Aircraft Systems and Components Sector Outlook — September 2026

Read the report

SlidesScroll

1 of 21

←→Full screen

INDUSTRIALS › CAPITAL GOODS › AIRCRAFT SYSTEMS AND COMPONENTS

Aircraft Systems: Margin and Multiple Move Together Here

This report shows how the aircraft systems and components set is built, where forward earnings multiples sit across it, what buyers agreed to pay in the recorded transactions, and which operating traits travel with the top of the range.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 21 · INDUSTRIALS › CAPITAL GOODS › AIRCRAFT SYSTEMS AND COMPONENTS

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01

   INDUSTRIALS › CAPITAL GOODS › AIRCRAFT SYSTEMS AND COMPONENTS

   Cover slide introducing the Aircraft Systems and Components sector outlook as of September 2026.

   This report sets out how the aircraft systems and components market is priced today, using EV/EBITDA on CY2027E consensus as of 2026-09-28. We'll walk through where the market sits, what buyers have paid, and what that means for owners and acquirers of platform content.

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › AIRCRAFT SYSTEMS AND COMPONENTS Aircraft Systems: Margin and Multiple Move Together Here This report shows how the aircraft systems and components set is built, where forward earnings multiples sit across it, what buyers agreed to pay in the recorded transactions, and which operating traits travel with the top of the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the five numbered sections plus appendix that make up the report.

   We've built this report so the bottom line comes first: five sections plus a full appendix let a reader who stops after section one still walk away with the complete story. From there we move through the market landscape, valuation and situations, precedent transactions and strategic implications. So what: you can go as deep as you need, in the order that suits you.

   Everything on this page

   CONTENTS What This Report Covers 01 The Bottom Line Where Aircraft Systems and Components Earns Its Price 02 The Landscape 8 of the 9 Names Sell Qualified Content onto Platforms 03 Valuation & Situations What the Market Is Paying for Forward Earnings Here 04 Precedent Transactions Buyers Agreed to Pay Mid-to-High Teens for Qualified Content 05 Strategic Implications Where to Put the Effort If You Own Content on These Platforms 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Aircraft Systems and Components Is a Platform-Content Market, with Component Overhaul a Single Name Beside It

   This slide summarizes the report's core finding that the sector is a platform-content market with one overhaul name alongside it.

   We find that 8 of the 9 companies in this screen sell qualified content onto platforms, with component overhaul represented by a single name. Only 3 of the 9 carry a forward CY2027E EBITDA estimate, and the middle of that group prices at 15.0x. Across the transaction record, buyers agreed to pay from 14.6x up to 18.3x on EBITDA, a range that reads as pricing for approvals and qualified content rather than for revenue. So what: margin quality and content ownership, not scale, are what separate the premium end of this market.

   Everything on this page

   01 · THE BOTTOM LINE Aircraft Systems and Components Is a Platform-Content Market, with Component Overhaul a Single Name Beside It The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (5 of 9 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Almost the Whole Set Sells Content onto Platforms 8 of the 9 companies screened sit in aerostructures and defence platform content, 89% of the set. Component overhaul and aftermarket work is represented by one name, Joby Aviation, Inc. (JOBY), at 11%. 2 The Working Price Rests on Three Estimates 3 of the 9 companies carry a forward EBITDA estimate for CY2027E, and the middle of that group sits at 15.0x. A forward multiple already credits the growth in the forecast, so a price that survives it points to durability of content rather than to one strong year. 3 What Buyers Agreed to Pay Lands in the Mid-to-High Teens Across the 9 transactions in this record, agreed earnings multiples run from 14.6x on the announced Platinum Equity Advisors, LLC purchase of Héroux-Devtek Inc. up to 18.3x on the completed Loar Holdings Inc. purchase of Applied Avionics Inc. That range reads as pricing associated with qualified content, approvals and spares annuities rather than with revenue. 4 Margin and Multiple Travel Together at the Top Of the 3 names with a forward estimate, the two priced above the sector middle — Moog Inc. (MOG-B) and Astronics Corporation (ATRO) — also sit above the covered margin mark of 15%. TAT Technologies Ltd. (TATT) sits below on both, at a 14% margin. 15.0x Sector median EV/EBITDA CY2027E consensus · 3 rated of 9 companies 19.0x Premium end EV/EBITDA vs 12.1x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 25 Transactions with disclosed terms 55 recorded in this tier · 3 told as case studies, the full list in the appendix

4. 04
   SECTION 02

   02

   Divider introducing the market map section covering how companies group by business segment.

