SARO · CIK 2025410
What StandardAero, Inc. told the SEC could break it.
StandardAero's risks orbit its dependence on aircraft OEMs at both ends of its business. Its customers are concentrated — one customer was 13.8% of 2025 revenue and its top four OEM customers together about 36% — and so are its suppliers, with its four largest parts suppliers, all OEMs, making up a substantial majority of parts purchases, because OEM authorizations often require buying components from the OEM or its distributors. Those same authorizations hinge on maintaining aviation regulatory approvals from the FAA, EASA, UK CAA, Transport Canada and others, and can be terminated if it doesn't. On the military side, where end-users were $1,081.0 million (17.8%) of 2025 revenue, demand rides on the U.S. defense budget and a federal cap limiting outsourced depot-level maintenance to 50% of funding without a waiver.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- U.S. DoD budgetmedium
Military aftermarket demand depends on the U.S. DoD budget; military end-users were $1,081.0M (17.8%) of 2025 revenue, and federal law caps outsourced depot-level maintenance at 50% of funding absent a waiver.
“Services to our military end-users accounted for $1,081.0 million, or 17.8%, of our revenue for the year ended December 31, 2025, and $993.4 million, or 19.0% of our revenue for the year ended December 31, 2024. U.S. federal law currently prevents U.S. military departments and agencies from using more than 50% of their funding for depot-level maintenance of core assets on outsourced work without a waiver from the Secretary of Defense, which impacts the size of the overall market for our services.”
SEC filing →As of 2026 - aviation safety regulatory approvalsmedium
Most OEM authorizations terminate if StandardAero fails to obtain or maintain regulatory approvals from the FAA, EASA, UK CAA, Transport Canada and others.
“In addition, most of our authorizations with OEMs terminate at the option of the OEM if we fail to obtain or maintain necessary regulatory approvals or fail to comply with applicable regulations.”
SEC filing →As of 2026
Customer concentration
- Customer Amedium
One unnamed customer (Customer A) accounted for 13.8% of revenue in 2025 (down from 21.8% in 2024); top four OEM customers together ~36%.
“The following table presents revenues from customers that contributed to more than 10% of revenues: Year ended December 31, 2025 2024 2023 Customer A 13.8 % 21.8 % 24.7 %”
SEC filing →As of 2026
Supplier concentration
- OEM parts suppliersmedium
Four largest parts suppliers (all OEMs) accounted for a substantial majority of total parts purchases in 2025; OEM authorizations often require buying parts from the OEM or its distributors.
“Our authorizations and licenses from OEMs often require that we purchase component parts from the OEMs or their designated distributors. For the year ended December 31, 2025, our four largest parts suppliers, which consisted of OEMs, accounted for a substantial majority of our total parts purchases.”
SEC filing →As of 2026
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