Ducommun (DCO)
Market Price (11/7/2026): $135.08 | Market Cap: $2.0 BilSector: Industrials | Industry: Aerospace & Defense
Ducommun (DCO)
Market Price (11/7/2026): $135.08Market Cap: $2.0 BilSector: IndustrialsIndustry: Aerospace & Defense
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28% Low stock price volatilityVol 12M is 43% Megatrend and thematic driversMegatrends include Advanced Aviation & Space, and Advanced Materials. Themes include Advanced Air Mobility, Drone Technology, Show more. | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 738x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.5% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% Key risksDCO key risks include [1] operational execution challenges with its current restructuring and facility consolidation and [2] accounting quality concerns stemming from aggressive revenue recognition practices. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -28% |
| Low stock price volatilityVol 12M is 43% |
| Megatrend and thematic driversMegatrends include Advanced Aviation & Space, and Advanced Materials. Themes include Advanced Air Mobility, Drone Technology, Show more. |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 738x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.5% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.7% |
| Key risksDCO key risks include [1] operational execution challenges with its current restructuring and facility consolidation and [2] accounting quality concerns stemming from aggressive revenue recognition practices. |
Qualitative Assessment
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Updated on 11/5/2026
Ducommun (DCO) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Broader Market Sell-Off Following Elections. On November 5, 2026, Ducommun's shares closed down 15% to $132.50 apiece as markets plunged following Tuesday's elections, indicating a significant impact from macroeconomic and political events rather than company-specific news on that particular day.
2. Temporary Weakness in Defense Revenue. Despite strong defense bookings of $263 million with a 2.2x book-to-bill ratio in fiscal Q3 2026 (ended October 3, 2026), Ducommun experienced a 7% year-over-year decline in military and space revenue, which fell to $119 million due to the timing of certain programs.
Show more
Ducommun (DCO) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Broader Market Sell-Off Following Elections. On November 5, 2026, Ducommun's shares closed down 15% to $132.50 apiece as markets plunged following Tuesday's elections, indicating a significant impact from macroeconomic and political events rather than company-specific news on that particular day.
2. Temporary Weakness in Defense Revenue. Despite strong defense bookings of $263 million with a 2.2x book-to-bill ratio in fiscal Q3 2026 (ended October 3, 2026), Ducommun experienced a 7% year-over-year decline in military and space revenue, which fell to $119 million due to the timing of certain programs.
Show more
Updated on 11/5/2026
Ducommun (DCO) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Broader Market Sell-Off Following Elections. On November 5, 2026, Ducommun's shares closed down 15% to $132.50 apiece as markets plunged following Tuesday's elections, indicating a significant impact from macroeconomic and political events rather than company-specific news on that particular day.
2. Temporary Weakness in Defense Revenue. Despite strong defense bookings of $263 million with a 2.2x book-to-bill ratio in fiscal Q3 2026 (ended October 3, 2026), Ducommun experienced a 7% year-over-year decline in military and space revenue, which fell to $119 million due to the timing of certain programs.
3. Analyst Downgrades and Lowered Price Targets. Several analyst firms revised their ratings or price targets for Ducommun, negatively impacting investor sentiment. Zacks Research downgraded Ducommun from a "strong-buy" rating to a "hold" rating on October 12, 2026, while Weiss Ratings cut Ducommun from a "hold (c)" to a "hold (c-)" on September 18, 2026. Additionally, on October 28, 2026, an analyst from RBC Capital reiterated a "Hold" rating and lowered the price target from $200 to $180.
Show less
Ducommun (DCO) stock has lost about 25% since 7/31/2026 because of the following key factors:
1. Broader Market Sell-Off Following Elections. On November 5, 2026, Ducommun's shares closed down 15% to $132.50 apiece as markets plunged following Tuesday's elections, indicating a significant impact from macroeconomic and political events rather than company-specific news on that particular day.
2. Temporary Weakness in Defense Revenue. Despite strong defense bookings of $263 million with a 2.2x book-to-bill ratio in fiscal Q3 2026 (ended October 3, 2026), Ducommun experienced a 7% year-over-year decline in military and space revenue, which fell to $119 million due to the timing of certain programs.
