olivLaw · US equity research
TAT Technologies Ltd. TATT
Aircraft Engines & Engine Parts · SIC 3724 · Vertical: Aircraft Engines & Engine Parts (SIC 3724)
TAT Technologies provides solutions and services to the commercial and military aerospace and ground defense industries, focused on thermal management, power and actuation, and maintenance, repair and overhaul. The company closed fiscal 2025 with revenues of 178.0 million USD, and its aviation component MRO segment has become the largest, which makes the company relevant to those following diversification in aircraft maintenance services.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, TAT Technologies Ltd. (TATT) stock was 38.07 USD (−1.86% on the day), with market capitalisation 494.3 m USD, P/E 27.8 on diluted EPS of 1.37 USD over the last 12 months, dividend yield 0.89%, beta 1.16, 52-week range 31.52–61.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.7
- strong (55–70)
- Bollinger (20, 2)
- 29.24 – 37.56
- above the upper band · %B 1.06 · band width 24.9%
- SMA 50 / 200
- 35.59 / 42.09
- mixed trend
- MACD (12, 26, 9)
- 0.30 / -0.58
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.0% | −1.1% | +16.1 pp | — |
| 3 months | −10.7% | −0.5% | −10.2 pp | — |
| 6 months | +5.1% | +4.4% | +0.7 pp | — |
| Year to date | −14.8% | +12.3% | −27.1 pp | — |
| 1 year | −5.4% | +13.5% | −19.0 pp | +13.3% |
| 3 years | +380.1% | +76.4% | +303.7 pp | +120.5% |
| 5 years | +508.1% | +63.7% | +444.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 19.9, median 25.7, max 32.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 87.7 m | 97.5 m | 75.4 m | 78.0 m | 84.6 m | 113.8 m | 152.1 m | 178.0 m |
| Revenue YoY | −17.7% | +11.1% | −22.7% | +3.5% | +8.4% | +34.6% | +33.7% | +17.0% |
| Net income | -4.4 m | 806.0 k | -5.3 m | -3.6 m | -1.6 m | 4.7 m | 11.2 m | 16.8 m |
| Net income YoY | unavailable | unavailable | −761.2% | unavailable | unavailable | unavailable | +139.0% | +50.6% |
| Diluted EPS | unavailable | unavailable | -0.60 | -0.40 | -0.18 | 0.51 | 1.00 | 1.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +96.1% | +37.0% |
| net % | -5.0% | 0.8% | -7.1% | -4.6% | -1.8% | 4.1% | 7.3% | 9.4% |
| Free cash flow | -2.1 m | 324.0 k | 2.1 m | unavailable | -21.1 m | -2.8 m | -10.9 m | 4.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 51.3 m USD
- Financial debt
- 11.7 m USD
- Net debt
- -39.5 m USD
- Equity
- 176.4 m USD
- Total assets
- 226.7 m USD
- Debt / equity
- 0.07x
- Current ratio
- 4.89x
- ROE
- 11.7%
- ROA
- 8.6%
- FCF margin
- 2.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 75.4 m | 78.0 m | 84.6 m | 113.8 m | 152.1 m | 178.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Cost of revenue | 66.9 m | 66.7 m | 68.6 m | 91.3 m | 119.1 m | 133.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Gross profit | 8.4 m | 11.3 m | 15.9 m | 22.5 m | 33.0 m | 44.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Research & development | 185.0 k | 517.0 k | 479.0 k | 715.0 k | 1.2 m | 1.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Operating income | -4.0 m | -4.0 m | -1.8 m | 6.1 m | 12.5 m | 18.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Depreciation & amortisation | 4.1 m | 4.9 m | 3.7 m | 4.7 m | 5.5 m | 5.1 m | SEC (XBRL)· 18 Mar 2026verified |
| EBITDA | 19.0 k ≈ | 846.0 k ≈ | 1.9 m ≈ | 10.8 m ≈ | 18.0 m ≈ | 23.9 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Interest expense | — | 250.0 k | 902.0 k | 1.7 m | 1.5 m | 1.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Pre-tax income | -3.5 m | -4.0 m | -1.6 m | 4.7 m | 10.6 m | 17.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Income tax | -1.5 m | -662.0 k | 98.0 k | 576.0 k | 195.0 k | 2.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Net income | -5.3 m | -3.6 m | -1.6 m | 4.7 m | 11.2 m | 16.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Diluted EPS | -0.60 | -0.40 | -0.18 | 0.51 | 1.00 | 1.37 | SEC (XBRL)· 18 Mar 2026verified |
| Weighted average diluted shares | 8.9 m | 8.9 m | 8.9 m | 9.1 m | 11.2 m | 12.3 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 24.1 m | 12.9 m | 7.7 m | 16.0 m | 7.1 m | 51.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Receivables | 11.4 m | 13.9 m | 15.6 m | 20.0 m | 29.7 m | 33.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Inventories | 41.2 m | 41.0 m | 45.8 m | 51.3 m | 68.5 m | 75.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Current assets | 79.4 m | 72.0 m | 75.2 m | 94.3 m | 113.2 m | 166.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Property, plant & equipment, net | 25.7 m | 30.5 m | 43.4 m | 42.6 m | 41.6 m | 46.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.5 m | 1.8 m | 1.6 m | 1.8 m | 1.6 m | 1.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Total assets | 116.1 m | 110.8 m | 126.7 m | 145.6 m | 163.4 m | 226.7 m | SEC (XBRL)· 18 Mar 2026verified |
