{"slug":"textron","name":"텍스트론","name_en":"Textron","ticker":"TXT","updated_at":"2026-07-12T04:10:59.224+00:00","canonical":"https://valuechain.wiki/textron","citable":"밸류체인 그래프 기준 텍스트론의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Textron is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 10 companies within two hops; the links are backed by 6 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"S&P 500 · 항공·방산 · 세스나 제트·벨 헬기","kicker_en":"S&P 500 · aerospace & defense · Cessna jets & Bell helicopters","lead":"텍스트론은 세스나 비즈니스 제트기(애비에이션)와 벨 헬리콥터를 양대 축으로 하는 미국 항공·방산 복합기업이다. FY2025 매출 약 $14.8B로, 애비에이션 $5.96B·벨 $4.28B·인더스트리얼 $3.21B·시스템즈 $1.25B의 4부문 구조다. 성장의 방아쇠는 벨 V-280 밸러가 2022년 미 육군 차세대 헬기(FLRAA·MV-75)로 선정된 것으로, 초기 EMD $1.3B에 프로그램 생애 잠재가치 약 $70B가 향후 수십 년 매출을 연다. 미 정부 매출이 약 27%로 방산 안정성을 주고, NetJets 등 대형 플릿 고객이 민수 사이클을 받친다.","lead_en":"Textron is a US aerospace-and-defense conglomerate built on two pillars — Cessna business jets (Aviation) and Bell helicopters. FY2025 revenue was about $14.8B across four segments: Aviation $5.96B, Bell $4.28B, Industrial $3.21B and Systems $1.25B. The growth trigger is Bell's V-280 Valor winning the US Army's next-generation helicopter (FLRAA/MV-75) in 2022 — a ~$1.3B initial EMD award with ~$70B of potential program value opening decades of revenue. US government sales at ~27% give defense stability, while large fleet customers like NetJets anchor the commercial cycle.","segments":{"fy":2025,"parts":[{"desc":"세스나 사이테이션 비즈니스 제트·캐러밴 — 매출 최대 부문, 민수 항공 사이클에 연동.","name":"텍스트론 애비에이션 ($5.96B)"},{"desc":"벨 헬리콥터·틸트로터 — FLRAA(V-280) 선정으로 군용 성장 축이 열린 부문.","name":"벨 ($4.28B)"},{"desc":"무인기·방산 시스템 — 정부 계약 중심의 방산 축.","name":"시스템즈 ($1.25B)"},{"desc":"특수차량·연료시스템 등 산업 — 항공 밖 다각화 축.","name":"인더스트리얼 ($3.21B)"}],"total":"약 $14.8B (FY2025)","concentration":"미 정부 매출 약 27%(2025). FLRAA(MV-75)가 벨 성장 주동력."},"segments_en":{"fy":2025,"parts":[{"desc":"Cessna Citation business jets and Caravan — the largest segment, tied to the commercial-aviation cycle.","name":"Textron Aviation ($5.96B)"},{"desc":"Bell helicopters and tiltrotors — the segment where the FLRAA (V-280) win opened a military growth axis.","name":"Bell ($4.28B)"},{"desc":"Uncrewed and defense systems — a government-contract-centric defense axis.","name":"Systems ($1.25B)"},{"desc":"Specialized vehicles and fuel systems — an industrial diversification axis beyond aerospace.","name":"Industrial ($3.21B)"}],"total":"~$14.8B (FY2025)","concentration":"US government ~27% of 2025 revenue; FLRAA (MV-75) drives Bell growth."},"returns_yearly":{"2021":59.9,"2022":-8.2,"2023":13.7,"2024":-4.8,"2025":14.1,"2026":4.3},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"garmin","name":"가민","name_en":"Garmin","tier":1,"returns_yearly":{"2021":15.9,"2022":-30.2,"2023":43.1,"2024":63.3,"2025":-0.1,"2026":20.8}},{"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":"iridium","name":"이리듐","name_en":"Iridium Communications","tier":2,"returns_yearly":{"2021":5,"2022":24.5,"2023":-19.1,"2024":-28.1,"2025":-38.5,"2026":190.7}},{"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":"mercury-systems","name":"Mercury Systems","name_en":"Mercury Systems","tier":2,"returns_yearly":{"2021":-37.5,"2022":-18.7,"2023":-18.3,"2024":14.8,"2025":73.8,"2026":47.9}},{"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":"l3harris","name":"L3해리스","name_en":"L3Harris","tier":2,"returns_yearly":{"2021":15,"2022":-0.5,"2023":3.7,"2024":1.9,"2025":42.3,"2026":-0.2}},{"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":"intel","name":"Intel","name_en":"Intel","tier":3,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"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":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"firefly-aerospace","name":"파이어플라이 