   This section maps the approved universe of 9 companies by business segment, showing that most of the weight sits with aerostructures and defence platform content. So what: the segment split frames every valuation comparison that follows.

   Everything on this page

   SECTION 02 02 THE LANDSCAPE 8 of the 9 Names Sell Qualified Content onto Platforms Two groups, and the weight sits with aerostructures and defence platform content. 02 of 06 Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

5. 05
   02 · MARKET MAP

   The Money Here Sits with Qualified Platform Content

   This slide groups the 9 approved companies by business segment and shows median EV/EBITDA per group.

   We've grouped the approved universe by segment and indexed each group to its median EV/EBITDA on CY2027E consensus. The weight of the set sits with platform content rather than overhaul work. So what: this segment split is the lens we use for every valuation comparison in the pages that follow.

   Everything on this page

   02 · MARKET MAP The Money Here Sits with Qualified Platform Content 9 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 AEROSTRUCTURES AND DEFENCE PLATFORM CONTENT 8 cos median 15.0x TransDigm Group (TDG) Woodward (WWD) Moog (MOG-B) Astronics (ATRO) Eve Holding (EVEX) TAT Technologies (TATT) Vertical Aerospace (EVTL) New Horizon (HOVR) Shipset content, design authority and qualified positions on commercial, defence and rotorcraft programs — 8 of the 9 names, and the group carrying all three forward estimates in this run. COMPONENT OVERHAUL AND AFTERMARKET MRO 1 cos no rated names Joby Aviation (JOBY) Component overhaul and repair station work, represented here by one company, Joby Aviation, Inc. (JOBY), which carries no forward EBITDA estimate in this run.

6. 06
   02 · LANDSCAPE

   Two Groups: Platform Content, and a Single Overhaul Name

   This slide describes what each segment group does and why it matters, using EV/EBITDA medians on rated names.

   The approved universe splits into two groups: platform content suppliers and a single component-overhaul name. We show what each group does and why the distinction matters commercially, using EV/EBITDA medians on the rated names within each. So what: full company-level detail sits in the appendix if you want to trace any figure back to its source.

   Everything on this page

   02 · LANDSCAPE Two Groups: Platform Content, and a Single Overhaul Name Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Aerostructures and defence platform content 8 89% 15.0x TransDigm Group Incorporated (TDG) · Woodward, Inc. (WWD) · +6 more Qualified content on platforms. These 8 companies supply systems, structures and components onto commercial, defence and rotorcraft programs, where value rests on sole-source positions, design authority and the aftermarket annuity behind an ageing installed base. They are 89% of the set and carry the three forward earnings estimates in this run. Component overhaul and aftermarket MRO 1 11% — Joby Aviation, Inc. (JOBY) Overhaul work, one name. This group is one company here, Joby Aviation, Inc. (JOBY), at 11% of the set, carrying 82% estimated growth and no forward EBITDA in this run. Read a name at that stage against certification progress and funding runway, not against a profit multiple.

7. 07
   SECTION 03

   03

   Divider introducing the valuation section on what the market pays for forward earnings.

   This section turns to what the market is paying for forward earnings, using the 3 of 9 companies that carry a CY2027E EBITDA estimate. So what: this is where the premium end of the market becomes visible.

   Everything on this page

   SECTION 03 03 VALUATION & SITUATIONS What the Market Is Paying for Forward Earnings Here 3 of the 9 companies carry a CY2027E EBITDA estimate, and the ranking follows them. 03 of 06 Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

8. 08
   03 · PUBLIC MARKET VALUATION

   The Premium End Holds Its Multiple After the Forecast Is Counted

   This slide ranks every approved company on EV/EBITDA for CY2027E, marking names without an eligible multiple as n/a.

