{"slug":"boeing","name":"보잉","name_en":"Boeing","ticker":"BA","updated_at":"2026-07-12T03:12:12.700825+00:00","canonical":"https://valuechain.wiki/boeing","same_as":["https://finance.yahoo.com/quote/BA","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=12927"],"citable":"밸류체인 그래프 기준 보잉의 직접 연결 기업은 9곳(관계 기준 공급 7·매출 2)이고, 사슬을 2차까지 넓히면 16곳에 닿는다. 링크의 근거 출처는 24건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Boeing is directly linked to 9 companies (7 supply, 2 revenue relationships) and reaches 16 companies within two hops; the links are backed by 24 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"737·787 상업기와 F-47·위성·ULA를 아우르는 미국 최대 항공우주·방산기업","kicker_en":"America's largest aerospace and defense company, spanning 737/787 jets to the F-47, satellites, and ULA","lead":"보잉은 상업용 항공기(BCA), 방위·우주·보안(BDS), 글로벌 서비스(BGS) 3개 부문을 운영하는 미국 최대 항공우주·방산 기업이다. FY2025 매출은 894억 달러로 전년 665억 달러에서 34% 늘었고, 수주잔고는 6,822억 달러에 달한다. 2025년 상업기 인도는 600대(737 447대, 787 88대, 777 35대, 767 30대)로 2018년 이후 최대였으며, 카타르항공의 최대 210대 광동체 주문 같은 대형 계약이 회복을 이끌었다. 매출의 35%는 FMS를 포함한 미국 정부 계약에서 나오며, 2025년 3월에는 차세대 공중우세 전투기 NGAD(F-47) 개발 사업을 수주했다. 우주 부문에서는 SES의 O3b mPOWER와 Viasat의 ViaSat-3 위성을 702 계열 플랫폼으로 제작하고, NASA의 SLS 로켓 코어단과 CST-100 스타라이너 유인 캡슐을 담당하며, 록히드마틴과 50대 50으로 발사서비스 합작사 ULA를 공동 소유한다. 다만 스타라이너는 아직 유인 인증을 받지 못해 다음 비행이 무인 화물로 조정됐고 인증 시점은 2027년으로 미뤄졌다. 2025년 12월에는 737 동체 공급사 스피릿에어로시스템 인수를 완료해 핵심 공급망을 내부화했다.","lead_en":"Boeing is the largest U.S. aerospace and defense company, operating three segments: Commercial Airplanes (BCA), Defense, Space & Security (BDS) and Global Services (BGS). FY2025 revenue was $89.5 billion, up 34% from $66.5 billion a year earlier, and backlog reached $682 billion. Commercial deliveries totaled 600 in 2025 (447 737s, 88 787s, 35 777s, 30 767s), the most since 2018, helped by mega-orders such as Qatar Airways' deal for up to 210 widebodies. About 35% of revenue came from U.S. government contracts (including FMS), and in March 2025 Boeing won the U.S. Air Force's Next Generation Air Dominance fighter program, designated the F-47. In space, Boeing builds SES's O3b mPOWER and Viasat's ViaSat-3 satellites on its 702-family platforms, produces the core stage of NASA's SLS rocket and the CST-100 Starliner crew capsule, and co-owns launch provider ULA 50/50 with Lockheed Martin. Starliner is still not certified to carry crew, so its next flight has been reset to an uncrewed cargo mission and certification has slipped to 2027. In December 2025 Boeing completed its acquisition of 737 fuselage supplier Spirit AeroSystems, bringing a critical part of its supply chain in-house.","segments":{"parts":[{"name":"상업용 항공기 (BCA) $41.5B"},{"name":"방위·우주·보안 (BDS) $27.2B"},{"name":"글로벌 서비스 (BGS) $20.9B"}],"total":"FY2025 매출 $89.5B (전년 $66.5B, +34%)","concentration":"미국 정부(FMS 포함) 35%·해외고객 46%·수주잔고 $682B"},"segments_en":{"parts":[{"name":"Commercial Airplanes (BCA) $41.5B"},{"name":"Defense, Space & Security (BDS) $27.2B"},{"name":"Global Services (BGS) $20.9B"}],"total":"FY2025 revenue $89.5B (vs $66.5B prior year, +34%)","concentration":"U.S. government (incl. FMS) 35%; non-U.S. customers 46%; backlog $682B"},"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"viasat","name":"바이어샛","name_en":"Viasat","tier":1,"returns_yearly":{"2021":36.4,"2022":-28.9,"2023":-11.7,"2024":-69.6,"2025":304.9,"2026":113.5}},{"slug":"ses","name":"SES","name_en":"SES S.A.","tier":1,"returns_yearly":{"2021":2.8,"2022":10.6,"2023":-13,"2024":-36,"2025":141.5,"2026":15.8}}],"benefiting":[{"slug":"moog","name":"무그","name_en":"Moog","tier":1,"returns_yearly":{"2021":3.4,"2022":9.8,"2023":66.6,"2024":36.8,"2025":24.5,"2026":67.5}},{"slug":"ge-aerospace","name":"GE 에어로스페이스","name_en":"GE Aerospace","tier":1,"returns_yearly":{"2021":9.7,"2022":-10.9,"2023":95.7,"2024":64.8,"2025":85.7,"2026":17}},{"slug":"rtx","name":"RTX","name_en":"RTX","tier":1,"returns_yearly":{"2021":23.3,"2022":20,"2023":-14.4,"2024":40.8,"2025":61.4,"2026":7.6}},{"slug":"thales","name":"Thales","name_en":"Thales","tier":1,"returns_yearly":{"2021":12.5,"2022":52.5,"2023":14,"2024":17.8,"2025":66.6,"2026":-11.6}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":1,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}},{"slug":"mitsubishi-heavy-industries","name":"미쓰비시중공업","name_en":"Mitsubishi Heavy Industries","tier":1,"returns_yearly":{"2021":7.2,"2022":68.3,"2023":100.5,"2024":134.2,"2025":98.3,"2026":-15.3}},{"slug":"mda-space","name":"MDA 스페이스","name_en":"MDA