StandardAero is the world's largest independent, pure-play aerospace engine MRO provider, servicing commercial airlines, business aviation operators, and military customers across more than 40 engine platforms. Engine MRO is non-discretionary — regulatory requirements mandate inspections, repairs, and overhauls after set flight hours or cycles, giving StandardAero a stable, recurring demand base. StandardAero operates through two segments: Engine Services (~88% of revenue), which covers full engine overhauls and repairs, and Component Repair Services (~12% of revenue), which repairs individual parts like turbine blades and fan blades. Engine Services margins run in the low-to-mid teens on an EBITDA basis, while CRS runs in the high 20s% due to its IP-intensive, lower-material-cost model. Key engine platforms include the CFM56 and LEAP (powering 737s and A320s), the CF34 (regional jets), and military platforms including engines for the C-130 and V-22 Osprey. OEM authorizations are critical to StandardAero's model — the company must be authorized by OEMs like GE, CFM, Pratt & Whitney, and Rolls-Royce for each platform it services, and holds exclusive or semi-exclusive independent MRO rights on several platforms, including the HTF7000 and LEAP in the Americas. About 80% of revenue comes from long-term contracts. StandardAero's growth strategy centers on ramping its LEAP program (targeting ~$1B in annual LEAP revenue by ~2030), expanding capacity on established platforms, and growing CRS both organically and through bolt-on acquisitions.