3. Analyst Downgrades and Lowered Price Targets. Several analyst firms revised their ratings or price targets for Ducommun, negatively impacting investor sentiment. Zacks Research downgraded Ducommun from a "strong-buy" rating to a "hold" rating on October 12, 2026, while Weiss Ratings cut Ducommun from a "hold (c)" to a "hold (c-)" on September 18, 2026. Additionally, on October 28, 2026, an analyst from RBC Capital reiterated a "Hold" rating and lowered the price target from $200 to $180.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -24.4% change in DCO stock from 7/31/2026 to 11/6/2026 was primarily driven by a -27.0% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 179.02 | 135.25 | -24.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 841 | 878 | 4.3% |
| P/S Multiple | 3.2 | 2.3 | -27.0% |
| Shares Outstanding (Mil) | 15 | 15 | -0.7% |
| Cumulative Contribution | -24.4% |
Market Drivers
7/31/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| DCO | -24.4% | |
| Market (SPY) | -1.6% | 50.5% |
| Sector (XLI) | -9.5% | 74.3% |
Fundamental Drivers
The -4.7% change in DCO stock from 4/30/2026 to 11/6/2026 was primarily driven by a -9.5% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 141.93 | 135.25 | -4.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 825 | 878 | 6.4% |
| P/S Multiple | 2.6 | 2.3 | -9.5% |
| Shares Outstanding (Mil) | 15 | 15 | -1.1% |
| Cumulative Contribution | -4.7% |
Market Drivers
4/30/2026 to 11/6/2026| Return | Correlation | |
|---|---|---|
| DCO | -4.7% | |
| Market (SPY) | 2.6% | 49.8% |
| Sector (XLI) | -6.6% | 64.9% |
Fundamental Drivers
The 47.4% change in DCO stock from 10/31/2025 to 11/6/2026 was primarily driven by a 127.2% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.75 | 135.25 | 47.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 792 | 878 | 10.8% |
| Net Income Margin (%) | 2.7% | 6.1% | 127.2% |
| P/E Multiple | 64.5 | 38.3 | -40.6% |
| Shares Outstanding (Mil) | 15 | 15 | -1.4% |
| Cumulative Contribution | 47.4% |
Market Drivers
10/31/2025 to 11/6/2026| Return | Correlation | |
|---|---|---|
| DCO | 47.4% | |
| Market (SPY) | 8.7% | 48.4% |
| Sector (XLI) | 5.8% | 63.6% |
Fundamental Drivers
The 182.7% change in DCO stock from 10/31/2023 to 11/6/2026 was primarily driven by a 87.7% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11062026 | Change |
|---|---|---|---|
| Stock Price ($) | 47.84 | 135.25 | 182.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 743 | 878 | 18.1% |
| Net Income Margin (%) | 3.2% | 6.1% | 87.7% |
| P/E Multiple | 26.6 | 38.3 | 44.2% |
| Shares Outstanding (Mil) | 13 | 15 | -11.6% |
| Cumulative Contribution | 182.7% |
Market Drivers
10/31/2023 to 11/6/2026| Return | Correlation | |
|---|---|---|
| DCO | 182.7% | |
| Market (SPY) | 81.9% | 44.8% |
| Sector (XLI) | 72.0% | 55.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DCO Return | -13% | 7% | 4% | 22% | 49% | 42% | 152% |
| Peers Return | 9% | 1% | 35% | 27% | 87% | 1% | 255% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| DCO Win Rate | 33% | 42% | 58% | 58% | 58% | 55% | |
| Peers Win Rate | 50% | 40% | 57% | 57% | 67% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| DCO Max Drawdown | -34% | -31% | -30% | -12% | -23% | -36% | |
| Peers Max Drawdown | -24% | -25% | -23% | -19% | -21% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CW, WWD, HEI, CR, ATRO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/6/2026 (YTD)
How Low Can It Go
| Event | DCO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -14.5% | -18.8% |
| % Gain to Breakeven | 17.0% | 23.1% |
| Time to Breakeven | 29 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.8% | -9.5% |
| % Gain to Breakeven | 13.4% | 10.5% |
| Time to Breakeven | 37 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.8% | -6.7% |
| % Gain to Breakeven | 40.4% | 7.1% |
| Time to Breakeven | 350 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -16.9% | -24.5% |
| % Gain to Breakeven | 20.3% | 32.4% |
| Time to Breakeven | 28 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -60.2% | -33.7% |
| % Gain to Breakeven | 151.1% | 50.9% |
| Time to Breakeven | 82 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.5% | -19.2% |
| % Gain to Breakeven | 19.7% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
In The Past
Ducommun's stock fell -14.5% during the 2025 US Tariff Shock. Such a loss loss requires a 17.0% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | DCO | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -28.8% | -6.7% |
| % Gain to Breakeven | 40.4% | 7.1% |
| Time to Breakeven | 350 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -60.2% | -33.7% |
| % Gain to Breakeven | 151.1% | 50.9% |
| Time to Breakeven | 82 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -49.2% | -12.2% |
| % Gain to Breakeven | 97.0% | 13.9% |
| Time to Breakeven | 296 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -58.5% | -6.8% |
| % Gain to Breakeven | 141.0% | 7.3% |
| Time to Breakeven | 372 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -25.9% | -0.2% |
| % Gain to Breakeven | 34.9% | 0.2% |
| Time to Breakeven | 76 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -39.0% | -17.9% |
| % Gain to Breakeven | 63.9% | 21.8% |
| Time to Breakeven | 556 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -31.3% | -15.4% |
| % Gain to Breakeven | 45.6% | 18.2% |
| Time to Breakeven | 266 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -69.1% | -53.4% |
| % Gain to Breakeven | 224.1% | 114.4% |
| Time to Breakeven | 3438 days | 1085 days |
In The Past
Ducommun's stock fell -14.5% during the 2025 US Tariff Shock. Such a loss loss requires a 17.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ducommun (DCO)
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Ducommun Incorporated (DCO) is an established engineering and manufacturing company that provides specialized products and services primarily to the aerospace and defense sectors, along with industrial and medical markets. Founded in 1849, the company operates through two main segments: Electronic Systems and Structural Systems, offering a wide array of advanced solutions critical for high-reliability applications.
