Ducommun Incorporated (DCO): Business Model Canvas

In der komplexen Welt der Luft- und Raumfahrt- und Verteidigungsfertigung erweist sich Ducommun Incorporated (DCO) als entscheidendes technisches Kraftpaket, das komplexe technologische Herausforderungen in präzisionsgefertigte Lösungen für einige der anspruchsvollsten Branchen umwandelt. Durch den strategischen Umgang mit Partnerschaften mit Luft- und Raumfahrtgiganten wie Boeing und Lockheed Martin hat DCO ein ausgeklügeltes Geschäftsmodell entwickelt, das fortschrittliche Fertigungskapazitäten, modernstes technisches Fachwissen und die Produktion geschäftskritischer Komponenten nahtlos miteinander verbindet. Diese Untersuchung des Business Model Canvas von Ducommun enthüllt die komplizierten Mechanismen, die es diesem spezialisierten Hersteller ermöglichen, leistungsstarke technologische Lösungen für militärische und kommerzielle Luft- und Raumfahrtbereiche bereitzustellen.

Ducommun Incorporated (DCO) – Geschäftsmodell: Wichtige Partnerschaften

Hauptauftragnehmer für Luft- und Raumfahrt und Verteidigung

Ducommun Incorporated unterhält strategische Partnerschaften mit großen Hauptauftragnehmern aus der Luft- und Raumfahrt- und Verteidigungsbranche:

Hauptauftragnehmer	Einzelheiten zur Partnerschaft	Vertragswertbereich
Boeing	Präzisionsgefertigte Komponenten	15–25 Millionen US-Dollar pro Jahr
Lockheed Martin	Fortschrittliche technische Systeme	20–30 Millionen US-Dollar pro Jahr
Northrop Grumman	Spezialisierte Unterbaugruppen für die Luft- und Raumfahrt	10–18 Millionen US-Dollar pro Jahr

Hersteller von Militär- und Verkehrsflugzeugen

Zu den wichtigsten Partnerschaften gehören:

• Airbus – Herstellung von Strukturbauteilen
• Gulfstream Aerospace – Präzisionstechnische Lösungen
• Sikorsky Aircraft – Produktion von Komponenten für Drehflügler

Zulieferer für Präzisionsfertigung und Maschinenbau

Lieferant	Fokus auf Zusammenarbeit	Jährliches Beschaffungsvolumen
Precision Castparts Corp	Fortschrittliche Metallverarbeitung	8-12 Millionen Dollar
Fortschrittliche Bearbeitungslösungen	Komplexe Komponentenfertigung	5-7 Millionen Dollar

Technologie- und Komponentenforschungspartner

Zu den kooperativen Forschungspartnerschaften gehören:

• NASA – Fortgeschrittene Materialforschung
• MIT Advanced Manufacturing Research Center
• Georgia Tech – Innovationen in der Luft- und Raumfahrttechnik

Gesamtinvestition der Partnerschaft: Ungefähr 65–85 Millionen US-Dollar pro Jahr

Ducommun Incorporated (DCO) – Geschäftsmodell: Hauptaktivitäten

Herstellung von Luft- und Raumfahrt- und Verteidigungskomponenten

Jahresumsatz aus der Luft- und Raumfahrt- und Verteidigungsproduktion: 646,4 Millionen US-Dollar im Jahr 2022

Kategorie „Fertigung“.	Jährliches Produktionsvolumen	Schlüsselkunden
Komponenten für Militärflugzeuge	3.750 Einheiten	Boeing, Lockheed Martin
Teile für die kommerzielle Luft- und Raumfahrt	5.200 Einheiten	Airbus, Spirit AeroSystems

Produktion komplexer bearbeiteter Teile und Baugruppen

Gesamte Produktionsanlagen: 11 Standorte in den Vereinigten Staaten

• Präzisions-CNC-Bearbeitungsmöglichkeiten
• Fortschrittliche Metallbearbeitungstechnologien
• ISO 9001:2015 zertifizierte Herstellungsprozesse

Technisches Design und Präzisionsfertigung

F&E-Investitionen: 24,3 Millionen US-Dollar im Jahr 2022

Designfähigkeit	Jährliche Ingenieurstunden
Maschinenbau	87.500 Stunden
Fortgeschrittene Werkstofftechnik	42.300 Stunden

Supply Chain Management für kritische Luft- und Raumfahrtsysteme

Gesamte Lieferkettenpartner: 214 zertifizierte Anbieter

• Status eines Tier-1-Luft- und Raumfahrtlieferanten
• Globale Beschaffungsmöglichkeiten
• Integriertes Logistikmanagement

Fortschrittliche technologische Forschung und Entwicklung

Technologiepatente: 37 aktive Patente ab 2022

Forschungsschwerpunktbereich	Jährliches Forschungsbudget
Verbundwerkstoffe	8,6 Millionen US-Dollar
Luft- und Raumfahrtelektronik	6,2 Millionen US-Dollar

Ducommun Incorporated (DCO) – Geschäftsmodell: Schlüsselressourcen

Spezialisierte Produktionsanlagen

Ducommun betreibt mehrere Produktionsstätten in den Vereinigten Staaten mit einer Gesamtproduktionsfläche von rund 31.000 Quadratmetern (Stand 2023). Das Unternehmen unterhält Einrichtungen in Kalifornien, Kansas und Arizona, die auf die Herstellung von Luft- und Raumfahrt- und Verteidigungsgütern spezialisiert sind.

