olivLaw · US equity research
CPI Aerostructures, Inc. CVU
Aircraft Parts & Auxiliary Equipment, NEC · SIC 3728 · Vertical: Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728)
CPI Aerostructures makes structural assemblies and integrated systems for aerospace and defense, mainly as a Tier 1 subcontractor to large defense primes and as a prime contractor to the U.S. Department of Defense. The company returned to growth in the first half of 2026 after a 2025 year hit by an unfavorable A-10 contract adjustment, and its backlog reaches 533 million USD.
At the close of 04 Nov 2026, CPI Aerostructures, Inc. (CVU) stock was 4.83 USD (+0.00% on the day), with market capitalisation 64.0 m USD, P/E 17.0 on diluted EPS of 0.28 USD over the last 12 months, beta 0.91, 52-week range 2.05–5.86 USD. Latest reported quarter (Q2 2026): revenue of 17.6 m USD (+15.8% YoY), net income of 685.6 k USD, diluted EPS 0.05 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.3
- weak (30–45)
- Bollinger (20, 2)
- 4.64 – 5.18
- in the lower half of the band · %B 0.35 · band width 10.9%
- SMA 50 / 200
- 5.05 / 4.59
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.3% | −1.1% | −4.2 pp | — |
| 3 months | −2.6% | −0.5% | −2.2 pp | — |
| 6 months | +29.8% | +4.4% | +25.4 pp | — |
| Year to date | +22.0% | +12.3% | +9.7 pp | — |
| 1 year | +118.6% | +13.5% | +105.0 pp | −4.3% |
| 3 years | +62.1% | +76.4% | −14.3 pp | +45.2% |
| 5 years | +62.1% | +63.7% | −1.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19.4 m | 21.8 m | 15.4 m | 15.2 m | 19.3 m | 19.4 m | 17.4 m | 17.6 m |
| Cost of revenue | 15.2 m | 17.4 m | 13.8 m | 14.5 m | 15.0 m | 15.5 m | 12.9 m | 13.7 m |
| Gross profit | 4.2 m | 4.3 m | 1.6 m | 663.4 k | 4.3 m | 3.9 m | 4.5 m | 3.9 m |
| SG&A | 2.7 m | 2.3 m | 2.8 m | 2.7 m | 2.6 m | 2.7 m | 2.7 m | 2.7 m |
| Operating income | 1.5 m | 2.1 m | -1.2 m | -2.0 m | 1.8 m | 1.2 m | 1.8 m | 1.2 m |
| Depreciation & amortisation | 102.8 k ≈ | 124.7 k | 98.8 k | 88.6 k ≈ | 78.9 k ≈ | 154.1 k | 39.7 k | 26.4 k ≈ |
| Interest expense | 573.4 k | 495.4 k | 488.1 k | 287.5 k | 387.9 k | 404.3 k | 291.9 k | 312.9 k |
| Pre-tax income | 904.3 k | 1.6 m | -1.7 m | -2.3 m | 1.4 m | 834.3 k | 1.6 m | 882.8 k |
| Income tax | 154.6 k | 607.8 k | -349.0 k | -947.7 k | 253.3 k | 142.5 k | 331.3 k | 197.2 k |
| Net income | 749.7 k | 971.5 k | -1.3 m | -1.3 m | 1.1 m | 691.8 k | 1.2 m | 685.6 k |
| Diluted EPS | 0.06 | 0.08 ≈ | -0.10 | -0.10 | 0.09 | 0.05 ≈ | 0.09 | 0.05 |
| Operating cash flow | 715.1 k ≈ | 4.4 m | -2.7 m | -596.3 k ≈ | 212.1 k ≈ | -2.1 m | -424.7 k | -1.0 k ≈ |
| Capex | 128.3 k ≈ | 73.6 k | 59.4 k | 3.5 k ≈ | 963 ≈ | 1.1 k | 53.1 k | 7.5 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 76 percentile of its own 25-quarter history (min 1.7, median 7.9, max 210.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 70.4 m | 87.5 m | 87.6 m | 103.4 m | 83.3 m | 86.5 m | 81.1 m | 69.3 m |
| Revenue YoY | −13.4% | +24.4% | +0.1% | +18.0% | −19.4% | +3.8% | −6.2% | −14.6% |
| Net income | -7.5 m | -6.8 m | -3.7 m | 6.8 m | 9.2 m | 17.2 m | 3.3 m | -843.4 k |
| Net income YoY | −230.8% | unavailable | unavailable | unavailable | +34.5% | +87.5% | −80.8% | −125.6% |
| Diluted EPS | -0.80 | -0.57 | -0.31 | 0.56 | 0.74 | 1.38 | 0.26 | -0.07 |
| Diluted EPS YoY | −223.1% | unavailable | unavailable | unavailable | +32.1% | +86.5% | −81.2% | −126.9% |
| net % | -10.7% | -7.7% | -4.2% | 6.6% | 11.0% | 19.9% | 4.1% | -1.2% |
| Free cash flow | -3.2 m | -814.0 k | -1.7 m | 2.8 m | 903.5 k | 3.8 m | 3.2 m | -5.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- 10.0 m USD
- Net debt
- unavailable USD
- Equity
- 25.8 m USD
- Total assets
- 75.2 m USD
- Debt / equity
- 0.39x
- Current ratio
- 1.89x
- ROE
- -3.3%
- ROA
- -1.2%
- FCF margin
- -7.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 87.6 m | 103.4 m | 83.3 m | 86.5 m | 81.1 m | 69.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 77.8 m | 88.4 m | 67.0 m | 69.4 m | 63.8 m | 58.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 9.8 m | 15.0 m | 16.3 m | 17.1 m | 17.2 m | 10.6 m | SEC (XBRL)· 31 Mar 2026verified |