   We show every approved company against the 15.0x median of the rated set, with names lacking an eligible multiple marked n/a. The premium end of the range holds its multiple once the forward estimate is counted, rather than compressing back toward the median. So what: durability of the premium after the forecast is priced in points to durable content, not a single strong year.

   Everything on this page

   03 · PUBLIC MARKET VALUATION The Premium End Holds Its Multiple After the Forecast Is Counted EV / EBITDA (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (5 of 9 companies), so this report follows it. A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 15.0x median of the rated set. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Company Ticker EV EV/EBITDA (CY2027E) Rev growth EBITDA margin What sets the price Astronics Corporation ATRO $3.4B 15.0x 10% 19% Astronics Corporation (ATRO) sits in the middle of the forward range, with a 19% margin and 10% estimated growth. Eve Holding, Inc. EVEX $563M n/a n/a n/a Eve Holding, Inc. (EVEX) carries neither a margin nor a CY2027E estimate here, so the value question is certification progress and funding runway. Vertical Aerospace Ltd. EVTL $90M n/a n/a n/a Vertical Aerospace Ltd. (EVTL) carries no margin or forward estimate in this run, and is read against certification milestones rather than earnings. New Horizon Aircraft Ltd HOVR $67M n/a n/a n/a New Horizon Aircraft Ltd (HOVR) carries no margin or forward estimate in this run, placing it with the pre-certification platform developers on the page. Joby Aviation, Inc. JOBY $4.3B n/a 82% n/a Joby Aviation, Inc. (JOBY) is the single name in component overhaul and aftermarket work here, with 82% estimated growth and no forward EBITDA in this run. Moog Inc. MOG-B $13.7B 19.0x 6% 15% Moog Inc. (MOG-B) sits at the top of the forward range with 6% estimated growth — a price that survives the forecast already being counted. TAT Technologies Ltd. TATT $428M 12.1x 15% 14% TAT Technologies Ltd. (TATT) sits at the bottom of the forward range with the faster growth estimate of the three names with a forward estimate; margin is the open question. TransDigm Group Incorporated TDG $90.2B n/a 9% 53% TransDigm Group Incorporated (TDG) pairs a 53% margin with proprietary content and spares pricing discretion; no CY2027E estimate sits in this run. Woodward, Inc. WWD $20.1B n/a 9% 16% Woodward, Inc. (WWD) carries a 16% margin across aerospace and industrial control content, with no CY2027E estimate in this run.

9. 09
   03 · VALUATION DRIVERS

   Margin Quality and Qualified Content Track the Higher Multiples

   This slide splits rated names into growth and margin cohorts and compares median EV/EBITDA across them.

   We've split the rated names into cohorts by revenue growth and by EBITDA margin, each cut at its own covered median, and compared the EV/EBITDA median across them. Margin quality and qualified content track with the higher multiples in this set. So what: this is an association we observe in the data, not a causal claim, and it's worth testing against your own program mix.

   Everything on this page

   03 · VALUATION DRIVERS Margin Quality and Qualified Content Track the Higher Multiples Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 The Higher Multiples Sit Alongside the Higher Margins Astronics Corporation (ATRO) reports a 19% EBITDA margin and is priced above the sector middle on CY2027E earnings; Moog Inc. (MOG-B) sits above it as well. TAT Technologies Ltd. (TATT), the lower-margin name of the 3 names with a forward estimate, sits below. On three names this is an association to test in diligence, not a rule. Proprietary Content Shows up in the Margin Line TransDigm Group Incorporated (TDG) reports a 53% margin against 9% estimated growth and carries no CY2027E EBITDA estimate in this run. Where design authority, sole-source positions and pricing discretion on proprietary spares sit with the supplier, the margin line tends to show it before the growth line does. Growth Here Is Steady Rather than Fast The split between the faster and slower half of the set falls at 10% estimated growth, and the established suppliers sit around and below it. Value in this group is associated with program life, funded backlog and the aftermarket annuity behind the installed base rather than with a single year of order intake. The Ranking Rests on Three Estimates and Can Move On the 3 names with a forward estimate out of the 9 on the page, the middle band runs from 13.6x to 17.0x, with one name in each tier — a narrow band for a sector this varied. A new estimate, a rate change or a shift in aftermarket mix can move a name across that band, so read the order as provisional.

