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Spirit AeroSystems Holdings Inc Class A SPR

Morningstar Rating
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Stock XNYS Rating as of
$31.54 −0.59 (1.84%)
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As of Delayed Price Post-Trading: $31.40 −0.10
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Company Report

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Spirit Occupies a Precarious Role Somewhere Between OEM and Supplier

Nicolas Owens

Spirit AeroSystems is the largest independent aerostructures manufacturer. The firm produces fuselages, wing structures, and structures that house and connect engines to aircraft. Spirit’s revenue has traditionally been almost entirely connected to the original production of commercial aircraft, but Spirit has a growing military aircraft segment and recently acquired Bombardier's maintenance, repair, and overhaul business. Spirit's interim CEO since October 2023, Pat Shanahan, recently stated that diversification away from commercial aerostructures is not necessary for the firm to survive and no longer a priority. We forecast Boeing will contribute 60% or more of Spirit's revenue and Airbus around 25% in years to come.

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Price vs Fair Value

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SPR is trading at a 4% premium.
Price
$32.13
Fair Value
$67.00
Uncertainty
Very High
1-Star Price
$81.11
5-Star Price
$94.60
Economic Moat
Fjrc
Capital Allocation
Ldzwczdr

Bulls Say, Bears Say

Bulls

Commercial aerospace manufacturing has a highly visible revenue runway from increasing flights per capita as middle-class demand in emerging markets grows.

Bears

Customer concentration with Boeing leaves Spirit vulnerable to unsystematic risk associated with production difficulties.

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News

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Trading Information

Previous Close Price
$32.13
Day Range
$31.11–33.71
52-Week Range
$14.65–36.34
Bid/Ask
$31.40 / $31.54
Market Cap
$3.67 Bil
Volume/Avg
3.4 Mil / 3.4 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
0.57
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

Spirit AeroSystems manufactures aerostructures, particularly fuselages, cockpits, wing sections, engine pylons, and nacelles for commercial and military aircraft. The company was spun out of Boeing in 2005, and the firm is the largest independent supplier of aerostructures for commercial aircraft. Boeing and Airbus are the firm's primary customers—Boeing represented roughly 60% and Airbus roughly 20% of revenue in recent years. The company is highly exposed to Boeing’s 737 program, which accounts for nearly half the company's revenue.
Sector
Industrials
Industry
Aerospace & Defense
Stock Style Box
Small Growth
Total Number of Employees
20,655
Website
https://www.spiritaero.com

Competitors

Valuation

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Metric
SPR
BA
HXL
Price/Earnings (Normalized)
 ——36.33
Price/Book Value
 ——3.24
Price/Sales
 0.571.323.01
Price/Cash Flow
 —54.7819.34
Price/Earnings
SPR
BA
HXL

Financial Strength

Metric
SPR
BA
HXL
Quick Ratio
 0.880.281.54
Current Ratio
 1.711.142.74
Interest Coverage
 −0.900.184.23
Quick Ratio
SPR
BA
HXL

Profitability

Metric
SPR
BA
HXL
Return on Assets (Normalized)
 −8.54%−1.22%5.18%
Return on Equity (Normalized)
 ——9.01%
Return on Invested Capital (Normalized)
 −9.41%0.74%7.39%
Return on Assets
SPR
BA
HXL
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Aerospace & Defense Industry Comparables

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