| SG&A | 12.0 m | 11.8 m | 11.4 m | 10.8 m | 10.5 m | 10.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -2.3 m | 3.2 m | 4.9 m | 6.3 m | 6.7 m | -176.4 k | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 1.0 m | 1.0 m | 688.1 k | 471.0 k | 430.0 k | 420.4 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -1.3 m ≈ | 4.2 m ≈ | 5.6 m ≈ | 6.8 m ≈ | 7.2 m ≈ | 244.0 k ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 1.4 m | 1.1 m | 2.3 m | 2.5 m | 2.3 m | 1.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -3.7 m | 6.8 m | 2.6 m | 3.9 m | 4.4 m | -1.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | -53.4 k | 14.6 k | -6.6 m | -13.3 m | 1.1 m | -900.9 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -3.7 m | 6.8 m | 9.2 m | 17.2 m | 3.3 m | -843.4 k | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -0.31 | 0.56 | 0.74 | 1.38 | 0.26 | -0.07 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 11.9 m | 12.2 m | 12.4 m | 12.5 m | 12.7 m | 12.8 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 6.0 m | 6.3 m | — | — | — | — | SEC (XBRL)· 19 Aug 2022verified |
| Receivables | 5.0 m | 5.0 m | 4.9 m | 4.4 m | 3.7 m | 5.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 6.4 m | 4.0 m | 2.5 m | 1.4 m | 918.3 k | 800.8 k | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 37.7 m | 43.3 m | 43.2 m | 46.9 m | 43.6 m | 43.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 2.5 m | 1.6 m | 1.1 m | 794.1 k | 767.9 k | 412.6 k | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | 1.8 m | 1.8 m | 1.8 m | 1.8 m | 1.8 m | 1.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 250.0 k | 125.0 k | — | — | — | — | SEC (XBRL)· 19 Aug 2022verified |
| Total assets | 46.5 m | 55.0 m | 59.4 m | 74.4 m | 68.0 m | 75.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 12.1 m | 10.4 m | 8.0 m | 10.5 m | 11.1 m | 14.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 6.5 m | 3.4 m | 136.4 k | 44.5 k | 26.5 k | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 6.2 m | 1.5 m | 1.8 m | 71.0 k | — | 10.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 30.0 m | 31.1 m | 30.3 m | 31.5 m | 26.5 m | 23.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 59.5 m | 60.3 m | 55.3 m | 52.3 m | 42.0 m | 49.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | -13.0 m † | -5.3 m † | 4.2 m † | 22.1 m † | 25.9 m † | 25.8 m † | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | 12.0 m | 12.3 m | — | — | — | — | SEC (XBRL)· 27 Dec 2021verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.6 m | 2.8 m | 944.3 k | 3.9 m | 3.6 m | -5.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 146.8 k | 29.2 k | 40.8 k | 140.5 k | 403.9 k | 65.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -1.7 m ≈ | 2.8 m ≈ | 903.5 k ≈ | 3.8 m ≈ | 3.2 m ≈ | -5.3 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -146.8 k | -29.2 k | -40.8 k | -140.5 k | -403.9 k | -65.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 2.3 m | -2.5 m | -3.4 m | -2.5 m | -2.8 m | 673.3 k | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 64.0 m USD
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 2.50 – 9.74 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E2.50 – 9.74 (Mid 9.14)6 companies used · median multiple 32.3x · quartiles 8.8x – 34.4xATRO, ESLT, LOAR, PKE, PRZO, TDG
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 5.1% | 40 (vs peers) | 13% |
| FCF conversion · Quality | -63.6% | 0 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | -6.0% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.3x | 43 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.0x | 98 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 17.0x | 71 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.7% | 0 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet65/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality20/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation40/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CPI AEROSTRUCTURES, INC. (CVU). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 69.3 m USD in 2025; YoY growth -14.6%; net margin 5.1%; ROE 14.4%.
