Astronics Corporation
Industrials · Aerospace & Defense
Mid-cap aerospace supplier (~$3B mkt cap) with two segments: Aerospace (~85% of sales - in-seat power, cabin lighting, connectivity, antennas, avionics) and Test Systems (~15% - military T&M, semiconductor ATE). Customer base spans $BA, $RTX, Airbus, $LMT, $NOC and every major airline.
Levered to OEM build-rate ramps (737 MAX, A320neo), retrofit cycles (in-seat power, IFC), and defense electronics replenishment.
(1) commercial-aero recovery - narrowbody build rates climbing toward pre-COVID, drives content-per-aircraft on power/lighting/connectivity; (2) in-seat USB-C power becoming standard fit on retrofits and new deliveries, multi-year tailwind; (3) Test Systems backlog from US DoD radio/EW programs; (4) operating leverage from fixed-cost Aerospace base as volumes normalize; (5) niche-content moat - incumbent on 80%+ of Western commercial fleet for at least one product line.
(1) $BA / supply-chain disruption risk - 737 MAX cadence remains volatile; (2) airline-capex cyclical, retrofit budgets cut first in downturn; (3) margin pressure from raw-material and labor inflation; (4) Test Systems lumpy - single-program cancellation can wipe a quarter; (5) execution risk on Stand By debt + working-capital swings from long aero-cycle inventory.
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