly-Listed Aerospace & Defense Companies 1.63x
Germany Market PEG Ratio Median Figure of 276 Publicly-Listed Companies 1.49x

*Line of best fit is calculated by linear regression .

DB:ETZ PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 26.27x ÷ 1.5%

17.64x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Esterline Technologies is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Esterline Technologies's assets?
Raw Data
DB:ETZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-28) in USD $62.20
NYSE:ESL Share Price * NYSE (2019-03-14) in USD $122.49
Europe Aerospace & Defense Industry PB Ratio Median Figure of 41 Publicly-Listed Aerospace & Defense Companies 2.07x
Germany Market PB Ratio Median Figure of 568 Publicly-Listed Companies 1.77x
DB:ETZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:ESL Share Price ÷ Book Value per Share (both in USD)

= 122.49 ÷ 62.20

1.97x

* Primary Listing of Esterline Technologies.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Esterline Technologies is good value based on assets compared to the Europe Aerospace & Defense industry average.
X
Value checks
We assess Esterline Technologies's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Aerospace & Defense industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Aerospace & Defense industry average (and greater than 0)? (1 check)
  5. Esterline Technologies has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Esterline Technologies expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Esterline Technologies expected to grow at an attractive rate?
  • Esterline Technologies's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Esterline Technologies's earnings growth is positive but not above the Germany market average.
  • Esterline Technologies's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:ETZ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:ETZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 1.5%
DB:ETZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 2.6%
Europe Aerospace & Defense Industry Earnings Growth Rate Market Cap Weighted Average 16.9%
Europe Aerospace & Defense Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.2%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:ETZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:ETZ Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-09-30 2,160 1
2020-09-30 2,144 239 141 4
2019-09-30 2,072 230 137 5
DB:ETZ Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-28 2,038 172 138
2018-09-28 2,035 214 69
2018-06-29 2,028 174 50
2018-03-30 2,032 192 52
2017-12-29 2,024 210 63
2017-09-29 2,000 193 119
2017-06-30 2,016 187 136
2017-03-31 2,029 179 142
2016-12-30 2,010 172 124
2016-09-30 1,993 167 113
2016-07-01 1,927 159 83
2016-04-01 1,895 186 73
2016-01-01 1,873 138 81

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Esterline Technologies's earnings are expected to grow by 1.5% yearly, however this is not considered high growth (20% yearly).
  • Esterline Technologies's revenue is expected to grow by 2.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:ETZ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Esterline Technologies Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ETZ Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-09-30
2020-09-30 4.68 4.70 4.66 2.00
2019-09-30 4.65 5.20 4.40 4.00
DB:ETZ Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-28 4.66
2018-09-28 2.32
2018-06-29 1.69
2018-03-30 1.76
2017-12-29 2.11
2017-09-29 3.99
2017-06-30 4.58
2017-03-31 4.81
2016-12-30 4.22
2016-09-30 3.84
2016-07-01 2.81
2016-04-01 2.44
2016-01-01 2.68

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Esterline Technologies will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Esterline Technologies's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Esterline Technologies has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Esterline Technologies performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Esterline Technologies's growth in the last year to its industry (Aerospace & Defense).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Esterline Technologies's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Esterline Technologies's 1-year earnings growth exceeds its 5-year average (116.5% vs -16.2%)
  • Esterline Technologies's earnings growth has exceeded the Europe Aerospace & Defense industry average in the past year (116.5% vs -6.7%).
Earnings and Revenue History
Esterline Technologies's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Esterline Technologies Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ETZ Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-28 2,037.78 137.56 373.70 85.31
2018-09-28 2,034.84 68.79 383.23 90.87
2018-06-29 2,028.20 50.39 387.38 102.36
2018-03-30 2,032.43 52.44 382.10 109.72
2017-12-29 2,023.93 62.92 377.99 114.04
2017-09-29 2,000.30 118.87 374.98 109.78
2017-06-30 2,016.23 135.65 389.91 107.89
2017-03-31 2,029.21 141.93 393.07 99.91
2016-12-30 2,010.39 124.48 397.57 95.84
2016-09-30 1,993.45 113.22 396.55 99.71
2016-07-01 1,927.10 82.73 381.44 97.49
2016-04-01 1,894.73 72.91 373.30 101.68
2016-01-01 1,872.63 80.77 368.38 101.85
2015-10-02 1,935.76 103.88 376.76 100.22
2015-07-31 1,990.70 128.51 375.07 102.16
2015-05-01 2,000.79 138.16 372.39 97.17
2015-01-30 2,011.57 157.12 366.68 95.71
2014-10-31 2,029.47 165.03 361.19 97.59
2014-09-26 1,964.87 145.85 353.41 96.72
2014-08-01 1,956.30 185.52 337.98 92.82
2014-05-02 1,928.05 184.90 350.92 92.66
2014-01-31 1,916.76 179.83 357.16 92.78
2013-10-25 1,866.66 169.13 364.15 88.98
2013-07-26 1,966.25 161.51 396.08 97.44
2013-04-26 1,974.13 105.19 386.13 100.54
2013-01-25 1,979.40 114.86 386.80 104.43
2012-10-26 1,877.82 113.15 350.22 100.88
2012-07-27 1,964.06 70.29 363.55 113.70
2012-04-27 1,887.62 125.13 348.10 110.68