The estimated value range is 2.50–9.74 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 9.14 USD, the price of 4.83 USD leaves a potential of 89.3% (value / price − 1) and a margin of safety of 47.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
- P/E (TTM): 17.0x
What contradicts it
- FCF conversion: -63.6%
- Revenue CAGR 3Y: -6.0%
- FCF yield: -3.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Aircraft Parts & Auxiliary Equipment, NEC (SIC 3728) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TDGTransDigm Group Incorporated | 67.3 bn | 34.1 | — | 21.3% | +11.2% | −11% / +26% |
| ESLTElbit Systems Ltd | 32.7 bn | 61.8 | 14.4% | 6.7% | +16.3% | +50% / +248% |
| LOARLoar Holdings Inc. | 6.5 bn | 0.5 | 5.8% | 11.6% | +23.2% | +2% / unavailable |
| KRMNKarman Holdings Inc. | 4.5 bn | 118.5 | 9.5% | 6.3% | +36.6% | −49% / unavailable |
| DCODucommun Incorporated | 2.4 bn | — | -3.0% | -2.4% | +4.9% | +70% / +210% |
| ATROAstronics Corporation | 1.9 bn | 30.4 | 33.7% | 8.4% | +8.4% | +32% / +385% |
| PKEPark Aerospace Corp. | 544.8 m | 34.4 | 11.1% | 18.4% | +18.2% | +28% / +64% |
| CVUCpi Aerostructures, Inc. | 64.0 m | 17.0 | 14.4% | 5.1% | −14.6% | +119% / +62% |
| AIRIAir Industries Group | 12.5 m | — | -10.6% | -3.8% | −13.0% | −14% / −11% |
| PRZOParaZero Technologies Ltd. | 9.8 m | 1.6 | -380.5% | -517.1% | +12.3% | −66% / −34% |
| EHEHang Holdings Limited | — | — | -27.8% | -66.0% | −4.4% | −71% / −77% |
1- and 3-year price returns: for CVU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.56 Total return -47% · Per year -47% | 4.55 Total return -6% · Per year -6% | 6.89 Total return 43% · Per year 43% |
| 3 years | 2.04 Total return -58% · Per year -25% | 4.11 Total return -15% · Per year -5% | 6.89 Total return 43% · Per year 13% |
| 5 years | 1.62 Total return -67% · Per year -20% | 3.71 Total return -23% · Per year -5% | 6.89 Total return 43% · Per year 7% |
- Exit P/E± 1.03
- Net margin± 0.72
- Annual revenue growth± 0.65
- Annual dilution± 0.06
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CPI Aerostructures makes structural assemblies and integrated systems for aerospace and defense, mainly as a Tier 1 subcontractor to large defense primes and as a prime contractor to the U.S. Department of Defense. The company returned to growth in the first half of 2026 after a 2025 year hit by an unfavorable A-10 contract adjustment, and its backlog reaches 533 million USD 123.
SWOT
Strengths
Weaknesses
- Revenue concentration in a few customers and programs makes the company sensitive to rate changes or delays 1.
- Fixed-price contracts and negative cost adjustments produced a net loss in 2025, showing margin vulnerability 1.
- High working capital needs and reliance on a credit line to fund production before customer payment 1.
Opportunities
- New next-generation product awards and expansion in pod and missile structure programs could support growth 3.
- The OEM shift toward build-to-print contracts and supplier consolidation could open new customer relationships 1.
- Expanding the role of subassembly integrator in aerostructures and aerosystems could raise the manufacturing content of contracts 1.
Threats
- Cuts or delays in military program funding, as well as shifts in priorities, could affect orders 1.
- Consolidation in the aerospace industry could create larger competitors with greater resources 1.
- Termination or negative adjustments on programs, such as A-10, can quickly affect revenue and margins 1.
Risks
- Dependence on a small number of customershigh
A few prime contractors and the Air Force generate most revenue, and a change in production rates at any of them would have a material effect 1.
- Fixed-price contract adjustmentshigh
Rising estimated costs on fixed-price contracts can reduce profitability, as seen in the A-10 program 1.
- Working capital needsmedium
Costly production before customer payment could strain liquidity if payments are delayed 1.
