Aerospace & Defense


I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP grow per year to compare with Revenue Change
1. The Boeing Company BA51,32158,19854,06950,48552,45754,84561,53066,38760,90968,48364,57569,04481,96786,85691,03996,38794,86793,413101,20277,250
2. Lockheed Martin Corporation LMT25,32923,99026,57831,82435,52637,21339,62041,86242,73145,18945,80346,49947,18245,35845,60046,13247,24851,04853,76259,812
3. General Dynamics Corporation GD10,35612,16313,82916,61719,17821,24424,06327,24029,30031,98132,46632,67731,51331,21830,85231,78131,35330,97336,19339,350
4. Northrop Grumman Corporation NOC7,61813,55817,20626,20629,85330,72130,14832,01833,88733,75534,75726,41225,21824,66123,97923,52624,50825,80330,09533,841
5. BAE Systems plc BAESY14,42613,14812,99815,26617,63718,93924,15528,39324,37132,93932,47327,60927,02727,95024,03724,74117,79018,32216,82118,305
6. Bombardier Inc BDRBF10,74513,63815,55615,94815,83914,72614,81617,50619,72119,36617,71218,34716,76818,15120,11118,17216,33916,21816,23615,757
7. Textron Inc TXT13,09012,32110,6589,85910,24210,04311,49013,22514,24610,50010,52511,27512,23712,10413,87813,42313,78814,19813,97213,630
8. Embraer S.A ERJ2,7772,9802,1892,1433,4413,8303,7605,2456,3355,4665,3645,8036,1786,23533520,30221,43618,7767,88810,468
9. Spirit AeroSystems Holdings, Inc SPR3,2083,8613,7724,0794,17205,3985,9616,7996,6446,7936,9837,2227,863
10. Arconic Corporation ARNC18,43921,01324,95123,70023,03212,54212,4136,6616,8247,4427,277
11. TransDigm Group Incorporated TDG1502012492933013744355937147628281,2061,7001,9242,3732,7073,1713,5043,8115,2235,103
12. Elbit Systems Ltd ESLT5917658278989401,0701,5231,9822,6382,8322,6702,8172,8892,9252,9583,1083,2603,3783,6844,508
13. Parsons Corporation PSN3,0983,2193,0393,0173,5053,955
14. Triumph Group, Inc TGI4425616135656086887609551,1511,2401,2952,9053,4083,7033,7633,8893,8863,5333,1993,3652,843
15. CAE Inc CAE8037537057708358169481,0811,3871,3181,5031,6791,8382,0701,9141,3952,5132,7052,8243,3043,623
16. Teledyne Technologies Incorporated TDY7957447738411,0171,2071,4331,6221,8931,7651,6442,0562,1272,3392,3942,2982,1502,6042,9023,164
17. Curtiss-Wright Corporation CW3303435137469551,1311,2821,5921,8301,8101,8932,0542,0982,5112,2432,2062,1092,2712,4122,488
18. Hexcel Corporation HXL1,0561,0098518971,0751,1611,1931,1711,3251,1081,1741,3921,5781,6781,8561,8612,0041,9732,1892,356
19. HEICO Corporation HEI-A1,0091,1321,1891,3761,5251,7782,056
20. HEICO Corporation HEI2031711721762162703925085825386177658971,0091,1321,1891,3761,5251,7782,056
21. AAR Corp AIR1,0248746396066527488971,0611,3851,4241,3521,7762,0652,1372,0351,5941,6631,7681,7482,0522,072
22. Aerojet Rocketdyne Holdings, Inc AJRD1,0471,4861,1351,1924996246217457427958589189951,3831,5971,7081,7611,8771,8961,982
23. BWX Technologies, Inc BWXT3,3992,8552,6893,0313,3583,3372,9651,4291,5671,7011,8301,924
24. Maxar Technologies Inc MAXR2693023634836257149031,2089609516917468871,7121,8061,5141,5351,6312,1411,666
25. Cubic Corporation CUB5325025606347228048218908811,0171,1941,2851,3821,3611,3981,4311,4621,4861,2031,4961,476
26. Vectrus, Inc VEC1,8281,5121,2031,1811,1911,1151,2791,383
