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Spirit AeroSystems Holdings

DB:S9Q
Snowflake Description

Solid track record with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
S9Q
DB
$9B
Market Cap
  1. Home
  2. DE
  3. Capital Goods
Company description

Spirit AeroSystems Holdings, Inc. designs, manufactures, and supplies commercial aero structures in the United States and internationally. The last earnings update was 74 days ago. More info.


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S9Q Share Price and Events
7 Day Returns
2.1%
DB:S9Q
0.8%
Europe Aerospace & Defense
2.8%
DE Market
1 Year Returns
3.2%
DB:S9Q
11.7%
Europe Aerospace & Defense
3%
DE Market
S9Q Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Spirit AeroSystems Holdings (S9Q) 2.1% -1.3% 12% 3.2% 78.9% 171.3%
Europe Aerospace & Defense 0.8% -3.8% 0.9% 11.7% 67.1% 114.9%
DE Market 2.8% 0.2% 1.3% 3% 8% 23.6%
1 Year Return vs Industry and Market
  • S9Q underperformed the Aerospace & Defense industry which returned 11.7% over the past year.
  • S9Q matched the Germany Market (3%) over the past year.
Price Volatility
S9Q
Industry
5yr Volatility vs Market

S9Q Value

 Is Spirit AeroSystems Holdings 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 Spirit AeroSystems Holdings 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

Below are the data sources, inputs and calculation used to determine the intrinsic value for Spirit AeroSystems Holdings.

DB:S9Q Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 16 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.3%
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:S9Q
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 0.86
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.864 (1 + (1- 21%) (25.42%))
1.025
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% + (1.025 * 5.96%)
6.34%

Discounted Cash Flow Calculation for DB:S9Q using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Spirit AeroSystems Holdings 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.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:S9Q DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.34%)
2020 687.35 Analyst x11 646.39
2021 741.09 Analyst x8 655.39
2022 754.90 Analyst x3 627.81
2023 810.77 Analyst x3 634.09
2024 840.46 Est @ 3.66% 618.14
2025 862.58 Est @ 2.63% 596.60
2026 879.06 Est @ 1.91% 571.76
2027 891.42 Est @ 1.41% 545.25
2028 900.80 Est @ 1.05% 518.15
2029 908.06 Est @ 0.81% 491.19
Present value of next 10 years cash flows $5,904.00
DB:S9Q DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $908.06 × (1 + 0.23%) ÷ (6.34% – 0.23%)
$14,897.02
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $14,897.02 ÷ (1 + 6.34%)10
$8,058.17
DB:S9Q Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $5,904.00 + $8,058.17
$13,962.17
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $13,962.17 / 103.49
$134.91
DB:S9Q Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:S9Q represents 0.89221x of NYSE:SPR
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.89221x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 134.91 x 0.89221
€120.37
Value per share (EUR) From above. €120.37
Current discount Discount to share price of €74.50
= -1 x (€74.50 - €120.37) / €120.37
38.1%

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

Current Discount
Amount off the current price Spirit AeroSystems Holdings is available for.
Intrinsic value
38%
Share price is €74.5 vs Future cash flow value of €120.37
Current Discount Checks
For Spirit AeroSystems Holdings to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Spirit AeroSystems Holdings's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Spirit AeroSystems Holdings's share price is below the future cash flow value, but not at a substantial discount (< 40%).
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 Spirit AeroSystems Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Spirit AeroSystems Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:S9Q PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-27) in USD $6.50
NYSE:SPR Share Price ** NYSE (2019-10-11) in USD $83.5
Europe Aerospace & Defense Industry PE Ratio Median Figure of 36 Publicly-Listed Aerospace & Defense Companies 21.4x
Germany Market PE Ratio Median Figure of 417 Publicly-Listed Companies 19.72x

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

** Primary Listing of Spirit AeroSystems Holdings.

DB:S9Q PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 83.5 ÷ 6.50

12.85x

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

  • Spirit AeroSystems Holdings is good value based on earnings compared to the Europe Aerospace & Defense industry average.
  • Spirit AeroSystems Holdings is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Spirit AeroSystems Holdings's expected growth come at a high price?
Raw Data
DB:S9Q PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.85x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts
9.3%per year
Europe Aerospace & Defense Industry PEG Ratio Median Figure of 26 Publicly-Listed Aerospace & Defense Companies 1.59x
Germany Market PEG Ratio Median Figure of 265 Publicly-Listed Companies 1.39x

*Line of best fit is calculated by linear regression .

