Sector ReportSep 28, 2026 · 20 pages · Free to read

Maintenance, Repair and Overhaul (MRO) Sector Outlook — September 2026

A sector outlook on Maintenance, Repair and Overhaul, splitting eight approved companies into approved-parts and adjacent installed-base service. Covers EV/EBITDA (CY2027E) valuation, margin and growth drivers, and precedent transactions — for owners, managers and acquirers assessing where value sits.

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12.1x
Sector median multiple: 10.4x
Approved-parts group median: 14.3x
Adjacent-service group median: 13.4x
Top precedent multiple

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INDUSTRIALS › CAPITAL GOODS › MAINTENANCE, REPAIR AND OVERHAUL (MRO)

MRO: The Top of the Range Sits with Higher Margins

Across eight aftermarket names, the top of the valuation range sits alongside the higher-margin businesses, while growth runs broadly similar across the set.

September 2026   ·   Prepared by NeuraCap AI   ·   Confidential

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

Maintenance, Repair and Overhaul (MRO) Coverage   |   September 2026   |   Confidential   |   Not investment advice

Sources & methodology

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1 / 20 · INDUSTRIALS › CAPITAL GOODS › MAINTENANCE, REPAIR AND OVERHAUL (MRO)

Executive summary

Across eight approved MRO companies, the top of the valuation range sits with proprietary approvals and qualified installed bases, while growth runs broadly similar across the set and the wider spread in multiples tracks margin. Five approved-parts names carry a lower group median than the three adjacent installed-base service names, and strategic buyers have agreed higher precedent multiples than the sponsor deal in this record. The practical implication is that mix toward approved content, and pricing that recovers wage escalation, is where owners have room to move.

Key findings

MRO splits into approved-parts and adjacent installed-base service, priced apart.
Top-of-range multiples hold even after CY2027E growth is credited.
Growth is broadly shared; the wider valuation spread sits in margin.
Strategic buyers agreed higher multiples than the sponsor deal in this record.