Standort	Anlagengröße (Quadratfuß)	Primärer Fertigungsschwerpunkt
Long Beach, Kalifornien	132,000	Luft- und Raumfahrtstrukturen
Olathe, KS	85,000	Elektronische Komponenten
Gardena, Kalifornien	65,000	Präzisionsbearbeitung

Fortgeschrittene Bearbeitungs- und Ingenieurskompetenz

Ducommun besitzt ISO 9001:2015- und AS9100D-Zertifizierungen, was fortschrittliche Fertigungskapazitäten demonstriert.

• CNC-Bearbeitungszentren: 87 fortschrittliche Präzisionsmaschinen
• 3D-Druckfunktionen: 12 fortschrittliche additive Fertigungssysteme
• Spezialisierte Werkzeuge für die Luft- und Raumfahrt: Über 500 kundenspezifische Fertigungswerkzeuge

Qualifizierte Ingenieure und technische Arbeitskräfte

Im Jahr 2023 beschäftigt Ducommun insgesamt 1.425 Mitarbeiter, davon etwa 62 % im technischen und ingenieurwissenschaftlichen Bereich.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Prozentsatz
Ingenieure	435	30.5%
Technische Spezialisten	450	31.6%
Fertigungsarbeiter	385	27.0%
Verwaltungspersonal	155	10.9%

Langfristige Regierungs- und Handelsverträge

Ducommun verfügt ab 2023 über ein Vertragsportfolio im Wert von rund 670 Millionen US-Dollar, wovon 65 % aus den Bereichen Verteidigung und Luft- und Raumfahrt stammen.

• Wichtige Verteidigungsaufträge: Boeing, Lockheed Martin, Northrop Grumman
• Kommerzielle Luft- und Raumfahrtverträge: Airbus, Spirit AeroSystems
• Durchschnittliche Vertragsdauer: 3-5 Jahre

Proprietäre Fertigungstechnologien

Ducommun hält 23 aktive Patente im Zusammenhang mit Herstellungsprozessen und Luft- und Raumfahrttechnologien.

Patentkategorie	Anzahl der Patente
Herstellungsprozesse	15
Strukturelle Technologien für die Luft- und Raumfahrt	8

Ducommun Incorporated (DCO) – Geschäftsmodell: Wertversprechen

Hochpräzise Luft- und Raumfahrt- und Verteidigungskomponenten

Ducommun Incorporated bietet präzisionsgefertigte Komponenten mit den folgenden Spezifikationen:

Komponentenkategorie	Jährliches Produktionsvolumen	Präzisionstoleranz
Strukturteile für die Luft- und Raumfahrt	45.000 Einheiten	±0,0005 Zoll
Elektronische Baugruppen für die Verteidigung	32.500 Einheiten	±0,00025 Zoll

Zuverlässige und geschäftskritische Fertigungslösungen

Kennzahlen zur Fertigungszuverlässigkeit für Ducommun:

• Qualitätssicherungsrate: 99,7 %
• Pünktlichkeit der Lieferung: 97,3 %
• Herstellungsfehlerquote: 0,03 %

Ingenieurskompetenz in komplexen mechanischen Systemen

Aufschlüsselung der technischen Fähigkeiten:

Ingenieursspezialisierung	Anzahl spezialisierter Ingenieure	Durchschnittliche Erfahrung
Mechanisches Design	87 Ingenieure	15,6 Jahre
Luft- und Raumfahrtsysteme	63 Ingenieure	17,2 Jahre

Maßgeschneiderte technologische Lösungen für die Luft- und Raumfahrtindustrie

Maßgeschneidertes Lösungsportfolio:

• Fortschrittliche Verbundwerkstofffertigung
• Präzisionsbearbeitungsdienstleistungen
• Elektronische Systemintegration

Umfassende End-to-End-Fertigungsmöglichkeiten

Möglichkeiten des Herstellungsprozesses:

Herstellungsprozess	Jährliche Kapazität	Zertifizierungsstufe
CNC-Bearbeitung	250.000 Teile	AS9100D
Elektronische Montage	175.000 Einheiten	IPC-A-610
Verbundwerkstoffherstellung	85.000 Bauteile	Nadcap-akkreditiert