Space","tier":2,"returns_yearly":{"2022":-32.6,"2023":80,"2024":156.3,"2025":-9.8,"2026":80.8}},{"slug":"howmet-aerospace","name":"하우멧 에어로스페이스","name_en":"Howmet Aerospace","tier":2,"returns_yearly":{"2021":11.7,"2022":24.2,"2023":37.8,"2024":102.7,"2025":88,"2026":32.2}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":2,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":9.5}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":2,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"northrop-grumman","name":"노스럽 그러먼","name_en":"Northrop Grumman","tier":2,"returns_yearly":{"2021":29.3,"2022":43,"2023":-12.8,"2024":1.9,"2025":23.6,"2026":-4.6}},{"slug":"avio","name":"아비오","name_en":"Avio","tier":2,"returns_yearly":{"2021":-9.9,"2022":-4.7,"2023":-17.1,"2024":98.4,"2025":117,"2026":-10.8}},{"slug":"hanwha-aerospace","name":"한화에어로스페이스","name_en":"Hanwha Aerospace","tier":2,"returns_yearly":{"2021":19.3,"2022":70.4,"2023":74.3,"2024":163.6,"2025":227.6,"2026":-25.6}},{"slug":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":3,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":47.9}},{"slug":"teledyne","name":"Teledyne","name_en":"Teledyne Technologies","tier":3,"returns_yearly":{"2021":11.5,"2022":-8.5,"2023":11.6,"2024":4,"2025":10,"2026":24.3}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":3,"returns_yearly":{"2026":19.2}},{"slug":"rocket-lab","name":"Rocket Lab","name_en":"Rocket Lab","tier":3,"returns_yearly":{"2021":21.5,"2022":-69.3,"2023":46.7,"2024":360.6,"2025":173.9,"2026":16.2}},{"slug":"firefly-aerospace","name":"파이어플라이 에어로스페이스","name_en":"Firefly Aerospace","tier":3,"returns_yearly":{"2026":7.7}},{"slug":"toray-industries","name":"도레이","name_en":"Toray Industries","tier":3,"returns_yearly":{"2021":8.3,"2022":12.5,"2023":-4.8,"2024":49.2,"2025":7.5,"2026":1.3}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":3,"returns_yearly":{"2026":0.7}},{"slug":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":3,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-0.2}},{"slug":"leonardo","name":"Leonardo","name_en":"Leonardo S.p.A.","tier":3,"returns_yearly":{"2021":11.3,"2022":50.3,"2023":73.6,"2024":89.1,"2025":88.1,"2026":-6.8}},{"slug":"karman","name":"Karman","name_en":"Karman Holdings","tier":3,"returns_yearly":{"2026":-31.7}},{"slug":"kratos","name":"Kratos","name_en":"Kratos Defense","tier":3,"returns_yearly":{"2021":-29.3,"2022":-46.8,"2023":96.6,"2024":30,"2025":187.8,"2026":-36.5}},{"slug":"hanwha-ocean","name":"한화오션","name_en":"Hanwha Ocean","tier":3,"returns_yearly":{"2021":-24.9,"2022":25.6,"2023":9.6,"2024":160.6,"2025":142.1,"2026":-41.3}},{"slug":"arianegroup","name":"아리안그룹","name_en":"ArianeGroup","tier":3,"returns_yearly":null}],"analysis":"737·787 상업기와 F-47·위성·ULA를 아우르는 미국 최대 항공우주·방산기업. 2026년 +2.8%다. 수요단(평균 +60.8%)이 본주(+2.8%)를 크게 앞선다. 고객 쪽 자금이 아직 이 층까지 다 내려오지 않았다는 뜻이라, 전파가 이어지면 따라잡을 여지가 있고 끊기면 격차가 굳는다. 연결 노드 중 가장 앞선 곳은 바이어샛(+104.3%), 가장 처진 곳은 한국항공우주산업(-14%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. 미국 정부(FMS 포함) 35%·해외고객 46%·수주잔고 $682B.","analysis_en":"Boeing operates across America's largest aerospace and defense company, spanning 737/787 jets to the F-47, satellites, and ULA. It is +2.8% in 2026. The demand side (avg +60.8%) is well ahead of the stock (+2.8%). Customer money has not fully worked its way down to this layer, which leaves catch-up room if propagation continues and a hardened gap if it stalls. Among connected nodes the furthest ahead is Viasat (+104.3%) and the furthest behind is Korea Aerospace Industries (-14%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. In December 2025 Boeing completed its acquisition of 737 fuselage supplier Spirit AeroSystems, bringing a critical part of its supply chain in-house.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"항공사 바스켓 (Qatar Airways 등)","counterparty_slug":null,"confidence":"high","metric":{"type":"segment_revenue","unit":"$M","as_of":"2025-12-31","basis":"상업용 항공기(BCA) 부문 매출, 10-K","value":41494,"period":"FY2025","basis_en":"Commercial Airplanes segment revenue, 10-K"},"note":"상업용 항공기(BCA) 부문은 전 세계 항공사·리스사에 737·787·777을 판매하며 FY2025 매출 $41.5B를 기록했다. 2025년 5월 카타르항공이 787 130대와 777-9 30대 등 최대 210대 광동체를 주문해 보잉 역대 최대 광동체·787 주문 기록을 세웠고, 상업기 매출의 60%는 해외 고객에서 나온다.","note_en":"The Commercial Airplanes segment sells 737/787/777 jets to airlines and lessors worldwide, generating $41.5B of FY2025 revenue. In May 2025 Qatar Airways ordered up to 210 widebodies (130 787s and 30 777-9s), Boeing's largest-ever widebody and 787 order, and 60% of Commercial Airplanes revenue comes from non-U.S. customers.