CAE Inc. (CAE): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la formation et de la simulation en aérospatiale, CAE Inc. est une puissance technologique, transformant comment les pilotes, le personnel militaire et les professionnels de l'aviation acquièrent des compétences essentielles. En tirant parti des technologies de simulation de pointe et d'un modèle commercial innovant, CAE a révolutionné des expériences de formation immersives sans risque dans les secteurs mondiaux de l'aviation et de la défense. Leur approche complète intègre la réalité virtuelle avancée, les partenariats stratégiques et les solutions de formation personnalisables qui redéfinissent le développement des compétences professionnelles dans un paysage technologique de plus en plus complexe.

CAE Inc. (CAE) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fabricants aérospatiaux et de défense

CAE a établi des partenariats essentiels avec les principaux fabricants aérospatiaux et de défense:

Partenaire	Détails de collaboration	Année établie
Airbus	Solutions de formation et technologies de simulation	2018
Boeing	Systèmes de formation des pilotes et de simulation de vol	2016
Lockheed Martin	Plate-formes de formation militaire et de simulation de défense	2020

Collaboration avec des organisations de formation militaire dans le monde entier

Les partenariats militaires de CAE couvrent plusieurs pays et secteurs de la défense:

• Département de la Défense des États-Unis: contrat de formation de 350 millions de dollars
• Forces armées canadiennes: accord de simulation de formation complet
• Programmes de formation de la défense de l'OTAN: plusieurs contrats de simulation régionaux

Partenariats avec les écoles d'aviation et les compagnies aériennes commerciales

Type de partenaire	Nombre de partenariats	Couverture mondiale
Compagnies aériennes commerciales	52 compagnies aériennes	6 continents
Écoles de formation en aviation	38 institutions	24 pays

Coentreprises avec des fournisseurs de logiciels de technologie et de simulation

Les partenariats technologiques de CAE comprennent:

• Microsoft: solutions de formation de réalité mixte
• NVIDIA: Rendu graphique avancé et simulation
• IBM: intégration de l'intelligence artificielle dans les plateformes de formation

Investissement total de partenariat: 475 millions de dollars en 2023

CAE Inc. (CAE) - Modèle d'entreprise: activités clés

Développement de la technologie de simulation de vol

CAE a investi 325,1 millions de dollars dans la recherche et le développement au cours de l'exercice 2023. La société conserve plus de plus de centres de simulation dans le monde, avec un portefeuille technologique couvrant plus de 60 types d'avions.

Métriques de développement technologique	2023 données
Dépenses de R&D	325,1 millions de dollars
Centres de simulation mondiaux	160+
Types d'avions simulés	60+

Formation professionnelle pour les pilotes et les professionnels de l'aérospatiale

CAE a formé 220 000 pilotes et professionnels de l'aviation en 2023, utilisant un réseau de centres de formation dans 35 pays.

• Total des professionnels formés: 220 000
• Centres de formation: 35+ pays
• Programmes de formation: formation des pilotes commerciaux, militaires et hélicoptères

Fabrication de simulateurs de vol et d'équipement d'entraînement

Le CAE produit environ 100 simulateurs à volant par an, avec une part de marché de 55% dans les dispositifs de formation de simulation civile.

Manufacturing Metrics	2023 données
Simulateurs annuels à volants produits	100
Part de marché de la formation en simulation civile	55%

Recherche et innovation dans les technologies de réalité virtuelle et de simulation

CAE a plus de 1 200 brevets actifs et développe en permanence des technologies de formation avancées, investissant 7,2% des revenus annuels en innovation.

• Brevets actifs: plus 1 200+
• Investissement en innovation: 7,2% des revenus annuels
• Domaines d'intérêt: intelligence artificielle, réalité augmentée, apprentissage automatique

Entretien et soutien aux solutions de formation

CAE fournit des services de maintenance complets pour plus de 7 500 appareils de simulation dans le monde, avec un réseau de support mondial couvrant une assistance technique 24/7.

Métriques du support de maintenance	2023 données
Dispositifs de simulation pris en charge	7,500+
Couverture mondiale du support	Assistance technique 24/7

CAE Inc. (CAE) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie de simulation et de formation avancée

CAE exploite plus de 160 centres de formation dans le monde en 2023. La société maintient un réseau de dispositifs de simulation avancés totalisant environ 1 700 simulateurs civils et militaires à volant.