The Electronic Systems segment focuses on delivering sophisticated electronic and electrical components and assemblies. This includes cable assemblies, printed circuit board assemblies, interconnect systems, and higher-level electronic and electromechanical components. They also supply specialized products such as illuminated pushbutton switches, microwave and millimeter switches, and motors for motion control. Additionally, this segment provides essential engineering expertise for aerospace system design, development, integration, and testing, supporting complex avionics and communication systems.
The Structural Systems segment specializes in designing, engineering, and manufacturing complex aero structure components and assemblies from materials like aluminum, titanium, and Inconel, as well as metal and composite bonded structures. Key products include contoured aero structure components, winglets, engine components, fuselage structural panels, and flight control surfaces. These products are vital for various aircraft types, including commercial and military fixed-wing aircraft, rotary-wing aircraft, and space programs, providing critical structural integrity and performance.
```AI Analysis | Feedback
Here are a couple of analogies for Ducommun (DCO):
- Like a specialized version of Honeywell's aerospace division, focused on engineering and manufacturing crucial electronic and structural components for aircraft, spacecraft, and defense systems.
- A precision parts supplier for aerospace and defense, similar to how Parker Hannifin provides essential control and motion systems, but encompassing a broader array of highly engineered electronic and structural components.
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- Electronic and Electromechanical Components & Assemblies: Supplies cable assemblies, printed circuit board assemblies, and higher-level electronic, electromechanical, and mechanical components.
- Specialized Electronic Products: Manufactures engineered products such as lightning diversion systems, illuminated pushbutton switches, microwave and millimeter switches, and motors for motion control.
- Aerospace Structural Components: Designs, engineers, and fabricates contoured components from materials like aluminum, titanium, and Inconel for aero structures.
- Structural Assemblies and Bonded Structures: Produces assembled structural products including winglets, engine components, fuselage panels, and metal and composite bonded structures.
- Aerospace Engineering Services: Offers specialized engineering expertise for aerospace system design, development, integration, and testing.
- Specialized Systems & Enclosures: Provides radar enclosures, shipboard communications and control enclosures, ammunition handling systems, and magnetic seals.
AI Analysis | Feedback
Ducommun (DCO) sells primarily to other companies. Based on the provided background, specific names of major customer companies are not listed. However, Ducommun serves companies operating within the following major industries and markets:
- Aerospace and Defense (including commercial aircraft, military fixed-wing aircraft, military and commercial rotary-wing aircraft, and space programs)
- Industrial
- Medical
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Stephen G. Oswald, Chairman, President and Chief Executive Officer
Mr. Oswald was appointed President and CEO of Ducommun in January 2017, and Chairman of the Board in May 2018. Before joining Ducommun, he served as Chief Executive Officer of Capital Safety Company, a manufacturer of fall protection equipment, from 2012 to 2015. Capital Safety Company was subsequently sold to 3M Co. Prior to that, Mr. Oswald spent approximately 15 years in various senior executive roles at United Technologies Corporation. Since joining Ducommun, he has streamlined the organization, focusing its strategic direction on Aerospace & Defense, and has expanded the company into aftermarket products and services through five strategic acquisitions within his first five years.
Suman Mookerji, Senior Vice President, Chief Financial Officer, Controller & Treasurer
Mr. Mookerji was appointed Senior Vice President, Chief Financial Officer, Controller & Treasurer on May 3, 2023. He joined Ducommun in April 2017 as Vice President, Strategy, Acquisitions & Integration, and later served as Vice President, Corporate Development & Investor Relations. His professional background before Ducommun includes corporate strategy, M&A, and post-acquisition integration leadership experience at United Technologies Corporation (now Raytheon Technologies Corporation) and at Capital Safety, which was a Kohlberg, Kravis and Roberts (KKR) portfolio company. He has been instrumental in executing Ducommun's acquisition strategy.