10. 10
    03 · SITUATION MAP

    The Two Names Priced Above the Middle Also Clear the Margin Bar

    This slide plots each rated company by EV/EBITDA versus the sector median and by margin versus the covered median.

    We cut the rated set on EV/EBITDA against the sector median of 15.0x and on EBITDA margin against the covered median of 15%. The two names priced above the middle also clear the margin bar, while one sits below on both measures. So what: this is an observation on where value sits today, not a recommendation to buy or sell any security.

    Everything on this page

    03 · SITUATION MAP The Two Names Priced Above the Middle Also Clear the Margin Bar Cut on EV / EBITDA vs the sector median (15.0x) (rows) and EBITDA margin vs the covered median (15%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up, Margin Backs It Above-median multiple · above-median EBITDA margin 2 names Moog Inc. (MOG-B) · Astronics Corporation (ATRO) Moog Inc. (MOG-B) and Astronics Corporation (ATRO) sit above the sector middle of 15.0x on CY2027E earnings and above the 15% covered margin mark. Two of the 3 names with a forward estimate sit here, which is where content ownership and aftermarket mix usually surface in the reported numbers. Priced up, Margin Behind Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Margin Ahead, Price Behind Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Below on Both Measures Below-median multiple · below-median EBITDA margin 1 names TAT Technologies Ltd. (TATT) TAT Technologies Ltd. (TATT) sits below the sector price and below the margin mark, at a 14% margin, while carrying the faster growth estimate of the three. The open question is whether overhaul and repair mix can lift the margin line, since the lens here prices the earnings base rather than the top line.

11. 11
    03 · THE AGENDA

    Work Out Where the Higher Multiples Sit Across Your Content Mix

    This slide frames a set of questions an owner or acquirer should resolve based on the cohort data shown.

    We turn the cohort findings into questions: where in your content mix do the higher multiples actually sit, and why. This is framed as an agenda for the owner or acquirer to work through, grounded in the data shown earlier in this section. So what: these are observations to guide your own diligence, not recommendations.

    Everything on this page

    03 · THE AGENDA Work Out Where the Higher Multiples Sit Across Your Content Mix NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Defend the Sole-Source Content You Already Hold The two names priced above the middle here are both above the margin mark, and margin in this sector tends to sit with design authority and sole-source positions. Work out, platform by platform, where you hold the design and where you build to a customer's print. What changes the answer: A long-term agreement renewal with price givebacks, or a prime beginning to qualify a second source on your content. Grow the Spares Annuity Behind Your Installed Base What buyers agreed to pay in this record lands highest where the target owns proprietary spares and the approvals behind them. Measure what share of EBITDA comes from spares and repair, how it tracks fleet flight hours, and how initial provisioning converts into a recurring stream. What changes the answer: Aftermarket revenue moving out of step with fleet hours on your lead platforms. Decide Whether to Buy Approvals or Earn Them Repair station approvals, parts approvals and type certificate holdings are transferable, and private capital in this record has been buying approval-holding suppliers at mid-teens earnings multiples. Compare the cost and time of qualifying yourself against the price of acquiring a holder. What changes the answer: A qualification timeline that runs longer than the remaining rate ramp on the platform you are chasing. Shift Mix Toward Work That Carries Pricing Discretion The margin line is where content ownership shows up, and the range of margins across this set is wide. Review margin by program and by part number, and be deliberate about how much build-to-print volume you take to fill capacity. What changes the answer: Program-level margin showing build-to-print work crowding out proprietary content in the mix.

12. 12
    SECTION 04

    04

    Divider introducing the precedent transactions section covering nine deals with disclosed terms.