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-30","url":"https://www.sec.gov/Archives/edgar/data/12927/000162828026004357/ba-20251231.htm","title":"보잉 FY2025 연차보고서(Form 10-K)","title_en":"Boeing FY2025 Annual Report (Form 10-K)","excerpt":"Commercial Airplanes $ 41,494   $ 22,861   $ 33,901 ... In 2025, non-U.S. customers, which include Foreign Military Sales through the U.S. government (FMS), accounted for 46% of our total revenues and 60% of Commercial Airplanes revenue from customer contracts.","excerpt_en":"Commercial Airplanes $ 41,494   $ 22,861   $ 33,901 ... In 2025, non-U.S. customers, which include Foreign Military Sales through the U.S. government (FMS), accounted for 46% of our total revenues and 60% of Commercial Airplanes revenue from customer contracts."},{"stance":"confirms","publisher":"보잉","publisher_en":"Boeing","kind":"ir","lang":"en","published_at":"2025-05-14","url":"https://boeing.mediaroom.com/2025-05-14-Boeing-and-Qatar-Airways-Announce-Historic-Order-for-up-to-210-Widebody-Airplanes","title":"보잉·카타르항공, 최대 210대 광동체 역대급 주문 발표","title_en":"Boeing and Qatar Airways Announce Historic Order for up to 210 Widebody Airplanes","excerpt":"The order includes: 130 787 Dreamliners ... 30 777-9s ... Options for an additional 50 787 and 777X airplanes ... sets new records as the largest widebody order for Boeing, including the largest order for 787 Dreamliners.","excerpt_en":"The order includes: 130 787 Dreamliners ... 30 777-9s ... Options for an additional 50 787 and 777X airplanes ... sets new records as the largest widebody order for Boeing, including the largest order for 787 Dreamliners."}]},{"direction":"investment","counterparty":"United Launch Alliance","counterparty_slug":null,"confidence":"high","metric":{"type":"ownership_stake","unit":"%","as_of":"2026-07-04","basis":"보잉의 ULA 지분(록히드마틴과 50:50 합작)","value":50,"period":"current","basis_en":"Boeing's stake in ULA (50/50 JV with Lockheed Martin)"},"note":"보잉은 록히드마틴과 50대 50으로 발사서비스 합작사 ULA를 공동 소유하며, ULA의 실적을 지분법으로 반영한다. ULA는 2025년 3월 벌컨 센타우르 로켓의 우주군 인증을 마치고 2025년 약 12회, 2026년 약 20회 발사를 계획하는 등 아마존 카이퍼·국가안보 임무를 수행한다.","note_en":"Boeing co-owns launch provider ULA 50/50 with Lockheed Martin and accounts for it under the equity method. Having achieved Space Force certification of its Vulcan Centaur rocket in March 2025, ULA plans about 12 launches in 2025 and about 20 in 2026, serving Amazon Kuiper and national-security missions.","sources":[{"stance":"mentions","publisher":"모틀리풀","publisher_en":"The Motley Fool","kind":"news","lang":"en","published_at":"2025-04-05","url":"https://www.fool.com/investing/2025/04/05/boeing-space-venture-to-launch-12-times-in-2025/","title":"보잉 우주 합작사, 2025년 12회·2026년 20회 발사 계획","title_en":"Boeing Space Joint Venture to Launch 12 Times in 2025, and Double That in 2026","excerpt":"ULA ... a 50-50 partnership between Boeing and Lockheed Martin ... plans to conduct 12 total missions [in 2025] ... expects to double that figure [in 2026].","excerpt_en":"ULA ... a 50-50 partnership between Boeing and Lockheed Martin ... plans to conduct 12 total missions [in 2025] ... expects to double that figure [in 2026]."},{"stance":"confirms","publisher":"보잉","publisher_en":"Boeing","kind":"ir","lang":"en","published_at":"2025-01-01","url":"https://www.boeing.com/space/united-launch-alliance","title":"보잉 우주 - 유나이티드 론치 얼라이언스(ULA)","title_en":"Boeing Space - United Launch Alliance","excerpt":"United Launch Alliance (ULA) is a 50-50 joint venture between Boeing and Lockheed Martin.","excerpt_en":"United Launch Alliance (ULA) is a 50-50 joint venture between Boeing and Lockheed Martin."}]},{"direction":"revenue","counterparty":"U.S. government (DoD/NASA/FMS)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2025-12-31","basis":"미 정부(FMS 포함) 계약 매출 비중, 10-K","value":35,"period":"FY2025","basis_en":"Share of revenue from U.S. government contracts incl. FMS, 10-K"},"note":"미국 정부는 보잉 최대 단일 매출원으로, FY2025 연결매출의 35%(주로 BDS·BGS)가 FMS를 포함한 미 정부 계약에서 나왔다. 2025년 3월에는 차세대 공중우세(NGAD) 전투기 개발 사업을 수주해 F-47로 명명됐고, 이는 F-22를 대체하는 6세대 전투기 프로그램이다.","note_en":"The U.S. government is Boeing's single largest revenue source: 35% of FY2025 consolidated revenue (mainly BDS and BGS) came from U.S. government contracts including FMS. In March 2025 Boeing won the Air Force's Next Generation Air Dominance fighter, designated the F-47, a sixth-generation program to replace the F-22.