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Ducommun Incorporated
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Latest analysis
Updated Nov 5, 2026
Ducommun posts record Q3 revenue of $227M with 2.2x defense book-to-bill and $808M military RPO, targeting $1.6-1.7B by 2032
Ducommun's Q3 2026 results mark a strategic inflection: record gross margin of 28.9%, a defense book-to-bill of 2.2x driven by an all-time-high $808M military and space RPO, and commercial aerospace revenue up 28% year-over-year as 737 MAX destocking approaches its December end. The missile and radar franchise — now 39% of year-to-date defense revenue and 21% of total company revenue — is the primary growth engine, with seven-year framework agreements with RTX and Lockheed expected to convert to purchase orders in late Q1 and Q2 2027. Vision 2032 sets a $1.6-1.7B revenue target with 23% adjusted EBITDA margins, anchored on doubling engineered product mix to at least 40% of revenue through organic growth and an accelerated acquisition program.
Tone: bullishRevenue
$824.8M
DCO 10-K · FY 2025
Employees
2,130
Revenue FY2024
$786.6M
Founded
1849
Profile
DCO 10-K Item 1 · Feb 26, 2026Ducommun Incorporated is a designer and manufacturer of high-performance products for aerospace, defense, industrial, and medical applications, operating through two segments: Electronic Systems and Structural Systems. The company differentiates itself as a full-service, solution-based provider offering proprietary electronics, aerostructures, and integrated solutions. Aerospace and defense revenues represented 96% of total net revenues in 2025.
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Ducommun Incorporated is a leading designer and manufacturer of and provider of manufacturing solutions for high-performance products often used in high-cost-of failure applications primarily in the aerospace and defense ('A&D'), industrial, medical and other industries (collectively, 'Industrial'). Ducommun differentiates itself as a full-service solution-based provider, offering innovative, value-added proprietary products and manufacturing solutions to our customers in our primary businesses of electronics, structures, and integrated solutions. We operate through two primary business segments: Electronic Systems and Structural Systems. Electronic Systems designs, engineers and manufactures high-reliability electronic and electromechanical products used in worldwide technology-driven markets including A&D and Industrial end-use markets. Electronic Systems' product offerings primarily range from prototype development to complex assemblies. Structural Systems designs, engineers and manufactures various sizes of complex contoured aerostructure components and assemblies and supplies composite and metal bonded structures and assemblies. Structural Systems' products are primarily used on commercial aircraft, military fixed-wing aircraft and military and commercial rotary-wing aircraft. Our largest end-use markets are the aerospace and defense markets, and our revenues from these markets represented 96% of our total net revenues in 2025. We are the successor to a business that was founded in California in 1849 and reincorporated in Delaware in 1970.
Primary products
- Complex cable assemblies and interconnect systems
- Printed circuit board assemblies
- Higher-level electronic, electromechanical, and mechanical components and assemblies
- Lightning diversion systems
- Sophisticated radar enclosures
- Aircraft avionics racks
Business segments
End markets
Geographies
Named customers
For 2025, Boeing and RTX Corporation (f/k/a Raytheon Technologies Corporation) ('RTX') were our largest customers, with Boeing generating 13% and RTX generating 18% of our 2025 net revenues. Revenues from our top 10 customers, including Boeing and RTX, were 61% of total net revenues during 2025.
“Our ability to compete depends principally upon the breadth of our technical capabilities, the quality of our goods and services, competitive pricing, product performance, design and engineering capabilities, new product innovation, the ability to solve specific customer needs, and customer relationships.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Net revenues increased from $786.6 million in 2024 to $824.7 million in 2025, driven by growth in military and space and commercial aerospace end-use markets.
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