DB:S9Q PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.85x ÷ 9.3%

1.38x

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

  • Spirit AeroSystems Holdings is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Spirit AeroSystems Holdings's assets?
Raw Data
DB:S9Q PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-27) in USD $14.00
NYSE:SPR Share Price * NYSE (2019-10-11) in USD $83.5
Europe Aerospace & Defense Industry PB Ratio Median Figure of 49 Publicly-Listed Aerospace & Defense Companies 1.96x
Germany Market PB Ratio Median Figure of 598 Publicly-Listed Companies 1.74x
DB:S9Q PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 83.5 ÷ 14.00

5.96x

* Primary Listing of Spirit AeroSystems Holdings.

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

  • Spirit AeroSystems Holdings is overvalued based on assets compared to the Europe Aerospace & Defense industry average.
X
Value checks
We assess Spirit AeroSystems Holdings'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. Spirit AeroSystems Holdings has a total score of 3/6, 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.

S9Q Future Performance

 How is Spirit AeroSystems Holdings expected to perform in the next 1 to 3 years based on estimates from 16 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
9.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Spirit AeroSystems Holdings expected to grow at an attractive rate?
  • Spirit AeroSystems Holdings's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Spirit AeroSystems Holdings's earnings growth is positive but not above the Germany market average.
  • Spirit AeroSystems Holdings's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:S9Q Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:S9Q Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts 9.3%
DB:S9Q Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts 4.2%
Europe Aerospace & Defense Industry Earnings Growth Rate Market Cap Weighted Average 14.2%
Europe Aerospace & Defense Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5%

*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:S9Q Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:S9Q Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 9,465 1,172 1,021 3
2022-12-31 9,078 1,068 944 4
2021-12-31 8,421 1,017 828 11
2020-12-31 8,174 970 777 16
2019-12-31 7,955 804 696 16
2019-10-13
DB:S9Q Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-06-27 7,633 844 677
2019-03-28 7,454 846 654
2018-12-31 7,222 770 617
2018-09-27 7,101 517 562
2018-06-28 7,036 637 540
2018-03-29 7,025 629 338
2017-12-31 6,983 574 355
2017-09-28 6,838 767 340
2017-06-29 6,802 742 338
2017-03-30 6,805 735 440
2016-12-31 6,793 717 469
2016-09-29 6,832 895 499
2016-06-30 6,715 870 668

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Spirit AeroSystems Holdings's earnings are expected to grow by 9.3% yearly, however this is not considered high growth (20% yearly).
  • Spirit AeroSystems Holdings's revenue is expected to grow by 4.2% 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:S9Q Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below

All data from Spirit AeroSystems Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:S9Q Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 11.91 11.95 11.86 2.00
2022-12-31 10.35 10.55 10.14 2.00
2021-12-31 8.55 9.21 7.49 8.00
2020-12-31 7.65 8.22 7.02 12.00
2019-12-31 6.65 7.08 6.29 10.00
2019-10-13
DB:S9Q Past Financials Data
Date (Data in USD Millions) EPS *
2019-06-27 6.50
2019-03-28 6.18
2018-12-31 5.71
2018-09-27 5.09
2018-06-28 4.78
2018-03-29 2.94
2017-12-31 3.04
2017-09-28 2.87
2017-06-29 2.81
2017-03-30 3.57
2016-12-31 3.72
2016-09-29 3.83
2016-06-30 4.98

*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.
  • Spirit AeroSystems Holdings is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Spirit AeroSystems Holdings'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.
Spirit AeroSystems Holdings has a total score of 2/6, 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.

