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Innovative Solutions & Support Inc (IA) stock

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NASDAQ: IA Nasdaq Aerospace & Defense Next results ~November 12, 2026

C+ Fundamentals grade

Innovative Solutions & Support Inc is a US-listed company in the aerospace & defense industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$16

Cash-flow model

Base case. Range ~$11–$22 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 34% above our base value.

Price used: $21.22, November 2, 2026

Innovative Solutions & Support Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds78 adding, 70 cuttingOf 36 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Innovative Solutions & Support files

Where Innovative Solutions & Support stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $93m, up 20.3% on a year earlier, slower than the 39.2% growth a quarter earlier. Free-cash-flow margin rose to 15.3% from 6.6% a year earlier. Operating margin widened to 27.4% from 20.9%. The diluted share count is up 3.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 4 of our 6 financial-health checks. Our cash-flow model value is $14.59 a share, against a share price of $21.98. At that price, our model says the market is pricing in about 19.6% a year of cash-flow growth for five years, slower than the 32.2% a year revenue growth it has delivered.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Innovative Solutions & Support Inc's trailing-twelve-month revenue grew 20.3% year on year, with a free-cash-flow margin of 15.3%. Where it stands out: net margin of 20.5% ranks 3 of 57 aerospace & defense companies we cover. Where it lags: change in growth rate of -18.9pp ranks 53 of 57 aerospace & defense companies we cover.

Our discounted-cash-flow model values the business at ~$16 per share in the base case (~$11–$22 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 178.5% while net income grew 63.2%: a 115pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.3% over the last 12 months, against a median of 15.5% for aerospace & defense companies we cover.
  • High operating margin. 27.4% of revenue is left as operating profit, against a median of 8.5% for aerospace & defense companies we cover.
  • Margins widening. Operating margin is up 6.4 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 17.7% over 90 days.

Things to watch

  • Results due soon. Results are expected around 12 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $21.22 is 25% above our value per share of $16.
  • Growth slowing. The growth rate is 18.9 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 3.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 75% and a beta of 2.4 against the S&P 500.
  • Weak cash conversion. Free cash flow was 75% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed August 13, 2026
Earnings per share
$0.33 against an average estimate of $0.20: beat by 61.0%
Revenue
$27m, up 10.7% on a year earlier
Share reaction
+14.3% in the first session after the results on August 13, 2026, against +0.5% for the S&P 500

Innovative Solutions & Support's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.2%
  • 1 week+6.5%
  • 1 month+11.7%
  • This year+12.0%
  • 1 year+125.7%
  • 5 years+207.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$93.2M
Operating margin
27.4%
Net margin
20.5%
EPS (TTM, diluted)
$1.05

Growth

Revenue growth
+20.3%
Change in growth rate
−18.9 pts
Share count change
+3.3%

Cash

Free cash flow (TTM)
$14.3M
FCF margin
15.3%
Stock pay % of revenue
3.0%

Earnings

Last results
August 13, 2026
Next results (est.)
November 12, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Innovative Solutions & Support Inc valuation models and calculator

What the price is pricing in

The share price implies about 19.2% a year of cash-flow growth for five years.That is slower than the 32.2% a year revenue growth Innovative Solutions & Support has delivered.

  • Priced in19.2%
  • Last 12 months20.3%
  • 3 years a year47.4%
  • 5 years a year32.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($21.45, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$16
Price used
$21.45close November 3, 2026
Implied change
▼ 26%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Innovative Solutions & Support Inc's free cash flow after stock-based pay with after-tax interest added back ($10M, FY2026 Q3 TTM), growing 18.5% and 14.4% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$11–~$22 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Innovative Solutions & Support Inc's free cash flow after stock-based pay ( $10M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Innovative Solutions & Support Inc as an operating company, with every model that fits that kind of business. Cost of equity 10.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.26 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$16 ~$11–$22 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$26 ~$21–$37 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$9.9 ~$7.7–$13 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$10 ~$8.8–$11 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$16 ~$9.9–$26 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Innovative Solutions & Support Inc with Aerospace & Defense in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −6%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $6$8$12$17$24$32
8.5% $4$6$8$12$17$23
10% $3$4$6$9$12$17