Jerry L. Redondo, Senior Vice President, Electronics & Structural Systems
Mr. Redondo oversees Ducommun's core operational segments, which include Electronic Systems and Structural Systems.
Laureen S. Gonzalez, Vice President, Chief Human Resources Officer
Rajiv A. Tata, Vice President, General Counsel & Corporate Secretary
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- High dependence on the cyclical and often volatile aerospace and defense industries, making the company susceptible to downturns, changes in government spending, and program delays.
- Exposure to fluctuations in the cost and availability of raw materials and potential supply chain disruptions.
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Ducommun Inc. provides engineering and manufacturing products and services across various addressable markets, primarily within the aerospace and defense sectors, as well as industrial and medical industries.
The addressable markets for Ducommun's main products and services are sized as follows:
* **Aerostructures:** The global aerostructures market was valued at approximately USD 61.0 billion in 2023 and is projected to reach USD 84.0 billion by 2028, growing at a CAGR of 6.6%. Asia-Pacific is projected to be the fastest-growing and largest market in this sector.
* **Aerospace and Defense Electronics:** The global aerospace-defense electronics market was valued at approximately USD 145.7 billion in 2023 and is projected to reach USD 258.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.4%.
* **Aerospace Electronics:** The global aerospace electronics market size was valued at USD 127.20 billion in 2025 and is predicted to increase to approximately USD 237.33 billion by 2035, expanding at a CAGR of 6.44% between 2026 and 2035. North America contributed over 42% of the revenue share in this market in 2025.
* **Aerospace and Defense Electronic Manufacturing Services:** The global Aerospace and Defense Electronic Manufacturing Services Market was valued at USD 23.5 billion in 2023 and is expected to reach USD 30.7 billion by 2033, growing at a CAGR of 2.71%.
* **Aerospace and Defense Connectors:** The global aerospace and defense connectors market size reached USD 7.98 billion in 2025 and is forecasted to climb to USD 10.85 billion by 2030, reflecting a 6.34% CAGR. Another source indicates the global aerospace connector market was valued at US$ 3.57 billion in 2025 and is anticipated to reach US$ 5.68 billion by 2032, witnessing a CAGR of 6.8%. The global aviation connectors market size is valued at USD 5.81 billion in 2025 and is estimated to reach USD 9.75 billion by 2034. North America dominated this market with a revenue share of around 37.6% in 2025.
* **Aerospace and Defense Printed Circuit Boards (PCBs):** The global aerospace and defense PCB market size was valued at USD 1.38 billion in 2023 and is anticipated to grow with a CAGR of 6.54% through 2029. Another estimate projects this market to expand from $1.36 billion in 2025 to $1.4 billion in 2026, with a CAGR of 3.0%, and reach $1.59 billion by 2030. North America held a significant market share of 50.70% in 2025 for the global aerospace and defense PCB market.
* **Aircraft Wire and Cable:** The global aircraft wire and cable market size was valued at USD 1.8 billion in 2024 and is estimated to grow at a 5.9% CAGR from 2025 to 2034, reaching USD 3.2 billion. The U.S. market alone was worth over USD 562.6 million in 2024. The global cables and wires for aerospace and defense market size was valued at $27.8 billion in 2022 and is projected to reach $47 billion by 2032. North America is the largest market for cable and wire in the aerospace and defense sector, holding approximately 45% of the global market share.
* **Aircraft Switches (including illuminated pushbutton switches and panels):** The global aircraft switches market size was valued at USD 2.5 billion in 2023 and is expected to reach USD 3.4 billion by 2033, growing at a CAGR of 3.12%. Another source indicates the market is expected to grow from USD 2.58 billion in 2025 to USD 3.27 billion by 2031 at 4.02% CAGR. North America accounted for 37.40% of the revenue in 2025. The aircraft cockpit control panels market is projected to reach USD 1.2 billion by 2026, expanding at a CAGR of 8.2% during 2021-2026.
* **Microwave and Millimeter Wave Components:** The global microwave devices market size was valued at USD 7.16 billion in 2023 and is expected to reach USD 12.14 billion by 2032, growing at a CAGR of 6.05% over the forecast period 2024-2032. North America dominated the microwave devices market in 2023, accounting for approximately 40% of the total revenue. The millimeter wave technology market is expected to grow from USD 4.52 billion in 2025 to USD 20.5 billion by 2032 at a 24.11% CAGR.
