Ducommun Incorporated
- Open
- 171.24
- Day high
- 173.06
- Day low
- 169.19
- Prev close
- 171.42
- Volume
- 23K
- Mkt cap
- $2.6B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.7
- P/S
- 3.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.7M over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Ducommun Incorporated (DCO) is a Industrials company listed on NYSE. The stock is up 88% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Ducommun Incorporated (DCO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
DCO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $0.98 | $1.18 | +20.2% | $224M | +4.7% |
| May 12, 2026 | $0.68 | $0.75 | +10.6% | $209M | +4.7% |
| Nov 6, 2025 | $0.95 | $0.99 | +4.2% | $213M | -2.2% |
| Aug 7, 2025 | $0.80 | $0.88 | +10.0% | $202M | -4.8% |
| Feb 27, 2025 | $0.70 | $0.75 | +7.1% | $197M | -0.1% |
| Nov 7, 2024 | $0.65 | $0.99 | +52.3% | $201M | +3.8% |
| Aug 8, 2024 | $0.63 | $0.83 | +31.7% | $197M | +1.2% |
| Feb 15, 2024 | $0.59 | $0.70 | +18.6% | $192M | -1.7% |
| Aug 3, 2023 | $0.51 | $0.54 | +5.9% | $187M | -5.8% |
| May 4, 2023 | $0.57 | $0.63 | +10.5% | $181M | +3.6% |
| Feb 16, 2023 | $0.85 | $0.85 | +0.0% | $188M | +1.7% |
| Aug 4, 2022 | $0.83 | $0.76 | -8.4% | $174M | +1.9% |
DCO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 19, 2026 | Oswald Stephen Gdirector, officer: Chairman, President & CEO | Sell | 2,500 | $203.95 |
| Aug 19, 2026 | Oswald Stephen Gdirector, officer: Chairman, President & CEO | Option | 10,000 | $32.90 |
| Aug 19, 2026 | Oswald Stephen Gdirector, officer: Chairman, President & CEO | Tax | 6,111 | $206.98 |
| Aug 13, 2026 | Oswald Stephen Gdirector, officer: Chairman, President & CEO | Sell | 5,766 | $201.15 |
| Aug 13, 2026 | Oswald Stephen Gdirector, officer: Chairman, President & CEO | Tax | 9,234 | $194.85 |
| Aug 13, 2026 | Oswald Stephen Gdirector, officer: Chairman, President & CEO | Option | 15,000 | $32.90 |
| May 29, 2026 | Kramer Sheila G.director | Grant | 1,200 | — |
| May 29, 2026 | BOEHLE DANIEL L.director | Grant | 1,200 | — |
| May 29, 2026 | Carter David B.director | Grant | 1,200 | — |
| May 29, 2026 | Strycker Samara Adirector | Grant | 1,200 | — |
| May 29, 2026 | Korte Daniel G.director | Grant | 1,200 | — |
| May 29, 2026 | Gonzalez Laureen S.officer: V.P., CHRO | Sell | 589 | $151.99 |
| May 29, 2026 | Caylor Mark Adirector | Grant | 1,200 | — |
| May 29, 2026 | Drazba Shirleydirector | Grant | 1,200 | — |
| May 22, 2026 | Mookerji Suman B.officer: Sr. V.P., C.F.O. | Sell | 1,514 | $145.00 |
Source: DCO SEC Form 4 filings, latest Aug 19, 2026. For informational purposes only — not investment advice.
See the full DCO insider & 13F page →Ducommun Incorporated company profile
Overview
Ducommun Incorporated (NYSE:DCO) is a specialized aerospace and defense manufacturing company founded in 1849 and headquartered in Santa Ana, California. Originally established as a hardware and general merchandise company during the California Gold Rush, Ducommun has evolved over more than 170 years into a sophisticated engineering and manufacturing enterprise serving primarily the aerospace and defense industries. The company went public in 1973 and today operates as a key supplier to major aerospace manufacturers like Boeing, Airbus, and defense contractors including Raytheon and Northrop Grumman, providing critical components and systems for both commercial aircraft and military platforms.
Business
Ducommun operates through two primary business segments that provide engineered products and manufacturing services to the aerospace and defense industries. The Electronic Systems segment generates approximately 55% of total revenue and specializes in complex electronic assemblies and components. This division produces cable assemblies and interconnect systems that connect various electronic components within aircraft and defense systems, printed circuit board assemblies that serve as the backbone for electronic systems, and higher-level electronic assemblies including radar enclosures for military aircraft, avionics racks that house critical flight electronics, and lightning diversion systems that protect aircraft from electrical strikes. The segment also manufactures specialized components like illuminated pushbutton switches for aviation controls, microwave and millimeter wave switches for radio frequency systems, and precision motors and resolvers used in motion control applications. The Structural Systems segment accounts for approximately 45% of revenue and focuses on manufacturing structural components for aircraft. This division designs and produces contoured aluminum, titanium, and Inconel aerostructure components that form the basic framework of aircraft, including winglets that improve fuel efficiency, engine components that must withstand extreme temperatures and pressures, fuselage structural panels that form the aircraft body, and flight control surfaces like spoilers and rudders. The segment also creates metal and composite bonded structures, rotor blades for helicopters, and specialized components for ammunition handling systems and magnetic seals used in various military applications. Both segments serve multiple end markets including commercial aircraft (Boeing 737, 787, Airbus A320, A220), military fixed-wing aircraft (F-35, F-16), rotary-wing aircraft, space programs, and industrial applications. The company has been strategically increasing its focus on higher-margin "engineered products" which represented 23% of revenue in 2024, up from 19% in 2023, as part of its Vision 2027 strategic plan.