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$2.74$3.13$2.18$4.04$6.40$7.02$8.63$7.60$6.52$12.49$21.22
Market value$47m$53m$37m$68m$110m$121m$149m$132m$114m$223m$387m
+ Net debt (− = net cash)−$19m−$25m−$20m−$22m−$13m−$8m−$17m$16m$27m$22m$44m
Enterprise value$28m$28m$16m$46m$97m$113m$132m$149m$141m$244m$430m
Multiples
Price / sales 1.7x3.1x2.7x3.9x5.1x5.2x5.4x3.8x2.4x2.6x4.2x
Price / earnings 23.5x11.5x—37.0x33.5x23.9x27.0x22.0x16.3x14.2x20.3x
Price / free cash flow 14.6x8.9x—33.8x25.8x28.4x25.1x73.6x22.2x32.8x27.1x
EV / EBITDA 9.5x75.5x—23.3x30.5x26.0x17.4x18.5x12.0x10.3x15.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

62 /100

Moderate moat

How hard Innovative Solutions & Support's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.8% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 54.9%, moving by 4.9 percentage points (standard deviation) across 10 years.

  • Durability 5 / 20

    Operating margin has been a median 17.2%; its worst year was -29.1%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 9 of 10 years, at a median 11.7% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.9% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.11 +23% $100m +18%
Next $1.09 −2% $119m +19%

Next year's EPS estimate has moved +17.7% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +17.5% on 90 days ago. In the last 30 days, 1 analyst raised Innovative Solutions & Support Inc's forecast and 0 cut it.

Consensus EPS forecast Innovative Solutions & Support Inc, last 90 days
$0.90 $0.95 $1.00 $1.05 $1.10 $1.15 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.94 Current fiscal year, 60 days ago: $0.94 Current fiscal year, 30 days ago: $0.94 Current fiscal year, 7 days ago: $0.94 Current fiscal year, Now: $1.11 $1.11 Next fiscal year, 90 days ago: $0.92 Next fiscal year, 60 days ago: $0.92 Next fiscal year, 30 days ago: $1.00 Next fiscal year, 7 days ago: $1.00 Next fiscal year, Now: $1.09 $1.09

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.94$0.92
60 days ago $0.94$0.92
30 days ago $0.94$1.00
7 days ago $0.94$1.00
Now $1.11$1.09

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.20 $0.33 +61.0%
Mar 2026 $0.19 $0.26 +36.8%
Dec 2025 $0.10 $0.25 +150.0%
Sept 2025 $0.13 $0.44 +236.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 13, 2026

No numeric guidance in Innovative Solutions & Support Inc's latest earnings release (filed August 13, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Innovative Solutions & Support Inc's revenue by +18.5% next year and +14.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+22.2%, weight 60%) and the company's own record (+13.0%, weight 40%) . How the weights are set.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202644
  2. Sep 202644
  3. Aug 202644

Counts of recommendations published by analysts covering Innovative Solutions & Support Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.7%
of tradable shares
Days to cover
4.13
at average volume
Short interest, 1 month
+17%
to October 15, 2026
Held by institutions
61%
of shares
Held by insiders
9.8%
of shares
Employees
147
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +125.7%

$9.40 on October 31, 2025 to $21.22

ThenNowEffect
Revenue (last 12 months) $77m $93m +20.3%
Net margin 15.1% 20.5% +35.7%
P/E multiple 14.2x 20.3x +42.9%
Share count 18m 18m −3.2%

Biggest factor: p/e multiple.

Last 3 years +189.9%

$7.32 on November 3, 2023 to $21.22

ThenNowEffect
Revenue (last 12 months) $29m $93m +220.3%
Net margin 17.2% 20.5% +19.3%
P/E multiple 25.5x 20.3x −20.5%
Share count 17m 18m −4.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
IA+1%+25%+4%+0%+122%+12%
Industry peers (median)−6%−11%+14%+22%+16%−12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
IA25%58%58%42%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
IA−24%−40%−31%−42%−58%−49%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 62% from December 19, 2019 to March 19, 2020. Getting back needed a 166% gain, reached on August 10, 2020, 144 days after the low.

