Ducommun Incorporated (DCO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de la fabricación aeroespacial y de defensa, Ducommun Incorporated (DCO) emerge como una potencia crítica de ingeniería, transformando desafíos tecnológicos complejos en soluciones de ingeniería de precisión para algunas de las industrias más exigentes. Al navegar estratégicamente por las asociaciones con gigantes aeroespaciales como Boeing y Lockheed Martin, DCO ha creado un modelo de negocio sofisticado que combina sin problemas capacidades de fabricación avanzadas, experiencia en ingeniería de vanguardia y producción de componentes críticos de misión. Esta exploración del lienzo de modelo de negocio de Ducommun revela los intrincados mecanismos que permiten a este fabricante especializado ofrecer soluciones tecnológicas de alto rendimiento en dominios aeroespaciales militares y comerciales.

Ducommun Incorporated (DCO) - Modelo de negocio: asociaciones clave

Contratistas aeroespaciales y de defensa Prime

Ducommun Incorporated mantiene asociaciones estratégicas con los principales contratistas aeroespaciales y de defensa principales:

Contratista principal	Detalles de la asociación	Rango de valor del contrato
Boeing	Componentes de fabricación de precisión	$ 15-25 millones anualmente
Lockheed Martin	Sistemas de ingeniería avanzados	$ 20-30 millones anualmente
Northrop Grumman	Subconjuntos aeroespaciales especializados	$ 10-18 millones anualmente

Fabricantes de aviones militares y comerciales

Las asociaciones clave incluyen:

• Airbus - Fabricación de componentes estructurales
• Gulfstream Aeroespace - Precision Engineering Solutions
• Aeronave Sikorsky - Producción de componentes de RotorCraft

Proveedores de fabricación e ingeniería de precisión

Proveedor	Enfoque de colaboración	Volumen de adquisición anual
Precision CastParts Corp	Fabricación de metal avanzada	$ 8-12 millones
Soluciones de mecanizado avanzadas	Fabricación de componentes complejos	$ 5-7 millones

Tecnología y socios de investigación de componentes

Las asociaciones de investigación colaborativa incluyen:

• NASA - Investigación de materiales avanzados
• Centro de investigación de fabricación avanzada del MIT
• Georgia Tech - Innovaciones en ingeniería aeroespacial

Inversión total de asociación: aproximadamente $ 65-85 millones anuales

Ducommun Incorporated (DCO) - Modelo de negocio: actividades clave

Fabricación aeroespacial y de componentes de defensa

Ingresos anuales de la fabricación aeroespacial y de defensa: $ 646.4 millones en 2022

Categoría de fabricación	Volumen de producción anual	Clientes clave
Componentes de aeronaves militares	3.750 unidades	Boeing, Lockheed Martin
Piezas aeroespaciales comerciales	5.200 unidades	Airbus, Spirit Aerosystems

Partes y ensamblados mecanizados complejos

Instalaciones de fabricación total: 11 ubicaciones en todo Estados Unidos

• Capacidades de mecanizado CNC de precisión
• Tecnologías avanzadas de metalurgia
• Procesos de fabricación certificados ISO 9001: 2015

Diseño de ingeniería y fabricación de precisión

Inversión de I + D: $ 24.3 millones en 2022

Capacidad de diseño	Horario de ingeniería anual
Ingeniería Mecánica	87,500 horas
Ingeniería de materiales avanzados	42,300 horas

Gestión de la cadena de suministro para sistemas aeroespaciales críticos

Total Supply Chain Partners: 214 proveedores certificados

• Estado del proveedor aeroespacial de nivel 1
• Capacidades de abastecimiento global
• Gestión de logística integrada

Investigación y desarrollo tecnológico avanzado

Patentes de tecnología: 37 patentes activas a partir de 2022

Área de enfoque de investigación	Presupuesto de investigación anual
Materiales compuestos	$ 8.6 millones
Electrónica aeroespacial	$ 6.2 millones

Ducommun Incorporated (DCO) - Modelo de negocio: recursos clave

Instalaciones de fabricación especializadas

Ducommun opera múltiples instalaciones de fabricación en los Estados Unidos, por un total de aproximadamente 332,000 pies cuadrados de espacio de fabricación a partir de 2023. La compañía mantiene instalaciones en California, Kansas y Arizona especializadas en fabricación aeroespacial y de defensa.