27. Magellan Aerospace Corporation MALJF4193862933694774884936005646537356787107087259511,0049699671,016
28. Astronics Corporation ATRO728543333574111158174191196228266340661692633624803773
29. Ducommun Incorporated DCO166225212226225250319367404431408581747737745668551559630721
30. Kratos Defense & Security Solutions, Inc KTOS256207187261397375328194297335409714969951868657669752618718
31. Mercury Systems, Inc MRCY141180150180186250236224210189200229245209209235270409493655797
32. Axon Enterprise, Inc AAXN3.416.859.8424684868101931048790115138165198268344420531
33. Héroux-Devtek Inc HERXF99164198178163193219245300268316369384253246278407407387484613
34. AeroVironment, Inc AVAV105139174216248250293325240252259264265271314367
35. National Presto Industries, Inc NPK117120134134159185305421448478479431472420412428342334323309
36. SIFCO Industries, Inc SIF1061068080878187871019483107125116120109119121111112
37. TAT Technologies Ltd TATT2825263133497889103838085888081869610793102
38. CPI Aerostructures, Inc CVU2915.022427302617.91283644447489824010081818488
39. Butler National Corporation BUKS4.616.019.036.2910.122315.3114.6817.6518.093346545147474551485966
40. Air Industries Group AIRI546463648067504655
41. Environmental Tectonics Corporation ETCC3532334326282517.42233742556663484.8140404848
42. RADA Electronic Industries Ltd RADA3.828.3410.412.3214.1613.4213.0414.0217.8818.442819.4122222214.0712.82262844
43. Optex Systems Holdings, Inc OPXS10.211317.2818.552125
44. Huntington Ingalls Industries, Inc HII6,2926,7236,5756,7266,8346,9687,0307,0897,4533122
45. FLYHT Aerospace Solutions Ltd FLYLF6.787.775.9210.4614.3314.0213.5921
46. VirTra, Inc VTSI02.462.280.981.330.981.892.252.914.616.67.868.839.829.8613.3415.6516.5218.0818.71
47. Innovative Solutions and Support, Inc ISSC33342828466316.7218.3531372526253244202816.7913.8517.5722
48. PASSUR Aerospace, Inc PSSR1.760.941.652.142.923.814.315.77.578.9610.9613.6112.5111.0411.4912.5414.8913.8714.8215.05
49. Nanotech Security Corp NTSFF2.121.761.995.155.137.349.26.40
50. Mikros Systems Corporation MKRS0.050.090.130.231.041.552.283.083.12.424.85.354.833.055.537.365.077.28.566.37
51. MICT, Inc MICT10.1517.793634242318.3714.160.48
52. Sigma Labs, Inc SGLB0.991.070.551.230.970.640.390.4
53. AIM ImmunoTech Inc AIM23252726313135312520313030310.20.130.090.440.370.14
54. Astrotech Corporation ASTC106105103957859515326322820262416.420.512.672.330.090.130.49
55. Global Digital Solutions, Inc GDSI0000.40.640.01000
56. E'Prime Aerospace Corporation EPEO000000
57. Eviation Aircraft Ltd EVTNF25442814.4712.6819.210.113.11323700.060.0600000
58. Golden Star Enterprises Ltd GSPT000000.020000000.050.060.020.02
59. U.S. Aerospace, Inc USAE2.886.149.056.914.616.048.3210.054.823.73
60. Avcorp Industries Inc AVPFF54624643566889111106667784907358801841491710
61. Star Navigation Systems Group Ltd SNAVF0.050.750.460.410.18
62. BlackPoll Fleet International, Inc BPOL0001.070.070.32
63. STG Group, Inc STGGQ249210194164
64. Ballistic Recovery Systems Inc BRSI2.353.775.066.556.568.129.199.410.43
65. Alabama Aircraft Industries, Inc AAIIQ16216516319020115098655463
66. Xenonics Holdings, Inc XNNHQ4.434.834.9810.177.384.47.182.162.380.83