Price behaviour

52-week range
$8.32 – $30.56
From 52-week high
−30.6%
vs 50-day average
+9.7%
vs 200-day average
+3.2%
Volatility (1 year)
75%
Beta vs S&P 500
2.35

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±16.6%
After a week
8 up, 4 down
typical move ±21.9%
After a month
6 up, 6 down
typical move ±34.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 13, 2026 +14.3% +0.5% +4.0% −7.7%
May 14, 2026 −20.9% −0.4% −22.9% −14.1%
February 12, 2026 +4.5% −1.5% +28.1% +53.5%
December 18, 2025 +51.1% +1.7% +76.5% +101.3%
August 14, 2025 −30.7% −0.2% −31.4% −44.1%
May 14, 2025 +32.1% +0.6% +37.0% +70.6%
February 13, 2025 −22.5% +1.1% −28.9% −38.2%
December 19, 2024 +10.1% +1.2% +18.2% +51.9%
August 12, 2024 −3.6% +1.7% +1.5% −1.5%
May 14, 2024 −0.2% +1.7% +2.2% +14.1%
February 14, 2024 −0.1% +1.6% −0.4% −6.6%
December 20, 2023 +8.6% −0.5% +11.4% +6.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Innovative Solutions & Support Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Innovative Solutions & Support Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Innovative Solutions & Support Inc
$20M $40M $60M $80M $100M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $34.8M Revenue (TTM), FY24 Q1: $37.6M Revenue (TTM), FY24 Q2: $41M Revenue (TTM), FY24 Q3: $44.8M Revenue (TTM), FY24 Q4: $47.2M Revenue (TTM), FY25 Q1: $53.9M Revenue (TTM), FY25 Q2: $65.1M Revenue (TTM), FY25 Q3: $77.4M Revenue (TTM), FY25 Q4: $84.3M Revenue (TTM), FY26 Q1: $90.1M Revenue (TTM), FY26 Q2: $90.6M Revenue (TTM), FY26 Q3: $93.2M $93.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $34.8M
FY24 Q1 $37.6M
FY24 Q2 $41M
FY24 Q3 $44.8M
FY24 Q4 $47.2M
FY25 Q1 $53.9M
FY25 Q2 $65.1M
FY25 Q3 $77.4M
FY25 Q4 $84.3M
FY26 Q1 $90.1M
FY26 Q2 $90.6M
FY26 Q3 $93.2M
Revenue growth, TTM YoY Innovative Solutions & Support Inc
0% 20% 40% 60% 80% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 25.5% Revenue growth, TTM YoY, FY24 Q1: 36.4% Revenue growth, TTM YoY, FY24 Q2: 46.1% Revenue growth, TTM YoY, FY24 Q3: 54.1% Revenue growth, TTM YoY, FY24 Q4: 35.6% Revenue growth, TTM YoY, FY25 Q1: 43.2% Revenue growth, TTM YoY, FY25 Q2: 58.7% Revenue growth, TTM YoY, FY25 Q3: 72.8% Revenue growth, TTM YoY, FY25 Q4: 78.6% Revenue growth, TTM YoY, FY26 Q1: 67.4% Revenue growth, TTM YoY, FY26 Q2: 39.2% Revenue growth, TTM YoY, FY26 Q3: 20.3% 20.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 25.5%
FY24 Q1 36.4%
FY24 Q2 46.1%
FY24 Q3 54.1%
FY24 Q4 35.6%
FY25 Q1 43.2%
FY25 Q2 58.7%
FY25 Q3 72.8%
FY25 Q4 78.6%
FY26 Q1 67.4%
FY26 Q2 39.2%
FY26 Q3 20.3%
Operating margin (TTM) Innovative Solutions & Support Inc
15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 21.1% Operating margin (TTM), FY24 Q1: 21.8% Operating margin (TTM), FY24 Q2: 20.5% Operating margin (TTM), FY24 Q3: 20.0% Operating margin (TTM), FY24 Q4: 20.5% Operating margin (TTM), FY25 Q1: 17.4% Operating margin (TTM), FY25 Q2: 22.6% Operating margin (TTM), FY25 Q3: 20.9% Operating margin (TTM), FY25 Q4: 23.8% Operating margin (TTM), FY26 Q1: 27.8% Operating margin (TTM), FY26 Q2: 25.4% Operating margin (TTM), FY26 Q3: 27.4% 27.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 21.1%
FY24 Q1 21.8%
FY24 Q2 20.5%
FY24 Q3 20.0%
FY24 Q4 20.5%
FY25 Q1 17.4%
FY25 Q2 22.6%
FY25 Q3 20.9%
FY25 Q4 23.8%
FY26 Q1 27.8%
FY26 Q2 25.4%
FY26 Q3 27.4%
FCF margin (TTM) Innovative Solutions & Support Inc
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.2% FCF margin (TTM), FY24 Q1: 10.8% FCF margin (TTM), FY24 Q2: 9.2% FCF margin (TTM), FY24 Q3: 13.1% FCF margin (TTM), FY24 Q4: 10.9% FCF margin (TTM), FY25 Q1: 5.0% FCF margin (TTM), FY25 Q2: 3.6% FCF margin (TTM), FY25 Q3: 6.6% FCF margin (TTM), FY25 Q4: 8.1% FCF margin (TTM), FY26 Q1: 13.6% FCF margin (TTM), FY26 Q2: 14.6% FCF margin (TTM), FY26 Q3: 15.3% 15.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.2%
FY24 Q1 10.8%
FY24 Q2 9.2%
FY24 Q3 13.1%
FY24 Q4 10.9%
FY25 Q1 5.0%
FY25 Q2 3.6%
FY25 Q3 6.6%
FY25 Q4 8.1%
FY26 Q1 13.6%
FY26 Q2 14.6%
FY26 Q3 15.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Innovative Solutions & Support took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $84.3M
  2. Cost of revenue $43.8M · 51.9%
  3. Gross profit $40.5M · 48.1%
  4. Research and development $4M · 4.7%
  5. Selling, general and admin $16.4M · 19.5%
  6. Operating income $20.1M · 23.8%
  7. Income tax $4.3M · 5.1%
  8. Net income $15.6M · 18.5%