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Esterline Technologies has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Esterline Technologies used its assets more efficiently than the Europe Aerospace & Defense industry average last year based on Return on Assets.
  • Esterline Technologies has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Esterline Technologies's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Aerospace & Defense industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Esterline Technologies has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Esterline Technologies's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Esterline Technologies's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Esterline Technologies is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Esterline Technologies's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Esterline Technologies's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Esterline Technologies Company Filings, last reported 2 months ago.

DB:ETZ Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-28 1,857.51 664.28 391.18
2018-09-28 1,843.13 672.47 372.41
2018-06-29 1,775.91 736.13 351.04
2018-03-30 1,804.16 781.25 367.95
2017-12-29 1,791.70 799.72 354.87
2017-09-29 1,835.28 776.85 307.83
2017-06-30 1,747.55 780.24 279.40
2017-03-31 1,650.89 778.37 253.48
2016-12-30 1,585.60 838.16 278.02
2016-09-30 1,605.87 870.57 258.52
2016-07-01 1,577.38 875.09 237.85
2016-04-01 1,572.31 880.77 219.27
2016-01-01 1,517.32 848.31 200.89
2015-10-02 1,547.79 874.83 191.36
2015-07-31 1,554.67 913.82 187.68
2015-05-01 1,680.49 843.96 172.65
2015-01-30 1,673.65 794.71 128.12
2014-10-31 1,898.00 622.49 238.14
2014-09-26
2014-08-01 2,010.79 640.94 210.46
2014-05-02 1,989.98 667.23 207.44
2014-01-31 1,895.24 706.29 208.44
2013-10-25 1,884.75 689.14 179.18
2013-07-26 1,734.66 754.49 199.25
2013-04-26 1,681.51 779.43 169.18
2013-01-25 1,665.26 814.36 202.78
2012-10-26 1,620.54 848.67 160.68
2012-07-27 1,540.93 932.40 213.07
2012-04-27 1,617.54 974.07 191.10
  • Esterline Technologies's level of debt (35.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (37% vs 35.8% today).
  • Debt is well covered by operating cash flow (25.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 8.3x coverage).
X
Financial health checks
We assess Esterline Technologies's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Esterline Technologies has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Esterline Technologies's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Esterline Technologies dividends. Estimated to be 0% next year.
If you bought €2,000 of Esterline Technologies shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Esterline Technologies's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Esterline Technologies's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:ETZ Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Europe Aerospace & Defense Industry Average Dividend Yield Market Cap Weighted Average of 26 Stocks 1.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 333 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:ETZ Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-09-30 0.00 1.00
2020-09-30 0.00 1.00
2019-09-30 0.00 2.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Esterline Technologies has not reported any payouts.
  • Unable to verify if Esterline Technologies's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Esterline Technologies's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Esterline Technologies has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Esterline Technologies's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Esterline Technologies's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Esterline Technologies afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Esterline Technologies has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Esterline Technologies's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Curtis Reusser
COMPENSATION $4,380,157
AGE 58
TENURE AS CEO 5.4 years
CEO Bio

