Ducommun Inc. (DCO)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$865.1M

Revenue growth

9.2%

Net income, last twelve months

-$21.2M

Earnings per share

-$1.51

Gross margin

27.4%

Operating margin

-1.7%

Net margin

-2.5%

Free cash flow

-$24.5M

Return on equity

-3.1%

Market value

$2.5B

Cash

$39.8M

Debt

$276.4M

Debt to equity

0.40

Shares outstanding

15.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 6 August 2026.

• Record revenue and gross margin. Net revenue was $224.5 million, up 12% from $200.8 million a year earlier. Gross margin was a record 28.0%, up 160 bps year-over-year.
• Net income up 60%. Net income was $20.4 million, or $1.31 per diluted share, against $12.8 million, or $0.84 per diluted share, a year earlier. Net income was 9.1% of revenue.
• Non-GAAP earnings and EBITDA rose. Non-GAAP adjusted net income was $18.4 million, or $1.18 per diluted share, up 35%. Adjusted EBITDA was $38.4 million, up 21%, or 17.1% of revenue.
• Operating income helped by clawback. Operating income was $28.3 million, or 12.6% of revenue, against $17.7 million a year earlier. The increase included a $3.9 million compensation clawback that reduced SG&A.
• Electronic Systems revenue grew. Electronic Systems revenue was $131.4 million, up 19.8%, with operating income of $25.5 million, or 19.4% of revenue.
• Structural Systems margin widened. Structural Systems revenue was $93.1 million, up 2.1%. Operating income was $12.8 million, or 13.7% of revenue, up from 10.2%.
• Commercial and military rate changes. Commercial aerospace revenue rose $12.0 million on higher rates on large aircraft platforms. Military and space revenue rose $7.9 million on higher missile and fixed-wing rates.
• Industrial revenue up on order timing. Industrial end-use revenue increased $3.8 million, mainly due to timing of orders.
• Bookings gave 1.4x book-to-bill. Bookings were $309.7 million in the quarter, a non-GAAP book-to-bill of 1.4, against 0.6 in the second quarter of 2025.
• Consolidated RPO reached record. Consolidated remaining performance obligations were $1,158.9 million at July 4, 2026, up from $1,106.0 million at December 31, 2025.
• Electronic Systems backlog increased. Electronic Systems RPO was $602.1 million, with military and space at $516.7 million and commercial aerospace at $69.1 million.
• Destocking headwinds easing gradually. Management expects some continued destocking headwinds in the remaining quarters of 2026, but said those pressures have begun to ease gradually.
• Missile franchise led defense growth. Defense growth was led by the missile franchise, particularly the PAC-3 and SM-6 platforms, with growth also on the F-15 fixed-wing platform.
• Single-aisle aircraft drove commercial growth. Single-aisle aircraft, including the Boeing 737 MAX and Airbus A320, drove a 16% year-over-year increase in commercial aerospace revenue.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By product, FY2025

Company events

The newest 8-K filings of 205 held.

Every filing

The newest filings with the SEC of 477 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

285 funds held it at 30 Jun 2026: 148 added and 82 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• TransDigm Group Inc. (TDG): revenue $10.0B, market value $62.9B
• Loar Holdings Inc. (LOAR): revenue $586.2M, market value $5.7B
• Karman Holdings Inc. (KRMN): revenue $589.6M, market value $5.0B

What the company does

Ducommun Incorporated designs and manufactures high-performance products, often for applications where failure is costly, mainly in aerospace and defense, with some industrial, medical and other work. The company calls itself a leading designer and manufacturer and a full-service, solution-based provider. It works through two reportable segments, Electronic Systems and Structural Systems, and describes its primary businesses as electronics, structures and integrated solutions. Aerospace and defense markets made up 96% of its total net revenues in 2025. It is the successor to a business founded in California in 1849 and reincorporated in Delaware in 1970.

How the business is organised

Electronic Systems accounted for 56.1% of net revenues and Structural Systems for 43.9%. The filing says the two segments differ in competitors, customers, extent of proprietary deliverables and performance. Acquisitions are described as part of the growth strategy. In April 2023 the company bought 100% of the equity interests of BLR Aerospace L.L.C., a provider of aerodynamic systems for rotary-wing and fixed-wing aircraft, and placed it in Structural Systems.

What Electronic Systems makes

This segment builds high-reliability electronic and electromechanical products, with offerings ranging from prototype development to complex assemblies.

- complex cable assemblies, wire harnesses and interconnect systems - printed circuit board assemblies - radar enclosures, aircraft avionics racks and shipboard communications and control enclosures - lightning diversion strips, surge suppressors and conformal shields - illuminated pushbutton switches and panels, microwave and millimeter switches and filters, and motors and resolvers

It also provides engineering for aerospace system design, development, integration and testing. By end market, this segment's revenues were 75.9% military and space, 16.2% commercial aerospace and 7.9% industrial.

What Structural Systems makes

Structural Systems designs and manufactures large contoured aerostructure components in aluminum, titanium and Inconel. It also makes bonded metal and composite structures. Its products include winglets, engine components, fuselage panels, wing spoilers, large fuselage skins, rotor blades, flight control surfaces and engine nacelle components. It also makes precision profile extrusions, ammunition handling systems for military aircraft and ground vehicles, and seals. The segment lists machine milling, stretch-forming, hot-forming, metal bonding, composite layup and chemical milling among its capabilities. Its revenues were 64.4% commercial aerospace and 35.6% military and space.

Who buys from it

For the company as a whole, military and space was 58% of net revenues, commercial aerospace 38% and industrial 4%. The company describes industrial, medical and other markets as outside its core business and says it will continue to selectively prune them. In the aerospace supply chain it sells to original equipment manufacturers, known as Primes, and to Tier One, Tier Two and Tier Three suppliers, and it says it competes with suppliers at all three tiers. A large share of its revenue comes from subcontracts with the Primes.

RTX Corporation generated 18% of net revenues and Boeing 13%. Lockheed Martin Corporation and Northrop Grumman Corporation are also among the top ten customers, which together accounted for 61%.

How it sells and competes

Many contracts are firm fixed price and can be terminated at the customer's convenience. In that case the customer generally pays costs incurred and certain other fees through the termination date, plus a reasonable profit. The company defines backlog as customer purchase orders and long-term agreements with firm fixed prices and expected delivery dates of 24 months or less. It describes its marketing as building long-term customer relationships so that it is designated early in the design process. No material portion of the business is seasonal.

Raw materials include aluminum, titanium, steel and carbon fibers, plus electronic interconnect and circuit card components. These are generally available from a number of suppliers, though some items come from single source suppliers. The company says competition depends on technical breadth, quality, price, product performance, design and engineering capability, and customer relationships. It has several patents but says no single patent or group of patents is essential to its operations. Some competitors may have greater financial resources, economies of scale and bundled offerings that Ducommun does not provide.

Its people

At 31 December 2025 Ducommun had 2,130 employees, of whom 282 are covered by a collective bargaining agreement expiring in April 2028. Eligible employees can buy company stock through an Employee Stock Purchase Plan at a 15% discount. Since 2020 the company has worked with the Fund II Foundation and its internX platform to recruit science, technology, engineering and math students as interns.

*From Ducommun's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/30305/000162828026011952/dco-20251231.htm)*

From the company's 10-K.