Morningstar

Spirit AeroSystems Holdings Inc Class A SPR

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Stock XNYS Rating as of
$32.66 −0.45 (1.36%)
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As of Cboe BZX Real-Time Price Open

Company Report

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Spirit AeroSystems Is Counting Down the Days Until It Rejoins Boeing

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 acquired parts of Bombardier's commercial jet business in 2020. Spirit's interim CEO since October 2023, Pat Shanahan, recently stated, "only the OEM can unlock that value" of the manufacturing intellectual property and highly integrated supply chain of large aerostructures production that Spirit offers, which amounted to a pitch for selling the company to Boeing and carving off other parts related to Airbus, which now owns the A220 line pioneered by Bombardier. The companies have signed agreements to that effect and we expect most of Spirit to rejoin Boeing by mid 2025.

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Price vs Fair Value

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SPR is trading at a 234% premium.
Price
$33.11
Fair Value
$74.51
Uncertainty
Very High
1-Star Price
$21.77
5-Star Price
$45.97
Economic Moat
Hvgsc
Capital Allocation
Mqjjzsrh

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
$33.11
Day Range
$32.66–33.01
52-Week Range
$15.46–37.06
Bid/Ask
$32.66 / $32.68
Market Cap
$3.81 Bil
Volume/Avg
152,939 / 2.8 Mil

Key Statistics

Price/Earnings (Normalized)
—
Price/Sales
0.58
Dividend Yield (Trailing)
0.00%
Dividend Yield (Forward)
0.00%
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 beleaguered 737 program, which accounts for nearly half the company's revenue.
Sector
Industrials
Industry
Aerospace & Defense
Stock Style Box
Small Core
Total Number of Employees
20,655
Website
https://www.spiritaero.com

Competitors

Valuation

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Metric
SPR
BA
AIR
Price/Earnings (Normalized)
 ——25.91
Price/Book Value
 ——6.40
Price/Sales
 0.581.301.59
Price/Cash Flow
 —193.8119.79
Price/Earnings
SPR
BA
AIR

Financial Strength

Metric
SPR
BA
AIR
Quick Ratio
 0.620.260.42
Current Ratio
 1.311.181.12
Interest Coverage
 −2.39−0.234.87
Quick Ratio
SPR
BA
AIR

Profitability

Metric
SPR
BA
AIR
Return on Assets (Normalized)
 −16.91%−2.20%2.42%
Return on Equity (Normalized)
 ——17.63%
Return on Invested Capital (Normalized)
 −27.96%−3.04%10.61%
Return on Assets
SPR
BA
AIR

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