Aerospace & Defense: Flyby: Checking in on Commercial Aerospace Aftermarket Valuation

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Aerospace & Defense: Flyby: Checking in on Commercial Aerospace Aftermarket Valuation

Update

May 22, 2026 10:00 AM GMT

Morgan Stanley & Co. LLCMAerospace & Defense | North America Kristine T Liwag

Equity Analyst

Flyby: Checking in on Kristine.Liwag@morganstanley.comJason T Holcomb +1 212 761-2980

Research Associate

Jason.Holcomb@morganstanley.com +1 212 761-5592

Commercial Aerospace Justin M Lang

Justin.Lang@morganstanley.com +1 212 761-6251

Aftermarket Valuation Gabrielle Knafelman

Gaby.Knafelman@morganstanley.com +1 212 761-4838

In this week’s Flyby, we look at commercial aerospace Shaina C Zuber

aftermarket valuation levels since the beginning of the year. We ResearchShaina.Zuber@morganstanley.comAssociate +1 212 761-6353

view the YTD de-rating as overdone, with multiples pricing in

Aerospace

demand risk not yet evident in fundamentals, while air traffic, North America

low retirements, & an aging fleet support upside. Industry View Attractive

Defense

North America

Checking in on Commercial Aerospace Aftermarket Valuation Industry View Attractive

Commercial aerospace aftermarket stocks in our coverage are down a median ~5.5% Key Stories in MS Research:

YTD vs. the S&P 500 +8.8% as investor concerns have centered on potential airline GE Aerospace: Foundations of the Future of

capacity discipline, risk of deferred maintenance activity, and impact to overall Flight in Defense

aftermarket demand as a result of higher oil prices from the Middle East conflict. Embraer S.A.: CEO Meeting Takeaways

These concerns have come through in valuations, with median multiples across our Aerospace & Defense: Flyby: Aircraft

commercial aerospace aftermarket exposed names (OW-FTAI, OW-GE, EW-HEI, OW- Retirements Still Historically Low Amid Elevated