Applied Aerospace & Defense
Builds mission-critical subsystems for space, aerospace, and defense platforms.
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Profile
Produces specialized space, aerospace, and defense subsystems through design, fabrication, assembly, testing, repair, and sustainment work. Revenue combines development, original-equipment production, and recurring aftermarket support, primarily through fixed-price contracts and largely within U.S. operations.
Designs, engineers, manufactures, tests, and sustains flight- and mission-critical subsystems for space, military aviation, C5ISR, and precision-strike platforms. Space and Launch Systems provides spacecraft assemblies, antennas, power and thermal hardware, deployable systems, and Spinnaker drag sails. Defense Aviation and Airborne Systems supplies flight controls, landing gear, fuel systems, transmission and engine components; C5ISR and Precision Strike Systems adds sensing, RF, missile-body, launch, propulsion, and survivability hardware.
Combines concurrent engineering and structural design with composite and metallic fabrication, bonding, precision machining, assembly, inspection, testing, repair, overhaul, logistics, and configuration management. Work spans development, original-equipment production, and aftermarket sustainment, delivered principally under fixed-price customer contracts. Operations and long-lived assets are substantially U.S.-based, while revenue depends on U.S. defense budgets, prime-contractor relationships, program appropriations, specialized suppliers and materials, security clearances, and 11 specialized U.S. facilities.
Company facts
Key statistics
Year to date −30.0% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 13, 2026 | Morgan Stanley | Reiterate | Mixed | $23 | $24 |
| Jun 29, 2026 | Robert W. Baird | Target | $30 | ||
| Jun 29, 2026 | Morgan Stanley | Target | $23 | ||
| Jun 29, 2026 | Stifel Nicolaus | Target | $24 | ||
| Jun 28, 2026 | UBS | Target | $24 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | $0.01 | −$1.04 | −15,692.2% | $155.8M | $167.3M | +7.4% | −7.19% |
| May 8, 2026Q1 FY26 | — | −$0.10 | — | — | $134.4M | — | — |
Financial highlights
| 10 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $111.0M | $113.5M | $122.5M | $151.7M | $152.0M | $167.3M | |
| Gross profit | $30.9M | $25.5M | $27.8M | $35.7M | $36.5M | $37.2M | |
| Operating income | $12.0M | $13.9M | $15.7M | $17.3M | −$57.0M | −$96.2M | |
| Net income | −$7.3M | −$4.7M | $2.7M | −$7.8M | −$78.8M | −$154.0M | |
| Diluted EPS | −$0.04 | −$0.03 | $0.02 | −$0.05 | −$0.46 | −$1.04 | |
| Gross margin | 27.8% | 22.5% | 22.7% | 23.5% | 24.0% | 22.2% | |
| Operating margin | 10.8% | 12.3% | 12.8% | 11.4% | -37.5% | -57.5% |
Fiscal years (4-quarter sums)FY24 $399.8M · FY25 $498.8M
Balance sheet, Jun 30, 2026Cash & short-term investments $18.1M · Total debt $431.5M · Total assets $1.50B · Shareholders' equity $827.9M
Dividends
No dividends on record.
Ownership
Shares outstanding 171.22M · Float 32.43M · 18.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| AA&D Holdings, LP | 126.79M | 73.50% | 13G | Aug 13, 2026 |
| Ra Capital Management, L.P. | 28.93M | 16.90% | 13F | Aug 14, 2026 |
| FMR LLC | 10.29M | 6.01% | 13F | Aug 13, 2026 |
| Arch Venture Management, LLC | 6.41M | 3.75% | 13F | Aug 14, 2026 |
| Venbio Partners LLC | 5.27M | 3.08% | 13F | Aug 14, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Ducommun
Core aircraft structures and C5ISR electronics contest key military programs.
- Karman
Launch and missile hardware overlaps in structures, separation, and propulsion.
- Redwire
Spacecraft power, deployables, RF, and payloads overlap in space systems.
- Park Aerospace
Composite materials and structures overlap in aircraft, space, and missile work.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Applied Aerospace & Defense | $13.43 | +0.90% | $2.28B | — | 31.1 | 3.8 | — |
| Ducommun | $176.30 | 0.00% | $2.66B | — | 36.1 | 3.1 | +11.0% |
| Karman | $46.00 | +0.90% | $6.04B | 160.0 | 61.1 | 10.2 | +58.2% |
| Redwire | $10.87 | 0.00% | $2.60B | — | — | 6.1 | +89.6% |
| Park Aerospace | $32.42 | +0.03% | $705.2M | 51.5 | 45.6 | 9.3 | +18.9% |
| Median | 105.7 | 45.6 | 7.7 | +38.5% |