Catégorie d'infrastructure	Quantité
Centres de formation mondiaux	160+
Simulateurs à volants	1,700
Types d'appareils de formation	Civil et militaire

Ingénierie hautement qualifiée et main-d'œuvre technique

CAE emploie environ 12 300 membres du monde dans le monde à l'exercice 2023.

• Professionnels d'ingénierie: 65% des effectifs totaux
• Spécialistes techniques: Spécialisé dans la simulation de l'aviation, de la défense et des soins de santé
• Distribution mondiale de la main-d'œuvre dans plusieurs pays

Logiciels et plateformes de simulation propriétaires

CAE investit environ 5 à 7% des revenus annuels dans la recherche et le développement, en se concentrant sur les technologies de simulation.

Métrique d'investissement de R&D	Valeur
Pourcentage de R&D annuel	5-7%
Zones de mise au point R&D	Technologies de simulation

De vastes installations de formation mondiale

CAE maintient des centres de formation sur plusieurs continents, avec une présence significative en Amérique du Nord, en Europe et en Asie-Pacifique.

• Amérique du Nord: 45+ centres de formation
• Europe: 35+ centres de formation
• Asie-Pacifique: 25+ centres de formation

Propriété intellectuelle et brevets technologiques

CAE détient plusieurs brevets technologiques dans les domaines de simulation, avec des investissements continus dans l'innovation.

Catégorie de propriété intellectuelle	Quantité approximative
Brevets actifs	100+ brevets technologiques
Zones d'innovation de brevet	Aviation, défense, simulation de soins de santé

CAE Inc. (CAE) - Modèle d'entreprise: propositions de valeur

Solutions de formation réalières de pointe pour l'industrie aéronautique

CAE Inc. a généré 4,35 milliards de dollars de revenus pour l'exercice 2023, avec 66% des revenus provenant des solutions de formation sur l'aviation civile. L'entreprise exploite 67 centres de formation dans le monde, dispensant une formation basée sur la simulation pour plus de 40 compagnies aériennes et plus de 20 000 pilotes par an.

Segment de formation	Contribution des revenus	Portée mondiale
Formation en aviation civile	66% (2,87 milliards de dollars)	67 centres de formation
Défense & Formation en sécurité	24% (1,04 milliard de dollars)	35 centres de formation militaire
Simulation de soins de santé	10% (435 millions de dollars)	22 installations de simulation de soins de santé

Formation de pilote et de personnel technique sans risque et rentable

Les solutions de formation de CAE réduisent les coûts de formation d'environ 40% par rapport aux méthodes traditionnelles. La société a développé plus de 300 dispositifs de simulation sur plusieurs plateformes.

• Réduction des coûts de formation du simulateur moyen: 40%
• Total des dispositifs de simulation: 300+
• Heures de formation dispensées en 2023: 1,2 million

Expériences de simulation personnalisables sur plusieurs secteurs

CAE dessert divers secteurs, notamment des marchés de la simulation commerciale de l'aviation, de l'armée, de l'hélicoptère, de l'aviation d'affaires et des soins de santé.

Secteur	Solutions de formation	Part de marché
Aviation commerciale	Simulateurs à volants	35% de part de marché mondiale
Militaire	Systèmes de formation au combat	25% de part de marché mondiale
Soins de santé	Simulation médicale	15% de part de marché mondiale

Sécurité accrue grâce à des méthodes de formation technologique avancées

Les solutions de formation de CAE ont contribué à réduire les incidents aéronautiques de 22% grâce à des interventions technologiques avancées.

• Taux de réduction des incidents: 22%
• Brevets technologiques: 150+
• Investissement annuel de R&D: 280 millions de dollars

Écosystème de formation de bout en bout

CAE propose des solutions de formation intégrées couvrant la formation initiale du pilote, la cote de type, la formation récurrente et les programmes de qualification avancés.

Étape de formation	Couverture	Les clients servis
Formation initiale	Soutien à 100% du curriculum	Plus de 50 écoles de vol
Cote de type	Plus de 25 types d'avions	Plus de 40 compagnies aériennes
Formation récurrente	Mise à jour continue des compétences	20 000+ pilotes par an

CAE Inc. (CAE) - Modèle d'entreprise: relations clients

Contrats de service à long terme

CAE maintient 67 centres de formation sur l'aviation civile dans le monde en 2023. La société a des contrats de service à long terme avec plus de 180 compagnies aériennes commerciales et 60 organisations de défense dans le monde.

Type de contrat	Nombre de clients	Valeur du contrat annuel
Compagnies aériennes commerciales	180	425 millions de dollars
Organisations de défense	60	312 millions de dollars

Support client dédié

CAE fonctionne Centres de support technique 24/7 Sur 35 emplacements mondiaux, avec 412 professionnels du service à la clientèle dédiés.