- Government fundingmedium
Budget timing, appropriation gaps or contract terminations could delay or reduce orders 1.
- Concentration on a few programsmedium
A small number of programs generates a large share of revenue, so delays on one can affect quarterly results 1.
Investment thesis
What would need to be true (bull case)
- If the margin recovery seen in the first half of 2026 holds and new awards convert into revenue, the company could show a durable improvement in profitability 23.
- A backlog supported by multi-year programs gives visibility that could reduce medium-term uncertainty 2.
- Its position as a supplier on critical defense programs could attract new contracts if defense budgets stay supportive 1.
What would break the thesis
What to watch
- Trend in gross margin and contract adjustmentsQ3 2026
- Execution of new next-generation awards totalling 62 million USD2026
- Level of working capital and use of the credit linenext 10-K
- Funding status of military programs in the U.S. budget2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CPI Aero manufactures structural assemblies for fixed wing aircraft and helicopters, along with electronic warfare pod structures and ISR structures, on a build-to-print basis, and provides engineering, program management, supply chain, kitting and MRO services 1. The company has over 45 years of experience as a contractor and presents itself as combining large-contractor capability with small-company flexibility 1. Its strategy targets growth through aerospace and defense programs, welding and tube bending, wire harnesses, and multi-year contracts 1.
Revenue for fiscal 2025 fell from 2024, mainly due to an unfavorable contract adjustment tied to the termination of the A-10 program and lower revenue on the T-38 program 1. For the first half of 2026 the company reports higher revenue and gross margin, with a gross margin of 23.9% 3. The business depends on working capital financing, because many contracts require costs before payment 1.
The customer base is concentrated: Raytheon, Sikorsky, Lockheed Martin and the United States Air Force together accounted for most of 2025 revenue 1. International exposure is limited, with revenue from customers outside the U.S. of a few million dollars 1.
Segments
Military subcontracts with primes
Military subcontracts form the core of the business, with programs such as NGJ-MB, UH-60 Black Hawk and E-2D Advanced Hawkeye. Military subcontract revenue rose in the first half of 2026 compared with the same period a year earlier, according to the quarterly report 2.
Market context
The reference market is the U.S. and allied aerospace and defense industry, where demand for structures and subassemblies built to customer specifications is supported by long-running military programs 1. The company sees OEMs shifting toward more build-to-print contracts, which fits its model 1.
The civil commercial market is a small part of the company's business and is dominated by large business jet manufacturers 1. Dependence on defense budgets and congressional funding decisions makes demand fairly predictable over the medium term but sensitive to shifts in priorities 1.
Trends
- Multi-year programs with stable production ratestailwind
The NGJ-MB and electronic warfare pod programs offer visibility over several years, with new orders in 2025 and 2026 13.
- Shift to build-to-print contractstailwind
OEM preference for manufacturing to specification, rather than design-and-build, fits the company's capabilities 1.
- Dependence on defense budgetsheadwind
Program funding depends on annual congressional appropriations and possible funding interruptions, which can delay orders 1.
- Cost estimate adjustmentsmixed
Revenue recognized on a cost-to-complete basis means cost adjustments affect results quickly, as seen in the A-10 program 1.
Competitive position
In structures, the company competes with much larger Tier 1 suppliers such as Spirit AeroSystems, Kaman, GKN, Ducommun and LMI Aerospace, and says it competes through comparable quality and competitive pricing 1. In electronic warfare pod systems competition is lighter, and the main rival is often the customer's internal manufacturing 1.
For unrestricted U.S. government contracts the company may compete with large primes such as Northrop Grumman, Lockheed Martin and Boeing, but its advantage is the flexibility of a smaller supplier; for set-aside contracts competition comes from many small businesses 1.
- Spirit AeroSystems
Much larger Tier 1 aerostructures supplier named as a competitor in structures 1.
- Ducommun
Supplier of structures and subassemblies for aerospace and defense, named among larger aerostructures competitors 1.
- Kaman Aerospace
Aerostructures competitor with greater resources, named by the company 1.
- Northrop GrummanNOC
Large prime contractor that can compete for unrestricted government contracts and is also a customer of the company 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report16 Sept 2026Shareholder vote · Financial statements and exhibits
- Current report13 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Proxy statement31 Jul 2026
- Current report11 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report18 May 2026Results of operations · Financial statements and exhibits
- Quarterly report15 May 2026
- Current report31 Mar 2026Results of operations · Financial statements and exhibits
- Annual report31 Mar 2026
- Current report12 Dec 2025Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CPI Aerostructures, Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CPI Aerostructures, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CPI Aerostructures, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.