Melrose Industries PLC MROSY

IndustrialsAerospace & DefenseUnited Kingdom

Last close 13.13 USD on Nov 1, 2026, −6.1% year to date

Quant rating

Quant rating C Rank 240 of 418 in Industrials

Growth C 198 of 418
Valuation C 240 of 418
Quality C 283 of 418
Revisions C 183 of 418
Momentum C 242 of 418

Wall Street consensus Buy (2.06)Average target 8.62 USD −34.4%

Historical valuation

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

Key data

Market cap: 7.8B
Enterprise value: 10.3B
52-week range: 11.72 – 14.70
3-year range: 11.72 – 14.70
Dividend yield: –
Beta (5 years): –
Shares outstanding: 1,246M
Next earnings: Feb 26, 2027

About the company

Melrose Industries PLC is a United Kingdom-based pure-play aerospace company. The Company provides advanced aerospace components and systems to all major original equipment manufacturer (OEMs), across both civil and defense markets. The Company operates through two divisions: Engines and Structures. Engines segment is a global tier one supplier to the aerospace engines market, including structural engineered components; parts repair; commercial and aftermarket contracts. Structures segment is a multi-technology global tier one supplier of both civil and defense air frames, including lightweight composite and metallic structures: electrical distribution systems and components. Its business includes GKN Aerospace, is a tier one supplier of airframe and engine structures, landing gear, electrical interconnection systems, transparencies, and aftermarket services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,835	4,339	4,264	3,573	8,997	–
Revenue growth	11.4%	1.7%	19.3%	−60.3%	−7.7%	−13.1%
EPS (basic, normalized)	0.43	0.34	0.24	0.25	0.16	–
EPS growth	27.3%	42.0%	−4.5%	52.8%	–	–
Gross margin	26.6%	23.7%	19.5%	14.3%	13.5%	19.5%
Net margin	10.3%	−1.4%	0.0%	−7.9%	−7.3%	−1.3%
ROE	13.0%	−1.5%	0.0%	−3.2%	−6.6%	0.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

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	4,835	+11.4%	2.1x	1,001	+19.5%	10.3x	0.43	+27.3%	30.3x
2026	5,062	+4.7%	2.0x	1,111	+11.1%	9.3x	0.47	+8.5%	28.0x
2027	5,551	+9.6%	1.9x	1,329	+19.6%	7.8x	0.60	+27.8%	21.9x
2028	5,988	+7.9%	1.7x	1,529	+15.1%	6.7x	0.72	+20.3%	18.2x

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	5,062	+0.1%	−0.2%	−0.6%	0.47	0.0%	−4.4%	−6.6%
2027	5,551	+0.2%	+0.2%	+0.1%	0.60	+0.3%	−1.8%	−2.3%
2028	5,988	+0.2%	+0.3%	+0.4%	0.72	+0.3%	−2.1%	−2.8%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

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
MROSY Melrose Industries PLC	7.8B	–	10.3%	2.05x	28.0x	21.9x	9.3x	7.8x
CAE CAE Inc.	8.2B	2.32x	6.4%	2.14x	28.4x	24.5x	12.3x	11.6x
SARO StandardAero, Inc.	7.7B	2.66x	4.6%	2.81x	15.5x	13.3x	11.1x	9.7x
KTOS Kratos Defense & Security Solutions, Inc.	7.7B	−10.82x	1.6%	2.25x	49.2x	36.4x	36.7x	26.8x
BCKIY Babcock International Group PLC	6.7B	–	4.1%	8.25x	16.0x	14.5x	9.3x	8.6x
AVAV AeroVironment, Inc.	6.4B	0.52x	−13.4%	1.46x	38.6x	28.7x	20.5x	16.1x
Mean		−1.33x	2.3%	3.16x	29.3x	23.2x	16.5x	13.4x
Median		1.42x	4.3%	2.19x	28.2x	23.2x	11.7x	10.6x