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-30","url":"https://www.sec.gov/Archives/edgar/data/12927/000162828026004357/ba-20251231.htm","title":"보잉 FY2025 연차보고서(Form 10-K)","title_en":"Boeing FY2025 Annual Report (Form 10-K)","excerpt":"In 2025, 35% of our revenues were earned pursuant to U.S. government contracts, which include FMS. ... Revenues from the U.S. government (including FMS), primarily recorded at BDS and BGS, represented 35 %, 42 % and 37 % of consolidated revenues for 2025, 2024 and 2023, respectively.","excerpt_en":"In 2025, 35% of our revenues were earned pursuant to U.S. government contracts, which include FMS. ... Revenues from the U.S. government (including FMS), primarily recorded at BDS and BGS, represented 35 %, 42 % and 37 % of consolidated revenues for 2025, 2024 and 2023, respectively."},{"stance":"confirms","publisher":"디펜스뉴스","publisher_en":"Defense News","kind":"news","lang":"en","published_at":"2025-03-21","url":"https://www.defensenews.com/air/2025/03/21/boeing-wins-contract-for-ngad-fighter-jet-dubbed-f-47/","title":"보잉, F-47로 명명된 NGAD 전투기 사업 수주","title_en":"Boeing wins contract for NGAD fighter jet, dubbed F-47","excerpt":"The Pentagon has awarded the long-awaited contract for the Air Force's Next Generation Air Dominance future fighter jet, known as NGAD, to Boeing ... will be designated the F-47.","excerpt_en":"The Pentagon has awarded the long-awaited contract for the Air Force's Next Generation Air Dominance future fighter jet, known as NGAD, to Boeing ... will be designated the F-47."}]},{"direction":"revenue","counterparty":"SES S.A.","counterparty_slug":"ses","confidence":"high","metric":{"type":"units_delivered","unit":"위성(총 13기 계약)","as_of":"2025-07-22","basis":"인도 완료 O3b mPOWER 위성 수(잔여 3기 2026 발사)","value":10,"period":"as of 2025-07","basis_en":"O3b mPOWER satellites delivered (3 remaining launch in 2026)"},"note":"보잉은 SES의 2세대 중궤도(MEO) 통신위성 O3b mPOWER 13기를 702 계열 플랫폼으로 제작·공급한다. 2025년 7월 기준 9·10호기를 인도해 총 10기가 궤도에 올랐고, 잔여 3기는 계속 생산 중으로 2026년 발사 예정이다. 기존 SES 노드의 위성조달(cost) 엣지와 짝을 이루는 매출 방향 엣지다.","note_en":"Boeing builds and supplies SES's 13 second-generation medium-earth-orbit (MEO) O3b mPOWER communications satellites on its 702-family platform. As of July 2025 the 9th and 10th satellites were delivered, bringing 10 on orbit, with the remaining three in production for launch in 2026. This is the revenue-side mirror of the SES node's satellite-procurement (cost) edge.","sources":[{"stance":"confirms","publisher":"보잉","publisher_en":"Boeing","kind":"ir","lang":"en","published_at":"2025-07-02","url":"https://boeing.mediaroom.com/2025-07-02-Boeing-Delivers-Next-Generation-O3b-mPOWER-Satellites-to-SES","title":"보잉, 차세대 O3b mPOWER 위성을 SES에 인도","title_en":"Boeing Delivers Next-Generation O3b mPOWER Satellites to SES","excerpt":"Boeing has successfully delivered the 9th and 10th O3b mPOWER satellites to content and network provider SES ... Boeing team members continue production on an additional three O3b mPOWER satellites to support SES's launch plans.","excerpt_en":"Boeing has successfully delivered the 9th and 10th O3b mPOWER satellites to content and network provider SES ... Boeing team members continue production on an additional three O3b mPOWER satellites to support SES's launch plans."},{"stance":"confirms","publisher":"비아 새틀라이트","publisher_en":"Via Satellite","kind":"news","lang":"en","published_at":"2024-11-13","url":"https://www.satellitetoday.com/manufacturing/2024/11/13/boeing-delivers-two-o3b-mpower-satellites-to-ses/","title":"Boeing Delivers Two O3b mPOWER Satellites to SES","title_en":"Boeing Delivers Two O3b mPOWER Satellites to SES","excerpt":"보잉이 SES의 O3b mPOWER 위성을 제작해 인도한다. 이 보도에서는 7호·8호기 두 기를 인도했고, 보잉 우주부문 부사장은 프로그램 초기부터 SES와 긴밀히 협력해 제작했다고 밝혔다.","excerpt_en":"Boeing builds and delivers SES's O3b mPOWER satellites; this piece covers the delivery of the 7th and 8th units, with a Boeing Space VP noting it worked closely with SES from the start of the program."}]},{"direction":"cost","counterparty":"Moog","counterparty_slug":"moog","confidence":"high","metric":{"type":"supplier_revenue_share","unit":"%","as_of":"2025-09-27","basis":"보잉향 매출 $396.8M = 무그 FY2025 매출의 10%","value":10,"period":"Moog FY2025","basis_en":"Sales to Boeing $396.8M = 10% of Moog FY2025 revenue"},"note":"보잉은 무그로부터 787 등 상업기·군용기·우주 프로그램의 비행제어 액추에이션 시스템을 조달한다. 무그 FY2025 매출의 10%인 $396.8M이 보잉향으로, 787·A350과 함께 무그의 최대 상업 프로그램에 속한다. 