olivLaw · US equity research
Moog Inc. MOG-A
Misc Industrial & Commercial Machinery & Equipment · SIC 3590 · Vertical: Misc Industrial & Commercial Machinery & Equipment (SIC 3590)
Moog designs, manufactures and integrates high-performance precision motion and fluid control systems for aerospace, defense and industrial markets, with a portfolio tied to long-running military, space and commercial programs. In fiscal 2026 the company reports sustained sales growth, and its fiscal-year sales guidance was raised to net sales of [4.4] billion USD.
At the close of 04 Nov 2026, Moog Inc. (MOG-A) stock was 325.81 USD (−9.85% on the day), with P/E 27.7 on diluted EPS of 11.76 USD over the last 12 months, dividend yield 0.36%, beta 1.20, 52-week range 195.53–445.38 USD. Latest reported quarter (Q3 2026): revenue of 1.1 bn USD (+15.2% YoY), net income of 152.0 m USD (+159.9% YoY), diluted EPS 4.74 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)
- 35.4
- weak (30–45)
- Bollinger (20, 2)
- 334.96 – 382.69
- below the lower band · %B -0.19 · band width 13.3%
- SMA 50 / 200
- 367.47 / 354.13
- mixed trend
- MACD (12, 26, 9)
- -7.42 / -6.03
- MACD below 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 | −14.5% | −1.1% | −13.4 pp | — |
| 3 months | −20.3% | −0.5% | −19.8 pp | — |
| 6 months | +2.3% | +4.4% | −2.1 pp | — |
| Year to date | +33.8% | +12.3% | +21.5 pp | — |
| 1 year | +60.6% | +13.5% | +47.0 pp | −49.2% |
| 3 years | +145.6% | +76.4% | +69.2 pp | −18.0% |
| 5 years | +289.5% | +63.7% | +225.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 27 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 919.4 m | 907.9 m | 934.0 m | 969.6 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.1 bn |
| Cost of revenue | 657.7 m | 662.8 m | 675.3 m | 696.9 m | 759.8 m | 806.1 m | 764.4 m | 769.3 m |
| Gross profit | 256.5 m | 245.1 m | 256.6 m | 266.8 m | 288.8 m | 294.2 m | 287.6 m | 347.2 m |
| Research & development | 26.0 m | 23.6 m | 24.5 m | 21.9 m | 23.7 m | 24.6 m | 26.7 m | 33.0 m |
| SG&A | 126.4 m | 128.1 m | 133.9 m | 139.7 m | 152.2 m | 149.0 m | 136.3 m | 151.0 m |
| Operating income | 92.5 m | 103.6 m | 109.1 m | 111.9 m | 125.0 m | 135.4 m | 137.9 m | 176.3 m |
| Depreciation & amortisation | — | 24.8 m | 24.7 m | 25.8 m | 28.5 m | 27.6 m | 28.0 m | 32.1 m |
| Interest expense | 17.4 m | 16.2 m | 19.5 m | 17.8 m | 18.5 m | 17.2 m | 15.5 m | 15.8 m |
| Pre-tax income | 54.8 m | 74.4 m | 72.1 m | 76.4 m | 89.8 m | 101.2 m | 108.8 m | 137.4 m |
| Income tax | 12.2 m | 16.9 m | 17.4 m | 17.9 m | 25.4 m | 22.4 m | 27.0 m | -14.6 m |
| Net income | 42.5 m | 57.5 m | 54.6 m | 58.5 m | 64.4 m | 78.9 m | 81.8 m | 152.0 m |
| Diluted EPS | 1.31 ≈ | 1.78 | 1.71 | 1.83 | 2.01 ≈ | 2.46 | 2.55 | 4.74 |
| Operating cash flow | 147.5 m | -132.9 m | 40.0 m ≈ | 125.3 m ≈ | 240.7 m | -44.8 m | 129.6 m ≈ | 160.1 m ≈ |
| Capex | 38.2 m | 32.8 m | 37.6 m ≈ | 32.7 m ≈ | 41.7 m | 34.4 m | 31.8 m ≈ | 27.5 m ≈ |
| Dividends paid | 9.0 m | 9.0 m | 9.1 m ≈ | 9.1 m ≈ | 9.2 m | 9.2 m | 9.5 m ≈ | 9.5 m ≈ |
| Share repurchases | 14.9 m | 55.7 m | 70.7 m ≈ | 1.4 m ≈ | 14.9 m | 37.8 m | 12.6 m ≈ | 12.2 m ≈ |