Mises à jour du programme de formation

• Investissez 78,6 millions de dollars par an en R&D
• Mettre à jour les programmes de formation trimestriellement
• Développer 12 à 15 nouvelles technologies de simulation par an

Solutions de formation personnalisées

CAE offre une formation personnalisée pour 92% de ses clients de défense et d'aviation commerciale, avec des programmes sur mesure allant de 50 000 $ à 2,3 millions de dollars par contrat.

Engagement de l'industrie

Type d'événement	Fréquence annuelle	Compte de participants estimé
Ateliers	42	3 200 professionnels de l'industrie
Conférences techniques	18	1 750 participants

CAE Inc. (CAE) - Modèle d'entreprise: canaux

Équipe de vente directe pour l'entreprise et les clients gouvernementaux

CAE Inc. maintient une force de vente directe mondiale de 2 300 représentants commerciaux professionnels dans plusieurs régions. L'équipe commerciale se concentre sur les marchés de la simulation aérospatiale, de défense et de santé.

Région de vente	Nombre de représentants commerciaux	Focus du marché primaire
Amérique du Nord	850	Défense et aviation commerciale
Europe	550	Aviation civile et soins de santé
Asie-Pacifique	450	Formation militaire et marchés commerciaux
Moyen-Orient	250	Défense et contrats gouvernementaux

Plateformes en ligne et marketing numérique

CAE exploite les canaux numériques avec un budget de marketing numérique annuel de 12,7 millions de dollars. La société maintient plusieurs plateformes en ligne:

• Site Web de CAE.com
• Microsites spécifiques à la formation et à la simulation
• Page d'entreprise LinkedIn à 145 000 abonnés
• Chaîne YouTube avec 85 000 abonnés

Salons et conférences de l'industrie

CAE participe à 42 salons internationaux chaque année, avec un budget d'exposition de 3,5 millions de dollars. Les événements clés comprennent:

• Salon aérien international de Paris
• IATA World Air Transport Summit
• Conférence de formation, de simulation et d'éducation de la formation, de l'industrie (I / ITSEC)

Réseaux de partenariat stratégiques

Type de partenaire	Nombre de partenaires	Focus collaboratif
Fabricants aérospatiaux	18	Solutions de formation
Entrepreneurs de la défense	12	Technologie de simulation
Institutions de soins de santé	35	Simulation médicale

Centres de démonstration technique du monde entier

Le CAE exploite 15 centres de démonstration technique mondiale dans 9 pays, avec un investissement total de 52 millions de dollars en infrastructures en installation.

Région	Nombre de centres	Focus de démonstration principale
Amérique du Nord	5	Simulation de l'aviation et de la défense
Europe	4	Formation en aviation civile
Asie-Pacifique	3	Formation militaire et commerciale
Moyen-Orient	2	Solutions gouvernementales et de défense
l'Amérique latine	1	Services de simulation intégrés

CAE Inc. (CAE) - Modèle d'entreprise: segments de clientèle

Compagnies aériennes commerciales

CAE dessert 104 compagnies aériennes commerciales dans le monde en 2023. La clientèle comprend des opérateurs majeurs dans différentes régions.

Région	Nombre de compagnies aériennes	Centres de formation
Amérique du Nord	37	15
Europe	29	12
Asie-Pacifique	25	10
Moyen-Orient	8	4
l'Amérique latine	5	3

Organisations militaires et de défense

CAE soutient 60 clients militaires dans 35 pays en 2023.

• Pays de l'OTAN: 22 organisations de défense
• Clients de défense du Moyen-Orient: 12 organisations
• Contrats de formation militaire en Asie-Pacifique: 15 pays

Sociétés d'aviation privée

CAE dessert 78 clients privés d'aviation en 2023, avec une présence importante sur le marché dans la formation en jet d'affaires.

Type d'avion	Nombre de clients	Programmes de formation
Jets d'affaires	45	32
Aviation d'entreprise	33	21

Écoles de pilotage et établissements de formation

CAE exploite 67 centres de formation pilote dans le monde en 2023.

• Couverture du réseau mondial de formation des pilotes: 25 pays
• Diplômés annuels des pilotes: environ 4 500
• Emplacements de formation des simulateurs: 48 centres

Entreprises de fabrication aérospatiale

CAE fournit des solutions de formation à 35 clients de fabrication aérospatiale en 2023.