    This section turns to the transaction record: nine transactions from prime carve-outs to private-capital purchases, with buyers agreeing to pay mid-to-high-teens multiples for qualified content. So what: this record sets the price benchmark referenced throughout the rest of the report.

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Agreed to Pay Mid-to-High Teens for Qualified Content Nine transactions in this record, from prime carve-outs to private capital. 04 of 06 Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

13. 13
    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay for Qualified Content and Approvals

    This slide walks through three deal case studies drawn from a broader set of transactions with disclosed terms.

    We walk through 3 case studies drawn from the transactions with disclosed terms, with multiples on LTM financials at announcement. Agreed multiples in this record run from 14.6x up to 18.3x, pricing for qualified content and approvals rather than revenue alone. So what: the complete list sits in the appendix if you want to trace every deal.

    Everything on this page

    04 · DEAL CASE STUDIES What Buyers Agreed to Pay for Qualified Content and Approvals 3 of 25 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 77 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 30 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jul-2025 $163B Resideo Technologies, Inc. The largest disclosed value in this record: Resideo Technologies, Inc. and Honeywell International… EV / LTM revenue 4.4x EV / LTM EBITDA 18.4x WHY THE DEAL HAPPENED As recorded, the buyer is Resideo Technologies, Inc. and the target is Honeywell International Inc., and the transaction is announced rather than completed. At this scale the transaction suggests a reshaping of a diversified industrial portfolio rather than a bolt-on of shipset content onto an existing platform. HOW THE TARGET WAS VALUED The record shows $163B of value with an agreed 18.4x on earnings and 4.4x on revenue, and the filing note flags the value unit as unresolved. Against the other agreed earnings multiples in this record, which run through the mid teens, that earnings multiple sits at the upper end. Sep-2017 $116B AstroNova, Inc. acquires Honeywell International Inc. EV / LTM revenue 2.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Value shown as recorded in the filing; deal value unit unresolved. HOW THE TARGET WAS VALUED The filing records $116B of enterprise value, struck at 2.9x LTM revenue. Jul-2024 $8.3B Airbus SE Airbus SE moves to take aerostructures work in-house with Spirit AeroSystems at a recorded $8.3B. EV / LTM revenue 1.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer is the airframer that consumes the content, so the transaction suggests the value sat in securing supply, rate performance and quality on structures it builds into its own aircraft. Announced in July 2024, it is the clearest example in this record of a customer buying upstream rather than a supplier adding content. HOW THE TARGET WAS VALUED The record shows $8.3B and 1.3x on revenue, with no earnings multiple recorded. A revenue multiple near one times marks the distance between build-to-print structures work and the proprietary systems content agreed at mid-teens earnings multiples elsewhere in this record.

14. 14
    SECTION 05

    05

    Divider introducing the strategic implications section with four operating questions.

    This section sets out four operating questions the numbers point to for anyone who owns content on these platforms. So what: it's where the analysis turns into a checklist you can act on.

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS Where to Put the Effort If You Own Content on These Platforms Four operating questions the numbers point to. 05 of 06 Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

15. 15
    05 · STRATEGIC IMPLICATIONS

    What the Numbers Point to for an Owner of Platform Content

    This slide sets out the questions this data raises for platform-content owners over the next twelve months.

    We lay out the questions this data puts on the table for an owner of platform content over the next twelve months. These are NeuraCap views drawn directly from the analysis in this report. So what: they're observations to prioritise, not recommendations to act on any specific security.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS What the Numbers Point to for an Owner of Platform Content NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Know Which Part of Your Earnings Is Aftermarket Among the 3 names with a forward estimate, the two priced above the sector middle also sit above the margin mark. Establish what share of EBITDA comes from spares and repair, on which platforms, and how much of that rests on approvals and sole-source positions you hold yourself. FOR BOARDS Test Platform Concentration Before the Next Rate Change Concentration on a single platform or build rate is the detractor that shows up fastest in this sector when schedules move. Look at funded versus unfunded backlog, book-to-bill by program, and how much of the plan depends on one airframer's rate ramp. FOR ACQUIRERS Approvals and Design Authority Are What This Record Has Valued Agreed earnings multiples in this record run through the mid teens and land higher where the target owns proprietary content, and lower where the work is closer to structures. Price the contract estate, the transferability of approvals and the normalised earnings base before the multiple.

