{"slug":"moog","name":"무그","name_en":"Moog","ticker":"MOG-A","updated_at":"2026-07-12T04:02:58.465+00:00","canonical":"https://valuechain.wiki/moog","same_as":["https://finance.yahoo.com/quote/MOG-A","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=67887"],"citable":"밸류체인 그래프 기준 무그의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Moog is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 5 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"비행제어·우주 추진 정밀 모션제어","kicker_en":"Precision motion control for flight and space","lead":"무그는 항공기 비행제어, 위성 추진·자세제어, 발사체 추력벡터제어(TVC), 방산 액추에이션을 아우르는 정밀 모션제어 회사다. 회계연도 2025년(9월 결산) 매출 38억6,060만 달러(+7%)에 12개월 수주잔고 30억 달러(+20%)로 사상 최대였다. 미 정부 계약이 매출의 38%(14억6,100만 달러), 보잉 단일 10%(3억9,680만 달러)를 차지하고, Lockheed Martin F-35의 1차 비행제어 액추에이션 통합공급이 최대 군용기 프로그램이다. Space and Defense 부문(11억1,300만 달러)이 우주 체인과의 접점이다.","lead_en":"Moog is a precision motion control company spanning aircraft flight controls, satellite propulsion and attitude control, launch-vehicle thrust vector control and defense actuation. FY2025 (September year-end) revenue was a record $3,860.6 million (up 7%) with a record $3.0 billion twelve-month backlog (up 20%). US government contracts are 38% of sales ($1,461M) and Boeing alone 10% ($396.8M), while the F-35 primary flight-control actuation for Lockheed Martin is its largest military aircraft program. The Space and Defense segment ($1,113M) is its interface with the space chain.","segments":{"parts":[{"desc":"위성 추진·자세제어, 발사체 추력벡터제어(TVC), 방산 액추에이션 — 우주 체인 접점, 매출 $1,113M.","name":"Space and Defense"},{"desc":"F-35 등 군용기 1차 비행제어 액추에이션 — 록히드 F-35가 최대 프로그램인 방산 축.","name":"Military Aircraft"},{"desc":"보잉 787 등 상업기 비행제어 — 민항 사이클에 연동되는 축(보잉 단일 10%).","name":"Commercial Aircraft"},{"desc":"산업용 정밀 모션제어 — 방산·항공 밖 다각화 축.","name":"Industrial"}],"total":"FY2025 매출 $3,860.6M (9월 결산, +7%)","concentration":"미 정부 38%·5대 고객 31%·보잉 10%"},"segments_en":{"parts":[{"desc":"Satellite propulsion/attitude control, launch-vehicle TVC and defense actuation — the space-chain interface, $1,113M.","name":"Space and Defense"},{"desc":"Primary flight-control actuation for military aircraft like the F-35 — the defense axis, with Lockheed's F-35 the largest program.","name":"Military Aircraft"},{"desc":"Flight controls for commercial aircraft like Boeing's 787 — an axis tied to the commercial cycle (Boeing alone 10%).","name":"Commercial Aircraft"},{"desc":"Industrial precision motion control — a diversification axis beyond defense and aerospace.","name":"Industrial"}],"total":"FY2025 revenue $3,860.6M (Sept year-end, +7%)","concentration":"US government 38%, top-5 customers 31%, Boeing 10%"},"returns_yearly":{"2021":3.4,"2022":9.8,"2023":66.6,"2024":36.8,"2025":24.5,"2026":67.5},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":3,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"viasat","name":"바이어샛","name_en":"Viasat","tier":2,"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":2,"returns_yearly":{"2021":2.8,"2022":10.6,"2023":-13,"2024":-36,"2025":141.5,"2026":15.8}},{"slug":"kai","name":"한국항공우주산업 (KAI)","name_en":"Korea Aerospace Industries","tier":2,"returns_yearly":{"2021":15.4,"2022":34.6,"2023":7,"2024":5.5,"2025":217.9,"2026":-14}},{"slug":"lockheed-martin","name":"Lockheed Martin","name_en":"Lockheed Martin","tier":1,"returns_yearly":{"2021":3.2,"2022":40.5,"2023":-4.3,"2024":10,"2025":2.5,"2026":9.5}},{"slug":"boeing","name":"보잉","name_en":"Boeing","tier":1,"returns_yearly":{"2021":-6,"2022":-5.4,"2023":36.8,"2024":-32.1,"2025":22.7,"2026":2.4}}],"benefiting":[],"analysis":"무그의 논지는 정밀 모션제어라는 좁고 깊은 해자로 방산·우주 수요 급증을 잡는 구조다. 비행제어·위성 추진·발사체 추력벡터제어(TVC)·방산 액추에이션에서 대체가 어려운 부품·시스템 통합자로, FY2025 매출 사상 최대 $3,860.6M(+7%)에 수주잔고 $30억(+20%)이 향후 수년 매출을 선확정했다. 미 정부 계약이 매출의 38%로 실적 안정성을 주고, 록히드 F-35 1차 비행제어 통합공급이 최대 군용기 프로그램이다. 성장 방아쇠는 국방·우주 예산 확대와 위성·발사체 수요로, Space and Defense 부문($1,113M)이 우주 체인 접점이다. 반대편에는 보잉 단일 10%·5대 고객 31%의 집중과 sole-source 부품·하청 의존 리스크가 있다. 