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• The Collins Aerospace (RTX) of precision motion and fluid controls for aircraft, satellites, and defense systems.
• A Parker Hannifin or Eaton focused on extreme precision motion and fluid control for aerospace, defense, and demanding industrial applications.
• Like a highly specialized Honeywell or Siemens for critical precision motion control systems.

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• Aircraft Flight Control Systems: Provides advanced primary and secondary flight control systems, including actuators and related electronics, for commercial and military aircraft.
• Spacecraft and Launch Vehicle Controls: Develops and manufactures high-performance propulsion systems, thrust vector control systems, and specialized components for satellites, rockets, and other space vehicles.
• Missile and Weapon Systems: Offers precision actuation and control solutions for guided missiles, smart munitions, and other defense applications, ensuring accuracy and reliability.
• Industrial Servo Controls: Supplies a range of electric, hydraulic, and hybrid servo systems, including servo motors, drives, pumps, and valves, used in manufacturing, power generation, and test equipment.
• Medical Control Systems: Provides precision fluid and motion control components and systems, such as pumps and valves, for critical medical applications like ventilators, infusion pumps, and surgical equipment.

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Moog (symbol: MOG-A) primarily sells its high-performance motion control products and solutions to other companies (B2B).

While Moog states in its financial filings that no single customer accounted for 10% or more of its net sales in recent fiscal years, its largest ultimate end-customer is the U.S. Government, with sales primarily conducted through major prime contractors. Moog's major direct customers are typically large commercial and government prime contractors and other industrial companies across its served markets.

Examples of companies that are generally considered major customers or operate as prime contractors in the aerospace and defense sectors that Moog serves include:

• Boeing (NYSE: BA)
• Lockheed Martin (NYSE: LMT)
• RTX Corporation (formerly Raytheon Technologies) (NYSE: RTX)
• Northrop Grumman (NYSE: NOC)
• Airbus SE (EPA: AIR, OTC: EADSY)

Moog also supplies components and systems to a wide range of industrial machinery manufacturers, energy companies, and medical device manufacturers globally. Specific major customers in these more fragmented markets are not typically disclosed by the company.

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Pat Roche, President and Chief Executive Officer

Mr. Roche was appointed CEO of Moog Inc. in February 2023, having previously served as Executive Vice President and Chief Operating Officer from December 2021. He joined Moog in 2000 at the Cork, Ireland facility and became its General Manager in 2003. Mr. Roche held various leadership positions within Moog's Industrial Group, including management of core product development, supply chain, process development, and IT systems, before becoming President of the Industrial Group in 2015. Prior to joining Moog, he worked in the Netherlands and the United Kingdom. Mr. Roche earned bachelor's and master's degrees in electrical engineering and business administration from University College Cork and completed the Advanced Management Program at Harvard.

Jennifer Walter, Executive Vice President and Chief Financial Officer

Ms. Walter became Executive Vice President in 2024 and Chief Financial Officer of Moog in 2020. She joined Moog in 2000, starting as Manager of Financial Reporting, then progressing to Director of Financial Planning and Analysis, Corporate Controller, and Principal Accounting Officer, and Vice President of Finance. Before joining Moog, Ms. Walter worked as a certified public accountant for KPMG. She holds a BS in accounting, a BA in Psychology, and an MBA from SUNY at Buffalo, and also completed the Advanced Management Program at Harvard Business School.

Paul Wilkinson, Executive Vice President and Chief Human Resources Officer

Mr. Wilkinson was named Executive Vice President in 2024. He became Vice President and Chief Human Resources Officer in 2017. Mr. Wilkinson joined Moog in 2010 as the UK Human Resources Director, handling HR responsibilities for Moog's UK sites. He then moved to Global Talent Director, focusing on developing talent management processes across the organization, and served as the Group Human Resources Director for Aircraft starting in 2013.

Joseph Alfieri, Vice President and President, Space and Defense

Mr. Alfieri became Vice President and President of Space and Defense in 2023. He joined Moog in 2008 as a Project Engineer in Space and Defense. Over the years, Mr. Alfieri held various engineering and project manager roles within the Space and Defense segment. He was promoted to Commercial OE Sector General Manager in 2019 and became Group Vice President in 2020. In 2021, he joined the Industrial segment to lead Moog's new growth venture focused on the construction market.

Mark Graczyk, Vice President and President, Military Aircraft

Mr. Graczyk became Vice President and President of Military Aircraft in 2023. He started his career at Moog in 2010 as a Finance Manager in Aircraft. Mr. Graczyk held various finance roles within Aircraft and was promoted to Vice President of Finance in 2017. Prior to his current role, he served as Group Vice President and Chief Business Officer of Aircraft starting in 2022.

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The key risks to Moog Inc. (MOG-A) primarily revolve around its highly competitive operating environment, significant reliance on government contracts, and the ongoing challenges of supply chain and inflation.

1. Highly Competitive Markets and Dependence on Government Contracts: Moog operates in intensely competitive aerospace, defense, and industrial markets, facing competition from both established and emerging companies. A substantial portion of Moog's revenue, approximately 38% in 2024, is derived from U.S. Government contracts, primarily within its Space and Defense and Military Aircraft segments. These government contracts are subject to termination or may not be fully funded, creating uncertainty in future revenue streams. Changes in global geopolitical conditions and defense spending can also significantly impact the company's financial performance.
2. Supply Chain Constraints and Inflationary Impacts: Moog faces risks associated with supply chain disruptions and the inflationary pressures on the costs of raw materials and components used in its products. The failure of subcontractors or suppliers to fulfill their contractual obligations further exacerbates these challenges, potentially affecting production and delivery schedules.
3. Financial Risks and Liquidity Concerns: The company has a considerable debt load, reported at $515 million in total long-term debt for fiscal year 2022, with interest expenses around $30 million. While Moog's 2024 annual report indicates improved free cash flow, earlier 2025 guidance reports noted negative free cash flow and persisting liquidity risks, suggesting that managing its financial position and meeting cash flow targets remains a key risk. Any increase in interest rates or changes in credit conditions could further strain the company's liquidity.