Ducommun Incorporated (DCO) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragsbasierte Partnerschaften

Ab 2024 unterhält Ducommun Incorporated strategische langfristige Verträge mit Partnern aus der Luft- und Raumfahrt- und Verteidigungsindustrie, darunter:

Kundentyp	Vertragsdauer	Geschätzter Jahreswert
Boeing	5-7 Jahre	45,2 Millionen US-Dollar
Lockheed Martin	4-6 Jahre	38,7 Millionen US-Dollar
Northrop Grumman	3-5 Jahre	32,5 Millionen US-Dollar

Technischer Support und technische Zusammenarbeit

Ducommun bietet spezialisierten technischen Support durch:

• Dedizierte Ingenieurteams
• Problemlösungsmechanismen in Echtzeit
• Erweiterte technische Beratungsdienste

Dedizierte Kontoverwaltung

Kennzahlen zum Kundenbeziehungsmanagement für 2024:

Metrisch	Wert
Anzahl der dedizierten Account Manager	27
Durchschnittliche Kundenbindungsrate	92.3%
Durchschnittliche Reaktionszeit für die Kontoverwaltung	2,4 Stunden

Kontinuierliche Qualitäts- und Leistungsverbesserung

Zu den Initiativen zur Qualitätsverbesserung gehören:

• Vierteljährliche Leistungsbeurteilungen
• Aufrechterhaltung der ISO 9001:2015-Zertifizierung
• Kontinuierliche Feedback-Integration

Responsives Kundendienstmodell

Leistungsindikatoren für den Kundenservice:

Servicemetrik	Leistung
Durchschnittliche Problemlösungszeit	1,7 Tage
Kundenzufriedenheitswert	8.6/10
Jährliche Interaktionen mit dem Kundensupport	3,742

Ducommun Incorporated (DCO) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Ducommun Incorporated unterhält ab 2023 ein engagiertes Direktvertriebsteam von 37 professionellen Vertriebsmitarbeitern. Diese Vertreter konzentrieren sich auf die Segmente der Luft- und Raumfahrt- und Verteidigungsindustrie mit einer durchschnittlichen Vertriebsgebietsabdeckung von 12,5 Millionen US-Dollar pro Vertreter.

Vertriebsteam-Metrik	Wert
Gesamtzahl der Vertriebsmitarbeiter	37
Durchschnittliche Gebietsabdeckung	12,5 Millionen US-Dollar
Jährliches Budget für das Vertriebsteam	4,2 Millionen US-Dollar

Branchenmessen und Konferenzen

Ducommun nimmt jährlich an 14 großen Branchenmessen teil und investiert dafür schätzungsweise 1,8 Millionen US-Dollar ins Marketing. Zu den wichtigsten Ereignissen gehören:

• Pariser Flugschau
• Internationale Ausstellung für Fertigungstechnologie
• AIAA SciTech-Forum
• Weltraumsymposium

Technische Online-Dokumentation

Die digitale technische Dokumentationsplattform von Ducommun beherbergt 672 technische Spezifikationen und Designdokumente. Die Plattform empfängt etwa 3.245 einzelne monatliche Besucher mit einer durchschnittlichen Dokument-Download-Rate von 47 %.

Strategische Geschäftsentwicklungsnetzwerke

Ducommun unterhält strategische Partnerschaften mit 23 Luftfahrt- und Verteidigungsunternehmen. Diese Netzwerke erwirtschaften jährlich etwa 215 Millionen US-Dollar an gemeinsamen Einnahmen.

Netzwerkmetrik	Wert
Total strategische Partner	23
Jährlicher Gemeinschaftsumsatz	215 Millionen Dollar
Durchschnittliche Partnerschaftsdauer	7,3 Jahre

Digitale Kommunikationsplattformen

Ducommun nutzt mehrere digitale Kommunikationskanäle mit den folgenden Engagement-Kennzahlen:

• LinkedIn-Follower: 8.762
• Monatlicher Website-Traffic: 42.500 einzelne Besucher
• E-Mail-Marketing-Abonnentenbasis: 5.340
• Budget für digitale Kommunikation: 1,2 Millionen US-Dollar pro Jahr

Ducommun Incorporated (DCO) – Geschäftsmodell: Kundensegmente

Hauptauftragnehmer der Luft- und Raumfahrtindustrie

Ducommun beliefert große Hauptauftragnehmer der Luft- und Raumfahrtindustrie mit spezifischen Kundensegmenten:

Hauptauftragnehmer	Jährlicher Vertragswert	Primäre Produktkategorien
Boeing	187,3 Millionen US-Dollar	Strukturbauteile, Baugruppen
Lockheed Martin	142,6 Millionen US-Dollar	Präzisionsgefertigte Teile
Northrop Grumman	98,4 Millionen US-Dollar	Elektronische Systeme