S9Q Past Performance

  How has Spirit AeroSystems Holdings 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 Spirit AeroSystems Holdings'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.
  • Spirit AeroSystems Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • Spirit AeroSystems Holdings's 1-year earnings growth exceeds its 5-year average (25.8% vs 16.4%)
  • Spirit AeroSystems Holdings's earnings growth has exceeded the Europe Aerospace & Defense industry average in the past year (25.8% vs 16.4%).
Earnings and Revenue History
Spirit AeroSystems Holdings'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 Spirit AeroSystems Holdings Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:S9Q Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-27 7,632.90 677.00 161.30 45.40
2019-03-28 7,453.70 654.20 166.20 46.00
2018-12-31 7,222.00 616.50 159.70 42.50
2018-09-27 7,101.30 561.90 174.00 41.30
2018-06-28 7,035.80 540.30 167.50 40.00
2018-03-29 7,025.00 338.40 171.60 35.60
2017-12-31 6,983.00 354.70 167.50 31.20
2017-09-28 6,838.40 340.10 178.20 29.10
2017-06-29 6,801.60 338.00 208.20 25.00
2017-03-30 6,805.40 439.50 222.00 22.70
2016-12-31 6,792.90 469.40 231.60 23.80
2016-09-29 6,832.30 499.40 233.30 23.50
2016-06-30 6,714.50 667.70 235.60 24.60
2016-03-31 6,583.30 777.80 219.20 26.90
2015-12-31 6,643.90 788.00 220.80 27.80
2015-10-01 6,608.90 544.50 228.80 27.70
2015-07-02 6,708.30 398.70 224.30 29.90
2015-04-02 6,812.90 386.50 224.90 30.00
2014-12-31 6,799.20 357.20 233.80 29.30
2014-10-02 6,719.20 -124.70 214.50 32.90
2014-07-03 6,529.90 -199.50 217.30 31.70
2014-04-03 6,247.30 -549.40 217.00 33.50
2013-12-31 5,961.00 -621.40 200.80 34.70
2013-09-26 5,892.20 25.70 197.50 36.10
2013-06-27 5,753.80 -199.20 185.30 35.90
2013-03-28 5,574.10 42.40 171.50 34.20
2012-12-31 5,397.70 34.40 172.20 34.10

*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.
  • Whilst Spirit AeroSystems Holdings made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Spirit AeroSystems Holdings used its assets more efficiently than the Europe Aerospace & Defense industry average last year based on Return on Assets.
  • Spirit AeroSystems Holdings has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Spirit AeroSystems Holdings'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.
Spirit AeroSystems Holdings has a total score of 5/6, 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.

S9Q Health

 How is Spirit AeroSystems Holdings'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 Spirit AeroSystems Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Spirit AeroSystems Holdings is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Spirit AeroSystems Holdings's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Spirit AeroSystems Holdings'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 1.7x 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 Spirit AeroSystems Holdings Company Filings, last reported 3 months ago.

DB:S9Q Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-27 1,468.70 2,100.50 1,301.40
2019-03-28 1,321.10 2,202.70 1,228.40
2018-12-31 1,238.10 1,853.00 773.60
2018-09-27 1,116.40 1,851.50 683.40
2018-06-28 954.70 1,944.80 593.00
2018-03-29 1,573.00 1,106.10 437.90
2017-12-31 1,801.50 1,112.20 423.30
2017-09-28 1,759.40 1,064.80 726.60
2017-06-29 1,811.80 1,070.60 696.90
2017-03-30 1,984.90 1,076.80 672.20
2016-12-31 1,928.80 1,076.90 697.70
2016-09-29 1,809.30 1,096.60 670.40
2016-06-30 1,999.00 1,189.80 800.50
2016-03-31 2,120.70 1,117.20 822.90
2015-12-31 2,120.00 1,111.10 957.30
2015-10-01 2,224.40 1,131.20 1,042.70
2015-07-02 1,961.00 1,143.50 958.70
2015-04-02 1,794.40 1,133.50 749.50
2014-12-31 1,622.00 1,140.60 377.90
2014-10-02 1,814.80 1,143.50 452.80
2014-07-03 1,662.10 1,145.60 381.60
2014-04-03 1,638.10 1,220.20 382.40
2013-12-31 1,481.00 1,153.40 420.70
2013-09-26 1,971.50 1,171.50 435.60
2013-06-27 1,868.70 1,172.70 317.00
2013-03-28 2,072.30 1,176.70 313.10
2012-12-31 1,996.90 1,180.20 440.70
  • Spirit AeroSystems Holdings's level of debt (143%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (69.2% vs 143% today).
  • Debt is well covered by operating cash flow (40.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 16.5x coverage).
X
Financial health checks
We assess Spirit AeroSystems Holdings'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. Spirit AeroSystems Holdings has a total score of 4/6, 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.