Ubicación	Tamaño de la instalación (SQ FT)	Enfoque de fabricación principal
Long Beach, CA	132,000	Estructuras aeroespaciales
Olathe, ks	85,000	Componentes electrónicos
Gardena, CA	65,000	Mecanizado de precisión

Experiencia avanzada de mecanizado e ingeniería

Ducommun posee Certificaciones ISO 9001: 2015 y AS9100D, demostrando capacidades de fabricación avanzadas.

• Centros de mecanizado CNC: 87 máquinas de precisión avanzadas
• Capacidades de impresión 3D: 12 sistemas de fabricación de aditivos avanzados
• Herramientas aeroespaciales especializadas: más de 500 herramientas de fabricación personalizadas

Ingeniería especializada y fuerza laboral técnica

A partir de 2023, Ducommun emplea a 1.425 empleados en total, con aproximadamente el 62% en roles técnicos e ingenieros.

Categoría de empleado	Número de empleados	Porcentaje
Ingenieros	435	30.5%
Especialistas técnicos	450	31.6%
Trabajadores manufactureros	385	27.0%
Personal administrativo	155	10.9%

Contratos gubernamentales y comerciales a largo plazo

Ducommun mantiene la cartera de contratos valorada en aproximadamente $ 670 millones a partir de 2023, con un 65% de los sectores de defensa y aeroespacial.

• Contratos de defensa importantes: Boeing, Lockheed Martin, Northrop Grumman
• Contratos aeroespaciales comerciales: Airbus, Spirit Aerosystems
• Duración promedio del contrato: 3-5 años

Tecnologías de fabricación patentadas

Ducommun posee 23 patentes activas relacionadas con procesos de fabricación y tecnologías aeroespaciales.

Categoría de patente	Número de patentes
Procesos de fabricación	15
Tecnologías estructurales aeroespaciales	8

Ducommun Incorporated (DCO) - Modelo de negocio: propuestas de valor

Componentes aeroespaciales y de defensa de alta precisión

Ducommun Incorporated proporciona componentes de ingeniería de precisión con las siguientes especificaciones:

Categoría de componentes	Volumen de producción anual	Tolerancia de precisión
Piezas estructurales aeroespaciales	45,000 unidades	± 0.0005 pulgadas
Asambleas electrónicas de defensa	32,500 unidades	± 0.00025 pulgadas

Soluciones de fabricación confiables y de misión crítica

Métricas de confiabilidad de fabricación para Ducommun:

• Tasa de garantía de calidad: 99.7%
• Rendimiento de entrega a tiempo: 97.3%
• Tasa de defectos de fabricación: 0.03%

Experiencia de ingeniería en sistemas mecánicos complejos

Desglose de capacidades de ingeniería:

Especialización de ingeniería	Número de ingenieros especializados	Experiencia promedio
Diseño mecánico	87 ingenieros	15.6 años
Sistemas aeroespaciales	63 ingenieros	17.2 años

Soluciones tecnológicas personalizadas para la industria aeroespacial

Portafolio de soluciones personalizadas:

• Fabricación compuesta avanzada
• Servicios de mecanizado de precisión
• Integración del sistema electrónico

Capacidades de fabricación de extremo a extremo

Capacidades del proceso de fabricación:

Proceso de fabricación	Capacidad anual	Nivel de certificación
Mecanizado CNC	250,000 partes	AS9100D
Ensamblaje electrónico	175,000 unidades	IPC-A-610
Fabricación compuesta	85,000 componentes	Nadcap acreditado

Ducommun Incorporated (DCO) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir de 2024, Ducommun Incorporated mantiene contratos estratégicos a largo plazo con socios aeroespaciales y de la industria de defensa, que incluyen:

Tipo de cliente	Duración del contrato	Valor anual estimado
Boeing	5-7 años	$ 45.2 millones
Lockheed Martin	4-6 años	$ 38.7 millones
Northrop Grumman	3-5 años	$ 32.5 millones

Soporte técnico y colaboración de ingeniería

Ducommun proporciona soporte técnico especializado a través de:

• Equipos de ingeniería dedicados
• Mecanismos de resolución de problemas en tiempo real
• Servicios de consulta técnica avanzada

Gestión de cuentas dedicada

Métricas de gestión de relaciones con el cliente para 2024:

Métrico	Valor
Número de gerentes de cuentas dedicados	27
Tasa promedio de retención de clientes	92.3%
Tiempo de respuesta de gestión de cuentas promedio	2.4 horas

Mejora continua de calidad y rendimiento

Las iniciativas de mejora de la calidad incluyen:

• Revisiones trimestrales de rendimiento
• Mantenimiento de la certificación ISO 9001: 2015
• Integración de retroalimentación continua

Modelo de servicio al cliente receptivo

Indicadores de rendimiento del servicio al cliente:

Métrico de servicio	Actuación
Tiempo de resolución de emisión promedio	1.7 días
Puntuación de satisfacción del cliente	8.6/10
Interacciones anuales de atención al cliente	3,742

Ducommun Incorporated (DCO) - Modelo de negocio: canales

Equipos de ventas directos

Ducommun Incorporated mantiene una fuerza de ventas directa dedicada de 37 representantes de ventas profesionales a partir de 2023. Estos representantes se centran en segmentos de la industria aeroespacial y de defensa con una cobertura promedio de territorio de ventas de $ 12.5 millones por representante.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	37
Cobertura de territorio promedio	$ 12.5 millones
Presupuesto anual del equipo de ventas	$ 4.2 millones

Ferias y conferencias comerciales de la industria

Ducommun participa anualmente en 14 principales ferias comerciales de la industria, con una inversión de marketing estimada de $ 1.8 millones. Los eventos clave incluyen:

• París Air Show
• Espectáculo de tecnología de fabricación internacional
• Foro AIAA Scitech
• Simposio espacial

Documentación técnica en línea

La plataforma de documentación técnica digital de Ducommun aloja 672 especificaciones técnicas y documentos de diseño. La plataforma recibe aproximadamente 3,245 visitantes mensuales únicos con una tasa de descarga promedio de documentos del 47%.

Redes estratégicas de desarrollo de negocios

Ducommun mantiene asociaciones estratégicas con 23 contratistas aeroespaciales y de defensa. Estas redes generan aproximadamente $ 215 millones en ingresos colaborativos anualmente.

Métrico de red	Valor
Socios estratégicos totales	23
Ingresos colaborativos anuales	$ 215 millones
Duración promedio de la asociación	7.3 años

Plataformas de comunicación digital

Ducommun utiliza múltiples canales de comunicación digital con las siguientes métricas de compromiso:

• Seguidores de LinkedIn: 8.762
• Sitio web Tráfico mensual: 42,500 visitantes únicos
• Base de suscriptores de marketing por correo electrónico: 5.340
• Presupuesto de comunicación digital: $ 1.2 millones anuales

Ducommun Incorporated (DCO) - Modelo de negocio: segmentos de clientes

Contratistas aeroespaciales principales

Ducommun sirve a los principales contratistas aeroespaciales con segmentos específicos de clientes:

Contratista principal	Valor anual del contrato	Categorías de productos primarios
Boeing	$ 187.3 millones	Componentes estructurales, ensamblajes
Lockheed Martin	$ 142.6 millones	Piezas mecanizadas de precisión
Northrop Grumman	$ 98.4 millones	Sistemas electrónicos

Agencias de adquisiciones militares

Los segmentos de clientes militares de Ducommun incluyen:

• Departamento de Defensa de los Estados Unidos
• Comando de material de la Fuerza Aérea de EE. UU.
• Comando de sistemas de mar de la Marina de los EE. UU.