What each page shows

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

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INDUSTRIALS › CAPITAL GOODS › MAINTENANCE, REPAIR AND OVERHAUL (MRO)
Cover slide introducing the MRO sector outlook dated September 2026.
This is our September 2026 outlook on the Maintenance, Repair and Overhaul sector, built on EV/EBITDA (CY2027E) as the primary valuation basis. We use it to set up the split between approved-parts franchises and adjacent installed-base service that runs through the rest of the deck.
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INDUSTRIALS › CAPITAL GOODS › MAINTENANCE, REPAIR AND OVERHAUL (MRO) MRO: The Top of the Range Sits with Higher Margins Across eight aftermarket names, the top of the valuation range sits alongside the higher-margin businesses, while growth runs broadly similar across the set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1
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CONTENTS
What This Report Covers
Table of contents listing the report's five sections plus the appendix.
We start with the bottom line so a reader who only has five minutes still gets the full argument. From there we build out the landscape, the valuation drivers, the precedent transactions and the strategic implications in turn.
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CONTENTS What This Report Covers 01 The Bottom Line The Bottom Line: Approvals and Margin Sit at the Top of the MRO Range 02 The Landscape Two Models Under the MRO Label: Approved Parts and Adjacent Installed-Base Service 03 Valuation & Situations The Set Does Not Trade as One Group on CY2027E EBITDA 04 Precedent Transactions Strategic Buyers Agreed the Higher Multiples in This Transaction Record 05 Strategic Implications What the Range Rewards, and Where Owners Have Room to Move 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2
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01 · THE BOTTOM LINE
Maintenance, Repair and Overhaul Splits into Approved-Parts Franchises and Adjacent Installed-Base Service
Summarises the finding that MRO splits into approved-parts franchises and adjacent installed-base service, each pricing differently.
Of the eight approved names in our set, seven carry a CY2027E EBITDA estimate, and the two at the top of that range trade at 20.8x against 9.8x for the two at the bottom. Five names sit in approved parts, 62% of the set, with a group median of 10.4x, while the three adjacent installed-base service names sit at 14.3x. On the seven rated names, margin and multiple line up for three of them — Waters Corporation (WAT), Loar Holdings Inc. (LOAR) and IMAX Corporation (IMAX) — though VSE Corporation (VSEC) shows margin without the multiple to match, so we treat this as an association, not a rule. Strategic buyers agreed higher multiples than the sponsor purchase in our precedent set, which tells us where control premia have concentrated so far.
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01 · THE BOTTOM LINE Maintenance, Repair and Overhaul Splits into Approved-Parts Franchises and Adjacent Installed-Base Service 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 (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Set Does Not Trade as One Group Of the 8 approved names, 7 carry a CY2027E EBITDA estimate. The two at the top of the range sit at 20.8x against 9.8x for the two at the bottom, a gap that holds even though a forward multiple already credits the growth in the forecast. 2 Most Names Sit in Approved Parts; The Higher Middle Sits in Adjacent Service Proprietary aftermarket components and approved replacement parts account for 62% of the set, five names, and the middle of that group sits at 10.4x. The three adjacent installed-base service businesses make up 38% and sit at 14.3x, across instrument service, industrial machinery field service and cinema systems. 3 Margin and the Multiple Line up on Three of the Seven Rated Names Of the 7 names with a CY2027E estimate, three sit above the middle of the set on both multiple and EBITDA margin: Waters Corporation (WAT), Loar Holdings Inc. (LOAR) and IMAX Corporation (IMAX). VSE Corporation (VSEC) sits above the middle on margin and below it on multiple, so this is an association across a small set rather than a rule. 4 Strategic Buyers Agreed Higher Multiples than the Sponsor Purchase Here Of the 8 transactions on this record, industrial and strategic buyers agreed the higher earnings multiples: HEICO Corporation for Wencor Group at 13.4x and Carlisle Companies Incorporated for ASP Henry Holdings, Inc. at 13.2x. The sponsor purchase of StandardAero by Veritas Capital Fund Management LLC was struck at 11.7x. 12.1x Sector median EV/EBITDA CY2027E consensus · 7 rated of 8 companies 20.8x Premium end EV/EBITDA vs 9.8x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 8 Transactions with disclosed terms 37 recorded in this tier · 1 told as case studies, the full list in the appendix
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SECTION 02
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Divider introducing the section on the two business models within MRO.
Next we map who sits inside this MRO set and what each group actually sells. This section separates approved-parts franchises from adjacent installed-base service before we get to valuation.
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SECTION 02 02 THE LANDSCAPE Two Models Under the MRO Label: Approved Parts and Adjacent Installed-Base Service Who is in the set, and what each group actually sells. 02 of 06 Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4