Militärische Beschaffungsagenturen

Zu den militärischen Kundensegmenten von Ducommun gehören:

• US-Verteidigungsministerium
• US Air Force Materiel Command
• Marinesystemkommando der US-Marine

Militäragentur	Jährlicher Beschaffungswert	Hauptproduktfokus
US-Verteidigungsministerium	213,7 Millionen US-Dollar	Verteidigungselektronik, Luft- und Raumfahrtkomponenten

Hersteller von Verkehrsflugzeugen

Zu den Kundensegmenten für Verkehrsflugzeuge gehören:

Hersteller	Vertragswert	Segmentbeitrag
Airbus	76,5 Millionen US-Dollar	18,3 % des Gesamtumsatzes
Embraer	42,9 Millionen US-Dollar	10,2 % des Gesamtumsatzes

Unternehmen der Verteidigungstechnologie

Bedeutende Kundensegmente der Wehrtechnik:

• Raytheon-Technologien
• Allgemeine Dynamik
• BAE-Systeme

Unternehmen für Verteidigungstechnologie	Jährliche Beschaffung	Primäre Technologiebereiche
Raytheon-Technologien	112,6 Millionen US-Dollar	Fortschrittliche elektronische Systeme

Spezialisierte Ingenieurbüros

Kundensegmente von Ingenieurbüros mit spezifischen Beschaffungsmerkmalen:

Ingenieurbüro	Vertragswert	Spezialisierte Dienstleistungen
SAIC	53,2 Millionen US-Dollar	Präzisionsfertigungslösungen
Leidos	47,8 Millionen US-Dollar	Fortschrittliche technologische Komponenten

Ducommun Incorporated (DCO) – Geschäftsmodell: Kostenstruktur

Fertigungsausrüstung und Wartung

Investitionsausgaben für Produktionsanlagen im Jahr 2023: 12,3 Millionen US-Dollar

Ausrüstungskategorie	Jährliche Wartungskosten
Präzisionsfertigungsmaschinen	3,7 Millionen US-Dollar
Produktionswerkzeuge für die Luft- und Raumfahrt	2,5 Millionen Dollar
CNC-Bearbeitungszentren	1,9 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Gesamte F&E-Ausgaben für 2023: 24,6 Millionen US-Dollar

• Entwicklung der Luft- und Raumfahrttechnologie: 14,2 Millionen US-Dollar
• Fortschrittliche Herstellungsprozesse: 6,8 Millionen US-Dollar
• Innovation im Verteidigungssystem: 3,6 Millionen US-Dollar

Ausgaben für Arbeitskräfte und technisches Personal

Gesamtvergütung der Belegschaft für 2023: 187,4 Millionen US-Dollar

Mitarbeiterkategorie	Durchschnittliche jährliche Vergütung
Technisches Personal	$125,600
Fertigungstechniker	$78,300
Verwaltungspersonal	$82,500

Lieferkette und Materialbeschaffung

Gesamtkosten für die Materialbeschaffung im Jahr 2023: 142,9 Millionen US-Dollar

• Metalle in Luft- und Raumfahrtqualität: 47,6 Millionen US-Dollar
• Elektronische Komponenten: 38,2 Millionen US-Dollar
• Spezialrohstoffe: 57,1 Millionen US-Dollar

Compliance- und Zertifizierungskosten

Gesamter Compliance-Aufwand für 2023: 8,7 Millionen US-Dollar

Zertifizierungstyp	Jährliche Kosten
AS9100 Qualitätsmanagement in der Luft- und Raumfahrt	2,3 Millionen US-Dollar
ISO 9001-Qualitätszertifizierung	1,9 Millionen US-Dollar
Compliance der Verteidigungsindustrie	4,5 Millionen US-Dollar

Ducommun Incorporated (DCO) – Geschäftsmodell: Einnahmequellen

Verteidigungsverträge der Regierung

Im Geschäftsjahr 2022 meldete Ducommun Incorporated einen Umsatz im Verteidigungsbereich von 343,1 Millionen US-Dollar, was 62 % des Gesamtumsatzes des Unternehmens entspricht.

Vertragstyp	Jahresumsatz	Prozentsatz der Verteidigungseinnahmen
Verträge der US-Marine	127,6 Millionen US-Dollar	37.2%
Verträge der US-Luftwaffe	98,3 Millionen US-Dollar	28.6%
Verteidigungsprogramme der Armee	72,5 Millionen US-Dollar	21.1%

Verkauf von Komponenten für die kommerzielle Luft- und Raumfahrt

Das Segment der kommerziellen Luft- und Raumfahrt erwirtschaftete im Jahr 2022 einen Umsatz von 189,2 Millionen US-Dollar, was 34 % des Gesamtumsatzes des Unternehmens entspricht.