Revenue Growth

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP growth per year to compare with Revenue Change
1. The Boeing Company BA1.131.130.930.931.041.051.121.080.921.120.941.071.191.061.051.060.980.981.080.76
2. Lockheed Martin Corporation LMT0.950.951.111.21.121.051.061.061.021.061.011.021.010.961.011.011.021.081.051.11
3. General Dynamics Corporation GD1.171.171.141.21.151.111.131.131.081.091.021.010.960.990.991.030.990.991.171.09
4. Northrop Grumman Corporation NOC1.781.781.271.521.141.030.981.061.0611.030.760.950.980.970.981.041.051.171.12
5. BAE Systems plc BAESY0.910.910.991.171.161.071.281.180.861.350.990.850.981.030.861.030.721.030.921.09
6. Bombardier Inc BDRBF1.141.141.271.141.030.990.931.011.181.130.980.911.040.911.081.110.90.90.9910.97
7. Textron Inc TXT0.940.940.870.931.040.981.141.151.080.7411.071.090.991.150.971.031.030.980.98
8. Embraer S.A ERJ1.071.070.730.981.611.110.981.41.210.860.981.081.061.010.0560.591.060.880.421.33
9. Spirit AeroSystems Holdings, Inc SPR1.21.20.981.081.0201109952.71.11.140.981.021.031.031.09
10. Arconic Corporation ARNC1.141.141.190.950.970.540.990.541.021.090.98
11. TransDigm Group Incorporated TDG1.331.331.241.181.031.241.161.361.21.071.091.461.411.131.231.141.171.11.091.370.98
12. Elbit Systems Ltd ESLT1.291.291.081.091.051.141.421.31.331.070.941.061.031.011.011.051.051.041.091.22
13. Parsons Corporation PSN1.041.040.940.991.161.13
14. Triumph Group, Inc TGI1.271.271.090.921.081.131.11.261.211.081.042.241.171.091.021.0310.910.911.050.84
15. CAE Inc CAE0.940.940.941.091.080.981.161.141.280.951.141.121.091.130.920.731.81.081.041.171.1
16. Teledyne Technologies Incorporated TDY0.940.941.041.091.211.191.191.131.170.930.931.251.031.11.020.960.941.211.111.09
17. Curtiss-Wright Corporation CW1.041.041.51.451.281.181.131.241.150.991.051.091.021.20.890.980.961.081.061.03
18. Hexcel Corporation HXL0.960.960.841.051.21.081.030.981.130.841.061.191.131.061.1111.080.981.111.08
19. HEICO Corporation HEI-A1.121.121.051.161.111.171.16
20. HEICO Corporation HEI0.840.8411.031.221.251.451.31.150.921.151.241.171.121.121.051.161.111.171.16
21. AAR Corp AIR0.850.850.730.951.081.151.21.181.311.030.951.311.161.040.950.781.041.060.991.171.01
22. Aerojet Rocketdyne Holdings, Inc AJRD1.421.420.761.050.421.2511.211.071.081.071.081.391.151.071.031.071.011.05
23. BWX Technologies, Inc BWXT0.840.840.941.131.110.990.890.481.11.091.081.05
24. Maxar Technologies Inc MAXR1.121.121.21.331.291.141.261.340.790.990.731.081.191.931.050.841.011.061.310.78
25. Cubic Corporation CUB0.940.941.121.131.141.111.021.080.991.151.171.081.070.991.031.021.021.020.811.240.99
26. Vectrus, Inc VEC0.830.830.80.981.010.941.151.08
27. Magellan Aerospace Corporation MALJF0.920.920.761.261.291.021.011.220.941.161.130.921.0511.021.311.060.9711.05
28. Astronics Corporation ATRO1.191.190.50.771.052.141.491.431.11.11.021.171.171.281.941.050.910.991.290.96
29. Ducommun Incorporated DCO1.361.360.941.0611.111.281.151.11.070.951.421.290.991.010.90.821.011.131.15
30. Kratos Defense & Security Solutions, Inc KTOS0.810.810.91.41.520.950.870.591.541.131.221.751.360.980.910.761.021.120.821.16