16. 16
    SECTION 06

    06

    Divider introducing the appendix covering the full comparables universe, methodology and sources.

    This closing section carries the comparables detail behind every figure in the body, the valuation basis used, and where each underlying disclosure lives. So what: it's the reference set for anyone who wants to trace a number back to its source.

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

17. 17
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide lists public comparables on EV/EBITDA for CY2027E, grouped by valuation tier, with tickers linked to source.

    We group the comparables set by valuation tier against the 15.0x sector median, with 3 rated companies shown and the remainder marked not rated. Tickers link through to the underlying source for each figure. So what: this is the full rated universe behind every valuation claim in this report.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (15.0x); amber marks below · 3 rated companies; 6 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 3 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.0x · median 19.0x · 1 companies Moog Inc. MOG-B Aerostructures and defence platform content $13.7B 19.0x 6% 15% 21 CORE — 13.6x–17.0x · median 15.0x · 1 companies Astronics Corporation ATRO Aerostructures and defence platform content $3.4B 15.0x 10% 19% 30 DISCOUNT — <13.6x · median 12.1x · 1 companies TAT Technologies Ltd. TATT Aerostructures and defence platform content $428M 12.1x 15% 14% 30

18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists precedent transactions with disclosed terms, newest first, with deal values linked to filings.

    We list the transactions with disclosed terms in this tier, newest first, with multiples on LTM financials at announcement and deal values linked to the underlying filing. Deal multiples here are not directly comparable to the CY2027E public basis, and we don't claim a spread between them. So what: this is the primary evidence behind the transaction pricing discussed earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 25 transactions with disclosed terms in this tier (55 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 77 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 30 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 25 transactions shown; the rest are in the companion workbook. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2025 Resideo Technologies, Inc. → Honeywell International Inc. $163B 4.4x 18.4x Resideo Technologies, Inc. and Honeywell International Inc., announced July 2025 at a recorded $163B, with an agreed 18.4x on earnings and 4.4x on revenue. The value is shown as recorded in the filing and the unit is unresolved, so read the multiples ahead of the… Jul-2024 Loar Holdings Inc. → Applied Avionics Inc. n/a n/a 18.3x Loar Holdings Inc. completed its purchase of Applied Avionics Inc. in July 2024 at an agreed 18.3x on earnings, with the value not disclosed (n/a). A buyer assembling proprietary aerospace content paying at that level is consistent with qualified, spares-rich… Jul-2024 Airbus SE → Spirit AeroSystems $8.3B 1.3x n/a Airbus SE announced the purchase of Spirit AeroSystems in July 2024 at a recorded $8.3B and 1.3x on revenue, with no earnings multiple recorded. Structures work priced near one times revenue sits apart from the mid-teens earnings multiples agreed elsewhere in this… Jun-2024 Gainwell Acquisition Corp. → Xwing Inc. Autonomy Division n/a 21.1x 16.6x Gainwell Acquisition Corp.'s announced purchase of the Xwing Inc. Autonomy Division carries 21.1x on revenue and 16.6x on earnings, with the enterprise value not disclosed (n/a). A capability carve-out at that revenue multiple reads as an option on technology rather… Jun-2024 Platinum Equity → Heroux-Dévtek Inc. n/a n/a 14.7x Platinum Equity's announced purchase of Heroux-Dévtek Inc. in June 2024 is recorded at an agreed 14.7x on earnings. Private capital buying an approval-holding supplier at mid-teens earnings fits the consolidation logic that runs through actuation, landing systems and… Jun-2024 Platinum Equity Advisors, LLC → Héroux-Devtek Inc. n/a n/a 14.6x A second record of the Platinum Equity Advisors, LLC purchase of Héroux-Devtek Inc. shows an agreed 14.6x on earnings, close to the first entry. Both sit at the bottom of the range of agreed earnings multiples here, which is where build-to-print exposure and program… Jan-2023 Safran S.A. → Actuation & Flight Controls Business of RTX Corp. n/a n/a 14.7x Safran S.A.'s announced purchase of the Actuation & Flight Controls Business of RTX Corp. in January 2023 is recorded at an agreed 14.7x on earnings. A carve-out of actuation content to a major systems supplier is the shipset-content logic in its plainest form. Sep-2022 Parker Hannifin Corp. → Meggitt plc n/a n/a 16.3x Parker Hannifin Corp.'s announced purchase of Meggitt plc is recorded at an agreed 16.3x on earnings. Qualified content spread across many platforms, with the aftermarket attached, is the kind of position that has been agreed at that level in this record. Sep-2022 Kaman Corporation → Aircraft Wheel & Brake Division n/a 6.3x 15.8x Kaman Corporation's announced purchase of the Aircraft Wheel & Brake Division is recorded at 15.8x on earnings and 6.3x on revenue. Wheel and brake content carries a long replacement cycle, and the agreed earnings multiple sits in the middle of this record.