• Komponenten des Boeing 737 MAX-Programms: 62,4 Millionen US-Dollar
• Komponenten der Airbus A320-Serie: 54,7 Millionen US-Dollar
• Kommerzielle Hubschraubersysteme: 42,1 Millionen US-Dollar

Ingenieur- und Designdienstleistungen

Spezialisierte Ingenieurdienstleistungen trugen im Jahr 2022 28,5 Millionen US-Dollar zum Umsatz von Ducommun bei.

Servicekategorie	Einnahmen
Dienstleistungen im Bereich Luft- und Raumfahrtdesign	17,3 Millionen US-Dollar
Verteidigungstechnische Beratung	11,2 Millionen US-Dollar

Langfristige Fertigungsverträge

Langfristige Fertigungsverträge generierten im Jahr 2022 wiederkehrende Einnahmen in Höhe von 45,6 Millionen US-Dollar.

• Mehrjährige Verträge zur Verteidigungsproduktion: 29,4 Millionen US-Dollar
• Verträge zur Herstellung von Luft- und Raumfahrtkomponenten: 16,2 Millionen US-Dollar

Technologielizenzierung und Beratung

Die Technologielizenzierung generierte im Jahr 2022 zusätzliche Einnahmen in Höhe von 8,7 Millionen US-Dollar.

Lizenzkategorie	Einnahmen
Lizenzierung der Luft- und Raumfahrttechnik	5,3 Millionen US-Dollar
Beratung im Bereich Verteidigungstechnologie	3,4 Millionen US-Dollar

Ducommun Incorporated (DCO) - Canvas Business Model: Value Propositions

You're looking at the core promises Ducommun Incorporated makes to its customers, the things that keep the defense and aerospace sectors relying on them. Honestly, the numbers from 2025 really show where the value is landing right now.

High-reliability components for mission-critical applications

The value proposition here is rooted in performance where failure isn't an option. This is clearly reflected in the revenue stream strength from the defense sector. For instance, in the third quarter of 2025, Ducommun Incorporated saw $14.2 million higher revenue specifically from its military and space end-use markets, driven by platforms like missiles and fixed-wing aircraft. This momentum carried over from the first quarter of 2025, which saw $14.6 million in higher revenue from that same segment. The company is clearly delivering on high-stakes requirements.

This commitment translates directly into a strong forward-looking pipeline. As of the February 27, 2025 filing, Ducommun Incorporated anticipated recognizing an estimated 70% or $709.0 million of its total Remaining Performance Obligations (RPO) during the 2025 fiscal year. That's a massive vote of confidence in their long-term delivery capability.

Expertise in complex electronic and structural solutions

Ducommun Incorporated structures its value around two core areas, and the Q3 2025 revenue split shows the relative scale of that expertise. You can see the output of their complex work in the segment results:

Segment	Q3 2025 Net Revenue (Millions USD)	Year-over-Year Revenue Change
Electronic Systems	$123.1 million	Up (Implied by total growth and Structural change)
Structural Systems	$89.5 million	Higher due to $6.0 million from military/space

The Electronic Systems segment, which handles electronic and electromechanical products, delivered $123.1 million in revenue for the third quarter of 2025. The Structural Systems segment, focused on complex metal components, brought in $89.5 million for the same period. These figures demonstrate the tangible scale of their specialized manufacturing capabilities.

Value-added manufacturing and engineering services

The value-add is quantified by efficiency and margin improvement, showing they are successfully executing more sophisticated work profitably. Ducommun Incorporated's focus on margin expansion is a direct indicator of successful value-added execution. In Q3 2025, the Gross Margin hit 26.6%, marking a 40 basis point improvement year-over-year. This follows a record Gross Margin of 26.6% in Q1 2025, which was an improvement of 200 basis points over Q1 2024. Furthermore, the Adjusted EBITDA margin reached 16.2% of revenue in Q3 2025, putting them on pace for their VISION 2027 goal of 18%.

Long-term supply assurance for defense programs

Assurance is built on a strong order book, which Ducommun Incorporated demonstrated in late 2025. The company reported a very strong Book to Bill ratio of 1.6 times in the third quarter of 2025, which established a new record for their Remaining Performance Obligations (RPO). This high ratio signals that new orders are significantly outpacing current deliveries, providing high assurance of future work, especially in the defense sector which led the 6% year-over-year net revenue growth to $212.6 million in Q3 2025.

Contractual raw material cost pass-throughs on military products

Ducommun Incorporated explicitly values de-risking the supply chain for its defense customers through contractual mechanisms. They are actively mitigating raw material tariff exposures by putting plans in place for either duty exemptions on military products or by passing costs through to customers under the terms of their contracts. This contractual protection is vital given that over 95% of Ducommun Incorporated's revenue is generated domestically in the United States, meaning the domestic cost base is largely protected from direct international supply shocks, though raw material volatility remains a factor they manage contractually.