* **Motion Control (including motors and resolvers):** The motion control market size is projected to grow from USD 14.61 billion in the current year to USD 25.90 billion by 2035, representing a CAGR of 5.34%. The motion control market was valued at USD 20.3 billion in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032. Asia Pacific held the largest motion control market share in 2024, valued at USD 6.78 billion.
AI Analysis | Feedback
Ducommun Incorporated (DCO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Continued Strength in Defense Business and Missile Programs: Ducommun anticipates sustained growth within its military and space segment, particularly driven by demand for missile platforms, fixed-wing aircraft, and military rotorcraft. The company's missile business experienced significant growth in 2025, and this momentum is expected to persist due to long-term agreements with major customers like RTX and Lockheed, as well as the Department of Defense's emphasis on increasing production.
- Commercial Aerospace Market Recovery: Following a period of headwinds, particularly from destocking at Boeing and Spirit, Ducommun projects a recovery in its commercial aerospace business. This rebound is anticipated to accelerate in the second half of 2026 and continue into 2027, with the company benefiting from its content on key platforms such as the Boeing 737 MAX (as production rates increase) and 787, and the Airbus A320 family.
- Expansion of Proprietary Product Businesses and Engineered Products: As part of its "VISION 2027" strategy, Ducommun is strategically focused on increasing the revenue contribution from its proprietary engineered products and aftermarket content. The company aims for engineered products to constitute 25% of its revenue by 2027, indicating a push towards higher-value offerings.
- Strategic Offloading from Defense Primes: Ducommun is actively working to deepen its relationships with key Defense Primes by taking on non-core manufacturing activities from their facilities. This strategy leverages Ducommun's lower-cost footprint and track record of on-time delivery and quality, presenting a "Win-Win" scenario that is expected to increase its work share and revenue.
- Strong and Growing Backlog (Remaining Performance Obligations): The company has achieved a record-high $1.1 billion in Remaining Performance Obligations (RPO) as of December 31, 2025. This substantial backlog, fueled by strong bookings with a book-to-bill ratio of 1.3x in Q4 2025, particularly from missile components, signifies a robust foundation for future revenue recognition.
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Share Repurchases
- Ducommun explicitly stated "None" for issuer purchases of equity securities as of December 31, 2025.
- The company has not repurchased shares in recent years.
- Ducommun's Buyback Yield was 0.2% in 2025.
Share Issuance
- Ducommun priced a secondary offering in May 2023.
Outbound Investments
- Ducommun has a targeted acquisition program.
- In December 2021, Ducommun acquired Magnetic Seals (MagSeal) to expand its portfolio of high-value engineered products with proprietary solutions and recurring aftermarket presence.
- Ducommun acquired BLR Aerospace, a provider of aerospace engineering, certifying, manufacturing, and marketing services, in March 2023.
Capital Expenditures
- Capital expenditures were $14.657 million for the full year 2025 and $14.409 million for the full year 2024.
- Strategic capital investments are focused on automation, advanced machining, and lean operations to enhance technical expertise and expand capacity for defense and space programs.
- Management indicated in Q4 2025 that additional capital expenditures required to increase missile production capacity would not be significant, as they have approximately 30% unused factory capacity.
Peer Outperformance in Aerospace & Defense
DCO has outperformed 77% of its 53 Aerospace & Defense peers over 5Y. Among the peers that beat it is ATI. Aerospace & Defense ranks 4th of 23 industries in Industrials by median 5Y return.