Mr. Curtis Carl Reusser has been the Chief Executive Officer and President at Esterline Technologies Corporation since October 28, 2013 and its Chairman since March 2014. Mr. Reusser served as the President of Aircraft Systems at Goodrich Corp. from July 2012 to September 2013. Mr. Reusser served as the President of UTC Aerospace Systems for Aircraft Systems at United Technologies Corp. from July 26, 2012 to September 2013. He served as a Segment President for Electronic Systems strategic business unit of Goodrich Corp. from January 1, 2008 to July 2012 and also served as its Vice President until July 2012. He served as President of Aero structures Division for Goodrich Corp., from 2002 to March 2008. He served as Vice President and General Manager of Product and Process Definition of Aero structures division at Goodrich Corp. since 1999 until March 2008. He joined Goodrich in 1988. Mr. Reusser worked in engineering roles at General Dynamics and Heath Tecna. He served as Manager for Engineering of TRAMCO. He held roles of increasing responsibility in Goodrich's Maintenance, Repair and Overhaul (MRO) operations. Mr. Reusser has to the Board over 30 years of experience in the aerospace and defense industry. Mr. Reusser has direct experience in growing and leading businesses that are complementary to Esterline’s, including sensors and systems, power systems and avionics and communication systems. Mr. Reusser’s extensive and relevant industry experiences and experience in merger and acquisition transactions add significantly to the Board’s oversight of the Company’s global operations, operational excellence initiatives, strategic transactions and strategy deployment. He served as General Manager of Goodrich MRO Europe. He has been a Director of Goodrich Corp. since July 2012 and Esterline Technologies Corporation since October 28, 2013. He has been a Director of TA MFG Limited since March 5, 2014. He has been a Director of Esterline Technologies Europe Ltd and Esterline Technologies Holdings Ltd. since March 5, 2014. He has a Certificate in Business Management from the University of San Diego. Mr. Reusser received BS in Industrial Engineering and Mechanical Engineering from the University of Washington.

CEO Compensation
  • Curtis's compensation has been consistent with company performance over the past year.
  • Curtis's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Esterline Technologies management team in years:

2.8
Average Tenure
50
Average Age
  • The tenure for the Esterline Technologies management team is about average.
Management Team

Curtis Reusser

TITLE
Chairman
COMPENSATION
$4M
AGE
58
TENURE
5.4 yrs

Stephen Nolan

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
49
TENURE
1.1 yrs

Don Walther

TITLE
Executive VP & General Counsel
COMPENSATION
$1M
AGE
50
TENURE
0.8 yrs

Al Yost

TITLE
Executive VP and President of Advanced Materials
COMPENSATION
$1M
AGE
53
TENURE
2.8 yrs

Roger Ross

TITLE
Executive VP and President of Sensors & Systems Segment
COMPENSATION
$1M
AGE
50
TENURE
2.8 yrs

Brian Reid

TITLE
Corporate Controller & Chief Accounting Officer
AGE
47
TENURE
0.8 yrs

John Hobbs

TITLE
Senior Director of Investor Relations and Financial Planning & Analysis
TENURE
1.8 yrs

Paul Benson

TITLE
Executive VP & Chief Human Resource Officer
COMPENSATION
$1M
AGE
54
TENURE
3.9 yrs

Jim Brandt

TITLE
Head of Defense Technologies Business Platform
TENURE
7.8 yrs

Rick Gentle

TITLE
President of China Business Development
TENURE
7.5 yrs
Board of Directors Tenure

Average tenure and age of the Esterline Technologies board of directors in years:

5
Average Tenure
60
Average Age
  • The tenure for the Esterline Technologies board of directors is about average.
Board of Directors