Shares of revenue. Source: Innovative Solutions & Support's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 37 25 26 25 32 44 20 28 17 14 18 22 23 28 35 47 84 93
Gross profit 19 14 14 11 13 14 7 16 8 7 10 12 13 17 21 26 41 51
EBITDA 6 1 1 1 2 0 −3 3 0 −3 2 3 4 8 8 12 24 28
Operating income 5 0 1 0 2 −0 −4 2 −0 −4 2 3 4 7 7 10 20 25
Net income 5 1 1 3 2 0 −6 2 5 −4 2 3 5 6 6 7 16 19
Diluted EPS $0.30 $0.04 $0.04 $0.18 $0.11 $0.01 −$0.35 $0.12 $0.27 −$0.22 $0.11 $0.19 $0.29 $0.32 $0.35 $0.40 $0.88 $1.05
Growth (year on year)
Revenue — −31.2% +1.9% −4.5% +28.4% +39.7% −54.5% +39.4% −40.0% −17.5% +26.9% +22.9% +6.7% +20.4% +25.5% +35.6% +78.6% +20.3%
EBITDA — −79.4% +4.1% −26.1% +161.5% −82.5% — — −87.3% −981.4% — +60.5% +36.4% +75.0% +6.2% +46.0% +102.4% +50.7%
Operating income — −91.7% — −31.5% — −107.4% — — −103.2% — — +79.6% +42.1% +85.0% +2.0% +31.3% +107.8% +57.3%
Net income — −85.1% −4.2% +315.7% −36.7% −89.4% — — +129.9% −180.0% — +76.7% +54.9% +9.1% +9.1% +16.1% +123.3% +63.2%
Diluted EPS — −86.7% 0.0% +350.0% −38.9% −90.9% — — +125.0% −181.5% — +72.7% +52.6% +10.3% +9.4% +14.3% +120.0% +58.0%
Margins
Gross margin 51.3% 54.4% 53.6% 42.8% 40.0% 30.8% 34.5% 58.9% 48.4% 47.2% 56.3% 54.7% 55.5% 60.1% 61.2% 54.9% 48.1% 54.9%
EBITDA margin 16.2% 4.9% 5.0% 3.8% 7.8% 1.0% −15.2% 10.5% 2.2% −23.6% 11.3% 14.7% 18.8% 27.3% 23.1% 24.9% 28.2% 30.4%
Operating margin 13.3% 1.6% 2.4% 1.7% 6.1% −0.3% −18.0% 8.7% −0.5% −26.8% 8.7% 12.7% 16.9% 26.0% 21.1% 20.5% 23.8% 27.4%
Net margin 13.6% 3.0% 2.8% 12.1% 6.0% 0.5% −29.2% 7.1% 27.2% −26.4% 10.5% 15.1% 22.0% 19.9% 17.3% 14.8% 18.5% 20.5%
Free-cash-flow margin 13.6% 21.4% 7.9% 4.7% −8.7% −3.2% 6.0% 11.5% 35.2% −31.0% 11.5% 19.7% 18.5% 21.4% 5.2% 10.9% 8.1% 15.3%
Cash flow
Cash from operations 5 6 2 1 −2 −1 1 4 6 −2 2 5 5 6 2 6 13 19
Capital spending 0 0 0 0 1 1 0 0 0 3 0 0 0 0 0 1 7 4
Free cash flow 5 5 2 1 −3 −1 1 3 6 −4 2 4 4 6 2 5 7 14
Stock-based pay 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 2 3
Free cash flow after stock pay 4 5 2 1 −4 −2 1 3 6 −4 2 4 4 6 0 4 4 12
Balance sheet
Cash 36 41 43 43 16 15 16 19 25 20 22 13 8 17 3 1 3 11
Total debt 0 0 0 0 0 0 0 0 0 0 — 0 0 0 20 28 24 55
Net debt (negative = net cash) −36 −41 −43 −43 −16 −15 −16 −19 −25 −20 −22 −13 −8 −17 16 27 22 44
Diluted shares 17m 17m 17m 17m 17m 17m 17m 17m 17m 17m 17m 17m 17m 17m 17m 17m 18m 18m
Returned to shareholders
Dividends — — — — 25 — — — — — — 20 20 — — — — —
Buybacks 0 0 0 1 0 — 0 1 — — — — — — — — — —
Total returned 0 0 0 1 25 — 0 1 — — — 20 20 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $148m
Short-term assets $64mLonger-term assets $84m
What it owes, and who funded it · $148m
Short-term liabilities $22mLonger-term liabilities $49mShareholders' equity $77m
  • Short-term assets cover short-term liabilities $64m of assets due within a year against $22m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $64m short-term assets against $49m of longer-dated liabilities.
  • More cash than debt $11m of cash against $54m of debt.
  • Debt below 40% of shareholders' equity Debt is 70% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $19m of operating cash flow against $54m of debt.
  • Operating profit covers interest at least five times over Operating income of $25m against $3m of interest.