Share of Aerospace & Defense constituents that DCO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
90%
of 70 industry peers · 51.7% return
3Y
80%
of 59 industry peers · 184.9% return
5Y
77%
of 53 industry peers · 152.1% return
Aerospace & Defense peers with revenue growth within 4pp of DCO's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| DCO | Ducommun | 5.3% | 38.3x | 51.7% | 184.9% | 152.1% | — |
| ATI | ATI | 6.8% | 43.1x | 82.7% | 313.4% | 890.9% | +739pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Aerospace & Defense is DCO's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Marine Transportation | 5 | 31.6% | 32.1% | 105.5% | MATX 153% · KEX 106% |
| Construction & Engineering | 28 | -22.1% | 92.9% | 93.8% | FIX 949% · STRL 830% · AGX 565% |
| Construction Machinery & Heavy Transportation Equipment | 14 | 7.5% | 66.0% | 93.0% | ALSN 256% · WAB 210% · CAT 195% |
| Aerospace & Defense ← | 54 | -0.9% | 55.7% | 55.7% | ATI 891% · FTAI 850% · HWM 525% |
| Trading Companies & Distributors | 19 | 5.3% | 32.0% | 31.6% | DXPE 298% · AIT 187% · URI 180% |
| Industrial Machinery & Supplies & Components | 71 | 0.9% | 49.5% | 28.8% | CRS 795% · MLI 302% · SYM 266% |
| Rail Transportation | 7 | 34.9% | 68.8% | 25.2% | CSX 48% · UNP 36% · NSC 25% |
| Diversified Support Services | 34 | 15.4% | 37.0% | 15.8% | CXW 200% · OPLN 134% · CACI 113% |
| Building Products | 34 | -6.6% | 6.9% | 12.8% | MOD 760% · GFF 339% · TT 132% |
| Cargo Ground Transportation | 16 | 30.0% | 10.9% | 2.2% | XPO 270% · R 245% · ARCB 19% |
| Industrial Conglomerates | 17 | 13.4% | 3.3% | -0.6% | CSW 99% · CSL 70% · DD 67% |
| Office Services & Supplies | 10 | 19.2% | 22.9% | -2.5% | PBI 157% · HNI 37% · MSA 18% |
| Electrical Components & Equipment | 39 | -8.1% | 59.1% | -5.3% | POWL 1454% · VRT 565% · BE 441% |
| Data Processing & Outsourced Services | 6 | -11.7% | 1.7% | -13.8% | EXLS 57% · BR 20% · G -10% |
| Research & Consulting Services | 13 | 0.2% | -15.7% | -24.2% | HURN 210% · FCN 36% · BAH 9% |
| Agricultural & Farm Machinery | 16 | 14.3% | -4.3% | -25.5% | DE 102% · TTC 15% · AGCO 3% |
| Environmental & Facilities Services | 29 | -19.4% | 26.4% | -27.0% | GEO 191% · CLH 168% · RSG 98% |
| Security & Alarm Services | 9 | -45.7% | 29.4% | -27.5% | BCO 65% |
| Passenger Airlines | 11 | 6.4% | 67.5% | -34.4% | LTM 3140% · UAL 114% · DAL 105% |
| Air Freight & Logistics | 12 | -29.4% | -9.4% | -40.2% | FDX 75% · EXPD 56% · CHRW 50% |
| Human Resource & Employment Services | 22 | 23.6% | -9.6% | -42.8% | ADP 48% · FA 24% · PAYX 10% |
| Passenger Ground Transportation | 3 | -19.6% | 37.4% | -58.0% | UBER 45% · CAR -58% · LYFT -68% |
| Airport Services | 4 | -46.5% | -66.9% | -87.0% | JOBY -40% |
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Ducommun Earnings Notes | 12/16/2025 | |
| How Low Can Ducommun Stock Really Go? | 10/17/2025 | |
| Ducommun Total Shareholder Return (TSR): 22.3% in 2024 and ...% 3-yr compounded annual returns (below peer average) | 03/07/2025 | |
| Ducommun (DCO) Operating Cash Flow Comparison | 02/17/2025 | |
| Ducommun (DCO) Net Income Comparison | 02/15/2025 | |
| Ducommun (DCO) Operating Income Comparison | 02/14/2025 | |
| Ducommun (DCO) Revenue Comparison | 02/13/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 258.73 |
| Mkt Cap | 14.3 |
| Rev LTM | 3,247 |
| Op Inc LTM | 579 |
| FCF LTM | 378 |
| FCF 3Y Avg | 307 |
| CFO LTM | 506 |
| CFO 3Y Avg | 397 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 17.6% |
| Rev Chg 3Y Avg | 15.0% |
| Rev Chg Q | 22.2% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Inc Chg LTM | 44.2% |
| Op Inc Chg 3Y Avg | 31.4% |
| Op Mgn LTM | 16.8% |
| Op Mgn 3Y Avg | 15.5% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 14.7% |
| CFO/Rev 3Y Avg | 13.3% |
| FCF/Rev LTM | 11.4% |