31. Mercury Systems, Inc MRCY1.281.280.831.21.031.350.940.950.940.91.061.141.070.8511.131.151.511.211.331.22
32. Axon Enterprise, Inc AAXN2.012.011.442.482.770.711.421.490.921.120.831.041.271.21.191.21.361.281.221.26
33. Héroux-Devtek Inc HERXF1.651.651.210.90.921.181.141.121.230.891.181.171.040.660.971.131.4710.951.251.27
34. AeroVironment, Inc AVAV1.331.331.251.241.151.011.171.110.741.051.031.0211.021.161.17
35. National Presto Industries, Inc NPK1.031.031.1211.191.161.651.381.071.0710.91.10.890.981.040.80.980.970.95
36. SIFCO Industries, Inc SIF110.7611.090.931.0711.160.930.891.291.170.931.030.911.091.020.921.01
37. TAT Technologies Ltd TATT0.880.881.051.171.081.481.581.141.160.80.961.071.030.91.011.061.121.110.871.1
38. CPI Aerostructures, Inc CVU0.520.521.61.141.110.840.71.561.271.2311.681.20.930.482.520.8111.031.04
39. Butler National Corporation BUKS1.31.31.50.71.612.310.650.961.21.031.81.421.170.930.9310.951.130.951.221.12
40. Air Industries Group AIRI1.191.190.981.021.250.830.750.931.18
41. Environmental Tectonics Corporation ETCC0.930.9311.330.61.070.90.691.31.611.151.311.20.950.770.18.231.011.211.01
42. RADA Electronic Industries Ltd RADA2.192.191.251.181.150.950.971.081.281.031.490.711.111.011.030.630.912.041.071.58
43. Optex Systems Holdings, Inc OPXS1.271.271.331.071.121.18
44. Huntington Ingalls Industries, Inc HII1.071.070.981.021.021.021.011.011.0500.71
45. FLYHT Aerospace Solutions Ltd FLYLF1.151.150.761.771.370.980.971.56
46. VirTra, Inc VTSIINFINF0.930.431.350.741.931.191.291.591.431.191.121.1111.351.171.061.091.03
47. Innovative Solutions and Support, Inc ISSC1.031.030.820.991.641.370.261.11.661.20.691.020.951.281.40.461.390.60.831.271.23
48. PASSUR Aerospace, Inc PSSR0.540.541.751.31.361.311.131.321.331.181.221.240.920.881.041.091.190.931.071.02
49. Nanotech Security Corp NTSFF0.830.831.132.590.991.431.250.70
50. Mikros Systems Corporation MKRS1.611.611.451.834.521.481.471.351.010.781.981.110.90.631.811.330.691.421.190.74
51. MICT, Inc MICT1.751.7520.960.690.960.810.770.03
52. Sigma Labs, Inc SGLB1.091.090.512.250.780.660.611.04
53. AIM ImmunoTech Inc AIM1.061.061.110.941.210.991.130.90.810.81.520.9511.050.010.680.694.750.840.38
54. Astrotech Corporation ASTC110.980.920.820.770.851.040.481.250.870.721.30.920.680.035.210.870.041.483.84
55. Global Digital Solutions, Inc GDSI00NANINF1.620.020NANNAN
56. E'Prime Aerospace Corporation EPEONANNANNANNANNANNAN
57. Eviation Aircraft Ltd EVTNF1.731.730.640.510.881.510.531.32.411.180INF0.980NANNANNANNAN
58. Golden Star Enterprises Ltd GSPTNANNANNANNANNANINF0NANNANNANNANNANINF1.20.370.76
59. U.S. Aerospace, Inc USAE0.470.472.131.470.760.671.311.381.210.480.77
60. Avcorp Industries Inc AVPFF1.151.150.740.931.321.211.311.240.960.621.181.091.070.810.791.392.280.811.140
61. Star Navigation Systems Group Ltd SNAVF13.9313.930.620.890.42
62. BlackPoll Fleet International, Inc BPOLNANNANNANINF0.064.88
63. STG Group, Inc STGGQ0.840.840.920.85
64. Ballistic Recovery Systems Inc BRSI1.61.61.341.311.241.131.021.11
65. Alabama Aircraft Industries, Inc AAIIQ1.021.020.981.171.060.750.650.670.821.18
66. Xenonics Holdings, Inc XNNHQ1.091.091.032.040.730.61.630.31.10.35