From Innovative Solutions & Support Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+3.3%
year over year
R&D spending
6.5%
of revenue
Sales & admin spending
21.0%
of revenue
Days sales outstanding
63 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in aerospace & defense
Last 12 months unless stated IA SIF CEPL XTIA PKE BKSY Median
Revenue, last 12 months $93m $99m $103m $82m $81m $109m $769m
Revenue growth, last 12 months 20.3% 18.8% 5.4% >999% 27.7% 4.1% 15.5%
Revenue growth, 3-year average 47.4% 14.8% 9.3% 79.1% 13.3% 13.7% 12.6%
Revenue growth, latest quarter 10.7% 18.3% −10.6% >999% 26.9% 50.1% 15.8%
Gross margin 54.9% 16.6% 34.0% 18.3% 32.7% — 27.8%
Operating margin 27.4% 5.2% 4.4% −50.0% 21.1% −43.4% 9.0%
Operating margin, 3-year average 22.8% −2.3% −7.3% −389.5% 17.2% −42.8% 6.0%
Net margin 20.5% 4.0% 3.5% −89.6% 18.4% −61.2% 5.5%
Cash from operations / revenue 19.9% 4.1% 4.3% −43.7% 16.5% −49.7% 5.5%
Free-cash-flow margin 15.3% 3.4% 2.8% −44.0% 14.2% −63.9% 3.4%
Free-cash-flow margin, 3-year average 11.7% −0.6% −7.4% −474.9% 10.0% −27.2% 3.0%
Stock pay / revenue 3.0% — 0.8% 23.9% 0.5% 15.0% 1.2%
Change in share count 3.3% 1.4% 28.4% 19.0% 4.5% — 3.9%