기존 Moog 노드의 매출(revenue) 엣지의 비용 방향 미러다.","note_en":"Boeing sources flight-control actuation systems from Moog for the 787 and other commercial, military and space programs. Sales to Boeing were $396.8M, or 10% of Moog's FY2025 revenue, and the 787 is among Moog's largest commercial programs. This is the cost-side mirror of the Moog node's revenue edge.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-26","url":"https://www.sec.gov/Archives/edgar/data/67887/000162828025054103/mog-20250927.htm","title":"무그 FY2025 연차보고서(Form 10-K)","title_en":"Moog FY2025 Annual Report (Form 10-K)","excerpt":"Sales to Boeing were $ 396,784 , $ 417,275 and $ 349,961 , or 10 %, 12 % and 11 % of sales, in 2025, 2024 and 2023, respectively. ... We provide Boeing with controls for both military and commercial applications, as well as controls for space and defense applications, which totaled 10% of our 2025 sales.","excerpt_en":"Sales to Boeing were $ 396,784 , $ 417,275 and $ 349,961 , or 10 %, 12 % and 11 % of sales, in 2025, 2024 and 2023, respectively. ... We provide Boeing with controls for both military and commercial applications, as well as controls for space and defense applications, which totaled 10% of our 2025 sales."},{"stance":"mentions","publisher":"무그","publisher_en":"Moog Inc.","kind":"news","lang":"en","published_at":null,"url":"https://www.moog.com/products/actuators-servoactuators/aircraft.html","title":"Aircraft Actuators","title_en":"Aircraft Actuators","excerpt":"무그는 민·군용기 비행제어·작동 시스템의 세계 선두로 거의 모든 기체에 탑재된다고 소개하며, 대표 제품 이미지로 보잉 787 러더(방향타) 작동기를 내세워 보잉 787 공급 관계를 보여준다.","excerpt_en":"Moog presents itself as the world leader in flight control and utility actuation on nearly every aircraft, featuring a Boeing 787 rudder actuator as its lead product, evidencing its supply relationship on Boeing's 787."}]},{"direction":"cost","counterparty":"Spirit AeroSystems","counterparty_slug":null,"confidence":"high","metric":{"type":"acquisition_value","unit":"$B(순부채 포함)","as_of":"2025-12-08","basis":"보잉의 스피릿 인수 총액(지분 $4.7B+순부채)","value":8.3,"period":"2025-12","basis_en":"Total value of Boeing's Spirit acquisition (equity $4.7B + net debt)"},"note":"스피릿에어로시스템은 보잉 737 동체와 767·777·787 주요 구조물을 공급하던 최대 기체 구조 공급사다. 보잉은 2025년 12월 8일 이 회사 인수를 완료(주식 약 $4.7B에 순부채 포함 총 $8.3B 규모)해 핵심 공급망을 내부화했고, 약 15,000명의 인력이 보잉에 합류했다. 인수 완료로 외부 조달 관계에서 내부 사업부로 전환됐다.","note_en":"Spirit AeroSystems was Boeing's largest airframe-structures supplier, providing 737 fuselages and major structures for the 767, 777 and 787. Boeing completed its acquisition of Spirit on December 8, 2025 (about $4.7B equity, $8.3B including net debt), internalizing this critical supply chain, with roughly 15,000 employees joining Boeing. Completion converts the relationship from external sourcing into an internal business unit.","sources":[{"stance":"confirms","publisher":"매뉴팩처링다이브","publisher_en":"Manufacturing Dive","kind":"news","lang":"en","published_at":"2025-12-08","url":"https://www.manufacturingdive.com/news/boeing-completes-83b-spirit-aerosystems-acquisition/807298/","title":"보잉, $83억 규모 스피릿에어로시스템 인수 완료","title_en":"Boeing completes $8.3B Spirit AeroSystems acquisition","excerpt":"Boeing completed its acquisition of Spirit AeroSystems on Dec. 8. The deal is valued at $4.7 billion, and Boeing is taking on the fuselage supplier's roughly $4 billion in debt, for a total value of $8.3 billion.","excerpt_en":"Boeing completed its acquisition of Spirit AeroSystems on Dec. 8. The deal is valued at $4.7 billion, and Boeing is taking on the fuselage supplier's roughly $4 billion in debt, for a total value of $8.3 billion."},{"stance":"confirms","publisher":"보잉","publisher_en":"Boeing","kind":"ir","lang":"en","published_at":"2025-12-08","url":"https://boeing.mediaroom.com/2025-12-08-Boeing-Completes-Acquisition-of-Spirit-AeroSystems","title":"보잉, 스피릿에어로시스템 인수 완료","title_en":"Boeing Completes Acquisition of Spirit AeroSystems","excerpt":"Boeing today announced it has completed its acquisition of Spirit AeroSystems ... including fuselages for the 737 program and major structures for the 767, 777 and 787 Dreamliner.","excerpt_en":"Boeing today announced it has completed its acquisition of Spirit AeroSystems ... including fuselages for the 737 program and major structures for the 767, 777 and 787 Dreamliner."}]},{"direction":"revenue","counterparty":"Viasat","counterparty_slug":"viasat","confidence":"high","metric":{"type":"units_supplied","unit":"위성(702MP+)","as_of":"2026-04-07","basis":"보잉이 제작·통합하는 ViaSat-3 위성 수","value":3,"period":"FY2025-26","basis_en":"Number of ViaSat-3 satellites Boeing builds and integrates"},"note":"보잉은 Viasat의 초고용량 광대역 위성 ViaSat-3 3기를 자사 고출력 702MP+ 플랫폼으로 제작하고 캘리포니아 엘세군도 공장에서 통합·시험을 담당한다. 2026년 4월 3호기(VS-3 F3)를 인도했고, 1호기는 이미 상업 서비스 중이다. 