Backlog is visibility, not certainty
It traded at 188.62, -1.74% on the session. A multi-year order book tells you what is coming. It does not tell you at what margin.
Backlogs, build rates, and defence budgets. Industrials with multi-year visibility.
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It traded at 188.62, -1.74% on the session. A multi-year order book tells you what is coming. It does not tell you at what margin.
A fighter programme gets attention when aircraft are ordered. The revenue that lasts comes afterwards, from keeping the fleet flying.
How I read the early production lots before the margin shows up.
Most defence equipment is bought once and serviced for decades. Munitions are consumed, and every stock drawn down has to be rebuilt.
Airlines that want new narrowbodies have two suppliers and a long wait. Production problems cost time, and the structure of the industry is still intact.
The appropriations and contracting signals I read before a budget headline.