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02 · MARKET MAP
Two Models Under the MRO Label, and They Do Not Price the Same
Groups the eight approved companies by business segment and shows each group's median EV/EBITDA (CY2027E).
We group all eight approved names by business segment and compare median EV/EBITDA (CY2027E) across each group. The approved-parts group sits at 10.4x while the adjacent installed-base service group sits at 14.3x, a gap that shows these are two different pricing regimes, not one sector average. This grouping applies a consistent segment classification and limits every median to rated names. The takeaway for a client is that segment membership, not just scale, moves where a name sits in the range.
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02 · MARKET MAP Two Models Under the MRO Label, and They Do Not Price the Same 8 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. Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 PROPRIETARY AFTERMARKET COMPONENTS AND APPROVED REPLACEMENT PARTS 5 cos median 10.4x HEICO (HEI) StandardAero (SARO) Loar Holdings (LOAR) AAR (AIR) VSE (VSEC) Five of the eight names, and the part of the sector where approvals, sole-source designs and spares depth decide who gets the work. ADJACENT MODELS 3 cos median 14.3x Waters (WAT) Otis Worldwide (OTIS) IMAX Three installed-base service franchises outside aerospace, where mandated service intervals and qualification tie the work to the installed equipment.
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02 · LANDSCAPE
Five Approved-Parts Names and Three Adjacent Service Franchises, Priced Apart
Details the five approved-parts names and three adjacent-service franchises and their respective valuation levels.
Five names build their business on proprietary aftermarket components and approved replacement parts, and three run adjacent installed-base service across instrument service, industrial machinery field service and cinema systems. The approved-parts group's median sits at 10.4x, while the adjacent-service group holds 14.3x on the same CY2027E basis. That split shows what a client is really pricing when they compare names inside MRO — a parts franchise and a service franchise are not substitutes. We carry the full company-level detail behind these medians in the appendix.
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02 · LANDSCAPE Five Approved-Parts Names and Three Adjacent Service Franchises, Priced Apart 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. Maintenance, Repair and Overhaul (MRO) 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 Proprietary aftermarket components and approved replacement parts 5 63% 10.4x HEICO Corporation (HEI) · StandardAero, Inc. (SARO) · +3 more Approvals are the asset. HEICO Corporation (HEI), StandardAero, Inc. (SARO), Loar Holdings Inc. (LOAR), AAR Corp. (AIR) and VSE Corporation (VSEC) sit here, building, approving and distributing aftermarket content. Four of the five carry a CY2027E estimate and the middle of the group sits at 10.4x, with a wide spread inside it. Adjacent models 3 38% 14.3x Waters Corporation (WAT) · Otis Worldwide Corporation (OTIS) · +1 more Installed base, other end-markets. Waters Corporation (WAT), Otis Worldwide Corporation (OTIS) and IMAX Corporation (IMAX) service installed bases in instruments, industrial machinery and cinema systems. The three names carry CY2027E estimates and the middle of the group sits at 14.3x, with mandated inspection, calibration and modernisation cycles behind the work.
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SECTION 03
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Divider introducing the section on valuation and where premium versus discount multiples sit.
Now we turn to where the premium end and the discount end of the range actually sit, and what travels with each. This section builds the valuation case one driver at a time.
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SECTION 03 03 VALUATION & SITUATIONS The Set Does Not Trade as One Group on CY2027E EBITDA Where the premium end and the discount end sit, and what travels with each. 03 of 06 Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7
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03 · PUBLIC MARKET VALUATION
The Premium End Holds Its Multiple Even After the Forecast Is Credited
Ranks all seven rated companies by EV/EBITDA (CY2027E) against a 12.1x sector median.
Across all seven rated names, the sector median EV/EBITDA (CY2027E) sits at 12.1x, and we sort the full set descending from there. The premium end holds its multiple even once the CY2027E forecast has already credited the growth story, which tells us the market is pricing something beyond the near-term numbers. We cut tier zones at the rated set's own quartiles, so every multiple quoted here sits on the same basis. For a client, that persistence at the top is the signal worth underwriting, not just the multiple itself.