재평가 트리거는 수주잔고의 매출 전환, F-35·미사일 프로그램 물량, 그리고 우주 추진 수요다.","analysis_en":"Moog's thesis is capturing surging defense and space demand through the narrow, deep moat of precision motion control. As a hard-to-substitute components and systems integrator in flight controls, satellite propulsion, launch-vehicle thrust vector control (TVC) and defense actuation, it posted record FY2025 revenue of $3,860.6M (+7%) with a $3.0B backlog (+20%) pre-committing years of revenue. U.S. Government contracts at 38% of sales give earnings stability, and Lockheed's F-35 primary flight-control integration is its largest military-aircraft program. Growth triggers are expanding defense/space budgets and satellite/launch demand, with the Space and Defense segment ($1,113M) the space-chain interface. Offsetting risks are concentration (Boeing alone 10%, top-5 customers 31%) and sole-source component and subcontractor dependence. Re-rating triggers are backlog-to-revenue conversion, F-35 and missile-program volumes, and space-propulsion demand.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"미 정부·국방 (S&D·군용기)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2025-09-27","basis":"미 정부 계약 매출($1,461M, OEM 포함)","value":38,"period":"FY2025","basis_en":"US government contract sales ($1,461M incl. OEM)"},"note":"미 정부(및 프라임/서브계약, OEM 포함) 계약이 FY2025 매출의 38%($1,461M) 차지, 주로 Space and Defense·Military Aircraft. 최대 매출 집중처.","note_en":"U.S. Government contracts (incl. prime/sub and OEM) accounted for 38% ($1,461M) of FY2025 sales, primarily Space and Defense and Military Aircraft, largest revenue concentration.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-26","url":"https://www.sec.gov/Archives/edgar/data/0000067887/000162828025054103/mog-20250927.htm","title":"무그 FY2025 연차보고서(Form 10-K)","title_en":"Moog Inc. Form 10-K FY2025","excerpt":"In 2025, sales under U.S. Government contracts represented 38% of total sales and were primarily within our Space and Defense and Military Aircraft segments. ... Net sales to our five largest customers represented approximately 31% of our 2025 sales.","excerpt_en":"In 2025, sales under U.S. Government contracts represented 38% of total sales and were primarily within our Space and Defense and Military Aircraft segments. ... Net sales to our five largest customers represented approximately 31% of our 2025 sales."}]},{"direction":"revenue","counterparty":"Boeing","counterparty_slug":"boeing","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2025-09-27","basis":"보잉향 매출 $396.8M","value":10,"period":"FY2025","basis_en":"Sales to Boeing $396.8M"},"note":"보잉향 매출 FY2025 $396.8M로 전체의 10%, 유일하게 공시된 단일 10% 초과 고객. 787 등 상업기 및 군용기(Military Aircraft·Space and Defense) 비행제어.","note_en":"Sales to Boeing were $396.8M in FY2025, or 10% of total sales, the only individually disclosed >10% customer. Flight controls for commercial (787) and military aircraft.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-26","url":"https://www.sec.gov/Archives/edgar/data/0000067887/000162828025054103/mog-20250927.htm","title":"무그 FY2025 연차보고서(Form 10-K)","title_en":"Moog Inc. Form 10-K FY2025","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.","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."}]},{"direction":"revenue","counterparty":"Lockheed Martin","counterparty_slug":"lockheed-martin","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"록히드마틴 F-35에 1차 비행제어(전기유압식 EHAS)·앞전플랩 구동·윙폴드 액추에이션 시스템 통합공급, 무그 최대 군용기 프로그램. 3년 생산계약 $400M 초과. 개별 금액 미공시.","note_en":"Systems integrator on Lockheed Martin's F-35 for primary flight control (EHAS), leading-edge flap and wingfold actuation, Moog's largest military aircraft program. Three-year production contract >$400M. Discrete amount not disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-26","url":"https://www.sec.gov/Archives/edgar/data/0000067887/000162828025054103/mog-20250927.htm","title":"무그 FY2025 연차보고서(Form 10-K)","title_en":"Moog Inc. Form 10-K FY2025","excerpt":"We maintain positions on numerous high priority programs, including the Lockheed Martin F-35 Lightning II.","excerpt_en":"We maintain positions on numerous high priority programs, including the Lockheed Martin F-35 Lightning II."