Magellan Aerospace Corporation MAL

IndustrialsAerospace & DefenseCanada

Last close 33.15 CAD on Nov 2, 2026, +80.0% year to date

Quant rating

Quant rating B Rank 15 of 53 in Industrials

Growth B 10 of 53
Valuation D 38 of 53
Quality C 24 of 53
Revisions C 28 of 53
Momentum B 10 of 53

Wall Street consensus Buy (1.67)Average target 45.67 CAD +37.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.9B
Enterprise value: 2.0B
52-week range: 15.98 – 45.70
3-year range: 7.32 – 45.70
Dividend yield: 0.60%
Beta (5 years): 0.32
Shares outstanding: 57.1M
Next earnings: Nov 11, 2026

About the company

Magellan Aerospace Corporation is a diversified supplier of components to the aerospace industry. Through its wholly owned subsidiaries, controlled entity and joint ventures, the Company designs, engineers and manufactures aero-engine and aerostructure components for aerospace markets, including advanced products for defense and space markets, and complementary specialty products. The Company also supports the aftermarket through the supply of spare parts as well as performing repair and overhaul services. The Company operates in the aerospace segment, which includes the design, development, manufacture, repair and overhaul, and sale of systems and components for defense and civil aviation. Its products include Engine Cold Section, Engine Hot Section, Engine Shafts, Black Brant, RATO Booster Motors, CRV7 Rocket Weapon System, Small Satellite Bus Platforms, and Manufactured Components and Assemblies, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,045	942	880	765	688	–
Revenue growth	10.9%	7.1%	15.0%	11.1%	−7.5%	7.0%
EPS (basic, normalized)	0.69	0.62	0.16	−0.38	−0.02	–
EPS growth	11.3%	287.5%	–	–	–	–
Gross margin	13.9%	11.4%	10.2%	3.7%	6.0%	9.1%
Net margin	3.8%	3.8%	1.1%	−2.8%	−0.1%	1.1%
ROE	4.9%	4.6%	1.3%	−2.9%	−0.1%	1.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	40.8
Current ratio	2.52x
Long-term debt (mil)	57.0
Net debt (mil)	59.3
Total equity (mil)	865
Net debt / equity	0.07x
Net debt / EBITDA	0.51x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,045	+10.9%	1.9x	117	+20.4%	16.7x	0.69	+11.3%	48.0x
2026	1,178	+12.8%	1.7x	159	+35.5%	12.3x	1.37	+98.6%	24.2x
2027	1,260	+7.0%	1.5x	180	+13.5%	10.8x	1.67	+22.1%	19.8x
2028	1,333	+5.8%	1.5x	196	+8.9%	10.0x	1.87	+12.0%	17.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,178	+0.1%	+3.1%	+3.7%	1.37	+1.1%	+2.0%	−0.2%
2027	1,260	+0.5%	+3.5%	+4.2%	1.67	−0.4%	+3.1%	+5.5%
2028	1,333	+0.6%	+3.6%	+5.5%	1.87	+0.2%	−12.6%	+7.0%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	235	243	224	241	261	250	256	278	285	306
Sales mean (mil)	242	247	242	226	238	265	252	269	281	283
Surprise	−2.7%	−1.5%	−7.4%	+6.7%	+9.4%	−5.8%	+1.3%	+3.3%	+1.5%	+8.2%
EPS reported	0.11	0.13	0.10	0.28	0.19	0.09	0.22	0.19	0.29	0.35
EPS mean	0.14	0.17	0.16	0.14	0.20	0.23	0.20	0.28	0.34	0.34
Surprise	−18.5%	−23.5%	−37.5%	+93.1%	−5.0%	−60.9%	+10.0%	−33.3%	−15.9%	+1.4%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MAL Magellan Aerospace Corporation	1.9B	0.51x	3.8%	2.19x	24.2x	19.8x	12.3x	10.8x
RKLB Rocket Lab Corp	43.6B	22.46x	−32.9%	8.92x	−181.0x	−543.7x	−551.5x	294.2x
ARXS Arxis, Inc.	30.5B	–	2.9%	4.08x	46.9x	37.4x	27.0x	22.3x
KTOS Kratos Defense & Security Solutions, Inc.	10.6B	−10.82x	1.6%	2.20x	48.2x	35.6x	35.7x	26.1x
LOAR Loar Holdings Inc.	8.9B	4.39x	14.5%	5.30x	49.6x	42.1x	27.0x	23.8x
KRMN Karman Holdings Inc	7.3B	5.56x	3.7%	12.32x	66.4x	40.9x	27.4x	20.7x
Mean		4.42x	−1.1%	5.84x	9.0x	−61.3x	−70.3x	66.3x
Median		4.39x	3.3%	4.69x	47.5x	36.5x	27.0x	23.0x