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03 · PUBLIC MARKET VALUATION The Premium End Holds Its Multiple Even After the Forecast Is Credited EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 12.1x · 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 (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 20.8x CORE · median 12.1x DISCOUNT · median 9.8x Sector median 12.1x WHAT SEPARATES THE TWO ENDS The top end holds 20.8x. The two names at the top of the range sit at 20.8x on CY2027E against 9.8x for the two at the bottom, on the 7 names with a CY2027E estimate. A forward multiple already credits the growth in the forecast, so a premium that survives it points to durability rather than to one strong year. Margin travels with the ranking. Loar Holdings Inc. (LOAR) reports a 40% EBITDA margin and Waters Corporation (WAT) 31%, against 14% at StandardAero, Inc. (SARO) and 19% at VSE Corporation (VSEC). On this set, the ranking tracks what each business keeps per sales dollar more closely than it tracks pace of growth. Two models, one premium. The two names at the top of the range come from different parts of the map: one from proprietary aftermarket content, one from instrument installed-base service. That suggests the premium is not confined to a single business model, and that approvals, qualification and switching costs at the customer are the common thread.
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03 · VALUATION DRIVERS
Growth Is Broadly Shared; The Wider Spread Sits in Margin
Compares median EV/EBITDA (CY2027E) across revenue-growth cohorts and EBITDA-margin cohorts.
We split the rated names at their own covered median for revenue growth and again for EBITDA margin, then compare the median multiple inside each cohort. Growth turns out to be broadly shared across the set, so it explains little of the spread in multiples. Margin is where the wider spread actually sits, which is a reading of association across a small set rather than a claim that margin causes the multiple. That distinction matters for a client deciding which lever to pull first.
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03 · VALUATION DRIVERS Growth Is Broadly Shared; The Wider Spread Sits in Margin 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=4; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 10% · EBITDA-margin split at 19% The Faster-Growing Half Holds a Higher Multiple, but the Gap Is Narrow Splitting the 7 names with a CY2027E estimate at 10% forward growth, the 4 faster-growing names sit at 14.7x and the 3 slower ones at 12.1x. The gap is real and modest, so growth on its own accounts for little of the distance between the two ends of the range. Margin Dispersion Across the Set Is Far Wider than Growth Dispersion EBITDA margin across the 8 approved names runs from 12% at AAR Corp. (AIR) to 46% at IMAX Corporation (IMAX). On this set the wider spread sits in profitability, and it lines up with the valuation ranking more closely than the growth split does. Approvals and Installed-Base Access Are the Operating Backbone The names at the top of the range hold proprietary approvals or a qualified installed base; those at the bottom sell more of their capacity as shop hours and material. Capability list breadth, repair station approvals and turnaround time are what convert that access into billable shop visits. Working Capital Is the Price of a Short Turnaround Rotable pools, exchange units and spares depth shorten turnaround time and win contracts, and they consume cash doing it. Completion mechanics in this sector customarily peg inventory and unbilled receivables, so how spares are carried feeds straight into what a buyer agrees to pay.
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03 · SITUATION MAP
High Margins Track the Higher Multiples in One Part of the Set and Count for Less in the Rest
Cross-cuts the rated set on EV/EBITDA versus the 12.1x sector median and EBITDA margin versus the 19% covered median.
We cut the rated set two ways at once: EV/EBITDA against the 12.1x sector median, and EBITDA margin against the 19% covered median. In one part of the set, higher margin tracks the higher multiple; in the rest, margin counts for less. These are observations on where each name sits today, not a recommendation to buy or sell any of them. For a client, the map is a starting point for asking why a given name sits where it does.
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03 · SITUATION MAP High Margins Track the Higher Multiples in One Part of the Set and Count for Less in the Rest Cut on EV / EBITDA vs the sector median (12.1x) (rows) and EBITDA margin vs the covered median (19%) (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. Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Multiple, Premium Margin Above-median multiple · above-median EBITDA margin 3 names Waters Corporation (WAT) · Loar Holdings Inc. (LOAR) · IMAX Corporation (IMAX) Waters Corporation (WAT), Loar Holdings Inc. (LOAR) and IMAX Corporation (IMAX) sit above the middle of the set on both the CY2027E multiple and EBITDA margin, with IMAX Corporation (IMAX) the widest at 46%. For owners in this position the work is defending the approvals, qualification and installed-base access the margin rests on. Premium Multiple, Thinner Margin Above-median multiple · below-median EBITDA margin 1 names Otis Worldwide Corporation (OTIS) Otis Worldwide Corporation (OTIS) sits above the middle on multiple with a 17% EBITDA margin. That combination sits alongside a large contracted installed base with mandated inspection and modernisation cycles, so the operating questions are renewal pricing, service attach and mix rather than volume. Margin Ahead of the Multiple Below-median multiple · above-median EBITDA margin 1 names VSE Corporation (VSEC) VSE Corporation (VSEC) is the name in this cell, above the middle on margin and below it on multiple, with a 21% forward growth estimate. On a single name the gap invites a look at earnings quality — contract mix, inventory and rotable carrying value — before it invites a view on demand. Below the Middle on Both Below-median multiple · below-median EBITDA margin 2 names StandardAero, Inc. (SARO) · AAR Corp. (AIR) StandardAero, Inc. (SARO) and AAR Corp. (AIR) sit below the middle on both measures, with AAR Corp. (AIR) at a 12% EBITDA margin. The lever on this side of the map is profitability: pricing, capability mix and utilisation of shop slots and licensed technicians.