Segment de fabrication	Nombre de clients
Avion commercial	18
Avion de défense	12
Fabricants d'hélicoptères	5

CAE Inc. (CAE) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Au cours de l'exercice 2023, CAE Inc. a investi 351,4 millions de dollars en frais de recherche et développement, ce qui représente 6,7% de ses revenus totaux.

Exercice fiscal	Investissement en R&D	Pourcentage de revenus
2023	351,4 millions de dollars	6.7%
2022	323,6 millions de dollars	6.5%

Maintenance des infrastructures de technologie avancée

CAE Inc. alloue environ 127,3 millions de dollars par an pour avoir maintenu son infrastructure de technologie de pointe dans les centres mondiaux de simulation et de formation.

• Maintenance des infrastructures réseau: 42,5 millions de dollars
• Mises à niveau de la technologie de simulation: 55,8 millions de dollars
• Infrastructure de cybersécurité: 29 millions de dollars

Compensation mondiale de la main-d'œuvre

L'indemnisation totale de la main-d'œuvre pour CAE Inc. au cours de l'exercice 2023 était de 1,2 milliard de dollars, couvrant environ 11 500 employés dans le monde.

Catégorie de compensation	Montant
Salaires	892,6 millions de dollars
Avantages	221,4 millions de dollars
Compensation en stock	86 millions de dollars

Frais de marketing et de développement commercial

CAE Inc. a dépensé 176,5 millions de dollars en marketing et en développement commercial au cours de l'exercice 2023.

• Marketing numérique: 45,3 millions de dollars
• Salon du commerce et participation de la conférence: 37,2 millions de dollars
• Compensation de l'équipe de vente: 94 millions de dollars

Coûts de fabrication et de production d'équipement

Les coûts de fabrication et de production d'équipement pour CAE Inc. ont totalisé 623,7 millions de dollars au cours de l'exercice 2023.

Catégorie de coûts de production	Montant
Matières premières	276,4 millions de dollars
Travail direct	197,3 millions de dollars
Dépréciation de l'équipement	150 millions de dollars

CAE Inc. (CAE) - Modèle d'entreprise: Strots de revenus

Ventes d'équipement de simulation de formation

CAE Inc. a déclaré un chiffre d'affaires total de 4,7 milliards de dollars pour l'exercice 2023. Les ventes d'équipements de simulation de formation ont contribué de manière significative à ce chiffre.

Catégorie de produits	Revenus (millions USD)	Pourcentage du total des revenus
Simulateurs de l'aviation civile	1,456	31%
Équipement de simulation militaire	1,123	24%
Systèmes de simulation de soins de santé	612	13%

Contrats de service récurrent et de maintenance

Les contrats de service et de maintenance ont généré 842 millions de dollars de revenus pour l'exercice 2023.

• Contrats de maintenance de l'aviation civile: 456 millions de dollars
• Contrats de soutien à la formation militaire: 276 millions de dollars
• Entretien de la simulation de soins de santé: 110 millions de dollars

Programmes de formation basés sur l'abonnement

Les abonnements à la formation numérique de CAE ont atteint 213 millions de dollars de revenus récurrents annuels.

Segment d'abonnement	Revenus récurrents annuels (millions USD)
Plateformes de formation pilote	127
Abonnements de formation militaire	54
Plateformes de formation des soins de santé	32

Frais de licence de technologie

Les licences technologiques ont généré 98 millions de dollars de revenus pour l'exercice 2023.

Revenus de cours de formation professionnelle

Les cours de formation professionnelle ont contribué 267 millions de dollars aux revenus totaux de CAE.

Segment de formation	Revenus (millions USD)
Cours de formation pilote	156
Programmes de formation militaire	72
Formation professionnelle des soins de santé	39

CAE Inc. (CAE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why airlines and defense departments pay CAE Inc. for its services, and the numbers from fiscal year 2025 (FY2025) tell a clear story of high-value, long-term commitment.

Guaranteed pilot pipeline and training capacity for airlines is underpinned by the sheer scale of their training network and the industry's structural need. The Civil segment training centre utilization for FY2025 reached 74%, showing high demand for their existing capacity. This capacity supports the projected need to train over 280,000 new pilots over the next decade.

For enhanced mission readiness for global defense forces, the value is locked into the massive, long-term commitments on the books. The Defense and Security segment ended the year with an adjusted backlog of $11.3 billion. This backlog reflects contracts ensuring military units remain mission-ready, a value proposition supported by Defense booking orders of a record $4.0 billion for the full year.