| FCF/Rev 3Y Avg | 10.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electronic Systems | 463 | 431 | 430 | 441 | 413 |
| Structural Systems | 362 | 355 | 327 | 272 | 233 |
| Total | 825 | 786 | 757 | 713 | 645 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electronic Systems | 82 | 74 | 42 | 50 | 58 |
| Structural Systems | 46 | 25 | 23 | 17 | 20 |
| Restructuring charges | 0 | 0 | 0 | ||
| Corporate General and Administrative Expenses | -161 | -56 | -37 | -27 | -29 |
| Total | -32 | 42 | 29 | 40 | 49 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electronic Systems | 562 | 507 | 505 | 543 | 491 |
| Structural Systems | 538 | 551 | 553 | 411 | 408 |
| Corporate Administration | 86 | 68 | 63 | 68 | 80 |
| Total | 1,186 | 1,126 | 1,121 | 1,022 | 979 |
Price Behavior
Price Behavior
| Market Price | $135.25 | |
| Market Cap ($ Bil) | 2.0 | |
| First Trading Date | 05/03/1973 | |
| Distance from 52W High | -34.7% | |
| 50 Days | 200 Days | |
| DMA Price | $166.74 | $154.36 |
| DMA Trend | down | up |
| Distance from DMA | -18.9% | -12.4% |
| 3M | 1YR | |
| Volatility | 48.8% | 42.9% |
| Downside Capture | 133.34 | 103.89 |
| Upside Capture | -3.00 | 152.05 |
| Correlation (S&P 500) | 13.5% | 39.0% |
DCO Betas & Captures as of 10/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.86 | 0.99 | 1.26 | 1.51 | 1.38 | 0.98 |
| Up Beta | 4.30 | 0.73 | 1.60 | 1.96 | 1.39 | 0.91 |
| Down Beta | 1.88 | 1.95 | 2.24 | 1.27 | 1.32 | 1.01 |
| Up Capture | 129% | 53% | 61% | 172% | 226% | 149% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 24 | 32 | 67 | 138 | 412 |
| Down Capture | 202% | 100% | 130% | 131% | 109% | 97% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 19 | 32 | 59 | 113 | 336 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DCO | |
|---|---|---|---|---|
| DCO | 47.5% | 42.9% | 1.02 | - |
| Sector ETF (XLI) | 7.1% | 17.8% | 0.22 | 63.6% |
| Equity (SPY) | 9.5% | 13.6% | 0.40 | 48.1% |
| Gold (GLD) | 1.6% | 28.7% | 0.05 | 20.9% |
| Commodities (DBC) | 38.4% | 21.2% | 1.42 | -11.4% |
| Real Estate (VNQ) | 11.3% | 14.2% | 0.51 | 20.6% |
| Bitcoin (BTCUSD) | -26.9% | 43.6% | -0.60 | 21.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DCO | |
|---|---|---|---|---|
| DCO | 22.2% | 35.3% | 0.64 | - |
| Sector ETF (XLI) | 10.9% | 17.7% | 0.45 | 56.4% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 46.5% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 14.5% |
| Commodities (DBC) | 8.1% | 19.6% | 0.30 | 12.2% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 36.1% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 21.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DCO | |
|---|---|---|---|---|
| DCO | 21.1% | 43.9% | 0.59 | - |
| Sector ETF (XLI) | 13.0% | 20.1% | 0.56 | 55.1% |
| Equity (SPY) | 15.0% | 18.0% | 0.70 | 45.8% |
| Gold (GLD) | 11.9% | 16.5% | 0.59 | 9.3% |
| Commodities (DBC) | 7.5% | 18.1% | 0.33 | 18.6% |
| Real Estate (VNQ) | 5.9% | 20.7% | 0.24 | 40.8% |
| Bitcoin (BTCUSD) | 60.1% | 66.3% | 1.00 | 14.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/7/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | -15.2% | ||
| 8/6/2026 | 5.1% | 5.0% | -13.1% |
| 5/12/2026 | 3.1% | 3.3% | 9.4% |
| 2/26/2026 | -3.4% | 10.0% | -4.2% |
| 11/6/2025 | -3.0% | 4.5% | -2.0% |
| 8/7/2025 | 0.5% | 1.1% | -1.0% |
| 5/6/2025 | 3.9% | 13.6% | 23.6% |
| 2/27/2025 | -6.4% | -6.0% | -2.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 8 |
| # Negative | 11 | 10 | 15 |
| Median Positive | 3.2% | 4.9% | 7.7% |
| Median Negative | -3.4% | -5.6% | -6.6% |
| Max Positive | 9.5% | 13.6% | 23.6% |
| Max Negative | -15.2% | -8.7% | -17.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | -15.2% | ||
| 8/6/2026 | 5.1% | 5.0% | -13.1% |
| 5/12/2026 | 3.1% | 3.3% | 9.4% |
| 2/26/2026 | -3.4% | 10.0% | -4.2% |
| 11/6/2025 | -3.0% | 4.5% | -2.0% |