에어로스페이스","name_en":"Firefly Aerospace","tier":3,"returns_yearly":{"2026":7.7}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":3,"returns_yearly":{"2026":0.7}},{"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":"thales","name":"Thales","name_en":"Thales","tier":3,"returns_yearly":{"2021":12.5,"2022":52.5,"2023":14,"2024":17.8,"2025":66.6,"2026":-11.6}},{"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":"텍스트론의 논지는 성숙한 비즈니스 제트·헬기 사업 위에 얹힌 FLRAA라는 장기 방산 성장 옵션이다. 애비에이션(세스나)과 벨이 매출의 약 70%를 차지하는 현금 기반이고, 벨 V-280 밸러의 미 육군 FLRAA(MV-75) 선정이 프로그램 생애 약 $70B로 벨 군용 매출의 다음 성장 축을 연다 — 2025년 벨 매출 증가가 이미 그 초입이다. 미 정부 27% 매출과 NetJets 대형 플릿 옵션($10B 규모)이 실적 가시성을 주고, 원가단은 프랫앤휘트니 캐나다(엔진)·가민(항전) 같은 공급사에 의존한다. 반대편 리스크는 민수 제트 수요의 경기 민감성과 FLRAA 개발 실행이다. 재평가 트리거는 FLRAA EMD 진척·양산 전환, 비즈니스 제트 수주, 그리고 국방예산 흐름이다.","analysis_en":"Textron's thesis is a long-dated defense growth option — FLRAA — layered on mature business-jet and helicopter franchises. Aviation (Cessna) and Bell are the cash base at ~70% of revenue, and Bell's V-280 Valor winning the US Army's FLRAA (MV-75) opens the next growth axis for Bell military revenue at ~$70B of lifetime program value — the 2025 rise in Bell revenue is already its start. US government sales at 27% and NetJets fleet options (~$10B) give earnings visibility, while the cost side depends on suppliers like Pratt & Whitney Canada (engines) and Garmin (avionics). Offsetting risks are the cyclicality of business-jet demand and FLRAA development execution. Re-rating triggers are FLRAA EMD progress and the shift to production, business-jet orders, and the defense-budget flow.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"미 육군 (FLRAA·MV-75)","counterparty_slug":null,"confidence":"high","metric":{"type":"contract","unit":"USD","as_of":"2022-12","basis":"잠재 프로그램 가치 ~$70B(CRS)","value":1300000000,"period":"EMD 초기 계약","basis_en":"potential program value ~$70B (CRS)"},"note":"벨 V-280 밸러가 2022년 12월 FLRAA 선정(MV-75). 초기 EMD 계약 약 $1.3B, 프로그램 생애 잠재 가치 약 $70B — 2025년 벨 군용 매출 증가의 주동력. 미 정부 전체가 연결 매출의 27%(2025).","note_en":"Bell's V-280 Valor won FLRAA in Dec 2022 (MV-75): ~$1.3B initial EMD award, ~$70B potential program value; the main driver of Bell's higher 2025 military revenue. US government overall is 27% of consolidated revenue.","sources":[{"stance":"confirms","publisher":"StockTitan (10-K)","publisher_en":"StockTitan (10-K)","kind":"filing","lang":"en","published_at":"2026-02-11","url":"https://www.stocktitan.net/sec-filings/TXT/10-k-textron-inc-files-annual-report-02aa85ebbb69.html","title":"Textron 10-K FY2025","title_en":"Textron 10-K FY2025","excerpt":"The MV-75 contract was awarded to Bell in December 2022; Bell revenue increase driven by higher volume on the U.S. Army's MV-75 program. US Government ~27% of consolidated revenues in 2025.","excerpt_en":"MV-75 awarded Dec 2022; US Government ~27% of 2025 consolidated revenues."},{"stance":"confirms","publisher":"Textron","publisher_en":"Textron","kind":"ir","lang":"en","published_at":"2026-02-11","url":"https://investor.textron.com/news-releases/news-details/2026/Textron-Reports-Fourth-Quarter-2025-Results-Announces-2026-Financial-Outlook/default.aspx","title":"텍스트론 FY2025 실적 발표","title_en":"Textron FY2025 results","excerpt":"FY2025 부문 매출($M): 애비에이션 5,955·벨 4,282·시스템즈 1,247·인더스트리얼 3,213·파이낸스 75, 합계 14,799.","excerpt_en":"FY2025 segment revenues ($M): Aviation 5,955; Bell 4,282; Systems 1,247; Industrial 3,213; Finance 75; total 14,799."