기존 Viasat 노드의 위성조달(cost) 엣지의 매출 방향 미러다.","note_en":"Boeing builds Viasat's three ultra-high-capacity ViaSat-3 broadband satellites on its high-power 702MP+ platform and handles integration and test at its El Segundo, California facility. It delivered the third spacecraft (VS-3 F3) in April 2026, while Flight 1 is already in commercial service. This is the revenue-side mirror of the Viasat node's satellite-procurement (cost) edge.","sources":[{"stance":"confirms","publisher":"보잉(Boeing) 미디어룸","publisher_en":"Boeing Media Room","kind":"ir","lang":"en","published_at":"2026-04-07","url":"https://boeing.mediaroom.com/news-releases-statements?item=131657","title":"Boeing Delivers ViaSat-3 Flight 3 Spacecraft to Viasat","title_en":"Boeing Delivers ViaSat-3 Flight 3 Spacecraft to Viasat","excerpt":"Boeing announced today, delivery of the ViaSat-3 Flight 3 (VS-3 F3) spacecraft to Viasat. Built on Boeing's high-power 702MP+ platform and integrated at Boeing's El Segundo facility in California ... With VS-3 F1 already providing commercial airline connectivity and VS-3 F2 currently advancing towards entering service over the Americas.","excerpt_en":"Boeing announced today, delivery of the ViaSat-3 Flight 3 (VS-3 F3) spacecraft to Viasat. Built on Boeing's high-power 702MP+ platform and integrated at Boeing's El Segundo facility in California ... With VS-3 F1 already providing commercial airline connectivity and VS-3 F2 currently advancing towards entering service over the Americas."},{"stance":"confirms","publisher":"비아 새틀라이트","publisher_en":"Via Satellite","kind":"news","lang":"en","published_at":"2023-03-20","url":"https://www.satellitetoday.com/manufacturing/2023/03/20/boeing-delivers-first-viasat-3-satellite-ahead-of-launch/","title":"Boeing Delivers First ViaSat-3 Satellite Ahead of Launch","title_en":"Boeing Delivers First ViaSat-3 Satellite Ahead of Launch","excerpt":"보잉이 바이어샛의 ViaSat-3 위성 플랫폼을 설계·제조했고, 바이어샛이 만든 페이로드를 통합했다. 보잉 702MP+ 버스 기반으로, 보잉이 고객에 제공한 가장 강력한 플랫폼이라고 설명한다.","excerpt_en":"Boeing designed and manufactured the ViaSat-3 platform and integrated Viasat's payload, on Boeing's 702MP+ bus, described as the most powerful platform Boeing has provided to a customer."}]},{"direction":"cost","counterparty":"GE Aerospace","counterparty_slug":"ge-aerospace","confidence":"high","metric":{"type":"qualitative","as_of":"2026-07-04","basis":"787 GEnx·777X GE9X·737 MAX LEAP-1B(CFM) 장착, 조달액 비공개","period":"FY2025","basis_en":"787 GEnx, 777X GE9X, 737 MAX LEAP-1B (CFM); procurement value not disclosed","qualifier":"confirmed_no_disclosed_value"},"note":"보잉 상업기의 엔진은 GE 계열이 핵심 공급원이다. 787은 GE Aerospace의 GEnx-1B, 777X는 GE9X를 단독 장착하며, 737 MAX는 GE와 사프란의 50대 50 합작사 CFM 인터내셔널의 LEAP-1B를 단독 장착한다. 엔진은 항공사가 선택·구매하는 경우가 많아 보잉의 직접 조달액은 비공개다.","note_en":"GE-family engines are a core source for Boeing's commercial jets. The 787 uses GE Aerospace's GEnx-1B, the 777X exclusively uses the GE9X, and the 737 MAX is exclusively powered by the LEAP-1B from CFM International, GE's 50/50 joint venture with Safran. Because engines are often selected and bought by airlines, Boeing's direct procurement value is not disclosed.","sources":[{"stance":"confirms","publisher":"GE 에어로스페이스","publisher_en":"GE Aerospace","kind":"ir","lang":"en","published_at":"2025-01-01","url":"https://www.geaerospace.com/commercial/aircraft-engines/cfm-leap","title":"CFM LEAP 엔진(GE·사프란 합작 CFM)","title_en":"CFM LEAP Engine (CFM, GE-Safran JV)","excerpt":"CFM56 and LEAP engines are products of CFM International, a 50-50 joint company between GE Aerospace and Safran Aircraft Engines. ... the engine of choice to power Airbus A320neo family, Boeing 737 MAX, and COMAC C919 aircraft.","excerpt_en":"CFM56 and LEAP engines are products of CFM International, a 50-50 joint company between GE Aerospace and Safran Aircraft Engines. ... the engine of choice to power Airbus A320neo family, Boeing 737 MAX, and COMAC C919 aircraft."},{"stance":"mentions","publisher":"GE 에어로스페이스","publisher_en":"GE Aerospace","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.geaerospace.com/news/articles/product-technology/second-boeing-777x-makes-first-flight-powered-ge9x","title":"두 번째 보잉 777X, GE9X 동력으로 초도비행","title_en":"Second Boeing 777X Makes First Flight Powered by GE9X","excerpt":"Powered by the GE9X engine, the new 777X is the world's largest and most efficient twin-engine jet.","excerpt_en":"Powered by the GE9X engine, the new 777X is the world's largest and most efficient twin-engine jet."