| 8/7/2025 | 0.5% | 1.1% | -1.0% |
| 5/6/2025 | 3.9% | 13.6% | 23.6% |
| 2/27/2025 | -6.4% | -6.0% | -2.4% |
| 11/7/2024 | 3.2% | 3.4% | -3.0% |
| 8/8/2024 | 3.2% | 4.9% | 2.4% |
| 5/8/2024 | 2.5% | 2.8% | 6.7% |
| 2/15/2024 | 1.6% | -3.6% | -1.0% |
| 11/8/2023 | 4.5% | 6.3% | 8.0% |
| 8/3/2023 | -8.0% | -7.3% | -5.5% |
| 5/4/2023 | -8.4% | -7.2% | -17.5% |
| 2/16/2023 | -6.2% | -5.2% | -13.7% |
| 11/7/2022 | 9.5% | 9.3% | 1.8% |
| 8/4/2022 | -2.6% | -0.1% | -9.8% |
| 5/3/2022 | 4.8% | -7.1% | -7.7% |
| 2/23/2022 | 2.1% | 7.8% | 13.7% |
| 11/2/2021 | 2.2% | 3.7% | -12.5% |
| 8/12/2021 | -2.3% | -8.7% | -6.6% |
| 5/4/2021 | -1.0% | -4.5% | -9.1% |
| 2/11/2021 | -0.9% | -1.7% | 7.5% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 8 |
| # Negative | 11 | 10 | 15 |
| Median Positive | 3.2% | 4.9% | 7.7% |
| Median Negative | -3.4% | -5.6% | -6.6% |
| Max Positive | 9.5% | 13.6% | 23.6% |
| Max Negative | -15.2% | -8.7% | -17.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 04/30/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
Recent Forward Guidance
Updated 11/6/2026Latest: Q3 2026 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Adjusted EBITDA Margin | Reported | 18.0% | 0.0% | Affirmed | Guidance: 18.0% for 2027 | |||
| 2032 Engineered Product Mix | Reported | 0.4 | ||||||
| 2032 Aftermarket Mix | Reported | 0.2 | ||||||
| 2032 Revenue | Reported | 1.60 Bil | 1.65 Bil | 1.70 Bil | ||||
| 2032 Adjusted EBITDA Margin | Reported | 23.0% | ||||||
Prior: Q2 2026 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Adjusted EBITDA Margin | Reported | 18.0% | 0.0% | Affirmed | Guidance: 18.0% for 2027 | |||
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oswald, Stephen G | Chairman, President & CEO | Direct | Sell | 8192026 | 203.95 | 2,500 | 509,875 | 78,289,063 | Form |
| 2 | Oswald, Stephen G | Chairman, President & CEO | Direct | Sell | 8132026 | 201.15 | 5,766 | 1,159,831 | 77,618,756 | Form |
| 3 | Gonzalez, Laureen S | V.P., CHRO | Direct | Sell | 5292026 | 151.99 | 589 | 89,522 | 1,698,032 | Form |
| 4 | Mookerji, Suman B | Sr. V.P., C.F.O. | Direct | Sell | 5222026 | 145.00 | 1,514 | 219,530 | 3,736,505 | Form |
| 5 | Tata, Rajiv A | V.P., G.C. & Corp. Secretary | Direct | Sell | 5202026 | 145.00 | 1,612 | 233,740 | 4,809,795 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Oswald, Stephen G | Chairman, President & CEO | Direct | Sell | 8192026 | 203.95 | 2,500 | 509,875 | 78,289,063 | Form |
| 2 | Oswald, Stephen G | Chairman, President & CEO | Direct | Sell | 8132026 | 201.15 | 5,766 | 1,159,831 | 77,618,756 | Form |
| 3 | Gonzalez, Laureen S | V.P., CHRO | Direct | Sell | 5292026 | 151.99 | 589 | 89,522 | 1,698,032 | Form |
| 4 | Mookerji, Suman B | Sr. V.P., C.F.O. | Direct | Sell | 5222026 | 145.00 | 1,514 | 219,530 | 3,736,505 | Form |
| 5 | Tata, Rajiv A | V.P., G.C. & Corp. Secretary | Direct | Sell | 5202026 | 145.00 | 1,612 | 233,740 | 4,809,795 | Form |
| 6 | Redondo, Jerry L | S.V.P., Elec. & Struc. Systems | Direct | Sell | 5152026 | 154.36 | 5,682 | 877,074 | 9,575,568 | Form |
| 7 | Baldridge, Richard A | Direct | Sell | 3122026 | 130.83 | 10,440 | 1,365,865 | 2,629,683 | Form | |
| 8 | Mookerji, Suman B | S.V.P., CFO | Direct | Sell | 3102026 | 131.90 | 7,791 | 1,027,633 | 3,876,937 | Form |
| 9 | Mookerji, Suman B | Sr. V.P., C.F.O. | Direct | Sell | 3062026 | 134.21 | 14,709 | 1,974,095 | 4,990,465 | Form |
| 10 | Redondo, Jerry L | S.V.P., Elec. & Struc. Systems | Direct | Sell | 12112025 | 92.86 | 2,000 | 185,720 | 6,060,879 | Form |
| 11 | Redondo, Jerry L | S.V.P., Elec. & Struc. Systems | Direct | Sell | 11122025 | 93.83 | 1,594 | 149,565 | 6,311,850 | Form |
Investor Activity (13F)
Updated Nov 7, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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