Esterline
10-K - Nov 19, 2019
Esterline – On March 14, 2019, TransDigm completed the acquisition of all the outstanding stock of Esterline for $122.50 per share in cash, plus the repayment of Esterline debt. The purchase price,...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
TransDigm Group Incorporated
TDGActiveCIK 1260221 · Diversified Industrial Compounders
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, TDG filings, SEC EDGAR
$67,964
Market cap ($MM)
$96,083
Enterprise value ($MM)
$9,503
Revenue · LTM ($MM)
$4,778
EBITDA · LTM ($MM)
50%
EBITDA margin
10.1x
EV / revenue
20.1x
EV / EBITDA
5.7x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01TDG is a scaled public consolidator in Industrial Compounders, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is ROP, DHR, HEI, EMR, AME, DOV.
Balance sheet & capacity
Indicative capacity read: 5.7x net debt / EBITDA with EBITDA of $4.8B.
$3,884
Cash & equiv. ($MM)
$31,150
Total debt ($MM)
$27,266
Net debt ($MM)
5.7x
Net debt / EBITDA
Valuation
Where it trades against its peer set
TDG versus the scaled public Diversified Industrial Compounders comparables.
Indexed share-price performance
TDG versus available Diversified Industrial Compounders peers and SPY.
+89%
TDG
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| TransDigm Group Incorporated | TDG | $9,503 | $4,778 | 50% | $67,964 | $96,083 | 10.1x | 20.1x | 5.7x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
TDG's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
157
Active years
19
Named deals
3
Avg / active year
8.3
Acq. cash outflow ($MM)
N/A
Banker read
- 01TDG reads as a programmatic acquirer: 157 disclosed acquisitions across 19 active years, or 8.3 per active year. The chart shows activity in 11 of the last 12 visible years.
- 02In the last three years, the file shows 8 acquisitions versus 4 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $15B of disclosed spend is concentrated in lumpy years, with FY19 the largest year at $3.9B. Recent spend is below the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
TDG count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
8 / 4
Last three years is up 100% vs prior three.
Peak count year
FY24
6 disclosed acquisitions in the peak visible year.
Recent spend
$3.5B
is down 34% vs prior three; peak FY19 at $3.9B.
Named evidence
3 rows
1.9% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Mar 14, 2019 | Esterline | Diversified industrial compounders | $3,924 | Esterline – On March 14, 2019, TransDigm completed the acquisition of all the outstanding stock of Esterline for $122.50 per share in cash, plus the repayment of Esterline debt.... | 10-K† |
| Dec 6, 2010 | McKechnie Aerospace Holdings Inc. | Diversified industrial compounders | $1,270 | McKechnie Aerospace Holdings, Inc.—On December 6, 2010, TransDigm Inc. acquired all of the outstanding stock of McKechnie Aerospace Holdings Inc. (“McKechnie Aerospace”), for ap... | 10-K† |
| May 8, 2023 | Calspan | Diversified industrial compounders | $729 | Also, in fiscal 2023, we used existing cash on hand to fund the $729 million acquisition of Calspan, which was completed on May 8, 2023. | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 6 SEC-backed facts across 3 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
20
Named deal filings
3
Recent SEC filings
0
Evidence clips
3
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.20 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Nov 12, 2025 | Annual M&A 10-K | accepted | N/A | $413MM | $2.1B | SEC filing |
| FY2024 | Nov 7, 2024 | Annual M&A 10-K | accepted | 4 | $2.3B | $2.3B | SEC filing |
| FY2023 | Nov 9, 2023 | Annual M&A 10-K | warning (1 warn) | 3 | $762MM | $753MM | SEC filing |
| FY2022 | Nov 10, 2022 | Annual M&A 10-K | accepted | 2 | $447MM | $447MM | SEC filing |
| FY2021 | Nov 16, 2021 | Annual M&A 10-K | accepted | 1 | $945MM | $945MM | SEC filing |
| FY2020 | Nov 12, 2020 | Annual M&A 10-K | accepted | 1 | N/A | $3.9B | SEC filing |
| FY2019 | Nov 19, 2019 | Annual M&A 10-K | accepted | 5 | N/A | $3.9B | SEC filing |
| FY2018 | Nov 9, 2018 | Annual M&A 10-K | quarantined (1 issue) | 4 | $666MM | $666MM | SEC filing |
| FY2017 | Nov 13, 2017 | Annual M&A 10-K | warning (1 warn) | 4 | $196MM | $196MM | SEC filing |
| FY2016 | Nov 15, 2016 | Annual M&A 10-K | accepted | 3 | $1.5B | $1.5B | SEC filing |
| FY2015 | Nov 13, 2015 | Annual M&A 10-K | accepted | 4 | $1.6B | $1.6B | SEC filing |
| FY2014 | Nov 14, 2014 | Annual M&A 10-K | accepted | 2 | $40.4MM | $49.6MM | SEC filing |
| FY2013 | Nov 15, 2013 | Annual M&A 10-K | quarantined (1 issue) | 3 | $475MM | $475MM | SEC filing |
| FY2012 | Nov 16, 2012 | Annual M&A 10-K | quarantined (1 issue) | 2 | $784MM | $784MM | SEC filing |
| FY2011 | Nov 18, 2011 | Annual M&A 10-K | accepted | 1 | $289MM | $289MM | SEC filing |
| FY2010 | Nov 15, 2010 | Annual M&A 10-K | accepted | 1 | $71.0MM | $71.0MM | SEC filing |
| FY2009 | Nov 24, 2009 | Annual M&A 10-K | accepted | 2 | $88.7MM | $88.7MM | SEC filing |
| FY2008 | Nov 25, 2008 | Annual M&A 10-K | quarantined (2 issue) | 2 | $153MM | $153MM | SEC filing |
| FY2007 | Nov 21, 2007 | Annual M&A 10-K | quarantined (1 issue) | 2 | $511MM | $466MM | SEC filing |
| FY2006 | Nov 28, 2006 | Annual M&A 10-K | quarantined (1 issue) | 3 | $70.5MM | $70.5MM | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.3 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Nov 9, 2023 | 10-K | Calspan | Annual M&ANamed deals | SEC filing |
| Nov 19, 2019 | 10-K | Esterline | Annual M&ANamed deals | SEC filing |
| Nov 18, 2011 | 10-K | McKechnie Aerospace Holdings Inc. | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.3 rows+-
Medium
McKechnie Aerospace Holdings Inc.
10-K - Nov 18, 2011
McKechnie Aerospace Holdings, Inc.—On December 6, 2010, TransDigm Inc. acquired all of the outstanding stock of McKechnie Aerospace Holdings Inc. (“McKechnie Aerospace”), for approximately $1.27 bi...
Calspan
10-K - Nov 9, 2023
Also, in fiscal 2023, we used existing cash on hand to fund the $729 million acquisition of Calspan, which was completed on May 8, 2023.
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.