| Accounts payable | 12.2 m | 9.1 m | 10.2 m | 10.0 m | 12.2 m | 13.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Short-term debt | 1.5 m | 691.0 k | 1.9 m | 2.2 m | 2.1 m | 2.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Long-term debt | 3.5 m | 6.0 m | 19.4 m | 12.9 m | 10.9 m | 9.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Current liabilities | 25.2 m | 24.6 m | 29.0 m | 39.3 m | 38.1 m | 34.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Total liabilities | 35.8 m | 34.0 m | 51.1 m | 54.9 m | 51.4 m | 50.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Equity | 80.3 m | 76.8 m † | 75.6 m † | 90.7 m † | 112.0 m † | 176.4 m † | SEC (XBRL)· 18 Mar 2026verified |
| Shares outstanding at year end | 8.9 m | 8.9 m | 8.9 m | 10.1 m | 10.9 m | 13.0 m | SEC (XBRL)· 18 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 5.9 m | — | -4.9 m | 2.3 m | -5.8 m | 15.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Capex | 3.9 m | 16.2 m | 16.2 m | 5.1 m | 5.1 m | 11.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Free cash flow | 2.1 m ≈ | — | -21.1 m ≈ | -2.8 m ≈ | -10.9 m ≈ | 4.0 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Investing cash flow | -5.4 m | -15.6 m | -16.1 m | -3.6 m | -3.9 m | -10.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Financing cash flow | 7.7 m | 6.0 m | 15.8 m | 10.2 m | 161.0 k | 39.2 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 494.3 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet100
- Growth100
- Valuation24
- Quality35
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.46 – 42.35 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)9.34 – 12.71 (Mid 10.65)WACC 9.2% · starting FCFF 4.9 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA15.25 – 27.95 (Mid 27.26)5 companies used · median multiple 13.1x · quartiles 6.6x – 13.5xHEI, HON, RTX, SARO, SIF
- Peers: P/E38.54 – 42.35 (Mid 40.59)3 companies used · median multiple 29.6x · quartiles 28.1x – 30.9xRTX, SARO, SIF
- Dividend discount (DDM)4.46 – 5.99 (Mid 5.11)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.0% | 40 (vs peers) | 13% |
| Net margin · Quality | 9.4% | 60 (vs peers) | 8% |
| FCF conversion · Quality | 23.9% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 28.2% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.7x | 100 (vs peers) | 13% |
| Interest coverage · Balance sheet | 18.6x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 4.9x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 27.8x | 60 (vs peers) | 13% |
| EV/EBITDA · Valuation | 19.0x | 0 (vs peers) | 13% |
| FCF yield · Valuation | 0.8% | 10 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality35/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation24/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TAT TECHNOLOGIES LTD (TATT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 178.0 m USD in 2025; YoY growth 17.0%; net margin 9.4%; ROE 11.7%; net debt/EBITDA -1.7x.
The estimated value range is 12.29–20.33 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 18.96 USD, the price of 38.07 USD leaves a potential of -50.2% (value / price − 1) and a margin of safety of -100.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 28.2%
- Net debt / EBITDA: -1.7x
- Interest coverage: 18.6x
- Current ratio: 4.9x
What contradicts it
- FCF conversion: 23.9%
- EV/EBITDA: 19.0x
- FCF yield: 0.8%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Aircraft Engines & Engine Parts (SIC 3724) · same industry (4-digit SIC) · compared with 5 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RTXRtx Corporation | 267.8 bn | 32.2 | 12.6% | 8.8% | +9.7% | +13% / +144% |
| HONHoneywell International Inc | 72.5 bn | 10.9 | 36.0% | 21.0% | +7.8% | +13% / +18% |
| HEIHeico Corporation | 9.1 bn | 56.1 | 18.7% | 16.4% | +16.3% | +7% / +97% |
| SAROStandardAero, Inc. | 8.5 bn | 26.6 | 12.3% | 5.1% | +15.8% | −2% / unavailable |
| TATTTat Technologies Ltd | 494.3 m | 27.8 | 11.7% | 9.4% | +17.0% | −5% / +380% |
| SIFSIFCO Industries, Inc. | 118.5 m | 29.6 | 10.3% | 4.0% | +6.5% | +201% / +452% |
1- and 3-year price returns: for TATT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 23.53 Total return -38% · Per year -38% | 41.41 Total return 9% · Per year 9% | 62.11 Total return 63% · Per year 63% |
| 3 years | 27.91 Total return -27% · Per year -10% | 54.76 Total return 44% · Per year 13% | 89.44 Total return 135% · Per year 33% |
| 5 years | 33.10 Total return -13% · Per year -3% | 72.42 Total return 90% · Per year 14% | 128.79 Total return 238% · Per year 28% |
- Exit P/E± 13.69
- Net margin± 9.58
- Annual revenue growth± 7.15
- Annual dilution± 0.81
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 18 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (09 Sept 2026), 6-K (24 Aug 2026), 6-K (05 Aug 2026).
