Spirit AeroSystems Acquisition & Valuation

Spirit AeroSystems was acquired by Boeing for $8.3B in July 2024, a 1.3x multiple on $6.3B of revenue.

Spirit AeroSystems acquisition price

$8.3B

Acquired by Boeing · Jul 2024

Spirit AeroSystems revenue at acquisition

$6.3B

Last twelve months · Jul 2024

Spirit AeroSystems revenue multiple at acquisition

1.3x

EV/Revenue · Jul 2024

Spirit AeroSystems Overview

About Spirit AeroSystems

Spirit AeroSystems is an aerostructures manufacturer based in Wichita, Kansas, producing fuselages for Boeing's 737 program, major structures for the 767, 777, and 787 Dreamliner programs, and fuselages for the P-8 and KC-46 military aircraft. The company operates manufacturing facilities in Wichita, Dallas, and Tulsa in the United States, as well as Prestwick, Scotland and Belfast, Northern Ireland, employing about 15,000 people. Its defense operations, including work supporting U.S. defense programs, are organized as Spirit Defense.


HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$6.3B (Jul 2024)

Valuation

$8.3B (acquired Jul 2024)

Spirit AeroSystems Acquisition

Spirit AeroSystems was acquired by Boeing for $8.3B on 1 July 2024.

The acquisition price implies a 1.3x revenue multiple on $6.3B of revenue.

Spirit AeroSystems, a leading aerostructures manufacturer based in Wichita, Kansas, produces fuselages for Boeing's 737 program and major structures for the 767, 777, and 787 Dreamliner programs, along with fuselages for the P-8 and KC-46, and operates facilities in Wichita, Dallas, Tulsa, Prestwick in Scotland, and Belfast in Ireland. Boeing, a major aerospace company, announced on July 1, 2024, a definitive agreement to acquire Spirit in an all-stock transaction valued at $4.7 billion equity or $8.3 billion enterprise value, equating to $37.25 per share—a 30% premium over Spirit's February 29, 2024, closing price of $28.60. The strategic rationale focuses on reintegrating Spirit to align commercial production systems, safety and quality management, engineering, and manufacturing capabilities, while improving supply chain stability, aviation safety, and continuity for U.S. defense programs; Spirit's defense operations will continue independently as Spirit Defense. The deal required Spirit to divest Airbus-related commercial work packages via a term sheet with Airbus for asset transfer, approved alongside the merger by Spirit's board and nearly 78 million shareholders in early 2025. Subject to regulatory approvals and customary conditions, the transaction closed on December 8, 2025, bringing Spirit's 15,000 employees and Boeing-related commercial, aftermarket, and defense operations under Boeing, with aftermarket aligning under Global Services and Belfast operations forming an independent subsidiary named Short Brothers. This acquisition addresses Boeing's production challenges post-737 MAX issues by internalizing its largest supplier, enhancing maintenance, repair, and overhaul capabilities, and stabilizing workforce across key U.S. sites amid ongoing financial pressures, as Spirit reported a $2.1 billion loss in 2024.

Spirit AeroSystems acquisition details
AcquirerDateTypePriceEV/Revenue
1 Jul 2024Strategic M&A$8.3B1.3x

Spirit AeroSystems Competitors

Spirit AeroSystems competitors include listed companies like Aurubis, Accelleron Industries, Konecranes and Rational, and private ones like Horse Powertrain and Zhenkunxing.

Public and private companies comparable to Spirit AeroSystems
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AurubisGermanyGermanyPublicly listed$21B$1.1B$8.3B0.3x
Accelleron IndustriesSwitzerlandSwitzerlandPublicly listed$1.3B$342M$8.5B6.1x
KonecranesFinlandFinlandPublicly listed$4.8B$777M$8.1B1.6x
Horse PowertrainSpainMadridPrivate$8B$885M$7.7B1.0x
RationalGermanyGermanyPublicly listed$1.5B$425M$7.6B4.7x
ZhenkunxingChinaShanghaiPrivate--$1.9B-

Spirit AeroSystems Public Comps

Spirit AeroSystems is no longer listed, but its public comps include Aurubis, Accelleron Industries, Konecranes, Rational, Aptiv, Schaeffler, voestalpine, Shimadzu, Shenzhen Kedali Industry and Yaskawa.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aurubis$21B$1.1B0.4x0.3x7.5x7.3x
Accelleron Industries$1.3B$342M7.0x6.1x25.7x21.7x
Konecranes$4.8B$777M1.7x1.6x10.4x10.2x
Rational$1.5B$425M4.9x4.7x16.8x16.3x
Aptiv$20B$2.2B0.7x0.9x6.3x5.4x
Schaeffler$27B$2.4B0.5x0.5x5.9x5.1x
voestalpine$17B$1.7B0.6x0.6x6.2x5.7x
Shimadzu$3.6B$646M1.7x1.7x9.7x9.9x

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Common questions about Spirit AeroSystems

Where is Spirit AeroSystems headquartered?Spirit AeroSystems is headquartered in United States.
Is Spirit AeroSystems publicly listed?No, Spirit AeroSystems was acquired by Boeing in July 2024.
Who acquired Spirit AeroSystems?Spirit AeroSystems was acquired by Boeing in July 2024.
How much was Spirit AeroSystems acquired for?Spirit AeroSystems was acquired for $8.3B in July 2024, a 1.3x revenue multiple.
Which companies are comparable to Spirit AeroSystems?Companies comparable to Spirit AeroSystems include Aurubis, Accelleron Industries, Konecranes, Horse Powertrain, Rational and Zhenkunxing.

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