S9Q Dividends

 What is Spirit AeroSystems Holdings'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
0.57%
Current annual income from Spirit AeroSystems Holdings dividends. Estimated to be 0.67% next year.
If you bought €2,000 of Spirit AeroSystems Holdings shares you are expected to receive €11 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?
  • Spirit AeroSystems Holdings's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.46%).
  • Spirit AeroSystems Holdings's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
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:S9Q 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 16 Analyst Estimates (S&P Global) See Below
Europe Aerospace & Defense Industry Average Dividend Yield Market Cap Weighted Average of 30 Stocks 1.7%
Germany Market Average Dividend Yield Market Cap Weighted Average of 337 Stocks 3.1%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
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:S9Q Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.58 1.00
2022-12-31 0.78 2.00
2021-12-31 0.62 7.00
2020-12-31 0.53 9.00
2019-12-31 0.49 9.00
2019-10-13
DB:S9Q Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-07-22 0.480 0.607
2019-01-23 0.480 0.560
2018-10-24 0.480 0.616
2018-07-23 0.480 0.548
2018-04-25 0.480 0.561
2018-01-24 0.400 0.459
2017-10-25 0.400 0.467
2017-07-25 0.400 0.543
2017-04-26 0.400 0.704
2017-01-27 0.400 0.688
2016-11-01 0.400 0.693

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

  • Spirit AeroSystems Holdings is not paying a notable dividend for Germany, therefore no need to check if the payments are stable.
  • Spirit AeroSystems Holdings is not paying a notable dividend for Germany, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Spirit AeroSystems Holdings's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Spirit AeroSystems Holdings's dividends as it is not paying a notable one for Germany.
Future Payout to shareholders
  • No need to calculate the sustainability of Spirit AeroSystems Holdings's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Spirit AeroSystems Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - 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 Spirit AeroSystems Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Spirit AeroSystems Holdings 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.

S9Q Management

 What is the CEO of Spirit AeroSystems Holdings'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
Tom Gentile
COMPENSATION $9,899,693
AGE 55
TENURE AS CEO 3.2 years
CEO Bio