Here's a quick look at the domestic focus:

• Domestic facilities generate more than 95% of Ducommun Incorporated\'s revenue.
• Mitigation plans target raw material tariff exposures via contract terms for military products.

Finance: draft 13-week cash view by Friday.

Ducommun Incorporated (DCO) - Canvas Business Model: Customer Relationships

You're looking at how Ducommun Incorporated manages its relationships across its diverse customer base, which is heavily weighted toward the defense sector right now. Honestly, the nature of these relationships dictates the revenue stability and long-term planning.

Dedicated program management for long-cycle contracts

For the long-cycle defense work, which is clearly the engine right now, the relationship is deep and requires dedicated management. This is necessary because the work involves complex, mission-critical components for programs like missile defense systems. The strength of this commitment is reflected in the order book; for instance, Ducommun's Remaining Performance Obligations (RPO) established a new record following the third quarter of 2025, signaling strong future commitment from these partners. While there are conflicting reports on the total backlog figure, one report for Q3 2025 indicated a backlog of $1.14 billion, up 8.8% year-on-year, which speaks to the long-term nature of these engagements. The defense segment, particularly missiles, saw growth of 21% in Q3 2025, which is the direct result of this focused relationship management on long-term defense spending cycles.

Close, collaborative relationships with defense primes

Ducommun Incorporated focuses on being a Tier 1 supplier, which means the relationships with prime contractors are inherently close and collaborative, moving beyond simple vendor status. You see this in the recognition they receive; Ducommun was named BAE Systems Supplier of the Year for 2025, and a Gold Supplier for the third consecutive year, which shows a high degree of operational alignment and trust. The company is positioned on over a dozen missile platforms and is expected to supply Boeing at a rate roughly equal to its production rate by mid-2026, showing direct integration into the prime's production planning. These relationships are the bedrock of the business, especially as the Electronic Systems segment revenue reached $123.1 million in Q3 2025, largely driven by military and space programs.

The key defense and aerospace customers Ducommun focuses on include:

• RTX Corporation
• Lockheed Martin
• Northrop Grumman
• BAE Systems

Customer-specific engineering and design support

To maintain these high-value relationships, Ducommun is actively moving up the value chain, which requires significant customer-specific engineering and design support. This strategy is evidenced by the increasing revenue mix from engineered products, which accounted for 23% of sales as of Q1 2025, up from 19% some years ago. This shift means the company is not just building to print; it is co-developing or providing specialized, higher-margin solutions. The Structural Systems segment, which produces complex metal components, saw its operating margin expand to 13.3% in Q3 2025, partly due to higher revenue in military rotorcraft and ground vehicles, areas where bespoke engineering is critical.

Here's a quick look at the segment revenue contribution in Q3 2025:

Segment	Q3 2025 Net Revenue (Millions USD)	Key Relationship Driver
Electronic Systems	$123.1	Missile and radar platform support
Structural Systems	$89.5	Complex component supply for aircraft/ground vehicles

Transactional sales for certain industrial last-time buys

Not all customer interactions are deep partnerships; the industrial end-use market often involves more transactional relationships, especially when dealing with obsolescence management. In Q3 2025, revenue for the industrial end-use markets increased by $5.1 million compared to the prior year, which management specifically attributed to restocking and last time buys. This suggests that for certain industrial customers, Ducommun Incorporated acts as a necessary, but perhaps less strategically embedded, supplier for end-of-life product support, making those sales more transactional in nature.

The relationship profile is clearly bifurcated; you have the high-touch, long-term defense/aerospace primes, and the more transactional industrial segment, which still provided a needed boost of $5.1 million in Q3 2025 revenue from specific activities. Finance: draft 13-week cash view by Friday.

Ducommun Incorporated (DCO) - Canvas Business Model: Channels

You're looking at how Ducommun Incorporated gets its products and services into the hands of its customers, which is heavily weighted toward the aerospace and defense sectors. The company organizes its channels around direct engagement with major platform builders and primes, supported by a growing focus on aftermarket content.

Direct sales force to major aerospace and defense OEMs

The direct sales channel is strongly represented by the Military and Space segment, which accounted for 55% of Last Twelve Months (LTM) Q1 2025 net revenues. This channel involves direct engagement with defense primes for mission-critical programs. Key customers served through this direct channel include Lockheed Martin, Northrop Grumman, and RTX Corporation. Revenue growth in this area has been robust, with the defense business seeing double-digit growth in the last 3 quarters leading up to Q3 2025. The company's backlog, or Remaining Performance Obligations (RPO), stood at a record high of $1.03 billion as of Q3 2025, reflecting strong future commitments from these direct customers.