In brief
TAT Technologies provides solutions and services to the commercial and military aerospace and ground defense industries, focused on thermal management, power and actuation, and maintenance, repair and overhaul. The company closed fiscal 2025 with revenues of 178.0 million USD 1, and its aviation component MRO segment has become the largest, which makes the company relevant to those following diversification in aircraft maintenance services.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Dependence on large customershigh
Losing one of the principal customers could seriously affect revenues 1.
- Aviation regulationhigh
Revocation of certifications could lead to sanctions and compliance costs 1.
- Government contractsmedium
Cuts in military budgets could reduce demand for products and services 1.
- Geopolitical risk in Israelmedium
Regional conflict could disrupt operations and supply chains 1.
- Currency fluctuationslow
Changes between the Israeli shekel and the dollar could affect profitability 1.
Investment thesis
What would need to be true (bull case)
- If revenue growth in the aviation component MRO segment continues, the company could strengthen margins and profitability 1.
- The long-term Honeywell license could provide visibility on future APU repair revenues 1.
- Diversification across four segments could reduce dependence on a single business line 1.
What to watch
- Revenue trend in the aviation component MRO segmentQ1 2027
- Share of revenues from the five largest customers2027
- Trend in general and administrative expensesnext 10-K
- Impact of regional conflict on operations in Israel2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 18 Mar 2026; since then the company filed 6-K (02 Nov 2026), 6-K (09 Sept 2026), 6-K (24 Aug 2026), 6-K (05 Aug 2026).
The business
TAT Technologies Ltd. is an Israeli company providing solutions and services to the commercial and military aerospace and ground defense industries 1. Its activity is organized in four units: OEM of heat transfer solutions and aviation accessories (TAT Israel), MRO for heat transfer components (Limco), MRO for aviation components, especially APUs and landing gear (Piedmont), and overhaul and coating of jet engine components (Turbochrome) 1. The company is listed on NASDAQ and the TASE 1.
Segments
Market context
The company operates in commercial and military aerospace industries, which are cyclical and depend on economic conditions, fuel and labor costs, and national and international events 1. Maintenance demand could grow as fleets age, since components require periodic repair 1.
The aviation component MRO market is competitive, with turnaround time, price, capacity, quality, engineering solutions and breadth of services as the main criteria 1. OEM service divisions and airline in-house maintenance departments are important competitors 1.
Trends
- Geopolitical tensions in the Middle Eastmixed
In February 2026 attacks in the region led to airspace closures, and the company said it did not expect a material impact but continues to monitor developments 1.
- Dependence on a few large customersheadwind
Five customers represented a significant share of revenues, which could affect results if their volumes decline 1.
- Demand for fleet maintenancetailwind
Aircraft components require periodic repair, which supports demand for long-term MRO services 1.
- Rising administrative costsheadwind
General and administrative expenses rose in fiscal 2025, which could compress margins if revenue growth slows 1.
Competitive position
In heat transfer OEM, the company competes with US, European and Asian manufacturers, many with greater resources 1. In MRO, competition comes from OEM service divisions, airline in-house maintenance and independent providers 1.
Competitors' advantages include scale, access to capital, customer relationships and the ability to offer complete systems 1. TAT could struggle to offer integrated products at the same level if it does not strengthen its position 1.
- Honeywell InternationalHON
APU manufacturer with its own service division, a direct competitor in aviation MRO 1.
- AAR Corp.AIR
Independent provider of MRO services for aviation components, named as a principal competitor 1.
- Standard Aero Group
Maintenance services provider for aviation components, named as a competitor in the filing 1.
- Collins Aerospace
Division of a major equipment maker active in heat transfer and service, named as a competitor 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)09 Sept 2026
- Current report (foreign issuer)24 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)27 Jul 2026
- Current report (foreign issuer)14 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / TAT Technologies Ltd. · 18 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.