Mr. Thomas C. Gentile, III, also known as Tom, has been the Chief Executive Officer and President at Spirit AeroSystems Holdings, Inc. since August 1, 2016 and served as its Chief Operating Officer and Executive Vice President from April 1, 2016 to July 31, 2016. Mr. Gentile serves as the Chief Executive Officer and President at Spirit AeroSystems, Inc. and served as its Chief Operating Officer and Executive Vice President since April 1, 2016 until July 18, 2016. Mr. Gentile held a succession of leadership roles at General Electric divisions over the last two decades. He served as the President and Chief Operating Officer of General Electric Capital Corporation since June 2014 until May 24, 2016. Mr. Gentile became a GECC Officer in 2000. He was appointed to GE’s Corporate Executive Council in 2011. He served as the Chief Executive Officer and President of Healthcare Systems Division at GE Healthcare Ltd. from May 11, 2011 to June 2014. From January 2008 to June 2011, he served as the President and Chief Executive Officer of GE Aviation’s Services division. He served as General Manager of Services and Vice President of GE Aviation for three years, an operating unit of General Electric Company since 2008. He is a 13-year GE veteran and spent three years leading a team that transformed GE's Aviation services business into a global $7 billion platform. He served as Senior Vice President of Global Marketing at Synchrony Bank from August 2006 to January 2008. He served as the Chief Executive Officer of General Electric Capital Corporation. He served as Senior Vice President of Global Marketing for GE Money Bank (GE Capital Retail Bank) (Stamford, CT) from August 2006 to January 2008. Mr. Gentile served as the Chief Executive Officer and President of GE Money Australia and New Zealand from June 2002 to September 2006, where he oversaw eight business units. He joined GE in 1997 from CBS Corporation, where he served as a Senior Vice President of Strategy. He joined GE Global Consumer Finance in 1998 as Senior Vice President of Strategy. He was named a General Electric Company (“GE”) Vice President and Company Officer in 2005 and a Senior Vice President in 2011. He became the Six Sigma Quality Leader in September 1998. He held leadership and strategy roles with McKinsey & Company, American broadcaster CBS and General Motors. He served as the President and Chief Executive Officer of GE Money-France (Global Consumer Finance) since 2000. He served as the Chief Marketing Officer of GE Money From September 2006 to December 2007, where he was responsible for driving organic growth and building brand awareness for GE Money's businesses across 53 countries representing $200 billion in assets. He began his career at General Motors in 1986 as a Trade Analyst in Motors Trading Corporation based in Detroit. In 1990, Mr. Gentile joined the Cleveland Office of McKinsey & Company with a primary focus on strategy, operations and the automotive industry, where he spent one year in the London Office and served automotive clients in the UK, Germany and Switzerland. He serves as the Chairman of the Board at Intel-GE Care Innovations, LLC. He served as the Chairman of InSightec Ltd. from December 2012 to December 15, 2014 and has been its Director since December 2012. He has been a Director of Spirit AeroSystems Holdings, Inc. since July 25, 2016. He serves as a Member of the Asia Pacific Board of Directors of MasterCard International and is a Senior Fellow in the Australian Banking and Finance Institute and a member of GE's Commercial Council. He was elected to the GECC Board of Directors in 2014. He served as a Director of Synchrony Financial from May 21, 2015 to December 9, 2015. He serves as an Active Leader in global GE’s Volunteers Network. He was very active with the non-profit organization Cincinnati ArtsWave and looks forward to bringing his passion for corporate citizenship to the Milwaukee area community. He returned to Harvard in 1988 and earned his MBA from the Harvard Business School in 1990. Mr. Gentile attended Harvard University, where he graduated magna cum laude with a BA degree in Economics in 1986. He also spent a year at the London School of Economics where he earned a General Course Degree in International Relations.

CEO Compensation
  • Tom's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Tom's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Spirit AeroSystems Holdings management team in years:

2.1
Average Tenure
55
Average Age
  • The tenure for the Spirit AeroSystems Holdings management team is about average.
Management Team

Tom Gentile

TITLE
President
COMPENSATION
$10M
AGE
55
TENURE
3.2 yrs

John Pilla

TITLE
Senior VP and Chief Technology & Quality Officer
COMPENSATION
$2M
AGE
59
TENURE
2.1 yrs

Duane Hawkins

TITLE
Senior VP and President of Defense & Fabrication
COMPENSATION
$2M
AGE
60
TENURE
2.1 yrs

Jose Garcia

TITLE
Senior VP & CFO
AGE
46
TENURE
0.8 yrs

Ron Rabe

TITLE
Senior VP of Operations & Chief Procurement Officer
AGE
53
TENURE
1.1 yrs

John Gilson

TITLE
Principal Accounting Officer
AGE
47
TENURE
1.7 yrs

Kailash Krishnaswamy

TITLE
Head of Investor Relations

Stacy Cozad

TITLE
Senior VP
AGE
48

Jim Reed

TITLE
Chief Purchasing Officer & VP of Global Supply Chain
AGE
65

Bill Brown

TITLE
Senior Vice President of Boeing Programs - Spirit AeroSystems
AGE
56
TENURE
2.1 yrs
Board of Directors Tenure

Average tenure and age of the Spirit AeroSystems Holdings board of directors in years:

8.4
Average Tenure
71
Average Age
  • The tenure for the Spirit AeroSystems Holdings board of directors is about average.
Board of Directors