≈ 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 68 percentile of its own 37-quarter history (min 9.6, median 21.4, max 514.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.7 bn | 2.9 bn | 2.9 bn | 2.9 bn | 3.0 bn | 3.3 bn | 3.6 bn | 3.9 bn |
| Revenue YoY | +8.5% | +7.2% | −0.7% | −1.1% | +6.4% | +9.2% | +8.8% | +7.0% |
| Net income | 95.2 m | 174.5 m | 9.2 m | 157.2 m | 155.2 m | 175.2 m | 208.8 m | 235.0 m |
| Net income YoY | −32.6% | +83.3% | −94.7% | +1,608.0% | −1.3% | +12.9% | +19.2% | +12.6% |
| Diluted EPS | 2.64 | 4.96 | 0.28 | 4.87 | 4.83 | 5.47 | 6.45 | 7.33 |
| Diluted EPS YoY | −32.3% | +87.9% | −94.4% | +1,639.3% | −0.8% | +13.3% | +17.9% | +13.6% |
| net % | 3.5% | 6.0% | 0.3% | 5.5% | 5.1% | 5.3% | 5.8% | 6.1% |
| Free cash flow | 7.9 m | 63.0 m | 190.9 m | 164.5 m | 107.4 m | -37.7 m | 45.9 m | 128.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 27 Sept 2025
- Cash
- 62.0 m USD
- Financial debt
- 945.7 m USD
- Net debt
- 883.7 m USD
- Equity
- 2.0 bn USD
- Total assets
- 4.4 bn USD
- Debt / equity
- 0.47x
- Current ratio
- 2.12x
- ROE
- 12.3%
- ROA
- 5.5%
- FCF margin
- 3.3%
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 | 2.9 bn | 2.9 bn | 3.0 bn | 3.3 bn | 3.6 bn | 3.9 bn | SEC (XBRL)· 26 Nov 2025verified |
| Cost of revenue | 2.1 bn | 2.1 bn | 2.2 bn | 2.4 bn | 2.6 bn | 2.8 bn | SEC (XBRL)· 26 Nov 2025verified |
| Gross profit | 743.7 m | 775.7 m | 820.8 m | 897.8 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 26 Nov 2025verified |
| Research & development | 110.9 m | 125.5 m | 109.5 m | 106.6 m | 112.8 m | 93.7 m | SEC (XBRL)· 26 Nov 2025verified |
| SG&A | 397.9 m | 412.0 m | 448.5 m | 474.9 m | 501.3 m | 554.0 m | SEC (XBRL)· 26 Nov 2025verified |
| Operating income | 216.4 m | 271.0 m | 282.8 m | 344.0 m | 404.5 m | 449.6 m | SEC (XBRL)· 26 Nov 2025verified |
| Depreciation & amortisation | 87.0 m | 90.2 m | 88.4 m | 89.3 m | 96.0 m | 103.7 m | SEC (XBRL)· 26 Nov 2025verified |
| EBITDA | 303.3 m ≈ | 361.1 m ≈ | 371.2 m ≈ | 433.3 m ≈ | 500.5 m ≈ | 553.3 m ≈ | SEC (XBRL)· 26 Nov 2025derived |
| Interest expense | 38.9 m | 33.9 m | 36.8 m | 59.8 m | 66.3 m | 72.1 m | SEC (XBRL)· 26 Nov 2025verified |
| Pre-tax income | 5.4 m | 203.8 m | 203.0 m | 221.5 m | 269.7 m | 312.6 m | SEC (XBRL)· 26 Nov 2025verified |
| Income tax | -3.8 m | 46.6 m | 47.8 m | 46.4 m | 61.0 m | 77.6 m | SEC (XBRL)· 26 Nov 2025verified |
| Net income | 9.2 m | 157.2 m | 155.2 m | 175.2 m | 208.8 m | 235.0 m | SEC (XBRL)· 26 Nov 2025verified |
| Diluted EPS | 0.28 | 4.87 | 4.83 | 5.47 | 6.45 | 7.33 | SEC (XBRL)· 26 Nov 2025verified |
| Weighted average diluted shares | 33.4 m | 32.3 m | 32.1 m | 32.0 m | 32.4 m | 32.1 m | SEC (XBRL)· 26 Nov 2025verified |
| Dividend per share | 0.75 | 1.00 | 1.03 | 1.07 | 1.11 | 1.15 | SEC (XBRL)· 26 Nov 2025verified |
≈ 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 | 84.6 m | 99.6 m | 102.0 m | 69.0 m | 61.7 m | 62.0 m | SEC (XBRL)· 26 Nov 2025verified |
| Inventories | 623.0 m | 613.1 m | 588.5 m | 718.5 m | 862.5 m | 914.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Current assets | 1.6 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.1 bn | 2.4 bn | SEC (XBRL)· 26 Nov 2025verified |
