TAT Technologies

TATT

Aerospace & Defense · Industrials

Price

$40.20

+0.10 (+0.25%)

Market Cap

$521.9M

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+38.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 8.9M (2021) → 12.3M (2025)

TAT Technologies Ltd., together with its subsidiaries, provides solutions and services to the commercial and military aerospace, and ground defense industries in the United States, Israel, and internationally. The company operates through four segments: Original Equipment Manufacturing (OEM) of Heat Transfer Solutions and Aviation Accessories; Maintenance, Repair, and Overhaul (MRO) Services for Heat Transfer Components and OEM of Heat Transfer Solutions; MRO Services for Aviation Components; an

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+9.1% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$1M/ year

↑ Rising (+11% vs prior year)

0.8% of revenue

Below sector average (4%)

R&D investment increasing — building for the future

Insider Activity

0.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$51M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

TAT Technologies is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

25.2%

Modest — 25.2% gross margin

Operating Margin

9.8%

Modest — 9.8% operating margin

ROCE

2.4%

Weak — 2.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+17.0%

Fast-growing sales (17.0% YoY)

EPS YoY

+32.4%

Earnings growing fast (32.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

92%

Modest — 92% of profit becomes cash

FCF Margin

2.4%

Thin free cash flow (2.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.07

Conservative — low debt load (0.07)

Interest Cover

18.23x

Comfortably covers interest (18.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

28.9x

Growth-priced — P/E 28.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.9 → 23.6)

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Dividends

Not applicable for this business.

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