Robert Johnson

TITLE
Independent Chairman of the Board
AGE
72

Tom Gentile

TITLE
President
COMPENSATION
$10M
AGE
55
TENURE
3.8 yrs

Ronald Kadish

TITLE
Independent Director
COMPENSATION
$249K
AGE
71
TENURE
12.9 yrs

Paul Fulchino

TITLE
Independent Director
COMPENSATION
$262K
AGE
73
TENURE
12.9 yrs

Charles Chadwell

TITLE
Independent Director
COMPENSATION
$250K
AGE
78
TENURE
11.5 yrs

Irene Esteves

TITLE
Independent Director
COMPENSATION
$271K
AGE
60
TENURE
4.4 yrs

Dick Gephardt

TITLE
Director
COMPENSATION
$509K
AGE
78
TENURE
12.9 yrs

John Plueger

TITLE
Independent Director
COMPENSATION
$245K
AGE
65
TENURE
5.3 yrs

Laura Wright

TITLE
Independent Director
COMPENSATION
$240K
AGE
59
TENURE
1.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
19. Feb 19 Sell Ronald Kadish Individual 14. Feb 19 14. Feb 19 -10,954 €82.70 €-905,933
19. Feb 19 Sell Paul Fulchino Individual 15. Feb 19 15. Feb 19 -20,000 €84.56 €-1,691,154
12. Feb 19 Sell Paul Fulchino Individual 08. Feb 19 08. Feb 19 -15,000 €82.27 €-1,227,043
08. Feb 19 Sell Ron Rabe Individual 08. Feb 19 08. Feb 19 -2,200 €82.51 €-181,517
08. Feb 19 Sell Paul Fulchino Individual 06. Feb 19 06. Feb 19 -15,000 €81.29 €-1,219,342
08. Feb 19 Sell Stacy Cozad Individual 08. Feb 19 08. Feb 19 -3,200 €82.46 €-263,883
16. Nov 18 Sell John Pilla Individual 15. Nov 18 15. Nov 18 -9,642 €74.26 €-715,981
X
Management checks
We assess Spirit AeroSystems Holdings'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. Spirit AeroSystems Holdings 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.

S9Q News

Simply Wall St News

S9Q Company Info

Description

Spirit AeroSystems Holdings, Inc. designs, manufactures, and supplies commercial aero structures in the United States and internationally. The company operates in three segments: Fuselage Systems, Propulsion Systems, and Wing Systems. The Fuselage Systems segment develops, produces, and markets forward, mid, and rear fuselage sections and systems primarily to aircraft original equipment manufacturers (OEMs); and related spares, as well as maintenance, repairs, and overhaul (MRO) services. The Propulsion Systems segment offers struts/pylons; nacelles, including thrust reversers; and related engine structural components primarily to aircraft or engine OEMs, as well as related spares and MRO services. The Wing Systems provides wings and wing components, such as flight control surfaces; and other miscellaneous structural parts primarily to aircraft OEMs, as well as related spares and MRO services. Spirit AeroSystems Holdings, Inc. also offers low observables comprising radar absorbent and translucent materials; rotorcrafts that include forward cockpits and cabins; and other military services, such as fabrication, bonding, assembly, testing, tooling, processing, engineering analysis, and training. The company was formerly known as Mid-Western Aircraft Systems Holdings, Inc. Spirit AeroSystems Holdings, Inc. was founded in 1927 and is headquartered in Wichita, Kansas.

Details
Name: Spirit AeroSystems Holdings, Inc.
S9Q
Exchange: DB
Founded: 1927
$7,820,668,511
103,492,487
Website: http://www.spiritaero.com
Address: Spirit AeroSystems Holdings, Inc.
3801 South Oliver,
Wichita,
Kansas, 67210,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SPR Class A Common Stock New York Stock Exchange US USD 21. Nov 2006
DB S9Q Class A Common Stock Deutsche Boerse AG DE EUR 21. Nov 2006
Number of employees
Current staff
Staff numbers
17,000
Spirit AeroSystems Holdings employees.
Industry
Aerospace and Defense
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/10/13 21:35
End of day share price update: 2019/10/11 00:00
Last estimates confirmation: 2019/10/12
Last earnings filing: 2019/07/31
Last earnings reported: 2019/06/27
Last annual earnings reported: 2018/12/31


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.