| Property, plant & equipment, net | 600.5 m | 645.8 m | 688.9 m | 826.3 m | 928.6 m | 1.0 bn | SEC (XBRL)· 26 Nov 2025verified |
| Goodwill | 821.9 m | 851.6 m | 805.3 m | 821.3 m | 833.8 m | 842.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Intangibles (excl. goodwill) | 85.0 m | 106.1 m | 85.4 m | 71.6 m | 63.5 m | 66.1 m | SEC (XBRL)· 26 Nov 2025verified |
| Total assets | 3.2 bn | 3.4 bn | 3.4 bn | 3.8 bn | 4.1 bn | 4.4 bn | SEC (XBRL)· 26 Nov 2025verified |
| Accounts payable | 176.9 m | 200.6 m | 232.1 m | 265.5 m | 293.9 m | 318.4 m | SEC (XBRL)· 26 Nov 2025verified |
| Short-term debt | 350.0 k | 80.4 m | 916.0 k | 0 | 0 | 1.6 m | SEC (XBRL)· 26 Nov 2025verified |
| Long-term debt | 930.0 m | 823.4 m | 836.9 m | 863.1 m | 874.1 m | 944.1 m | SEC (XBRL)· 26 Nov 2025verified |
| Current liabilities | 710.6 m | 869.4 m | 838.4 m | 957.6 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 26 Nov 2025verified |
| Total liabilities | 2.0 bn | 2.0 bn | 2.0 bn | 2.2 bn | 2.2 bn | 2.4 bn | SEC (XBRL)· 26 Nov 2025verified |
| Equity | 1.2 bn | 1.4 bn † | 1.4 bn † | 1.6 bn † | 1.8 bn † | 2.0 bn † | SEC (XBRL)· 26 Nov 2025verified |
† 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 | 279.2 m | 293.2 m | 246.8 m | 139.7 m | 197.9 m | 273.1 m | SEC (XBRL)· 26 Nov 2025verified |
| Capex | 88.3 m | 128.7 m | 139.4 m | 177.3 m | 152.0 m | 144.7 m | SEC (XBRL)· 26 Nov 2025verified |
| Free cash flow | 190.9 m ≈ | 164.5 m ≈ | 107.4 m ≈ | -37.7 m ≈ | 45.9 m ≈ | 128.4 m ≈ | SEC (XBRL)· 26 Nov 2025derived |
| Investing cash flow | -146.2 m | -191.2 m | -85.2 m | -167.2 m | -155.6 m | -175.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Financing cash flow | -142.8 m | -87.0 m | -134.9 m | -22.7 m | -48.2 m | -98.3 m | SEC (XBRL)· 26 Nov 2025verified |
| Dividends paid | 25.2 m | 32.1 m | 33.0 m | 34.1 m | 35.5 m | 36.4 m | SEC (XBRL)· 26 Nov 2025verified |
| Share repurchases | 232.3 m | 31.7 m | 48.6 m | 29.3 m | 36.7 m | 142.7 m | SEC (XBRL)· 26 Nov 2025verified |
≈ 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: 77 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
- Balance sheet90
- Valuation10
- Quality87
- Growth84
- Returns100
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: 327.25 – 390.45 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
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 · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E327.25 – 390.45 (Mid 365.97)3 companies used · median multiple 31.1x · quartiles 27.8x – 33.2xCW, EPAC, ETN
- Dividend discount (DDM)outside the aggregate15.11 – 20.32 (Mid 17.33)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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
Neutral profile · Score 77/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 16.5% | 100 (on a fixed band) | 14% |
| Net margin · Quality | 8.7% | 63 (vs peers) | 8% |