The value of high-fidelity, full-motion flight simulation is quantified by the physical assets delivered. CAE Inc. delivered 61 Full Flight Simulators (FFSs) to customers during FY2025. This hardware is backed by strong forward demand, with 56 FFS sales booked for the year.

The focus on digital flight operations solutions is evident in contract signings. In the fourth quarter of FY2025, Civil signed contracts for long-term training and digital flight services valued at $741.8 million.

The resilient, recurring training revenue model for partners is the financial anchor of the business. Approximately 60% of CAE Inc.'s annual revenue in FY2025 came from these recurring training services, which helps smooth out the revenue cycle that comes with large simulator sales. This stability is reflected in the segment performance, which is key to understanding the overall value proposition.

Here's a quick look at how the two main segments contributed to the total $4.7 billion in FY2025 revenue and the massive backlog:

Metric	Civil Aviation	Defense and Security	Consolidated Total
FY2025 Revenue (CAD)	$2,709.3 million	$1,998.6 million	$4.7 billion
Adjusted Backlog (CAD)	$8.8 billion	$11.3 billion	$20.1 billion

The value proposition is also seen in the long-term commitment from customers, as shown by the segment backlogs. You can see the Civil segment's adjusted backlog grew to a record $8.8 billion by year-end.

The core value drivers supporting these numbers include:

• Mandatory initial and recurrent pilot training requirements.
• Securing long-term training agreements with customers worldwide.
• Delivering high-fidelity simulation technology for complex scenarios.
• Maintaining a robust Defense pipeline with some $7.0 billion of bids pending.

Finance: draft 13-week cash view by Friday.

CAE Inc. (CAE) - Canvas Business Model: Customer Relationships

You're looking at how CAE Inc. locks in its revenue, and honestly, the relationship side of their business model is built on deep, long-term commitments, especially in the Defense sector. This isn't just about selling a simulator; it's about becoming an indispensable operational partner.

Dedicated, high-touch account management for long-term contracts

The recurring revenue stream, which made up roughly 60% of CAE Inc.'s annual revenue in fiscal year 2025, is a direct result of this high-touch approach. You see this commitment reflected in the massive order book. For the full fiscal year 2025, Civil booked orders for a record $3.7 billion, which included comprehensive, long-term training agreements with customers globally. This signals that clients value the ongoing relationship over transactional sales. The Civil adjusted backlog at the end of that year hit a record $8.8 billion, showing the pipeline of future relationship-driven work.

Co-development and consultative approach with defense clients

In Defense & Security, CAE Inc. is actively shifting to teaming up with prime contractors early on, moving away from bidding after a design is selected. This consultative partnership is key for next-generation platforms. For instance, CAE joined the SNC team as the training systems partner for the Next-Gen Survivable Airborne Operations Center (SAOC) aircraft, demonstrating this early involvement. Also, in late 2025, CAE signed an agreement to be the preferred supplier of certain training and simulation equipment for Saab's GlobalEye airborne early warning system, leveraging their expertise in advanced training systems.

Self-service and digital support via the CAE Connect platform

While I don't have specific adoption rates for the CAE Connect platform as of late 2025, the company is clearly embedding digital support across its offerings. This is evident in defense contracts, such as the US Army Fixed-Wing Flight Training Service re-compete, which features self-paced virtual and augmented reality (VR/AR) training assets like the CAE Trax Academy to augment ground-based training. The overall strategy is to use digital immersion to enhance readiness, which is a form of scalable, self-service support layered on top of the core physical training.

Embedded personnel and operational support at customer sites

Placing personnel directly within the customer's operational structure solidifies CAE Inc.'s role as an integrated service provider. This isn't just theoretical; it's happening on the ground. For example, CAE provides maintenance and in-service support for the German Air Force's Eurofighter training devices, with specific responsibility for maintaining visual systems, performed on-site at the four main operating bases in Germany. Similarly, CAE USA provides T-44C aircrew training under a contractor-owned, contractor-operated program, supporting more than 500 students annually.

