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Transdigm (TDG)

TransDigm Group, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, batteries and chargers, engineered latching and locking devices, engineered rods, engineered connectors and elastomer sealing solutions, databus and power controls, cockpit security components and systems, specialized and advanced cockpit displays, aircraft audio systems, specialized lavatory components, seat belts and safety restraints, engineered and customized interior surfaces and related components, advanced sensor products, switches and relay panels, thermal protection and insulation, lighting and control technology, parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems.

Company profile

Ticker
TDG
Exchange
CEO
Kevin M. Stein
Employees
Incorporated
Location
Fiscal year end
Former names
TD HOLDING CORP
SEC CIK
Subsidiaries
17111 Waterview Pkwy LLC • Acme Aerospace, Inc. • Adams Rite Aerospace GmbH • Adams Rite Aerospace, Inc. • Advanced Inflatable Products Limited • AeroControlex Group, Inc. • Aerosonic LLC • Airborne Acquisition, Inc. • Airborne Global, Inc. • Airborne Holdings, Inc. ...
IRS number
510484716

TDG stock data

Analyst ratings and price targets

Last 3 months

Calendar

9 Aug 22
1 Oct 22
30 Sep 23
Quarter (USD) Jul 22 Apr 22 Jan 22 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Sep 21 Sep 20 Sep 19 Sep 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 3.81B 3.81B 3.81B 3.81B 3.81B 3.81B
Cash burn (monthly) 136M 60.08M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 406.93M 179.78M n/a n/a n/a n/a
Cash remaining 3.4B 3.63B n/a n/a n/a n/a
Runway (months of cash) 25.0 60.4 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
23 Sep 22 Mccullough Gary E Common Stock Grant Acquire A No No 587.1 63 36.99K 915
23 Sep 22 Graff Michael Common Stock Grant Acquire A No No 587.1 63 36.99K 4,783
23 Sep 22 David Barr Common Stock Grant Acquire A No No 587.1 63 36.99K 31,906
23 Sep 22 Santana Michele Common Stock Grant Acquire A No No 587.1 63 36.99K 524
23 Sep 22 Dunn Mervin Common Stock Grant Acquire A No No 587.1 63 36.99K 1,562
5.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 645 675 -4.4%
Opened positions 59 76 -22.4%
Closed positions 89 56 +58.9%
Increased positions 218 269 -19.0%
Reduced positions 226 204 +10.8%
13F shares Current Prev Q Change
Total value 29.84B 35.64B -16.3%
Total shares 56.89M 56.85M +0.1%
Total puts 398.3K 789.4K -49.5%
Total calls 95.3K 231.3K -58.8%
Total put/call ratio 4.2 3.4 +22.5%
Largest owners Shares Value Change
Capital International Investors 6.54M $3.51B -0.3%
Vanguard 5.56M $2.98B -0.7%
BLK Blackrock 4.73M $2.54B +9.1%
PFG Principal Financial Group Inc - Registered Shares 3.26M $1.75B +5.6%
Growth Fund Of America 3.19M $1.09B 0.0%
Berkshire Partners 2.37M $1.21B 0.0%
STT State Street 2.07M $1.11B -3.4%
Stockbridge Partners 1.6M $859.93M +3.1%
Altarock Partners 1.46M $782.83M +2.6%
Capital Research Global Investors 1.35M $724.92M +45.0%
Largest transactions Shares Bought/sold Change
Vulcan Value Partners 1.23M -794.72K -39.2%
Capital Research Global Investors 1.35M +419.39K +45.0%
BLK Blackrock 4.73M +393.23K +9.1%
Parametric Portfolio Associates 0 -371.32K EXIT
MS Morgan Stanley 581.55K +337.67K +138.5%
Balyasny Asset Management 337.2K +241.73K +253.2%
American Century Companies 228.35K +220.63K +2857.6%
Windacre Partnership 518.4K -206K -28.4%
AMP Ameriprise Financial 219.86K +182K +480.6%
PFG Principal Financial Group Inc - Registered Shares 3.26M +173.41K +5.6%