| FCF conversion · Quality | 92.9% | 90 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 8.3% | 70 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 14.9% | 99 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 1.2x | 80 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | 8.6x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 27.7x | 10 (on a fixed band) | 14% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 10.7% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet90/100 · 3/3 factors with a value
- Growth84/100 · 2/2 factors with a value
- Quality87/100 · 3/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial10/100 · 1/3 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
MOOG Inc. (MOG-A). Latest full fiscal year: 2025; data up to 2026-06-27.
Figures computed from the financial statements: revenue 3.9 bn USD in 2025; YoY growth 7.0%; net margin 8.7%; ROE 18.2%; net debt/EBITDA 1.2x.
The estimated value range is 327.25–390.45 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 365.97 USD, the price of 325.81 USD leaves a potential of 12.3% (value / price − 1) and a margin of safety of 11.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 77/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 16.5%
- FCF conversion: 92.9%
- EPS CAGR 3Y: 14.9%
- Net debt / EBITDA: 1.2x
- Interest coverage: 8.6x
- Current ratio: 2.1x
- Payout ratio (FCF): 10.7%
- The price is below the estimated value range
What contradicts it
- P/E (TTM): 27.7x
Not assessed (insufficient data or a ratio without meaning): EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Misc Industrial & Commercial Machinery & Equipment (SIC 3590) · 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 | |
|---|---|---|---|---|---|---|
| ETNEATON CORPORATION plc | 137.2 bn | 35.3 | 19.6% | 12.2% | +10.3% | +2% / +55% |
| CWCurtiss-Wright Corporation | 16.7 bn | 31.1 | 19.7% | 14.8% | +12.1% | −20% / +111% |
| EPACEnerpac Tool Group Corp. | 2.2 bn | 24.5 | 20.2% | 13.8% | +5.7% | +11% / +55% |
| ZOOZZOOZ Strategy Ltd. | 972.0 m | — | -88.3% | -22,505.7% | −76.3% | −49% / unavailable |
| VHUBVenhub Global, Inc. | 21.4 m | — | — | -11,799.2% | unavailable | unavailable / unavailable |
| LIQTLiqtech International, Inc. | 10.4 m | — | -48.9% | -63.2% | +13.0% | −83% / −91% |
| SMXSMX (Security Matters) Public Limited Company | 2.1 m | — | -2,287.2% | — | unavailable | −100% / −100% |
| HTOOFusion Fuel Green PLC | — | — | -204.5% | -855.5% | −61.3% | −53% / −97% |
| MOG-AMOOG Inc. | — | 27.7 | 18.2% | 8.7% | +7.0% | +61% / +146% |
| SHMDSCHMID Group N.V. | — | — | — | -138.3% | −32.6% | −47% / unavailable |
| RAINRain Enhancement Technologies Holdco, Inc. | — | — | — | — | unavailable | −89% / unavailable |
1- and 3-year price returns: for MOG-A 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
Scenarios are not available. input data missing
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
Moog designs, manufactures and integrates high-performance precision motion and fluid control systems for aerospace, defense and industrial markets, with a portfolio tied to long-running military, space and commercial programs. In fiscal 2026 the company reports sustained sales growth, and its fiscal-year sales guidance was raised to net sales of [4.4] billion USD 3.
