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DCO

Ducommun Incorporated

DCO

Ducommun Incorporated • NYSE
$91.69 ▲ 0.55% (+0.50)
Market Cap $1.37 B
52w High $101.47
52w Low $51.76
Dividend Yield 0%
P/E -39.52
Volume 44.18K
Outstanding Shares 14.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $212.558M ▲ $36.267M ▲ $-64.446M ▼ -30.319% ▼ $-4.3 ▼ $-71.712M ▼
Q2-2025 $202.26M ▲ $35.959M ▲ $12.553M ▲ 6.206% ▲ $0.84 ▲ $27.19M ▲
Q1-2025 $194.114M ▼ $35.02M ▼ $10.511M ▲ 5.415% ▲ $0.71 ▲ $25.161M ▲
Q4-2024 $197.292M ▼ $36.008M ▼ $6.774M ▼ 3.433% ▼ $0.46 ▼ $18.708M ▲
Q3-2024 $201.412M $37.41M $10.148M 5.038% $0.69 $15.266M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $50.918M ▲ $1.249B ▲ $599.525M ▲ $649.045M ▼
Q2-2025 $37.117M ▲ $1.141B ▲ $433M ▼ $707.831M ▲
Q1-2025 $30.732M ▼ $1.129B ▲ $435.608M ▼ $693.007M ▲
Q4-2024 $37.139M ▼ $1.126B ▼ $443.571M ▼ $682.53M ▲
Q3-2024 $37.266M $1.13B $464.345M $665.572M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-64.446M ▼ $18.101M ▼ $-2.052M ▲ $-2.248M ▲ $13.801M ▲ $16.011M ▼
Q2-2025 $12.553M ▲ $22.41M ▲ $-2.188M ▲ $-13.837M ▼ $6.385M ▲ $18.143M ▲
Q1-2025 $10.511M ▲ $771K ▼ $-4.815M ▼ $-2.363M ▲ $-6.407M ▼ $-4.044M ▼
Q4-2024 $6.774M ▼ $18.424M ▲ $-3.626M ▼ $-14.925M ▼ $-127K ▼ $14.575M ▲
Q3-2024 $10.148M $13.942M $-1.988M $-4.093M $7.861M $11.954M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial Aerospace
Commercial Aerospace
 $170.00M ▲$70.00M ▼$80.00M ▲$80.00M ▲
Industrial
Industrial
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, even through a challenging period for aerospace and defense, which points to a resilient demand base. Profitability has generally improved, with gross and operating margins moving up in recent years, though they remain moderate rather than exceptional. There is one standout year where earnings jump sharply, which likely reflects one‑time or non‑recurring items rather than a new normal. More recently, net income and earnings per share look healthier and more consistent, suggesting the core business is on firmer footing, but still subject to program timing and mix between commercial and defense work.

Balance Sheet

Balance Sheet The balance sheet shows gradual strengthening. Total assets and shareholder equity have been building over time, which indicates reinvestment in the business and accumulated retained earnings. Debt has been edging down from earlier levels, which modestly reduces financial risk, though the company still uses leverage as part of its capital structure. Cash on hand is relatively small compared with total assets, so liquidity depends on ongoing cash generation and access to credit rather than a large cash cushion. Overall, the financial position looks solid for a mid‑sized industrial company, but not balance‑sheet‑bulletproof.

Cash Flow

Cash Flow Cash generation is positive but not abundant. Operating cash flow has been steady at a modest level, which is enough to cover investment spending and still leave room for a small but improving stream of free cash flow in most years. Capital spending has been fairly disciplined and predictable, suggesting management is investing to maintain and selectively upgrade capacity rather than pursuing highly aggressive expansion. One year of negative free cash flow likely reflects heavier investment rather than structural weakness, but the business does not yet produce large surplus cash, so careful execution and working‑capital management remain important.

Competitive Edge

Competitive Edge Ducommun operates in niche, high‑reliability parts of the aerospace and defense supply chain, which gives it a more defensible position than a generic manufacturer. Its long history and deep relationships with major primes like Boeing, Airbus, and leading defense contractors create high switching costs and long qualification cycles that protect its role on key programs. The company is embedded in mission‑critical components where failure is unacceptable, reinforcing its reputation and making displacement by new entrants difficult. At the same time, as a mid‑tier supplier, it still faces customer concentration risk, exposure to defense budget priorities, and dependence on the production rates and health of a relatively small number of platforms.

Innovation and R&D

Innovation and R&D Innovation is centered on two areas: high‑reliability electronic systems and advanced structural solutions, including its proprietary composite technology. The patented composite process for lighter, high‑strength structures is a clear differentiator, especially as customers push for fuel efficiency and performance. The company is also building out engineered products and aftermarket solutions—such as aerodynamic upgrades and specialized components—which tend to carry higher margins and deeper customer integration. Its strategic plan emphasizes more content on next‑generation defense and commercial platforms and continued development of composite and electronic capabilities. The main risks are the need to keep pace with rapidly evolving defense technologies, long qualification and adoption cycles, and competition from larger, better‑funded peers.

Summary

Overall, Ducommun looks like a steady, specialized aerospace and defense supplier that has used technology and long‑standing relationships to carve out a defensible niche. Financially, it shows gradual revenue growth, improving but still moderate profitability, a strengthening balance sheet, and modest but positive free cash flow. Its moat comes from mission‑critical products, proprietary processes, and entrenched positions with top-tier customers, all supported by a focus on composites, high‑reliability electronics, and engineered products. Key uncertainties include program concentration, sensitivity to defense and commercial aircraft cycles, and the need to continually invest in innovation to stay relevant against larger competitors.

NEWS

November 19, 2025 · 6:30 AM UTC

Ducommun to Participate in Goldman Sachs Industrials and Materials Conference

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November 6, 2025 · 6:00 AM UTC

Ducommun Incorporated Reports Third Quarter 2025 Results

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October 23, 2025 · 6:00 AM UTC

Ducommun Incorporated Announces Third Quarter Conference Call

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September 3, 2025 · 6:30 AM UTC

Ducommun to Participate in RBC Global Industrials Conference

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September 2, 2025 · 6:00 AM UTC

Ducommun to Participate in Gabelli Aerospace & Defense Symposium

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