Median of all 57 companies we cover in aerospace & defense. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 aerospace & defense companies
Measure Company Peer median Rank
Revenue growth Growth 20.3% 15.5% 18 of 57
Change in growth rate Growth -18.9pp +2.2pp 53 of 57
Gross margin Profitability 54.9% 28.3% 6 of 46
Operating margin Profitability 27.4% 8.5% 3 of 51
Net margin Profitability 20.5% 5.5% 3 of 57
Free-cash-flow margin Cash generation 15.3% 3.4% 8 of 57
Stock pay as % of revenue Cash generation 3.0% 1.5% 31 of 53
Long-term debt as % of assets Balance sheet 32.9% 22.1% 38 of 47
Change in share count Balance sheet 3.3% 2.4% 27 of 51
Days sales outstanding Balance sheet 63 days 53 days 30 of 45

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Products and services
Line of business Revenue Share YoY
Products $54.1M 64.2% ▲ 122.7%
Services $30.2M 35.8% ▲ 31.8%

From Innovative Solutions & Support Inc's 10-K filed December 23, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$183M
Institutions reporting
119
Shares held vs prior quarter
▲ 6.5%
Positions opened / closed
35 / 37

Top buyers and sellers, Q2 2026: 78 institutions bought and 70 sold ; the biggest buyer was Blackrock, Inc (+779K shares) and the biggest seller Driehaus Capital Management LLC (−348K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $19.2M 1.1M 10.5% ▲ 271.0%
Marshall Wace, LLP $12.5M 692K 6.8% ▼ 8.2%
Vanguard Capital Management LLC $11.3M 629K 6.2% ▲ 0.6%
Punch & Associates Investment Management, Inc. $10.3M 570K 5.6% ▲ 9.9%
Morgan Stanley $9.1M 503K 5.0% ▼ 16.6%
Renaissance Technologies LLC $8.8M 490K 4.8% ▲ 61.8%
Dimensional Fund Advisors LP $7.4M 411K 4.1% ▲ 11.7%
Geode Capital Management, LLC $6.4M 354K 3.5% ▲ 142.4%
Citadel Advisors LLC $5.4M 299K 2.9% ▲ 181.9%
Centerbook Partners LP $4.8M 265K 2.6% New
Roubaix Capital, LLC $4.8M 265K 2.6% New
Qube Research & Technologies Ltd $4.7M 261K 2.6% ▲ 23.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Innovative Solutions & Support Inc's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced

  • August 13, 2026
  • May 14, 2026
  • February 12, 2026
  • December 18, 2025
  • August 14, 2025
  • May 14, 2025

Recent SEC filings

Data status

When each part of this page on Innovative Solutions & Support Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Innovative Solutions & Support Inc in brief

What does Innovative Solutions & Support Inc do?
Innovative Solutions & Support Inc is a US-listed company in the aerospace & defense industry. Its financial year ends in September.
What is Innovative Solutions & Support Inc's stock ticker?
Innovative Solutions & Support Inc trades under the ticker IA on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Innovative Solutions & Support Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Innovative Solutions & Support Inc reported revenue of $93.2M, 20.3% higher than a year earlier, according to its SEC filings.
What is Innovative Solutions & Support Inc's free cash flow?
Innovative Solutions & Support Inc's free-cash-flow margin is 15.3% of revenue over the trailing twelve months, ranking 8 of the 57 aerospace & defense companies we cover.
What is Innovative Solutions & Support Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Innovative Solutions & Support Inc's free cash flow after stock-based pay gives ~$16 per share in the base case, and ~$11–$22 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Innovative Solutions & Support Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Marshall Wace, LLP and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Innovative Solutions & Support Inc's market cap?
On November 2, 2026, Innovative Solutions & Support Inc's market capitalisation was about $387M, with a price-to-earnings ratio of 20.3 and net debt of $43.8M. Market figures come from third-party market data and may be delayed.
How much debt does Innovative Solutions & Support Inc have?
Innovative Solutions & Support Inc's debt-to-equity ratio is 70.4%, from its latest balance sheet. The financial health section below sets out its other solvency checks.
Who are Innovative Solutions & Support Inc's competitors?
In our Aerospace & Defense peer group, the companies closest to Innovative Solutions & Support Inc are Sifco Industries Inc, Capstone Energy Plus, Inc., XTI Aerospace, Inc., Park Aerospace Corp and Blacksky Technology Inc. The side-by-side comparison below sets their revenue, margins and growth against Innovative Solutions & Support Inc's.
When is Innovative Solutions & Support Inc's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Innovative Solutions & Support Inc announces its own schedule.