},{"stance":"confirms","publisher":"Congressional Research Service","publisher_en":"Congressional Research Service","kind":"filing","lang":"en","published_at":"2025-06-01","url":"https://www.congress.gov/crs-product/IF12771","title":"FLRAA 프로그램 개요 (미 의회조사국)","title_en":"Future Long-Range Assault Aircraft (FLRAA)","excerpt":"Bell's V-280 Valor selected as FLRAA winner; initial EMD contract ~$1.3B, potential ~$70B across the program's life.","excerpt_en":"V-280 Valor won FLRAA; ~$1.3B EMD, ~$70B potential."}]},{"direction":"cost","counterparty":"가민","counterparty_slug":"garmin","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"세스나 사이테이션 제트의 올가민 항전 레트로핏(STC)을 고객에 제공하며 가민 항전 시스템을 조달.","note_en":"Offers all-Garmin avionics retrofits (STC) for Cessna Citation jets, sourcing Garmin systems.","sources":[{"stance":"confirms","publisher":"Textron Aviation","publisher_en":"Textron Aviation","kind":"ir","lang":"en","published_at":"2025-08-05","url":"https://media.txtav.com/252846-textron-aviation-announces-additional-garmin-avionics-upgrade-option-for-cessna-citation-cj1/","title":"텍스트론 애비에이션, 세스나 사이테이션 가민 항전 업그레이드","title_en":"Textron Aviation announces Garmin avionics upgrade for Cessna Citation","excerpt":"Customers can now upgrade their Cessna Citation CJ1 with the all-Garmin retrofit solution following FAA supplemental type certification.","excerpt_en":"All-Garmin retrofit for the Cessna Citation CJ1 under FAA STC."}]},{"direction":"cost","counterparty":"프랫앤휘트니 캐나다 (RTX)","counterparty_slug":"rtx","confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"세스나 스카이커리어(PT6A-65SC)·캐러밴(PT6A) 등 터보프롭 엔진 공급사. 10-K 미기재, PR 기반.","note_en":"Turboprop engine supplier for Cessna SkyCourier (PT6A-65SC) and Caravan (PT6A); PR-based, not in the 10-K.","sources":[{"stance":"confirms","publisher":"GlobeNewswire (P&WC)","publisher_en":"GlobeNewswire (P&WC)","kind":"ir","lang":"en","published_at":"2017-11-28","url":"https://www.globenewswire.com/news-release/2017/11/28/1419254/0/en/Pratt-Whitney-Canada-to-Power-New-Twin-Engine-Large-Utility-Aircraft-from-Textron-Aviation.html","title":"P&WC, 텍스트론 스카이커리어 엔진 선정","title_en":"P&WC to power Textron Aviation's SkyCourier","excerpt":"P&WC selected by Textron Aviation to power the Cessna SkyCourier with the 1,100 shp PT6A-65SC engine.","excerpt_en":"P&WC selected to power the Cessna SkyCourier (PT6A-65SC)."}]},{"direction":"revenue","counterparty":"NetJets (버크셔 해서웨이)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"사이테이션 대량 플릿 고객 — 롱지튜드 최대 175대·헤미스피어 최대 150대 옵션, 전량 행사 시 약 $10B(2018 계약).","note_en":"Citation fleet customer: options for up to 175 Longitudes and 150 Hemispheres, worth nearly $10B if fully exercised (2018).","sources":[{"stance":"confirms","publisher":"FLYING Magazine","publisher_en":"FLYING Magazine","kind":"news","lang":"en","published_at":"2018-10-15","url":"https://www.flyingmag.com/netjets-inks-massive-deal-for-cessna-citation-jets/","title":"넷제츠, 세스나 사이테이션 대량 구매 계약","title_en":"NetJets inks massive deal for Cessna Citation jets","excerpt":"Options to purchase up to 175 Citation Longitude and up to 150 Citation Hemisphere aircraft... nearly $10 billion.","excerpt_en":"Options for up to 175 Longitudes and 150 Hemispheres, ~$10B."}]}]}