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03 · THE AGENDA
The Higher Multiples Sit with the Names That Grow and Hold Margin Together as They Add Capability
Frames the questions an owner or acquirer should resolve given where higher multiples sit in the set.
We read the higher multiples in this set as sitting with names that grow and hold margin together while they add capability. That reading is our advisory judgment grounded in the cohort data shown earlier, not investment advice. The practical value for a client is a short list of the questions worth resolving before the next capital decision. We carry those questions into the strategic implications section that follows.
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03 · THE AGENDA The Higher Multiples Sit with the Names That Grow and Hold Margin Together as They Add Capability 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. Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Buy or Build Approvals Before You Buy Capacity On this set, the top of the range sits with proprietary approvals and qualified installed bases rather than with raw shop hours. Adding approved parts, engineered repairs and platform authorisations moves work from labour economics to content economics. What changes the answer: A pending authorisation or capability addition that brings currently outsourced work in-house. Price the Cost of Downtime, Not the Labour Hour Turnaround time and AOG response are the competitive currency, and customers compare them against the cost of their own asset being idle. Contract structures that price availability rather than hours are what carry margin through wage escalation. What changes the answer: Renewal pricing holding while turnaround time improves against the same capability list. Decide How Much Rotable Pool You Want to Own Spares depth and exchange units shorten turnaround and win contracts, and they lock up cash and carry obsolescence risk. The choice between owning pools, exchanging them or using used serviceable material is a capital allocation question, not a logistics one. What changes the answer: Fill-rate gains that stop converting into contract wins or renewal pricing. Choose Between Tuck-Ins and Organic Capability The independent shop base is deep and fragmented, which is why sponsors assemble networks from it. The test for an owner is whether a tuck-in adds approvals and platform access the business cannot reach organically within the same timeframe. What changes the answer: Tuck-in pricing that no longer clears the economics of the network absorbing it.
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SECTION 04
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Divider introducing the section on precedent transactions from 2006 through 2025.
We move next to eight recorded transactions spanning 2006 through 2025 and what each says about pricing. This section shows where strategic buyers have agreed to pay more than others.
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SECTION 04 04 PRECEDENT TRANSACTIONS Strategic Buyers Agreed the Higher Multiples in This Transaction Record Eight transactions from 2006 through 2025, and what each one says about pricing. 04 of 06 Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12
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04 · DEAL CASE STUDIES
Buyers Set the Benchmark for Whole Companies Across Eight Recorded Transactions
Walks through the eight transactions with disclosed terms as case studies on their announcement-date multiples.
Across the eight transactions with disclosed terms, industrial and strategic buyers agreed the higher earnings multiples: HEICO Corporation paid 13.4x for Wencor Group and Carlisle Companies Incorporated paid 13.2x for ASP Henry Holdings, Inc. The sponsor purchase of StandardAero by Veritas Capital Fund Management LLC was struck at 11.7x, a lower multiple than either strategic deal. These are LTM multiples at announcement from filings, and we do not claim a spread against the CY2027E public basis since the two are not directly comparable. For a client, the pattern is that strategic buyers have so far been willing to pay up for the names carrying approvals.
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04 · DEAL CASE STUDIES Buyers Set the Benchmark for Whole Companies Across Eight Recorded Transactions 1 of 8 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. 39 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. 29 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. Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Sep-2020 $317M Monocle Acquisition Corp. Monocle Acquisition Corp. agreed to acquire AerSale Corp., taking an aftermarket platform whole rather than as a bolt-on. EV / LTM revenue 1.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer is a dedicated acquisition company and the target is an aftermarket services business, which suggests a buyer seeking a standing platform with its own management, approvals and customer base. Read against the rest of this record, it shows the supply side here is not limited to founder-owned single shops: whole platforms change hands as well. HOW THE TARGET WAS VALUED The transaction is recorded at $317M, equivalent to 1.1x revenue. That sits at the lower end of the revenue multiples on this record, which run up to 3.5x, and reads as a mix weighted toward material and labour rather than toward proprietary content.