Financial report summary

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Competition
Circor InternationalAerSale
Risks
  • Our business focuses almost exclusively on the aerospace and defense industry.
  • We rely heavily on certain customers for much of our sales.
  • We generally do not have guaranteed future sales of our products. Further, when we enter into fixed price contracts with some of our customers, we take the risk for cost overruns.
  • We intend to pursue acquisitions. Our business may be adversely affected if we cannot consummate acquisitions on satisfactory terms, or if we cannot effectively integrate acquired operations.
  • Our indebtedness could adversely affect our financial health and could harm our ability to react to changes to our business and prevent us from fulfilling our obligations under our indebtedness.
  • To service our indebtedness, we will require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control and any failure to meet our debt service obligations could harm our business, financial condition and results of operations.
  • The terms of the senior secured credit facility and Indentures may restrict our current and future operations, particularly our ability to respond to changes or to take certain actions.
  • We are dependent on our executive officers, senior management team and highly trained employees and any work stoppage, difficulty hiring similar employees, or ineffective succession planning could adversely affect our business.
  • Our sales to manufacturers of aircraft are cyclical, and a downturn in sales to these manufacturers may adversely affect us.
  • Our business is dependent on the availability of certain components and raw materials from suppliers.
  • We face significant competition.
  • Climate-related regulations designed to address climate change may result in additional compliance costs.
  • Our operations depend on our manufacturing facilities, which are subject to physical and other risks that could disrupt production.
  • Operations and sales outside of the United States may be subject to additional risks.
  • We are subject to certain unique business risks as a result of supplying equipment and services to the U.S. Government.
  • Our business may be adversely affected if we would lose our government or industry approvals or if more stringent government regulations are enacted or if industry oversight is increased.
  • We could incur substantial costs as a result of data protection concerns.
  • We could incur substantial costs as a result of violations of or liabilities under environmental laws and regulations.
  • We may be subject to periodic litigation and regulatory proceedings, including Fair Labor Standards Act and state wage and hour class action lawsuits, which may adversely affect our business and financial performance.
  • We could be adversely affected if one of our products cause an aircraft to crash.
  • We have recorded a significant amount of intangible assets, which may never generate the returns we expect.
  • We may be subject to risks relating to changes in our tax rates or exposure to additional income tax liabilities.
  • We do not regularly declare and pay quarterly or annual cash dividends on our stock.
  • Our commercial business is sensitive to the number of flight hours that our customers’ planes spend aloft, the size and age of the worldwide aircraft fleet and our customers’ profitability. These items are, in turn, affected by general economic and geopolitical and other worldwide conditions.
  • U.S. military spending is dependent upon the U.S. defense budget.
  • Our stock price may be volatile, and an investment in our common stock could suffer a decline in value.
Management Discussion
  • ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • This Quarterly Report on Form 10-Q contains both historical and “forward-looking statements” within the meaning of Section 21E of the Exchange Act, and 27A of the Securities Act. All statements other than statements of historical fact included that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements, including, in particular, the statements about our plans, objectives, strategies and prospects regarding, among other things, our financial condition, results of operations and business. We have identified some of these forward-looking statements with words like “believe,” “may,” “will,” “should,” “expect,” “intend,” “plan,” “predict,” “anticipate,” “estimate” or “continue” and other words and terms of similar meaning. These forward-looking statements may be contained throughout this Quarterly Report on Form 10-Q. These forward-looking statements are based on current expectations about future events affecting us and are subject to uncertainties and factors relating to, among other things, our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Many factors mentioned in our discussion in this Quarterly Report on Form 10-Q, including the risks outlined under “Risk Factors,” will be important in determining future results. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we do not know whether our expectations will prove correct. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties, including those described under “Risk Factors” in the Quarterly Report on Form 10-Q. Since our actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, we cannot give any assurance that any of the events anticipated by these forward-looking statements will occur or, if any of them does occur, what impact they will have on our business, results of operations and financial condition. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. We do not undertake any obligation to update these forward-looking statements or the risk factors contained in this Quarterly Report on Form 10-Q to reflect new information, future events or otherwise, except as may be required under federal securities laws.
  • Important factors that could cause actual results to differ materially from the forward-looking statements made in this Quarterly Report on Form 10-Q include but are not limited to: the impact that the COVID-19 pandemic has on our business, results of operations, financial condition and liquidity; the sensitivity of our business to the number of flight hours that our customers’ planes spend aloft and our customers’ profitability, both of which are affected by general economic conditions; future geopolitical or other worldwide events; cyber-security threats and natural disasters; our reliance on certain customers; the U.S. defense budget and risks associated with being a government supplier including government audits and investigations; failure to maintain government or industry approvals; failure to complete or successfully integrate acquisitions; our indebtedness; potential environmental liabilities; liabilities arising in connection with litigation; increases in raw material costs, taxes and labor costs that cannot be recovered in product pricing; risks and costs associated with our international sales and operations; and other factors. Refer to Part II, Item 1A included in this Quarterly Report on Form 10-Q and to Part II, Item 1A of the Annual Report on Form 10-K for additional information regarding the foregoing factors that may affect our business.

Content analysis

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Readability
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New words: detailed, Extant, moderately, proposal, proxy, relief, strike, sunset
Removed: bear, Committee, reclassify, vesting, whichever