Precision motion control for flight and space
Moog
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.
MOG-A Updated Jul 12, 2026 4 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · FY2025 revenue $3,860.6M (Sept year-end, +7%)
- Customer concentration · US government 38%, top-5 customers 31%, Boeing 10%
- Segments · Space and Defense · Military Aircraft · Commercial Aircraft · Industrial
Revenue from
- US government · defense (S&D · military aircraft) High confidence· Revenue share 38% · FY2025 · US government contract sales ($1,461M incl. OEM)
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. - Boeing High confidence· Revenue share 10% · FY2025 · Sales to Boeing $396.8M
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. - Lockheed Martin High confidence
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.Confirms EN Moog Inc. Published Nov 4, 2019: Moog Announces Award of Lockheed Martin Production Contracts for F-35 Lightning II
Pays to
- Raw materials · components (undisclosed) Medium confidence
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). - Subcontracting · sub-contracts (undisclosed) Medium confidence
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).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Viasat | lead2 | +36.4 | -28.9 | -11.7 | -69.6 | +304.9 | +113.5 |
| SES S.A. | lead2 | +2.8 | +10.6 | -13 | -36 | +141.5 | +15.8 |
| Korea Aerospace Industries | lead2 | +15.4 | +34.6 | +7 | +5.5 | +217.9 | -14 |
| Lockheed Martin | lead1 | +3.2 | +40.5 | -4.3 | +10 | +2.5 | +9.5 |
| Boeing | lead1 | -6 | -5.4 | +36.8 | -32.1 | +22.7 | +2.4 |
| Moog | node | +3.4 | +9.8 | +66.6 | +36.8 | +24.5 | +67.5 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target $345 · Price $407.11 (07-10) · Upside -15%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| TD Cowen | Buy | $450 | Jun 10, 2026 | Report ↗ |
| Truist Securities | Buy | $240 | Oct 15, 2025 | Report ↗ |
Buy ratings hold as defense and space precision-control demand stays strong, with TD Cowen lifting its target sharply to $450.
Analyses covering this node
- The launch-tier paradox: even rocket companies are SpaceX customers Jul 4, 2026
- The prime tier runs on a budget clock: where the space re-rating stops Jul 4, 2026