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SECTION 05
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Divider introducing the section on strategic implications for owners, management and acquirers.
Here we turn the evidence into operating priorities for the next twelve months. What the range rewards, and where owners still have room to move.
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SECTION 05 05 STRATEGIC IMPLICATIONS What the Range Rewards, and Where Owners Have Room to Move Operating priorities the evidence in this deck points to. 05 of 06 Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14
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05 · STRATEGIC IMPLICATIONS
The Top of the Range Goes with Revenue Quality and Growth; The Work Sits in Mix and Pricing
Sets out what the valuation range rewards and where the remaining work sits in mix and pricing.
The top of the range in this set goes with revenue quality and growth, and the work still to be done sits in mix and pricing rather than in scale. For owners, that means shifting toward approved parts, engineered repairs and contracted service, and pricing renewals to recover wage escalation. For management teams, turnaround time and rotable utilisation are the operating measures that sit underneath the earnings a buyer will test. For acquirers, the transaction record shows strategic and industrial buyers have agreed higher multiples than the sponsor deal, and the contested targets were the ones carrying approvals.
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05 · STRATEGIC IMPLICATIONS The Top of the Range Goes with Revenue Quality and Growth; The Work Sits in Mix and Pricing 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. Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Mix Toward Approved Content Is the Lever the Range Sits With On the 7 names with a CY2027E estimate, the top of the range sits with businesses holding proprietary approvals or a qualified installed base. The practical work is shifting mix toward approved parts, engineered repairs and contracted service, and pricing renewals to recover technician wage escalation. FOR MANAGEMENT TEAMS Turnaround Time and Utilisation Sit Underneath the Earnings a Buyer Tests Capability breadth, shop slot utilisation and rotable availability determine how much work a shop converts into billable hours. Those are the measures diligence in this sector reaches for when it asks how much of the earnings base is genuinely recurring. FOR ACQUIRERS Tuck-Ins Are Worth What the Network Does with Them On this record, strategic and industrial buyers agreed higher earnings multiples than the sponsor purchase did, and the targets carrying approvals were the contested ones. Underwriting on network economics — approvals added, turnaround shortened, spares shared — is what separates a fair price from a full one.
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SECTION 06
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Divider introducing the appendix covering the full comparable universe, methodology and sources.
The appendix carries the full comparable universe, the valuation basis and the underlying disclosures behind every figure in the body. Use it to trace any number back to its source.
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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 Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16
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06 · PUBLIC COMPARABLES (1 OF 1)
Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier
Lists all public comparables grouped by valuation tier, shaded above or below the 12.1x sector median.
This page carries all seven rated companies plus the one name without an eligible EV/EBITDA multiple, shaded above or below the 12.1x sector median. Every rated row here matches the medians used earlier in the deck, so a client can trace any group figure back to its constituent names. Names without an eligible multiple are listed separately rather than forced into a comparison that would not hold up. This is the reference page for checking any comparable used in the argument.
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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 (12.1x); amber marks below · 7 rated companies; 1 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 7 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. Maintenance, Repair and Overhaul (MRO) 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 — ≥16.9x · median 20.8x · 2 companies Loar Holdings Inc. LOAR Proprietary aftermarket components and approved… $6.8B 22.1x 11% 40% 52 Waters Corporation WAT Diagnostics and research instrument installed-base… $48.6B 19.4x 10% 31% 46 CORE — 10.4x–16.9x · median 12.1x · 3 companies IMAX Corporation IMAX Adjacent: installed cinema systems service and upgrade… $3.3B 14.3x 5% 46% 53 Otis Worldwide Corporation OTIS Industrial machinery field service and rebuild $33.1B 12.1x 5% 17% 22 AAR Corp. AIR Proprietary aftermarket components and approved… $5.5B 10.8x 6% 12% 20 DISCOUNT — <10.4x · median 9.8x · 2 companies StandardAero, Inc. SARO Proprietary aftermarket components and approved… $9.8B 10.0x 10% 14% 24 VSE Corporation VSEC Proprietary aftermarket components and approved… $4.1B 9.5x 21% 19% 41
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06 · PRECEDENT TRANSACTIONS (1 OF 1)
All Precedent Transactions with Disclosed Terms, Newest First
Lists all eight precedent transactions with disclosed terms, sorted newest first.
