📈 Price History

Ratio Health

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📊 Sector Averages

About

Ducommun Incorporated provides engineering and manufacturing services for products and applications used in the aerospace and defense, industrial, medical, and other industries in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding DCO

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	47.2K	$5.8M	0.01%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management led with record revenue and margins, cited specific numbers (revenue $202.3M, gross margin 26.6%, EBITDA margin 16%), and repeatedly highlighted strategy execution and defense growth despite commercial aerospace headwinds.

Q3 2025

Confident Specific

Management repeatedly uses strong, definitive language: 'record quarterly revenue', 'adjusted EBITDA margins at 16.2%, a record', 'book-to-bill of 1.6 times', and 'we feel very confident now about our momentum'. Specific numbers anchor every claim.

Q4 2025

Confident Specific

Management uses terms like 'record revenue', 'record gross margins', 'terrific job', 'very optimistic' and provides specific figures (e.g., 27.7% gross margin, 17.5% adjusted EBITDA, 1.3x book-to-bill) with detailed explanations of drivers.

Q1 2026 latest

Confident Specific

Management repeatedly used emphatic language like 'great progress', 'excellent', 'very optimistic', 'terrific year', 'record' and provided specific figures (e.g., $209M revenue, 16.9% adjusted EBITDA margin, 22% missile growth) to reinforce a positive and assured tone.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis appears stronger after this call. Management delivered a quarter that exceeded prior expectations on commercial aerospace recovery and margin expansion, while reiterating that the destocking headwind is manageable and largely deferred. The missile growth narrative gained further credibility with specifics on programs like Tomahawk (8x) and broad-based engagement with primes. However, the lack of M&A execution remains a gap relative to stated strategy, and the exact timing of missile order inflows is still uncertain. Next quarter should be watched for new orders under the missile framework agreements and for any sharp reversal in destocking impact. Overall, the call reinforced the trajectory toward Vision 2027 targets and added optimism for 2027–2028, making the thesis incrementally more compelling.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Ducommun Q1 2026 revenue $209M, up 9% YoY; adj. EBITDA margin 16.9%, on track for Vision 2027 goals.

Revenue & Profitability

Q1 2026 revenue was $209 million, up 8.6% year-over-year. GAAP net income was $9.9 million ($0.64 per diluted share) versus $1.4 million ($0.09) a year ago. Adjusted net income reached $11.7 million ($0.75 per share). Operating income was $15.7 million GAAP and $18.0 million adjusted.

Outlook

Management is optimistic about both defense and commercial aerospace. Defense spending is increasing, with long-term framework agreements for missile programs expected to drive growth from 2027. Commercial aerospace is recovering, with Boeing raising 737 MAX rates and Airbus steady. Destocking headwinds are expected to diminish by end of 2026. Full-year 2026 revenue growth is guided at mid to high single digits.

Growth Drivers

Key growth drivers include: missile programs (22% YoY growth in Q1, expected to accelerate via DoD framework agreements), commercial aerospace (18% growth driven by A220, A320, 737 MAX, and Bell helicopters), and radar/electronic warfare franchises. The company also highlights $150,000 shipset content on the 787, benefiting from rate increases.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Gross margin improved to 26.9% in Q1 2026 (from 26.2% a year ago). Adjusted EBITDA margin was 16.9%, up from prior periods, and on track to reach the 18% Vision 2027 goal. Adjusted operating margin was 8.6% (versus 4.0% in Q1 2025), driven by volume, mix, and cost savings. Management expects margins to strengthen through the year.

Key Risks

Risks include cyclicality of end markets, U.S. defense spending changes, customer production rate changes, order cancellations, supply chain issues, tariffs, elevated interest rates, and potential cybersecurity attacks. Also, destocking headwinds in commercial aerospace (especially on 737 MAX via Spirit/Wichita) could impact near-term revenues. The Guaymas fire may lead to subrogation claims.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Record Q2 revenue and margins were driven by strong growth in both commercial aerospace and defense, especially missiles, with continued margin expansion and robust cash flow. Backlog and book-to-bill ratios reached new highs, supporting a positive outlook for the remainder of 2026 and beyond.

Q1 2026 Q1 2026 2026-05-12

Record Q1 revenue and margin expansion driven by strong commercial aerospace and defense growth, with missile programs set to accelerate in late 2026 and 2027. Guidance for mid to high single-digit revenue growth is reiterated, and margins are expected to strengthen further.

Q4 2025 Q4 2025 2026-02-26

Record Q4 revenue and margins driven by strong military and space growth, with commercial aerospace returning to growth. Facility consolidation and restructuring completed, supporting margin expansion and positioning for continued growth in 2026 and beyond.

Q3 2025 Q3 2025 2025-11-06

Record Q3 revenue and margins driven by strong defense growth offset commercial aerospace weakness. Litigation settlement led to a GAAP loss, but adjusted earnings and cash flow remained robust. Outlook remains positive with continued defense strength and facility consolidation savings.

Q2 2025 Q2 2025 2025-08-07

Record Q2 revenue and margins were driven by strong defense growth, especially in missiles and radar, offsetting commercial aerospace weakness. Engineered products reached 23% of revenue, and restructuring plus facility consolidation are expected to yield further savings and margin gains.

📊 Analysis Methodology

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Investment Risk:
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