Long-term, multi-year training service agreements

The duration and value of these agreements are concrete proof of the customer relationship strategy. These contracts span continents and secure revenue visibility for years. Here's a look at some recent and representative long-term commitments:

Customer/Segment	Agreement Type/Scope	Stated Duration/Value
LAN and TAM Airlines (Civil)	Training provider contract	10-year contract
FlexJet and affiliates (Civil)	Exclusive business aviation training services agreement extension	Remaining exclusivity period of 15 years
US Army (Defense)	Fixed-Wing Flight Training Service	Approximate total value of $250 million through 2032
Global Military Customers (Defense)	Training services and simulation products (Q2 order intake)	Valued at more than C$100 million
Civil Aviation (FY2025 Bookings)	Total long-term training and digital flight services contracts	Part of a record $3.7 billion in booked orders

The Civil segment's training centre utilization rate for fiscal year 2025 was 74%, showing that the capacity built is being actively used under these service agreements. Furthermore, CAE announced a series of commercial training and services contracts in Q4 valued at approximately C$245 million, which included a mix of simulator sales and long-term service agreements.

You can see the scale of the Defense commitment through specific task orders, like the IDIQ Kuwait KC130J Task Order 05 awarded to CAE USA INC. starting March 5, 2025, with an obligated amount of $3,836,179.08.

The overall financial health supports this relationship focus; CAE Inc.'s total annual revenue for fiscal 2025 was approximately $4.7 billion CAD, and they achieved a record free cash flow of $813.9 million, which gives them the stability to maintain these multi-year, high-investment customer relationships.

CAE Inc. (CAE) - Canvas Business Model: Channels

You're looking at how CAE Inc. gets its solutions-from high-fidelity simulators to complex defense training services-into the hands of its customers as of late 2025. It's a multi-pronged approach, blending direct sales with a massive global footprint.

Here's a quick snapshot of the scale of CAE Inc.'s operations that feed into these channels, based on fiscal year 2025 results:

Metric	Value (FY2025)	Segment Context
Annual Revenue	$4.7 billion CAD	Consolidated
Civil Revenue	$2,709.3 million CAD	Civil Aviation
Defense Revenue	$1,998.6 million CAD	Defense & Security
Total Employees	Approximately 13,000	Global Workforce
Training Locations	Over 240 sites in over 40 countries	Global Footprint

Direct global sales force for large, complex contracts

The direct sales channel is crucial for securing the large, multi-year deals that underpin the Defense segment and major Civil Aviation contracts. For Defense, the pipeline remains strong, with some $7.2 billion CAD of bids and proposals pending at year-end fiscal 2025. The Defense segment booked orders worth a record $4.0 billion CAD in fiscal 2025, leading to an adjusted backlog of $11.3 billion CAD. This direct engagement secures multi-billion dollar programs, such as the initial approximately $1.7 billion CAD sub-contract mentioned for Canada's Future Aircrew Training Program. To be fair, approximately 70% of CAE Inc.'s total revenues come from services delivered within customers' own countries, which speaks to the localized nature of much of the service delivery, even if the initial contract is won globally.

Worldwide network of CAE-owned and operated training centers

This physical network is the backbone of the Civil segment, which generated $2,709.3 million CAD in revenue in fiscal 2025. CAE Inc. boasts the world's largest civil aviation training network, which includes wholly-owned, joint venture, and authorized centers.

• Annual Civil training centre utilization for FY2025 was 74%.
• In the fourth quarter of FY2025, utilization hit 75%.
• The network trains more than 150,000 pilots annually.
• The network comprises over 240 sites globally.
• One source suggests the civil network includes 70+ training locations housing 340+ full-flight simulators (FFSs).

The delivery of new hardware directly supports this channel; for the full year of fiscal 2025, CAE Inc. delivered 61 FFSs to customers.

Digital platforms for flight services and crew management

This channel is driven by the Flight Operations Solutions arm, established through acquisitions like Sabre's AirCentre portfolio, which cost $392.5 million USD in March 2022. These cloud-based products are sold directly to airlines for operational efficiency gains. The Crew Management solution, for instance, supports over 500 airlines globally and has more than 400,000 users on its Crew Access mobile app alone. These digital tools help optimize crew schedules, forecast resources, and manage disruptions in real-time.

Joint ventures (JVs) to access specific national defense markets

CAE Inc. uses joint ventures as a strategic channel to enter or deepen its presence in specific defense and security markets, often through government-owned, contractor-operated (GOCO) or company-owned, company-operated (COCO) models. For example, CAE established the Helicopter Academy to Train by Simulation of Flying (HATSOFF) in India with Hindustan Aeronautics Limited (HAL). These JVs allow CAE Inc. to deliver turnkey training center solutions to defense forces.

Simulator sales and delivery directly to customer facilities

This is a distinct revenue stream within the Civil segment, involving the direct sale of high-value capital equipment like FFSs to airlines, business jet operators, and other training centers. In fiscal 2025, Civil booked orders for a record $3.7 billion CAD, which included 56 FFS sales. For context, in the second quarter of FY2025, Civil delivered 16 FFSs as part of training solutions contracts valued at $693.3 million CAD. The company also sells other training devices, such as the CAE 400XR and CAE 500XR.