},{"stance":"confirms","publisher":"무그(Moog Inc.)","publisher_en":"Moog Inc.","kind":"ir","lang":"en","published_at":"2019-11-04","url":"https://www.moog.com/news/corporate-press-releases/2019/moog-announces-award-of-lockheed-martin-production-contracts-for.html","title":"무그, 록히드마틴 F-35 생산계약 수주 발표","title_en":"Moog Announces Award of Lockheed Martin Production Contracts for F-35 Lightning II","excerpt":"Lockheed Martin has put Moog under contract for the next three years of F-35 production with a contract value in excess of $400 million dollars. ... the Primary Flight Control Actuation System, also known as the Electro-Hydrostatic Actuation System; the Leading Edge Flap Drive System; and the Wingfold Actuation System.","excerpt_en":"Lockheed Martin has put Moog under contract for the next three years of F-35 production with a contract value in excess of $400 million dollars. ... the Primary Flight Control Actuation System, also known as the Electro-Hydrostatic Actuation System; the Leading Edge Flap Drive System; and the Wingfold Actuation System."}]},{"direction":"cost","counterparty":"원자재·부품 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"제품 제조에 필요한 원자재 및 제3자 공급 부품·서브어셈블리 매입이 주요 비용처. 10-K는 자재·부품 가격 상승과 sole-source 공급업체의 가격 레버리지 리스크를 서술하나 개별 공급업체·금액은 미공시(바스켓).","note_en":"Purchases of raw materials and third-party components/sub-assemblies are a primary cost driver. The 10-K describes rising materials/component prices and sole-source supplier leverage but names no individual supplier or amount (basket).","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"U.S. SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-26","url":"https://www.sec.gov/Archives/edgar/data/0000067887/000162828025054103/mog-20250927.htm","title":"무그 FY2025 연차보고서(Form 10-K)","title_en":"Moog Inc. Form 10-K FY2025","excerpt":"The prices for materials and components used in our products has increased, adding additional pressures to our operating margins. Also, sole-source suppliers could apply leverage over price or other terms.","excerpt_en":"The prices for materials and components used in our products has increased, adding additional pressures to our operating margins. Also, sole-source suppliers could apply leverage over price or other terms."}]},{"direction":"cost","counterparty":"하청·서브계약 (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"장기 정부·항공 프로그램 이행에 하청업체·서브계약자 의존. 10-K 및 실적발표는 서브계약자/공급업체의 계약 불이행이 매출 감소·비용 증가로 이어질 리스크를 명시하나 개별 하청사·금액 미공시(바스켓).","note_en":"Reliance on subcontractors/suppliers to execute long-term government and aerospace programs. Filings flag risk that subcontractor/supplier non-performance could cut sales and raise costs, but name no individual subcontractor or amount (basket).","sources":[{"stance":"mentions","publisher":"무그(Moog Inc.)","publisher_en":"Moog Inc.","kind":"ir","lang":"en","published_at":"2025-11-21","url":"https://www.moog.com/content/dam/moog/literature/Corporate/Investors/press-releases-pdf/2025/q4/Moog-Reports-Record-Fourth-Quarter-2025-Sales.pdf","title":"무그 FY2025 4분기 실적 발표 (기록적 매출)","title_en":"Moog Inc. Reports Record Fourth Quarter 2025 Sales","excerpt":"supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; failure of our subcontractors or suppliers to perform their contractual obligations","excerpt_en":"supply chain constraints and inflationary impacts on prices for raw materials and components used in our products; failure of our subcontractors or suppliers to perform their contractual obligations"},{"stance":"mentions","publisher":"한국무그","publisher_en":"Moog Korea","kind":"ir","lang":"ko","published_at":null,"url":"https://www.moog.co.kr/markets/aircraft/aircraft-control-components.html","title":"무그 코리아 — 항공기 제어 구성 요소","title_en":"Moog Korea — Aircraft Control Components","excerpt":"당사의 시스템 솔루션은 미국과 동맹국이 누리는 항공 우위를 지원하는 초음속 항공기의 비행 표면을 정밀하게 제어합니다. 당사의 중요한 제어 장치는 F135, PW1100G, Trent XWB Engine 및 CF6 Engine을 포함한 최신 군사 및 상업용 에어로 엔진과 APU에 통합되어 있습니다.","excerpt_en":"Our system solutions precisely control the flight surfaces of supersonic aircraft that support the air dominance enjoyed by the U.S. and its allies. Our critical control devices are integrated into modern military and commercial aero engines and APUs including the F135, PW1100G, Trent XWB and CF6 engines."}]}]}