This page carries all eight transactions with disclosed terms in this record, out of 37 recorded, sorted newest first with deal values linked to the underlying filing. Multiples here are LTM at announcement, and we keep them separate from the CY2027E public basis rather than blend the two. Transactions without either a disclosed value or a multiple sit outside this list rather than being estimated. For a client, this is the full precedent record behind the case studies shown earlier.
Everything on this page
06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 8 transactions with disclosed terms in this tier (37 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. 39 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. 29 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. Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2025 Swedish Orphan Biovitrum AB → HAECO Americas, LLC n/a 3.5x n/a Swedish Orphan Biovitrum AB's announced acquisition of HAECO Americas, LLC is recorded at 3.5x revenue, the top of the revenue multiples on this record. A revenue basis reads high or low depending on how much of a target's sales are pass-through material, which is… Dec-2024 GA Telesis → Landing Gear Overhaul business (unit of Landing Gear Overhaul business) $51M n/a n/a GA Telesis announced the acquisition of a Landing Gear Overhaul business at a recorded $51M in December 2024. Carve-outs of single-capability shops from larger owners are standard feedstock for network builders, where the value sits in the approvals and the customer… May-2023 HEICO Corporation → Wencor Group n/a n/a 13.4x HEICO Corporation's announced acquisition of Wencor Group was struck at 13.4x EBITDA. It is a direct read on what an approvals-rich parts franchise commands from a buyer already holding capability in the same content, which is the pattern that makes such targets… Mar-2022 V2X, Inc. → Vertex Aerospace Services Holding Corp. n/a 2.4x 28.7x V2X, Inc.'s announced combination with Vertex Aerospace Services Holding Corp. is recorded at 2.4x revenue and 28.7x EBITDA. Sustainment work carries contract novation, audit rights and recompete cycles, and an earnings multiple on this basis can read high while the… Jul-2021 Carlisle Companies Incorporated → ASP Henry Holdings, Inc. n/a 1.1x 13.2x Carlisle Companies Incorporated's announced acquisition of ASP Henry Holdings, Inc. is recorded at 13.2x EBITDA on 1.1x revenue. That pairing is consistent with a business where material and labour pass through at low margin and the value sits in the earnings the… Sep-2020 Monocle Acquisition Corp. → AerSale Corp. $317M 1.1x n/a Monocle Acquisition Corp. agreed in September 2020 to acquire AerSale Corp., an acquisition company taking on an aftermarket platform rather than folding it into an existing network. It is the case study set out alongside this record. May-2015 Veritas Capital Fund Management LLC → StandardAero n/a n/a 11.7x Veritas Capital Fund Management LLC's announced acquisition of StandardAero was struck at 11.7x EBITDA. Sponsor platforms here are assembled from sub-scale shops and underwritten on run-rate earnings before tuck-ins land, and this sits below what the strategic buyers… May-2006 Caterpillar Inc. → Progress Rail n/a n/a 14.7x Caterpillar Inc. completed its acquisition of Progress Rail at 14.7x EBITDA in May 2006. An industrial buyer extending onto an installed base it already touches is the pattern that recurs through this record, and it is the one completed transaction shown here.
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06 · METHODOLOGY
Sources, Assumptions and Data Quality
Sources, Assumptions and Data Quality.
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. 19
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. Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Maintenance, Repair and Overhaul (MRO) and it clears the coverage gate with 7 of 8 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 0 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 407 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 (406) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.
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On This Set, the Top of the Range and the Higher Margins Have Been Sitting Together.
Closing statement that the top of the valuation range and higher margins have moved together across this set.
On this set, the top of the range and the higher margins have been sitting together. That is the pattern this outlook leaves a client to test against their own portfolio.
Everything on this page
On This Set, the Top of the Range and the Higher Margins Have Been Sitting Together. NeuraCap AI — Maintenance, Repair and Overhaul (MRO) Coverage September 2026 · Prepared by NeuraCap AI · Confidential Maintenance, Repair and Overhaul (MRO) Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Maintenance, Repair and Overhaul (MRO) (Industrials › Capital Goods › Maintenance, Repair and Overhaul (MRO)) with market data and consensus estimates as of September 28, 2026. The company universe is the 8 listed companies whose core business is Maintenance, Repair and Overhaul (MRO) according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: AAR Corp. (AIR), HEICO Corporation (HEI), IMAX Corporation (IMAX), Loar Holdings Inc. (LOAR), Otis Worldwide Corporation (OTIS), StandardAero, Inc. (SARO), VSE Corporation (VSEC), Waters Corporation (WAT). The market map groups them by business vertical — Proprietary aftermarket components and approved replacement parts: 5 companies (HEI, SARO, LOAR, AIR, VSEC); Adjacent models: 3 companies (WAT, OTIS, IMAX). 7 of the 8 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

