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Aerospace & defence · Industrials · Fiscal year ends Dec 31
Ducommun reported revenue of $825M in the fiscal year ended Dec 2025, up 4.9% from the year before. Operating income was −$36M, an operating margin of −4.3%, and net income was −$37M. Operating cash flow of −$33M less capital expenditure of $15M left free cash flow of −$49M. Net debt was $260M.
Ranks among the 30 aerospace & defence companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 645 | 713 | 757 | 786 | 825 |
| Cost of revenue | 503 | 568 | 594 | 589 | 603 |
| Gross profit | 142 | 144 | 163 | 197 | 222 |
| Selling, general & admin | 93.6 | 98.4 | 120 | 149 | 148 |
| Operating income | 48.9 | 39.8 | 28.9 | 42.2 | −35.7 |
| Net interest incomeBanks | −11.2 | −11.6 | −20.8 | – | – |
| Pre-tax income | 170 | 33.3 | 16.4 | 26.9 | −47.2 |
| Income tax | 34.9 | 4.5 | 0.5 | 5.2 | −9.9 |
| Net income | 136 | 28.8 | 15.9 | 21.7 | −37.4 |
| Diluted EPS | 11.06 | 2.33 | 1.14 | 1.44 | −2.50 |
| Diluted shares | 12.3 | 12.4 | 14.0 | 15.0 | 14.9 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 76.3 | 46.2 | 42.9 | 37.1 | 45.3 |
| Receivables | 72.3 | 104 | 105 | 110 | 124 |
| Inventory | 151 | 171 | 199 | 197 | 183 |
| Current assets | 493 | 527 | 550 | 568 | 626 |
| Net PP&E | 102 | 106 | 111 | 110 | 107 |
| Goodwill | 204 | 203 | 245 | 245 | 245 |
| Total assets | 979 | 1,022 | 1,121 | 1,126 | 1,186 |
| Payables | 66.1 | 90.1 | 72.3 | 75.8 | 74.7 |
| Deferred revenue | 42.1 | 47.1 | 53.5 | 34.4 | 40.7 |
| Current liabilities | 163 | 199 | 184 | 176 | 179 |
| Short-term debt | 7.0 | 6.3 | 7.8 | 12.5 | 5.0 |
| Long-term debt | 281 | 242 | 258 | 231 | 300 |
| Total liabilities | 504 | 496 | 485 | 446 | 525 |
| Shareholders' equity | 475 | 526 | 636 | 680 | 661 |
| Backlog (remaining obligations) | 814 | 853 | 827 | 1,013 | 1,106 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −0.6 | 32.7 | 31.1 | 34.2 | −33.4 |
| Capital expenditure | 16.9 | 19.7 | 19.5 | 14.1 | 15.2 |
| Free cash flow | −17.4 | 13.0 | 11.5 | 20.1 | −48.6 |
| Depreciation & amortisation | 28.4 | 31.4 | 32.6 | 33.4 | 33.7 |
| Stock-based compensation | 11.2 | 10.7 | 15.0 | 26.9 | 28.5 |
| Acquisitions | – | – | 114 | 0.0 | 0.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.4% | 6.2% | 3.9% | 4.9% |
| Operating income growth (YoY) | – | −18.6% | −27.3% | 46.0% | −184.6% |
| EPS growth (YoY) | – | −78.9% | −51.1% | 26.3% | −273.6% |
| Gross margin | 22.1% | 20.3% | 21.6% | 25.1% | 26.9% |
| Operating margin | 7.6% | 5.6% | 3.8% | 5.4% | −4.3% |
| Net margin | 21.0% | 4.0% | 2.1% | 2.8% | −4.5% |
| Return on equityBlank when equity is negative | 28.6% | 5.5% | 2.5% | 3.2% | −5.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.0% | 4.8% | 3.1% | 4.4% | −3.5% |
| Free cash flow margin | −2.7% | 1.8% | 1.5% | 2.5% | −5.9% |
| Cash conversion (CFO ÷ net income) | −0.00x | 1.14x | 1.95x | 1.58x | 0.89x |
| Receivable days | 41 | 53 | 50 | 51 | 55 |
| Inventory days | 110 | 110 | 122 | 122 | 111 |
| Payable days | 48 | 58 | 44 | 47 | 45 |
| Debt ÷ equity | 0.61x | 0.47x | 0.42x | 0.36x | 0.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 211 | 202 | 223 | 206 | 260 |
| Current ratio | 3.03x | 2.64x | 2.99x | 3.24x | 3.49x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.