Direct supply chain integration with Tier 1 contractors

Integration within the commercial aerospace supply chain is substantial, with the Commercial segment making up 41% of LTM Q1 2025 net revenues. This channel focuses on integrating components into major commercial platforms. Ducommun Incorporated supplies components for platforms such as the Boeing 737 and 787, and the Airbus A320 and A220. The company explicitly names Boeing and Spirit Aerosystems as key customers in this space. The company is actively working to burn down inventory in the system, encouraged by the FAA's decision to allow Boeing to increase 737 MAX production rates to 42 aircraft per month.

Aftermarket support and services

Ducommun Incorporated is strategically increasing its presence in aftermarket support, which is considered a sizable and necessary portion of any good aerospace business. The company's focus on higher-value content is evident in the growth of its Engineered Products revenue, which reached 23% of revenues as of LTM Q3 2025, up from 9% in 2017. While the specific aftermarket revenue percentage for 2025 isn't explicitly stated, the company has a stated Vision 2027 target of achieving more than 25% from Engineered Products and a target of 15% from aftermarket mix by 2027, up from approximately 10% in 2022.

The following table summarizes key financial and customer data relevant to Ducommun Incorporated's channel strategy as of late 2025:

Metric	Value/Percentage	Reporting Period/Context
Net Revenue (Q3 2025)	$212.6 million	Quarter ended September 27, 2025
Net Revenue (LTM Q1 2025)	$790 million	Last Twelve Months ended March 29, 2025
Military & Space Revenue Mix	55%	LTM Q1 2025
Commercial Revenue Mix	41%	LTM Q1 2025
Engineered Products Revenue Mix	23%	LTM Q3 2025
Aftermarket Revenue Mix (Target)	15%	Vision 2027 Target
Book to Bill Ratio	1.6 times	Q3 2025
Total Backlog (RPO)	$1.03 billion	As of Q3 2025

Ducommun Incorporated utilizes several key mechanisms to deliver value through these channels:

• Direct Defense Engagement: Focus on growing the Missile franchise and radar systems.
• Commercial Platform Content: Securing and growing content on high-rate narrow-body aircraft like the 737 MAX.
• Strategic Offloading: Building out the defense business by supporting off-loading from strategic defense primes.
• Product Portfolio Diversification: Increasing the mix of higher-value Engineered Products to over 20% of revenue.
• Geographic Concentration: Approximately 95% of revenues are generated from U.S. facilities.

Ducommun Incorporated (DCO) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Ducommun Incorporated (DCO) as of late 2025, which is heavily weighted toward defense and space, a strategic choice that has paid off well this year. Honestly, the numbers clearly show where the growth is coming from.

Military and Space end-use markets represent the primary driver of Ducommun Incorporated's current financial momentum. This segment has been exceptionally strong, evidenced by the 13% year-over-year growth in Q3 2025, which helped push total net revenue to a record $212.6 million for that quarter. The company's U.S.-centric manufacturing base, generating more than 95% of revenue domestically, provides a solid foundation for these defense contracts. This focus is central to their VISION 2027 plan.

The customer base within this segment is diverse, spanning critical defense platforms:

• Missile systems, where the franchise saw strong growth in Q3 2025.
• Fixed-wing aircraft platforms.
• Military rotary-wing aircraft platforms.
• Ground vehicle weapon platforms.
• Radar systems.

Commercial Aerospace OEMs, including major players like Boeing and Airbus, are a significant, though currently softer, part of the customer mix. While Ducommun Incorporated is shipping components, this market has faced headwinds. For the third quarter of 2025, revenue from commercial aerospace was down by $8.1 million year-over-year. This softness was attributed to lower rates across large commercial aircraft platforms and business jet platforms.

The Industrial end-use customers segment is smaller and is being actively managed through selective pruning of non-core business, as noted when industrial revenue decreased in Q1 2025 compared to Q1 2024. However, this segment saw a temporary lift in Q3 2025, increasing by $5.1 million due to certain customers making last time buys and restocking activities.

Here's a look at the revenue performance by Ducommun Incorporated's reporting segments in Q3 2025, which directly reflects the demand from these customer groups:

Metric	Q3 2025 Value (in millions USD)	Q3 2024 Value (in millions USD)	Year-over-Year Change
Total Net Revenue	$212.6	$201.4	Up 6%
Electronic Systems Segment Revenue	$123.1	$115.4	Up 6.6%
Structural Systems Segment Revenue	$89.5	$86.0	Up 4.0%

The growth in the Electronic Systems segment was driven by $14.2 million higher revenue in military and space markets in Q3 2025, while the Structural Systems segment saw $6.0 million higher revenue from military and space platforms in the same period. The commercial aerospace weakness impacted both segments, with Structural Systems noting $2.5 million lower revenue from business jet platforms.

The platforms Ducommun Incorporated supports are clearly tied to the end-use markets:

• Missile systems, electronic warfare equipment, and radar platforms are key for the Electronic Systems segment's defense revenue.
• Fixed-wing and rotary-wing aircraft components are critical across both segments, with military rotorcraft showing strength.
• Large commercial aircraft and business jets fall under the Commercial Aerospace OEM category, which is currently a headwind.