Finance: draft 13-week cash view by Friday.

CAE Inc. (CAE) - Canvas Business Model: Customer Segments

You're looking at the core groups CAE Inc. serves, and honestly, the numbers from Fiscal Year 2025 paint a clear picture of where the focus is. The business is built on two main pillars: Civil Aviation and Defense & Security.

Here is the breakdown of CAE Inc.'s FY2025 revenue contribution by major segment:

Customer Segment Group	FY2025 Revenue (CAD)	Percentage of Total Revenue
Civil Aviation	$2,709.3 million	60%
Defense & Security	$1,998.6 million	35%
Healthcare (Implied Remainder)	Approx. $137.5 million	5%

The total consolidated revenue for CAE Inc. in Fiscal Year 2025 was $4.7 billion CAD.

Commercial Airlines (major global carriers and regional operators)

This group drives the high utilization rates in the Civil segment. You saw Civil training center utilization hit 74% in FY2025. CAE delivered 61 Full-Flight Simulators (FFSs) to customers across the year, showing their manufacturing output meeting demand.

• Civil adjusted backlog stood at a record $8.8 billion at year-end FY2025.
• CAE forecasts a need for 267,000 new commercial aviation pilots globally by 2034.
• The Commercial Pilot License (CPL) segment is projected to hold 60% of the flight training market share in 2025.

Global Defense and Security Forces (NATO, allied nations)

This segment provides counter-cyclical stability, fueled by global defense spending. The adjusted backlog for Defense & Security was a massive $11.3 billion or $11.4 billion at the end of the quarter, depending on the reporting date.

• CAE secured a transformative subcontract under Canada's Future Aircrew Training (FAcT) program valued at $1.7 billion.
• A contract providing simulation and in-air instruction for RCAF and NATO pilots was extended through 2027, valued at $550 million.
• Defense booked orders for $2.3 billion in one quarter of FY2025, resulting in a book-to-sales ratio of 4.56 times for that period.

Business Aviation Operators (e.g., Flexjet, fractional owners)

CAE is actively strengthening its position here, for example, by extending an exclusive training agreement with Flexjet and its affiliates to 15 years. They also purchased a majority stake in SIMCOM for US$230 million.

• CAE forecasts 33,000 new business aviation pilots will be needed by 2034.
• The business jet fleet in service is expected to grow from 23,000 in 2025 to 27,000 by 2034.
• The global business jet market is projected to grow to $55.1 billion by 2034.

Ab initio (entry-level) pilots and flight schools

This group feeds the entire ecosystem, driven by the overall pilot demand forecast. The total need for new pilots across commercial and business aviation is projected to be 300,000 over the next decade (by 2034).

• The global flight training market is estimated to be valued at USD 10.61 billion in 2025.
• Fixed-wing training, crucial for CPL holders, is projected to hold a 70% share of the market in 2025.

Government agencies and public safety organizations

These customers fall primarily under the Defense & Security segment, relying on CAE for mission readiness solutions. The segment's adjusted operating income surged to $33.1 million in one quarter of FY2025, up from $21.3 million in the prior year's comparable quarter.

• The Defense segment's adjusted backlog reached $11.4 billion at the end of Q2 FY2025.
• CAE's role includes preparing RCAF pilots for the transition to Canada's next-generation fighter jets, following their selection as a strategic partner in February 2025.

Finance: draft 13-week cash view by Friday.

CAE Inc. (CAE) - Canvas Business Model: Cost Structure

You're analyzing the core expenses that drive CAE Inc.'s operations, which is key to understanding their profitability and capital deployment strategy. Honestly, for a company this size, the cost structure is dominated by people and the physical assets required for high-fidelity simulation.

Capital expenditures (CAPEX) for new FFS capacity represent a significant outlay, even as the company focuses on services. For the fiscal year ended March 31, 2025 (FY2025), growth and maintenance capital expenditures totaled $356.2 million CAD. This spending is heavily weighted toward organic growth investments in simulator capacity, with approximately three-quarters of it being deployed to CAE Inc.'s global network of aviation training centres, often backed by multiyear customer contracts. This is a clear indicator of reinvestment in the core physical asset base supporting the training revenue stream.