Technical analysis

1M−0.7%
3M−6.1%
1Y−6.1%
3Y−6.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Melrose Industries PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,835	4,339	4,264	3,573	8,997	9,752
Cost of revenue	3,550	3,310	3,432	3,064	7,779	8,655
Gross profit	1,285	1,028	832	509	1,218	1,097
Selling, general & administrative expenses	1.3	17.5	48.4	18.1	25.7	963
Research & development	–	–	–	–	–	–
Depreciation/amortization	340	319	331	315	590	645
Interest expense (income), operating	−317	150	−149	81.1	74.4	−409
Unusual expense (income)	39.1	194	199	61.7	354	563
Other operating expenses	414	353	336	331	840	0
Operating income	808	−5.0	67.5	−298	−667	−666
Net interest income (expense)	−168	−123	−72.6	−98.0	−212	−234
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−9.4	−5.0	−5.1	−1.2	−13.5	−28.7
Net income before taxes	631	−133	−10.2	−397	−893	−928
Provision for taxes	132	−71.3	−11.5	−120	−244	−156
Minority interest	–	–	0	−6.0	−5.4	−4.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	498	−61.3	1.3	−283	−655	−777
Extraordinary items	–	0	−1,298	−89.5	1,782	43.8
Net income	498	−61.3	−1,297	−373	1,127	−733
EBIT, normalized	582	344	118	−162	−230	−397
EBITDA, normalized	1,107	841	692	328	998	853
Basic EPS, normalized	0.43	0.34	0.24	0.25	0.16	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Melrose Industries PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	224	110	73.8	429	640	425
Receivables	1,266	1,152	1,003	1,898	1,563	2,225
Total inventory	730	661	653	1,244	1,208	1,540
Prepaid expenses	43.1	41.3	42.0	–	54.1	73.8
Other current assets	39.1	12.5	39.5	46.0	31.1	64.3
Total current assets	2,303	1,977	1,811	3,617	3,496	4,327
Property, plant & equipment	1,164	1,027	989	3,144	3,420	4,284
Goodwill	1,256	1,214	1,223	–	3,856	4,977
Intangibles	2,369	2,657	3,042	8,282	6,142	7,599
Long-term investments	83.5	96.3	154	601	698	634
Note receivable	2,056	1,503	1,093	901	708	600
Other long-term assets	1,004	829	729	607	651	384
Total assets	10,234	9,303	9,043	17,152	18,970	22,807
Liabilities
Accounts payable	845	726	638	–	1,375	1,576
Payable/accrued	–	–	–	2,979	–	–
Accrued expenses	377	302	304	–	437	632
Short-term debt	16.2	0	0	0	0	0
Current portion of long-term debt	106	51.3	120	149	702	336
Other current liabilities	996	1,112	1,026	615	1,713	2,054
Total current liabilities	2,340	2,191	2,088	3,743	4,226	4,598
Long-term debt	2,441	2,008	927	2,104	1,653	4,649
Minority interest	–	0	0	47.2	44.6	39.7
Other liabilities	1,644	1,546	1,488	2,635	2,890	3,838
Total liabilities	6,425	5,745	4,502	8,528	8,814	13,125
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.3	1.3	393	374	451	455
Additional paid-in capital	1,347	1,251	4,164	3,957	4,425	11,127
Retained earnings (accumulated deficit)	2,251	1,948	−364	3,521	5,178	−1,860
Treasury stock	–	–	–	–	–	–
Other equity	209	358	348	772	103	−41.0
Total equity	3,809	3,558	4,540	8,624	10,156	9,682
Total liabilities & shareholders' equity	10,234	9,303	9,043	17,152	18,970	22,807

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Melrose Industries PLC, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	808	−5.0	72.6	−285	507	465
Depreciation, depletion & amortization	525	497	512	1,045	575	673
Deferred taxes	–	–	–	–	–	–
Non-cash items	−381	−81.3	−233	−81.1	−530	−447
Changes in working capital	−664	−562	−314	−432	−196	354
Cash from operations	288	−151	36.9	247	356	1,045
Investing activities
Capital expenditures	−128	−154	−135	−360	−322	−459
Other investing cash flows	17.5	68.8	1,053	593	3,719	120
Cash from investing	−110	−85.1	918	232	3,397	−339
Financing activities
Financing cash flow items	−1.3	−3.8	−21.6	−1.2	−79.8	−2.7
Cash dividends paid	−110	−90.1	−103	−93.1	−93.4	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	33.7	368	−1,105	−630	−3,163	−922
Cash from financing	−78.1	274	−1,230	−725	−3,336	−924
Foreign exchange effects	0	−8.8	−24.2	32.7	0	4.1
Net change in cash	99.7	28.8	−299	−213	417	−215
Free cash flow	160	−305	−98.0	−114	33.8	585

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 1, 2026 after market close.