}]},{"direction":"cost","counterparty":"RTX","counterparty_slug":"rtx","confidence":"high","metric":{"type":"supply_relationship","as_of":"2025-12-31","basis":"보잉+에어버스 합산이 콜린스 부문 매출의 16%(개별 미공시)","period":"FY2025","basis_en":"Boeing + Airbus combined are 16% of Collins segment sales (individual share undisclosed)","qualifier":"confirmed_no_disclosed_value"},"note":"RTX 콜린스 에어로스페이스가 787·737 등 보잉 기체에 항공전자·기체 시스템을 공급하는 주요 시스템 공급사다. RTX 10-K 기준 보잉과 에어버스를 합친 매출이 FY2025 콜린스 부문 매출의 16%(할인·인센티브 반영 전)이며, 보잉 개별 조달액은 비공개다.","note_en":"RTX's Collins Aerospace is a major systems supplier to Boeing airframes such as the 787 and 737, providing avionics and airframe systems. Per RTX's 10-K, Boeing and Airbus combined account for 16% of Collins segment sales in FY2025 (prior to discounts and incentives); Boeing's individual procurement value is not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC) EDGAR","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-06","url":"https://www.sec.gov/Archives/edgar/data/101829/000010182926000006/rtx-20251231.htm","title":"RTX Corporation FY2025 Form 10-K","title_en":"RTX Corporation FY2025 Form 10-K","excerpt":"Collins' largest commercial customers are Boeing and Airbus with combined sales, prior to discounts and incentives, of 16%, 16%, and 19% of total Collins segment sales in 2025, 2024, and 2023, respectively.","excerpt_en":"Collins' largest commercial customers are Boeing and Airbus with combined sales, prior to discounts and incentives, of 16%, 16%, and 19% of total Collins segment sales in 2025, 2024, and 2023, respectively."}]},{"direction":"cost","counterparty":"도레이 (탄소섬유)","counterparty_slug":"toray-industries","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"787·777X 1차 구조재용 탄소섬유 프리프레그 조달처.","note_en":"Carbon-fiber prepreg source for 787/777X primary structures.","sources":[{"stance":"confirms","publisher":"도레이 CMA","publisher_en":"Toray Composite Materials America","kind":"ir","lang":"en","published_at":"2015-11-01","url":"https://www.toraycma.com/toray-extends-comprehensive-agreement-with-boeing-to-supply-carbon-fiber-torayca-prepreg/","title":"도레이, 보잉과 토레이카 프리프레그 공급 포괄계약 연장","title_en":"Toray Extends Comprehensive Agreement with Boeing to Supply Carbon Fiber TORAYCA Prepreg","excerpt":"TORAYCA prepreg for Boeing 787/777X primary structures.","excerpt_en":"TORAYCA prepreg for 787/777X."}]},{"direction":"cost","counterparty":"미쓰비시중공업 (787 주익박스)","counterparty_slug":"mitsubishi-heavy-industries","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value","cumulative_units":1000},"note":"보잉 787 드림라이너의 복합재 주익박스를 미쓰비시중공업(나고야·시모노세키)에서 조달하는 핵심 기체구조 공급 관계. 2007년 첫 납품 후 누적 1,000기+.","note_en":"Sources the 787 Dreamliner's composite main-wing box from Mitsubishi Heavy Industries (Nagoya/Shimonoseki), a core airframe-structure supply relationship; 1,000+ units since 2007.","sources":[{"stance":"confirms","publisher":"미쓰비시중공업","publisher_en":"Mitsubishi Heavy Industries","kind":"filing","lang":"en","published_at":"2025-01-01","url":"https://www.mhi.com/products/air/boeing_787.html","title":"미쓰비시중공업 — 보잉 787 복합재 주익박스","title_en":"Mitsubishi Heavy Industries — Boeing 787 composite wing box","excerpt":"MHI가 787 복합재 주익박스를 제작·공급.","excerpt_en":"MHI makes and supplies the 787 composite wing box."},{"stance":"mentions","publisher":"CompositesWorld","publisher_en":"CompositesWorld","kind":"news","lang":"en","published_at":"2024-01-01","url":"https://www.compositesworld.com/articles/boeing-787-update","title":"보잉 787 복합재 업데이트 — MHI 주익박스에 토레이 T800 프리프레그","title_en":"Boeing 787 update — MHI wing box uses Toray T800 prepreg","excerpt":"787 주익 스킨·스파를 MHI가 성형.","excerpt_en":"MHI forms the 787 wing skins and spars."}]},{"direction":"cost","counterparty":"대한항공 (Korean Air Aerospace)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualitative","as_of":"2019-12-16","basis":"787 복합재 구조물 공급, 2019년 누적 1,000대 납품","period":"2004-present","basis_en":"Supplies 787 composite structures; 1,000th delivery reached in 2019","qualifier":"confirmed_no_disclosed_value"},"note":"대한항공 항공우주사업부는 2004년 보잉과 787 구조물 공동개발 계약을 맺은 뒤 후방동체·날개 끝(레이크드 윙팁) 등 복합재 구조물을 공급해 왔다. 2019년 787용 동체·날개구조물 누적 1,000대째 납품을 달성했고 공급 관계가 이어지고 있다. 