SWOT
Strengths
- A recognized leadership position in high-performance precision motion controls, close customer relationships and a significant intellectual property base 1.
- Growing backlog and demand recognition across several segments, which provides visibility on future revenue 3.
- Operating cash generation improved significantly, supporting investment in engineering and strategic acquisitions 2.
Weaknesses
- Heavy dependence on government contracts that can be reduced, delayed or terminated, which creates exposure to defense budgets 1.
- High customer concentration, with a small number of large buyers representing a significant share of sales 1.
- The company identified and corrected accounting errors in previously issued financial statements, pointing to weaknesses in internal control over financial reporting 2.
Opportunities
- Growing defense and space demand could expand the program pipeline and strengthen positions on long-term contracts 3.
- Expansion in data center pumps and medical devices could diversify revenue beyond aerospace 3.
- Portfolio simplification and footprint reduction could improve margins if efficiency programs are executed successfully 2.
Threats
- Inflationary pressure on materials and components, combined with fragile supply chains, could affect margins and deliveries 1.
- Changes in production plans of major aircraft makers could reduce demand for the company's flight controls 1.
- Geopolitical tensions, sanctions and trade restrictions can disrupt markets and supply chains with potentially negative effects 2.
Risks
- Dependence on U.S. Governmenthigh
Government contracts can be partially funded, delayed or terminated, which could reduce sales and operating profit, especially in space and defense 1.
- Customer concentrationhigh
A small number of large customers represents an important share of sales, and losing or reducing orders from a major customer could affect financial results 1.
- Internal control over reportingmedium
The company noted corrections to prior financial statements and a material weakness in internal control over financial reporting, and remediating it could take time and resources 2.
- Supply chain and pricingmedium
High material prices and component delays could pressure margins, and not all cost increases can be passed on to customers 1.
- One-time tariff recoverieslow
Third-quarter margin growth includes one-time IEEPA tariff recoveries, and without them recurring performance could look different 2.
Investment thesis
What would need to be true (bull case)
- A growing backlog and demand in defense, space and aftermarket could support a period of higher revenue, and fiscal 2026 guidance was raised 3.
- Operating margins improved across several segments, and simplification programs and operating discipline could extend that trend 2.
- A leadership position in precision controls and long-standing OEM relationships could protect share on important programs 1.
What would break the thesis
- Recent growth includes one-time tariff refund gains, and without them recurring margins could be more modest than quarterly results suggest 2.
- Dependence on government funding and defense budgets could produce volatility if allocations shift or programs are terminated 1.
- Accounting corrections and the internal control weakness could generate extra costs and affect investor confidence until remediated 2.
What to watch
- Delivery against fiscal 2026 net sales and adjusted operating margin guidancenext 10-K
- Remediation of the material weakness in internal control over financial reporting2027
- Development of the twelve-month backlog and its conversion into revenueQ1 2027
- Contribution of IEEPA tariff recoveries and tax credits to margins in coming periodsQ4 2026
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
Moog is a designer, manufacturer and systems integrator of high-performance precision motion and fluid controls for applications in aerospace and defense and industrial markets 1. It runs four operating segments: Space and Defense, Military Aircraft, Commercial Aircraft and Industrial 1. Its principal customers are original equipment manufacturers and end users for whom it provides aftermarket support, which accounted for 14% of total sales in fiscal 2025 1.
Revenue is concentrated in aerospace and defense: OEM customers in that market represented 61% of fiscal 2025 sales, and the industrial market about 25% 1. Sales under U.S. Government contracts were 38% of total sales in fiscal 2025, making government program funding a central factor for the company 1.