Agencia militar	Valor de adquisición anual	Enfoque clave del producto
Departamento de Defensa de los Estados Unidos	$ 213.7 millones	Electrónica de defensa, componentes aeroespaciales

Fabricantes de aviones comerciales

Los segmentos de clientes de aviones comerciales incluyen:

Fabricante	Valor de contrato	Contribución de segmento
Aerobús	$ 76.5 millones	18.3% de los ingresos totales
Aberrante	$ 42.9 millones	10.2% de los ingresos totales

Empresas de tecnología de defensa

Segmentos de clientes de tecnología de defensa significativa:

• Tecnologías de Raytheon
• Dinámica general
• Sistemas BAE

Empresa de tecnología de defensa	Adquisición anual	Áreas tecnológicas primarias
Tecnologías de Raytheon	$ 112.6 millones	Sistemas electrónicos avanzados

Empresas de ingeniería especializadas

Segmentos de clientes de la empresa de ingeniería con características de adquisición específicas:

Firma de ingeniería	Valor de contrato	Servicios especializados
Saic	$ 53.2 millones	Soluciones de fabricación de precisión
Leidos	$ 47.8 millones	Componentes tecnológicos avanzados

Ducommun Incorporated (DCO) - Modelo de negocio: Estructura de costos

Equipos y mantenimiento de fabricación

Gastos de capital para equipos de fabricación en 2023: $ 12.3 millones

Categoría de equipo	Costo de mantenimiento anual
Maquinaria de fabricación de precisión	$ 3.7 millones
Herramientas de producción aeroespaciales	$ 2.5 millones
Centros de mecanizado CNC	$ 1.9 millones

Inversiones de investigación y desarrollo

Gastos totales de I + D para 2023: $ 24.6 millones

• Desarrollo de tecnología aeroespacial: $ 14.2 millones
• Procesos de fabricación avanzados: $ 6.8 millones
• Innovación de sistemas de defensa: $ 3.6 millones

Gastos de la fuerza laboral laboral y técnica

Compensación total de la fuerza laboral para 2023: $ 187.4 millones

Categoría de empleado	Compensación anual promedio
Personal de ingeniería	$125,600
Técnicos de fabricación	$78,300
Personal administrativo	$82,500

Adquisición de cadena de suministro y material

Costos totales de adquisición de materiales en 2023: $ 142.9 millones

• Metales de grado aeroespacial: $ 47.6 millones
• Componentes electrónicos: $ 38.2 millones
• Materias primas especializadas: $ 57.1 millones

Costos de cumplimiento y certificación

Gastos de cumplimiento total para 2023: $ 8.7 millones

Tipo de certificación	Costo anual
AS9100 Gestión de calidad aeroespacial	$ 2.3 millones
Certificación de calidad ISO 9001	$ 1.9 millones
Cumplimiento de la industria de defensa	$ 4.5 millones

Ducommun Incorporated (DCO) - Modelo de negocio: flujos de ingresos

Contratos de defensa gubernamental

En el año fiscal 2022, Ducommun Incorporated reportó $ 343.1 millones en ingresos relacionados con la defensa, lo que representa el 62% de los ingresos totales de la compañía.

Tipo de contrato	Ingresos anuales	Porcentaje de ingresos por defensa
Contratos de la Marina de los EE. UU.	$ 127.6 millones	37.2%
Contratos de la Fuerza Aérea de EE. UU.	$ 98.3 millones	28.6%
Programas de defensa del ejército	$ 72.5 millones	21.1%

Venta de componentes aeroespaciales comerciales

El segmento aeroespacial comercial generó $ 189.2 millones en ingresos durante 2022, representando el 34% de los ingresos totales de la compañía.

• Componentes del programa Boeing 737 Max: $ 62.4 millones
• Componentes de la serie Airbus A320: $ 54.7 millones
• Sistemas de helicópteros comerciales: $ 42.1 millones

Servicios de ingeniería y diseño

Los servicios especializados de ingeniería contribuyeron con $ 28.5 millones a los ingresos de Ducommun en 2022.

Categoría de servicio	Ganancia
Servicios de diseño aeroespacial	$ 17.3 millones
Consultoría de ingeniería de defensa	$ 11.2 millones

Acuerdos de fabricación a largo plazo

Los contratos de fabricación a largo plazo generaron $ 45.6 millones en ingresos recurrentes para 2022.

• Acuerdos de fabricación de defensa de varios años: $ 29.4 millones
• Contratos de fabricación de componentes aeroespaciales: $ 16.2 millones

Licencias de tecnología y consultoría

La licencia de tecnología generó $ 8.7 millones en ingresos complementarios durante 2022.

Categoría de licencias	Ganancia
Licencias de tecnología aeroespacial	$ 5.3 millones
Consultoría de tecnología de defensa	$ 3.4 millones

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.