공급액은 비공개다.","note_en":"Korean Air's Aerospace Division has supplied composite structures such as aft fuselage and raked wingtips for the 787 since signing a co-development agreement with Boeing in 2004. In 2019 it reached a cumulative 1,000th delivery of 787 fuselage and wing structures, and the supply relationship continues. The value is not disclosed.","sources":[{"stance":"confirms","publisher":"대한항공 뉴스룸","publisher_en":"Korean Air Newsroom","kind":"news","lang":"ko","published_at":"2019-12-16","url":"https://news.koreanair.com/%EB%8C%80%ED%95%9C%ED%95%AD%EA%B3%B5-%EB%B3%B4%EC%9E%89-787-%EB%93%9C%EB%A6%BC%EB%9D%BC%EC%9D%B4%EB%84%88-%EB%B3%B5%ED%95%A9%EC%9E%AC-%EA%B5%AC%EC%A1%B0%EB%AC%BC-1000%EB%8C%80-%EC%A7%B8-%EA%B3%B5/","title":"대한항공, 보잉 787 드림라이너 복합재 구조물 1,000대째 공급","title_en":"Korean Air Delivers 1,000th 787 Dreamliner Composite Structure to Boeing","excerpt":"대한항공이 세계 최대 항공기 제작사인 미국 보잉사에 공급하고 있는 보잉 787 '드림라이너' 항공기 동체 및 날개구조물 1,000대 납품을 달성했다.","excerpt_en":"Korean Air has achieved the delivery of 1,000 fuselage and wing structures for the Boeing 787 'Dreamliner' that it supplies to Boeing, the world's largest aircraft manufacturer."}]},{"direction":"cost","counterparty":"한국항공우주산업 (KAI)","counterparty_slug":"kai","confidence":"mid","metric":{"type":"qualitative","as_of":"2020-07-21","basis":"787 날개구조물·나셀 구성품 공급(약 1,200억원 계약 포함)","period":"2005-present","basis_en":"Supplies 787 wing structures and nacelle components (incl. ~KRW 120B contract)","qualifier":"confirmed_no_disclosed_value"},"note":"한국항공우주산업(KAI)은 2005년부터 보잉 787 날개구조물(섹션11, 센터윙박스 부품)을 공급해 2019년 말까지 1,000대 이상을 납품했다. 이후 엔진-날개 접합부 나셀 구성품 등 24종 부품·조립체를 공급하는 약 1,200억원 규모 계약도 체결하는 등 보잉 상업기 구조물 공급망의 한국 축을 이룬다.","note_en":"Korea Aerospace Industries (KAI) has supplied Boeing 787 wing structures (Section 11, center-wing-box parts) since 2005, delivering over 1,000 units by the end of 2019. It later signed a roughly KRW 120 billion contract to supply 24 types of parts and assemblies including nacelle components at the engine-wing junction, anchoring the Korean node of Boeing's commercial-airframe supply chain.","sources":[{"stance":"confirms","publisher":"코리아헤럴드","publisher_en":"The Korea Herald","kind":"news","lang":"en","published_at":"2024-12-10","url":"https://www.koreaherald.com/article/10016785","title":"KAI wins W1.1tr to supply tail wings for Boeing aircrafts","title_en":"KAI wins W1.1tr to supply tail wings for Boeing aircrafts","excerpt":"KAI가 보잉 737 MAX의 수직·수평 미익(empennage)을 공급하는 계약을 6년(2032년까지) 연장, 규모 1.12조원($789M). KAI는 2022년부터 이 부품을 보잉에 공급해 왔다.","excerpt_en":"KAI won a six-year extension (through 2032, W1.12 trillion / $789M) to supply the vertical and horizontal stabilizers for Boeing's 737 MAX, parts it has supplied to Boeing since 2022."},{"stance":"confirms","publisher":"코리아이코노믹데일리(KED Global)","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2023-02-28","url":"https://www.kedglobal.com/us/aerospace-defense/newsView/ked202302280024","title":"S.Korea's KAI signs $105 mn deal to supply parts for Boeing aircraft","title_en":"S.Korea's KAI signs $105 mn deal to supply parts for Boeing aircraft","excerpt":"KAI가 2023~2030년 보잉 B767·B777·B787용 부품을 공급하는 $105M 계약을 체결했다.","excerpt_en":"KAI signed a $105 million deal to supply parts for Boeing B767, B777 and B787 aircraft from 2023 to 2030."},{"stance":"confirms","publisher":"이투데이","publisher_en":"Etoday","kind":"news","lang":"ko","published_at":"2020-07-21","url":"https://www.etoday.co.kr/news/view/2078476","title":"KAI, 보잉사와 1200억 규모 B787 드림라이너 구조물 공급 계약","title_en":"KAI signs KRW 120 billion contract to supply B787 Dreamliner structures to Boeing","excerpt":"계약 품목은 B787 엔진과 날개가 접합하는 나셀에 들어가는 구성품으로 총 24종의 부품과 조립체를 제작한다.","excerpt_en":"The contracted items are nacelle components at the junction of the B787 engine and wing, comprising 24 types of parts and assemblies."}]},{"direction":"cost","counterparty":"Thales","counterparty_slug":"thales","confidence":"mid","metric":null,"note":"탈레스는 보잉 기체에도 항공전자·기내 시스템(IFE 등)을 공급한다.","note_en":"Thales also supplies avionics and in-flight systems (such as IFE) to Boeing aircraft.","sources":[{"stance":"mentions","publisher":"에어로타임","publisher_en":"AeroTime","kind":"news","lang":"en","published_at":"2026-03-03","url":"https://www.aerotime.aero/articles/thales-2025-results-defense-avionics-sales-22b","title":"Thales 2025 results: defense and avionics lift sales to €22.1B","title_en":"Thales 2025 results: defense and avionics lift sales to €22.1B","excerpt":"아비오닉스 사업은 민·군 전 영역에서 성장했으며, 탈레스는 에어버스·보잉 등 주요 기체사에 항공전자를 공급한다.","excerpt_en":"The avionics business grew across civil and military domains, with Thales supplying avionics to major airframers including Airbus and Boeing."}]}]}