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Moog Inc. (MOG-A) operates in several key markets, including Aerospace and Defense, Industrial Systems, and Medical Devices. The addressable market sizes for these main products and services are outlined below:

Aerospace and Defense Market

The global aerospace market size was valued at approximately USD 373.61 billion in 2024 and is projected to reach around USD 791.78 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 7.8%. Another estimate places the global aerospace market at USD 381.6 billion in 2025, growing to USD 762.7 billion by 2035 with a CAGR of 7.18%. The North American region holds a significant share, accounting for more than 46% of the revenue in 2023, and was valued at USD 400 billion in 2024, projected to reach USD 520 billion by 2035. The aerospace parts manufacturing market, a segment relevant to Moog, was estimated globally at USD 913.13 billion in 2023 and is expected to reach USD 1,233.24 billion by 2030, with a CAGR of 4.2%.

Industrial Systems Market (Industrial Automation)

The global industrial automation and control systems market was estimated at USD 206.33 billion in 2024 and is projected to reach USD 378.57 billion by 2030, growing at a CAGR of 10.8%. Other reports indicate the global industrial automation market size was valued at USD 196.94 billion in 2024 and is expected to reach USD 372.70 billion by 2032, at a CAGR of 8.30%. In 2025, the industrial automation market size is estimated at USD 221.64 billion and is set to reach USD 325.51 billion by 2030, reflecting a 7.99% CAGR. North America is a dominant region, projected to hold the largest market share of approximately 41.3% in the industrial automation market. Asia Pacific also holds a substantial share, leading the market with over 39% in 2024 and contributing 45% of global revenue.

Medical Devices Market

The global medical devices market size was valued at USD 542.21 billion in 2024 and is projected to grow to USD 886.68 billion by 2032, exhibiting a CAGR of 6.5%. Other estimates suggest the market was valued at USD 640.45 billion in 2024 and is projected to increase to approximately USD 1,146.95 billion by 2034, expanding at a CAGR of 6%. Another source states the global medical device market is estimated to increase from USD 810.4 billion in 2024 to reach USD 1.3 trillion by 2029, at a CAGR of 9.8%. North America dominated the medical devices market with a market share of 38.17% in 2024, and its market size reached USD 256.18 billion in 2024, expanding at a CAGR of 6.13% during the forecast period.

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Moog Inc. (MOG-A) is expected to experience future revenue growth over the next 2-3 years driven by several key factors across its diverse segments:

1. Increased Global Defense Spending: Growth in defense revenue is anticipated due to heightened U.S., NATO, and Indo-Pacific defense budgets, geopolitical tensions, and the need for modernization and replenishment. This includes strong demand for missile programs, satellite components, and new military aircraft initiatives such as the FLRAA (Future Long-Range Assault Aircraft) and Collaborative Combat Aircraft programs.
2. Commercial Aerospace Recovery and Robust Aftermarket Services: The commercial aerospace sector is recovering post-pandemic, with key platforms like wide-body aircraft (Boeing 787, Airbus A350) expected to see production ramps through 2027. Additionally, a strong aftermarket business, which comprises nearly 40% of commercial segment sales, is driven by high aircraft utilization and long-term support agreements, ensuring consistent revenue streams.
3. Growth in the Space Market: Moog's Space and Defense segment is poised for growth from increased satellite and launch vehicle activity, contributing to broader demand within this market.
4. Strategic Acquisitions and Enhanced Capabilities: Strategic acquisitions, such as COTSWORKS, are expected to enhance Moog's capabilities, particularly in optoelectronics, thereby expanding its product and service offerings and potentially opening new market opportunities.
5. Pricing and Simplification Initiatives: Moog's focus on pricing strategies and simplification initiatives, including 80/20 methodologies, are designed to improve operational efficiency and expand operating margins. While primarily impacting profitability, these efforts can also indirectly support revenue growth by enhancing competitiveness and market position.

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Share Repurchases

• Moog repurchased approximately $58.98 million in shares during fiscal year 2024 (ending September 2024).
• Share repurchases amounted to approximately $20.68 million in fiscal year 2023.
• In fiscal year 2022, the company repurchased approximately $29.5 million in shares.

Share Issuance

• Net common equity issued/repurchased (primarily reflecting repurchases) was -$16 million in 2024, -$8 million in 2023, and -$32 million in 2022.

Outbound Investments

• Moog held minor investments of approximately $5 million, categorized as Other assets, as of September 28, 2024.
• An impairment of approximately $5.294 million was recorded for the devaluation of an investment in the three months ended March 30, 2024.

Capital Expenditures

• Capital expenditures totaled approximately $149.44 million in fiscal year 2024, $120.37 million in fiscal year 2023, and $101.996 million in fiscal year 2022.
• The company's capital deployment strategy supports high organic growth areas through targeted facility investments to enhance manufacturing capabilities.
• Investments are also directed towards preparing for upcoming major programs within the Space and Defense segment and supporting increased activity in programs such as FLRAA in Military Aircraft.