The company's remaining performance obligations (RPO), which is a good proxy for future committed customer revenue, hit a record high of $1.03 billion as of late 2025, showing strong forward visibility from these customer segments.

Finance: draft 13-week cash view by Friday.

Ducommun Incorporated (DCO) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Ducommun Incorporated's operations as of late 2025. The cost structure is heavily influenced by production scale, one-time legal events, and ongoing efficiency initiatives.

Cost of Goods Sold (COGS) remains the foundational expense, directly tied to the company's manufacturing output across its Structural Systems and Electronic Systems segments. For the third quarter of 2025, Ducommun Incorporated reported a Gross Profit of $56.5 million on Net Revenue of $212.6 million, resulting in a Gross Margin of 26.6%.

A significant, non-recurring item heavily impacted the GAAP results for Q3 2025. The company recorded a one-time litigation settlement and related costs totaling $99.7 million. This charge was the primary driver behind the GAAP Operating Loss of $80.1 million for the quarter, though adjusted operating income was $22.4 million.

Manufacturing and labor costs are embedded within the COGS structure, reflecting the complexity of producing components for aerospace, defense, and industrial markets across multiple facilities. The company is actively managing these through consolidation efforts.

The ongoing restructuring costs are related to facility consolidation, specifically the wind-down of the Monrovia, CA, and Berryville, AR, locations. For Q3 2025, Ducommun Incorporated recorded $0.6 million in restructuring charges. Management estimates an additional ~$0.5 million in costs for the rest of 2025, mainly for product requalification and final consolidation activities. The goal of these actions is substantial, targeting $11 million to $13 million in annualized run-rate savings.

Financing costs are also a component of the overall cost profile. Interest expense for the third quarter of 2025 was $2.9 million, an improvement from $3.8 million in Q3 2024, largely due to lower interest rates and a reduced debt balance.

Here's a quick look at some of the key cost and margin metrics from Q3 2025:

Cost/Metric Category	Q3 2025 Amount/Rate	Context/Comparison
Gross Margin	26.6%	Up 40 basis points year-over-year.
Litigation Settlement & Related Costs (Non-Recurring)	$99.7 million	Resulted in GAAP Operating Loss of $80.1 million.
Restructuring Charges (Recorded in Q3 2025)	$0.6 million	Additional ~$0.5 million expected in remainder of 2025.
Targeted Annual Restructuring Savings	$11 million to $13 million	Expected run-rate savings from facility consolidation.
Interest Expense	$2.9 million	Down from $3.8 million in Q3 2024.

The company's Selling, General, and Administrative (SG&A) expenses were significantly inflated by the legal costs. SG&A was $113.1 million, or 53.2% of total Company revenue in Q3 2025, compared to just $11.9 million, or 5.9% of revenue, in the prior year quarter, with the difference being the litigation charge net.

You should keep an eye on the realization of the expected savings, as that will directly impact the ongoing operating cost structure moving into 2026.

Finance: draft 13-week cash view by Friday.

Ducommun Incorporated (DCO) - Canvas Business Model: Revenue Streams

Ducommun Incorporated's revenue streams are clearly segmented across its two primary operating divisions, with a strong current emphasis on defense-related programs as of late 2025.

The segment-level performance for the third quarter ended September 27, 2025, provides the core financial structure for Ducommun Incorporated's revenue generation:

Segment	Q3 2025 Net Revenue (Millions USD)	Year-over-Year Change
Electronic Systems segment sales	$123.1 million	6.6% increase
Structural Systems segment sales	$89.5 million	4.0% increase
Total Net Revenue	$212.6 million	6% increase

The Electronic Systems segment revenue of $123.1 million was driven by robust activity in military and space end-use markets, which saw a year-over-year increase of 13%, encompassing several key product lines.

Revenue drivers within the Electronic Systems segment include:

• Higher rates on selected missile and fixed-wing aircraft platforms.
• Strong growth in radar systems.
• The industrial business increased by $5 million during Q3 2025.

The Structural Systems segment, reporting $89.5 million in net revenue, saw its growth primarily supported by defense spending, which offset continued softness in commercial aerospace OEM demand.

Key contributors to Structural Systems revenue growth included:

• Higher revenue within military and space end-use markets, specifically from selected rotary-wing aircraft and ground vehicle weapon platforms.
• The company reiterated continued strength in its defense business, particularly in missiles and radar systems, maintaining momentum for 2025.

Regarding aftermarket and repair services, specific standalone revenue figures were not explicitly itemized as a separate line item in the provided segment data; however, the overall strength in military and space platforms suggests a significant portion of the $14.2 million higher revenue in that combined end-use market for the quarter is tied to sustainment and production rates for existing platforms.