Moog aims to raise shareholder value through organic and acquired revenue growth, operating efficiency and pricing, alongside a portfolio shaped to divest non-core assets 2. In the third quarter of fiscal 2026 sales grew across all four segments and the twelve-month backlog rose 23% 3.
Segments
Space and Defense
The Space and Defense segment covers missile steering and space vehicle controls. In the third quarter of fiscal 2026 its sales rose 17% on broad-based defense demand, including missile controls and space vehicles 3.
Industrial
The Industrial segment includes data center cooling pumps, medical devices and energy products. Its sales rose 18% in the third quarter of fiscal 2026, and its adjusted operating margin reached 19.9% 3.
Commercial Aircraft
The Commercial Aircraft segment supplies primary and secondary flight controls for commercial aircraft plus aftermarket parts. Its sales rose 17% in the third quarter of fiscal 2026, supported by higher volume and pricing on major production programs 3.
Market context
Moog operates in cyclical markets sensitive to economic conditions and defense budgets, and demand depends on the production pace of widebody aircraft and on military program funding 1. The company notes that changes in Boeing and Airbus production schedules directly affect demand for its flight control systems 1.
On the demand side, recent growth is supported by defense, aftermarket and data center pumps, but the risk of not converting the full backlog into revenue remains, particularly for government contracts that can be modified or terminated 1.
Trends
- Defense demandtailwind
Defense spending and missile and space programs supported sales growth in the third quarter of fiscal 2026. If government funding stays stable, this demand could keep supporting the company's backlog 3.
- Data center pumpstailwind
Demand for data center cooling pumps contributed to growth in the Industrial segment, and this business line could become a growth driver if infrastructure investment continues 3.
- Tariff refunds under IEEPAmixed
The company recognized a recovery of previously paid IEEPA tariffs, which contributed to third-quarter margins. These recoveries are one-time gains and do not necessarily reflect recurring performance 2.
- Cyclicality of aircraft productionheadwind
Adjustments to Boeing and Airbus production plans could reduce demand for flight controls, and this dependence remains a source of volatility for the company's margins and revenue 1.
Competitive position
Moog faces intense competition from tier one and tier two suppliers and from vertically integrated primes, and in the industrial and medical markets its competitors are often larger and more diversified 1. The principal competitive criteria it cites are product quality, reliability, price, design and engineering capability and timely delivery 1.
In aerospace and defense, competitors specialize in flight controls, thrust vector control and missile systems, and supplier consolidation has produced long-term sole-source positions that can limit access for rivals 1.
- Flight control suppliers for military and commercial aircraft
Competitors specialized in precision flight control and control systems, named generically in the source.
- Space propulsion and spacecraft systems producers
Competitors in thrust vector controls and spacecraft engines, mechanisms, avionics and structures.
- Defense weapons and missile systems producers
Competitors producing turreted weapons and missile steering actuation systems.
- Industrial precision controls and medical device manufacturers
Larger and more diversified competitors in industrial controls and medical devices.
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
- Stocks making the biggest moves midday: CoreWeave, Moog, J.B. Hunt, Alcoa & moreCNBC — Top News · 16 Oct 2026 · EN
- Moog Debuts RIwP® on Boxer for Air Defence Missions at DVD 2026European Defence Review · 17 Sept 2026 · RO
SEC filings
- Quarterly report31 Jul 2026
- Current report31 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report06 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report24 Apr 2026
- Current report24 Apr 2026Results of operations · Other events · Financial statements and exhibits
- Current report03 Apr 2026Termination of a material agreement
- Current report24 Mar 2026Material agreement · Creation of a direct financial obligation · Item 2.04
- Current report10 Mar 2026Other events · Financial statements and exhibits
- Current report10 Mar 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report03 Mar 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-27 · SEC / Moog Inc. · 26 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Moog Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Moog Inc. · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.