What was excluded and why

No company or value in this universe failed the validation gates; every recorded figure enters the statistics on its stated basis.

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Maintenance, Repair and Overhaul (MRO) and it clears the coverage gate with 7 of 8 companies (88%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 7 of 8 companies; EV / rEVenue: 8 of 8 companies; P/E: 8 of 8 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥16.9x, Core 10.4x–16.9x, Discount <10.4x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 12.1x = median(ev_ebitda CY2027E) (7 rated companies) · 20.8x = median(ev_ebitda CY2027E) within Premium tier (n=2) · 12.1x = median(ev_ebitda CY2027E) within Core tier (n=3) · 9.8x = median(ev_ebitda CY2027E) within Discount tier (n=2) · 14.7x = median(ev_ebitda CY2027E) | growth ≥ 10% (n=4) · 12.1x = median(ev_ebitda CY2027E) | growth < 10% (n=3) · 16.9x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 19% (n=4) · 10.8x = median(ev_ebitda CY2027E) | EBITDA margin < 19% (n=3) · 40% = median Rule of 40 score (revenue growth + EBITDA margin) (n=7)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Maintenance, Repair and Overhaul (MRO) recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 37 transactions were recorded for this industry; 8 are shown. 29 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 20 × deal value unit unresolved; 12 × no evidence record; 3 × duplicate precedent id; 4 × divestiture roles reassigned. Case studies lead with the 1 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 411 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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Maintenance, Repair and Overhaul (MRO) Sector Outlook — September 2026

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Executive summary

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INDUSTRIALS › CAPITAL GOODS › MAINTENANCE, REPAIR AND OVERHAUL (MRO)

What This Report Covers

Maintenance, Repair and Overhaul Splits into Approved-Parts Franchises and Adjacent Installed-Base Service

02

Two Models Under the MRO Label, and They Do Not Price the Same

Five Approved-Parts Names and Three Adjacent Service Franchises, Priced Apart

03

The Premium End Holds Its Multiple Even After the Forecast Is Credited

Growth Is Broadly Shared; The Wider Spread Sits in Margin

High Margins Track the Higher Multiples in One Part of the Set and Count for Less in the Rest

The Higher Multiples Sit with the Names That Grow and Hold Margin Together as They Add Capability

04

Buyers Set the Benchmark for Whole Companies Across Eight Recorded Transactions

05

The Top of the Range Goes with Revenue Quality and Growth; The Work Sits in Mix and Pricing

06

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

All Precedent Transactions with Disclosed Terms, Newest First

Sources, Assumptions and Data Quality

On This Set, the Top of the Range and the Higher Margins Have Been Sitting Together.