Delores Etter

TITLE
Director
COMPENSATION
$190K
AGE
70
TENURE
8.3 yrs

Curtis Reusser

TITLE
Chairman
COMPENSATION
$4M
AGE
58
TENURE
5 yrs

Scott Kuechle

TITLE
Director
COMPENSATION
$199K
AGE
58
TENURE
6.3 yrs

Mike Cave

TITLE
Director
COMPENSATION
$186K
AGE
57
TENURE
3.3 yrs

Nils Larsen

TITLE
Independent Director
COMPENSATION
$191K
AGE
47
TENURE
2.4 yrs

Mary Howell

TITLE
Lead Independent Director
COMPENSATION
$199K
AGE
65
TENURE
1.3 yrs

Tony Franceschini

TITLE
Director
COMPENSATION
$185K
AGE
67
TENURE
17.2 yrs

Paul Haack

TITLE
Non-Employee Director
COMPENSATION
$189K
AGE
67
TENURE
12.8 yrs

Mike Covey

TITLE
Independent Director
COMPENSATION
$178K
AGE
60
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
07. Dec 18 Sell First Pacific Advisors, LLC Company 04. Dec 18 06. Dec 18 -344,540 €107.05 €-36,725,387
04. Dec 18 Sell First Pacific Advisors, LLC Company 27. Nov 18 03. Dec 18 -562,256 €106.76 €-59,300,271
27. Nov 18 Sell First Pacific Advisors, LLC Company 13. Nov 18 26. Nov 18 -456,517 €103.76 €-47,297,086
13. Nov 18 Sell First Pacific Advisors, LLC Company 06. Nov 18 12. Nov 18 -310,816 €104.55 €-32,466,309
08. Nov 18 Sell First Pacific Advisors, LLC Company 06. Nov 18 07. Nov 18 -110,935 €102.46 €-11,362,747
25. Oct 18 Sell First Pacific Advisors, LLC Company 23. Oct 18 25. Oct 18 -109,444 €103.27 €-11,302,037
03. Jul 18 Sell First Pacific Advisors, LLC Company 02. Jul 18 02. Jul 18 -2,000 €63.10 €-126,207
X
Management checks
We assess Esterline Technologies's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Esterline Technologies has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Esterline Technologies Corporation designs, manufactures, and markets engineered products and systems primarily for aerospace and defense customers in the United States, Canada, France, the United Kingdom, and internationally. The company operates in three segments: Avionics & Controls, Sensors & Systems, and Advanced Materials. The Avionics & Controls segment offers global positioning systems, head-up displays, enhanced vision systems, flight management systems, touchscreen display solutions, and secure communication systems; lighted push-button and rotary switches, keyboards, lighted indicators, panels, and displays; and control sticks, grips, wheels, and switching systems. This segment also provides military personal communication equipment, primarily headsets, handsets, and field communications equipment; keyboards, keypads, and input devices that integrate cursor control devices, barcode scanners, displays, video, and voice activation and touch screens; and medical instruments for point-of-use and point-of-care diagnostics. The Sensors & Systems segment develops and manufactures high-precision temperature, pressure, and speed sensors; electrical interconnection systems; electrical power switching, control and data communication devices, and other related systems; connectors, backshells, conduits, planet probe interconnectors, launcher umbilicals, and fiber optics; and composite connectors. The Advanced Materials segment develops and manufactures clamping devices and thermal fire barrier insulation products; lightweight metallic insulation systems; thermal protection products; high temperature components; molded fiber cartridge cases, mortar increment casings, igniter tubes, and other combustible ordnance components. The company markets and sells its products through direct internal sales, manufacturer representatives, and distributors. Esterline Technologies Corporation was founded in 1967 and is headquartered in Bellevue, Washington.

Details
Name: Esterline Technologies Corporation
ETZ
Exchange: DB
Founded: 1967
$3,218,047,754
29,692,498
Website: http://www.esterline.com
Address: Esterline Technologies Corporation
500 108th Avenue NE,
Suite 1500,
Bellevue,
Washington, 98004,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE ESL Common Stock New York Stock Exchange US USD 02. Jan 1969
DB ETZ Common Stock Deutsche Boerse AG DE EUR 02. Jan 1969
LSE 0IIU Common Stock London Stock Exchange GB USD 02. Jan 1969
Number of employees
Current staff
Staff numbers
12,609
Esterline Technologies employees.
Industry
Aerospace and Defense
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/14 21:31
End of day share price update: 2019/03/14 00:00
Last estimates confirmation: 2019/03/14
Last earnings filing: 2019/02/05
Last earnings reported: 2018/12/28
Last annual earnings reported: 2018/09/28


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.