19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the list of precedent transactions with disclosed terms, newest first.

    This continues the transaction list, again ordered newest first with multiples on LTM financials at announcement. The remaining transactions sit in the companion workbook alongside this set. So what: together these two pages carry the full disclosed-terms record referenced throughout the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 25 transactions with disclosed terms in this tier (55 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 77 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 30 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 25 transactions shown; the rest are in the companion workbook. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2021 Eaton Corporation → Cobham Mission Systems Wimborne n/a 4.0x 14.0x Value shown as recorded in the filing; deal value unit unresolved. Nov-2018 Hexcel Corporation → ARC Technologies, Inc. n/a n/a 11.9x Value shown as recorded in the filing; deal value unit unresolved. Oct-2018 TransDigm Group Inc. → Esterline Technologies Corporation n/a n/a 13.0x Jul-2018 TransDigm Group Incorporated → Skandia Inc. $84M n/a n/a Jan-2018 Melrose Industries plc → GKN plc n/a n/a 8.7x Sep-2017 AstroNova, Inc. → Honeywell International Inc. $116B 2.9x n/a Value shown as recorded in the filing; deal value unit unresolved. Sep-2017 United Technologies Corporation → Rockwell Collins, Inc. n/a n/a 15.9x May-2017 Safran S.A. → Zodiac Aerospace S.A. n/a n/a 21.0x Oct-2016 Rockwell Collins, Inc. → B/E Aerospace, Inc. n/a n/a 14.0x

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains how the report was built, what was excluded and where each underlying source can be found.

    This page sets out the sources and assumptions behind the report, including the valuation basis and the criteria used to exclude names or multiples that failed the platform's plausibility gates. Every figure in this report links back to the record it was taken from, and where no link exists, the appendix names the source directly. So what: this gives you a clear trail to verify any number in this report against its original filing.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 9 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (5 of 9 companies), so this report follows it. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Aircraft Systems and Components and it clears the coverage gate with 3 of 9 companies (33%). P / E is carried as a cross-check. The set earns: 3 of 9 companies carry a meaningful forward EBITDA on CY2027E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 30 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 454 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (453) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    On This Set, the Higher Multiples Sat with Margin, Qualified Content and Approvals.

    Closing slide restating that higher multiples sat with margin, qualified content and approvals in this set.

    On this set, the higher multiples sat with margin, qualified content and approvals. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace.

    Everything on this page

    On This Set, the Higher Multiples Sat with Margin, Qualified Content and Approvals. NeuraCap AI — Aircraft Systems and Components Coverage September 2026 · Prepared by NeuraCap AI · Confidential Aircraft Systems and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

More coverage in Industrials

• Bi-Weekly Update · Sep 28, 2026Aircraft Systems and Components Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Bi-Weekly Update · Sep 28, 2026Propulsion and Engine Systems Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Sector Report · Sep 28, 2026Propulsion and Engine Systems Sector Outlook — September 2026
• Sector Report · Sep 28, 2026Maintenance, Repair and Overhaul (MRO) Sector Outlook — September 2026