Revenue model
Ducommun generates revenue primarily through product sales to aerospace and defense customers, operating under both long-term contracts and purchase orders. The company's customers include major aerospace manufacturers like Boeing and Airbus for commercial aircraft components, defense contractors such as Raytheon Technologies, Northrop Grumman, and Lockheed Martin for military systems, and government agencies for defense applications. Revenue is typically recognized upon delivery of completed products, with some programs operating under multi-year contracts that provide revenue visibility. The company's business model benefits from several factors that can expand margins. Engineered products command higher margins than commodity manufacturing due to their specialized nature and technical complexity, which is why management is targeting 25%+ engineered product revenue by 2027. Aftermarket and maintenance services also provide higher-margin opportunities as aircraft age and require ongoing support. The company's facility consolidation efforts, including closing plants in Monrovia, California and Berryville, Arkansas while transferring production to lower-cost facilities in Mexico, are expected to generate $11-13 million in annual cost savings. However, several factors can pressure margins. Commodity pricing volatility affects raw material costs, particularly for specialized metals like titanium and Inconel used in aerospace applications. Production rate changes from major customers like Boeing can impact fixed cost absorption - when Boeing reduces 737 MAX production rates, Ducommun's fixed costs are spread over fewer units. Program mix significantly affects profitability, as defense programs typically carry higher margins than commercial aerospace work. Supply chain disruptions can increase costs and reduce efficiency, while competitive pricing pressure from customers seeking cost reductions can compress margins. The company also faces labor cost inflation and must invest in new technologies and certifications to maintain competitiveness, which can impact near-term profitability.
Competitive moat
Ducommun's competitive moat is moderate but defensible, built primarily on specialized manufacturing capabilities and long-term customer relationships rather than dominant market position. The company's strongest moat elements include aerospace certifications and quality standards that create significant barriers to entry - aerospace components require extensive testing, certification, and quality documentation that can take years to achieve and maintain. These certifications, particularly for critical flight systems, make customer switching costly and time-consuming. The company also benefits from specialized manufacturing expertise in complex materials like titanium and Inconel, and in producing precision electronic assemblies that meet stringent aerospace specifications. Long-term customer relationships with major aerospace manufacturers provide some protection, as these customers prefer working with proven suppliers who understand their specific requirements and quality standards. However, Ducommun's moat faces several challenges. The company operates in a highly competitive market with numerous other aerospace suppliers, and lacks dominant market share in any particular niche. Customer concentration risk is significant, as major customers like Boeing can exert pricing pressure and have alternatives. The aerospace industry's cyclical nature means that even established suppliers face margin pressure during downturns when customers reduce orders and seek cost reductions. Potential disruption could come from larger, more integrated aerospace suppliers who can offer broader capabilities, new manufacturing technologies like advanced 3D printing that could reduce barriers to entry, or customers deciding to bring more manufacturing in-house. The company's relatively small size compared to major aerospace suppliers like Spirit AeroSystems or Triumph Group also limits its bargaining power and ability to invest in the most advanced manufacturing technologies.
Risks & safety
Ducommun presents a moderate margin of safety with manageable financial risks but limited financial flexibility. **Solvency and Cash Position:** - Cash and short-term investments: $30.7 million (Q1 2025) - Current ratio: 3.34, indicating strong short-term liquidity - Debt-to-equity ratio: 0.39, representing moderate leverage - Free cash flow: -$4.0 million (Q1 2025), though this improved from negative levels in prior quarters - Operating cash flow: $0.8 million (Q1 2025), showing tight cash generation **Valuation Metrics:** - Price-to-earnings ratio: 20.7x (Q1 2025) - EV/EBITDA: 11.0x (Q1 2025) - Price-to-book ratio: 1.25x - Graham number suggests modest undervaluation **Other Considerations:** - Strong backlog of $1.06 billion provides revenue visibility - Cyclical aerospace industry creates earnings volatility - Facility consolidation should improve cash generation - Dependence on aerospace cycle limits predictability
Recent development
Over the past few years, Ducommun has been executing its Vision 2027 strategic plan focused on transforming from a commodity manufacturer to a higher-value engineered products supplier. The company has successfully increased engineered product revenue from 19% in 2023 to 23% in 2024, targeting 25%+ by 2027. This shift toward more complex, higher-margin products is designed to improve profitability and reduce cyclical volatility. A major operational initiative has been facility consolidation, with the company closing manufacturing plants in Monrovia, California and Berryville, Arkansas while transferring production to its lower-cost facility in Guaymas, Mexico. This restructuring is expected to generate $11-13 million in annual cost savings and has already begun showing results with improved gross margins reaching 26.6% in Q1 2025. The company has been diversifying its defense customer base beyond its traditional relationship with Raytheon Technologies. Northrop Grumman has become the second-largest customer, with new work in airborne surveillance electronics and power systems. Recent contract wins include a $40 million order from Bayern-Chemie for NATO Patriot PAC-2 missile components, demonstrating success in expanding international defense markets. In commercial aerospace, Ducommun has been expanding content per aircraft on key platforms. The company secured increased content on the Boeing 787 program with expected double-digit growth in revenue per aircraft, and continues to benefit from Boeing 737 MAX production rate increases. Management expects commercial aerospace recovery to accelerate in the second half of 2025 as destocking effects moderate. The company has maintained an active acquisition strategy as part of Vision 2027, completing the purchase of BLR Aerospace and continuing to evaluate additional opportunities focused on engineered products and aftermarket services. Management remains confident about executing additional acquisitions in 2025 to further enhance capabilities and market position.
DCO company profile · for informational purposes only — not investment advice.
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