Technical analysis

1M−3.2%
3M−4.2%
1Y+94.0%
3Y+355.6%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Magellan Aerospace Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,045	942	880	765	688	744
Cost of revenue	900	834	789	736	647	667
Gross profit	145	108	90.1	28.7	41.2	77.8
Selling, general & administrative expenses	61.4	53.4	54.0	46.3	42.1	50.5
Research & development	–	–	–	–	–	–
Depreciation/amortization	4.1	3.6	3.3	2.9	3.0	2.9
Interest expense (income), operating	9.7	−2.7	4.8	−2.3	−2.5	1.1
Unusual expense (income)	0.1	0.2	2.9	−3.0	−5.5	4.7
Other operating expenses	13.6	1.5	0.5	0.5	−0.6	−0.2
Operating income	56.0	52.0	24.6	−15.8	4.8	18.8
Net interest income (expense)	−1.7	−3.9	−3.5	−2.7	−2.6	−3.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.2	−0.3	−0.2	−0.1	−0.2	−0.9
Net income before taxes	54.1	47.8	20.9	−18.6	1.9	14.4
Provision for taxes	14.7	12.3	11.7	3.1	2.8	11.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	39.4	35.5	9.2	−21.7	−1.0	3.3
Extraordinary items	–	–	–	–	–	–
Net income	39.4	35.5	9.2	−21.7	−1.0	3.3
EBIT, normalized	65.8	49.5	32.4	−21.1	−3.3	24.6
EBITDA, normalized	113	94.2	79.0	26.3	48.6	84.0
Basic EPS, normalized	0.69	0.62	0.16	−0.38	−0.02	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Magellan Aerospace Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	64.0	56.4	8.7	40.9	32.5	114
Receivables	300	291	280	235	231	185
Total inventory	279	284	258	226	209	213
Prepaid expenses	12.2	11.7	10.4	10.0	9.7	12.9
Other current assets	0	0	0	0	0	0
Total current assets	655	643	558	512	481	525
Property, plant & equipment	421	413	387	415	431	460
Goodwill	23.5	23.9	22.2	22.2	21.8	22.0
Intangibles	35.7	36.2	37.4	41.4	47.8	55.2
Long-term investments	11.9	10.8	9.7	4.3	4.1	4.6
Note receivable	–	–	–	–	–	–
Other long-term assets	19.2	18.7	18.4	15.8	17.6	5.7
Total assets	1,166	1,146	1,032	1,011	1,004	1,073
Liabilities
Accounts payable	69.4	59.0	66.0	69.3	52.1	45.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	71.0	75.3	72.9	63.6	51.3	47.8
Short-term debt	23.9	19.9	22.7	0	0	39.6
Current portion of long-term debt	11.2	10.7	9.4	10.3	10.3	10.5
Other current liabilities	62.8	72.8	31.8	38.3	20.0	21.7
Total current liabilities	238	238	203	182	134	165
Long-term debt	53.5	55.8	48.5	51.7	57.5	65.1
Minority interest	3.4	3.4	3.4	3.4	3.4	3.4
Other liabilities	48.3	49.9	43.5	45.9	46.8	56.8
Total liabilities	343	347	298	283	241	290
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	250	250	250	251	252	252
Additional paid-in capital	15.6	15.6	15.6	15.6	15.6	15.6
Retained earnings (accumulated deficit)	510	481	447	443	480	493
Treasury stock	–	–	–	–	–	–
Other equity	47.5	53.4	21.3	18.7	14.5	21.9
Total equity	822	799	734	728	762	783
Total liabilities & shareholders' equity	1,166	1,146	1,032	1,011	1,004	1,073

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Magellan Aerospace Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	39.4	35.5	9.2	−21.7	−1.0	3.3
Depreciation, depletion & amortization	47.5	44.7	46.6	47.4	51.9	57.1
Deferred taxes	−5.2	−4.4	−1.4	−3.0	−7.6	3.5
Non-cash items	3.4	4.0	5.4	5.6	2.9	20.3
Changes in working capital	−6.5	19.5	−77.2	30.2	−33.8	21.8
Cash from operations	78.6	99.3	−17.3	58.5	12.5	106
Investing activities
Capital expenditures	−51.0	−36.1	−19.2	−23.5	−17.7	−24.6
Other investing cash flows	−4.1	1.0	−4.5	−0.4	−3.1	−1.2
Cash from investing	−55.1	−35.1	−23.7	−23.9	−20.8	−25.8
Financing activities
Financing cash flow items	0	−0.1	0	−0.2	0	−0.5
Cash dividends paid	−10.0	−5.7	−5.7	−15.0	−24.2	−24.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−5.4	−11.8	14.0	−11.1	−48.8	−10.8
Cash from financing	−15.4	−17.6	8.2	−26.3	−73.0	−35.7
Foreign exchange effects	−0.5	1.2	0.5	0	−0.2	−0.1
Net change in cash	7.6	47.7	−32.2	8.5	−81.5	44.3
Free cash flow	27.6	63.2	−36.5	35.0	−5.1	81.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.