The cost of developing and maintaining the simulation technology itself is substantial, falling under significant R&D and technology development costs. For the full fiscal year 2025, CAE Inc.'s research and development expenses were reported at approximately $89 million CAD. Furthermore, the company is actively focusing its future roadmap on accelerating AI use-cases, which will influence future R&D spending to unlock internal efficiency gains and increase customer proficiencies.

The largest single cost component is undoubtedly personnel and labor costs for 13,000 employees and instructors. As of March 31, 2025, CAE Inc. maintained a global workforce of approximately 13,000 employees across around 240 sites and training locations in over 40 countries. This large human capital base is essential for delivering the high-touch training services that now account for about 60% of annual revenue.

Managing the balance sheet means keeping an eye on debt servicing costs. CAE Inc. finished FY2025 with a net debt position of $3,176.7 million CAD. This resulted in a Net debt-to-adjusted EBITDA of 2.77x at the end of Q4 FY2025, which met their year-end leverage target and was an improvement from 3.36x at the end of the preceding quarter. Management is targeting a further reduction to 2.5x by the end of fiscal year 2026, so finance expense management remains a priority.

For manufacturing and supply chain costs for simulator production, the most direct financial measure is the Cost of Sales. For the full year FY2025, the Cost of Sales amounted to $3,407.8 million CAD, against a Gross Profit of $1,300.1 million CAD. The company has noted that inflationary pressures and supply chain issues have more significantly impacted eight firm fixed-price Legacy Contracts, which had little to no provision for cost escalation. Investments in manufacturing automation equipment and supply chain logistics tools are ongoing efforts to improve efficiency here.

Here's a quick look at the major expense and cost-related financial metrics for FY2025:

Cost Category / Metric	FY2025 Amount (CAD)	Context
Cost of Sales	$3,407.8 million	Direct cost of producing simulators and delivering services.
Selling, General and Administrative Expenses	$565.4 million	Overhead and operational support costs.
Research and Development Expenses	$89 million	Annual R&D spend for the fiscal year.
Growth and Maintenance CAPEX	$356.2 million	Investment in new simulator capacity and maintenance.
Net Debt	$3,176.7 million	Total debt less cash and cash equivalents at year-end.

You should also note the associated overhead and operational costs:

• Selling, General and Administrative Expenses for FY2025 were $565.4 million.
• Executive management transition costs incurred in FY2025 totaled approximately $8.3 million.
• The company is managing royalty obligations related to R&D funding, initially measured using interest rates ranging from 7.5% to 8.5%.
• Finance expense is expected to run at a quarterly rate of approximately $55 million going forward.

What this estimate hides is the exact split between labor, materials, and overhead within the Cost of Sales, but the 13,000 personnel count gives you the scale of the labor cost base.

CAE Inc. (CAE) - Canvas Business Model: Revenue Streams

You're looking at the core money-making engine for CAE Inc. as of their fiscal year 2025 close, and honestly, the numbers show a clear split between services and products, with a strong lean toward the former.

The total annual revenue for CAE Inc. in fiscal year 2025 reached approximately $4.7 billion CAD.

The primary revenue streams are clearly delineated across the two main operating segments, Civil Aviation and Defense and Security. The Civil segment remains the larger contributor to the top line, driven by the highly regulated nature of aviation training.

Revenue Stream Segment	FY2025 Revenue (CAD)
Civil Aviation Training Services	$2,709.3 million
Defense and Security	$1,998.6 million

A critical component of CAE Inc.'s revenue stability comes from its service contracts. You should note that approximately 60% of annual revenue is generated from recurring training services.

This recurring portion is bolstered by long-term training contracts, which provide a predictable revenue base, though sales of capital assets like simulators still form a significant, albeit less stable, part of the mix.

Here are the key drivers contributing to these revenue figures:

• Civil Aviation Training Services revenue of $2,709.3 million CAD (FY2025).
• Defense and Security revenue of $1,998.6 million CAD (FY2025).
• Recurring revenue from long-term training contracts accounts for over 60% of annual revenue.
• Sales of Full-Flight Simulators (FFSs) and training devices, with Civil booking orders for 56 FFSs in the full year.
• Digital solutions and professional services fees, which are embedded within the long-term training and operational support solutions contracts.

For example, during the fourth quarter of fiscal 2025 alone, Civil signed training and operational support solutions contracts valued at $741.8 million, which included the sale of 14 FFSs.

The Defense segment also contributes substantially through product and service contracts with various governments, with annual adjusted order intake reaching a record $4.0 billion for the year.

The focus on recurring revenue is defintely a strategic lever to smooth out the lumpiness associated with large, one-time simulator deliveries.