Aerospace & Defense
Case studies in aerospace & defense.
AAR Corp.: Integrating MRO Holdings Without Losing the Operating Edge
On September 28, 2026, AAR Corp. announced a definitive agreement to acquire a 65% controlling interest in MRO Holdings, a heavy airframe maintenance provider. The agreement was signed, but the acquisition had not closed. Closing was expected in AAR’s fiscal third quarter ending February 2027, subject to regulatory approvals and other customary conditions. Read case
Axon Enterprise — Scaling the AI Era
Axon’s second-quarter 2026 results showed rapid growth across its connected devices and software businesses. The company reported that AI Era revenue had grown nearly 700% year over year. Yet the release did not provide an absolute AI Era revenue base, product-specific margins, customer usage, or renewal data. Read case
Boeing — Sequencing the 737 Ramp
On 3 August 2026, the Federal Aviation Administration issued an amended type certificate and updated Production Limitation Record for Boeing’s 737 MAX-7. The FAA said the amended type certificate confirms compliance with applicable design and safety requirements; the updated production record authorizes Boeing to begin production of the aircraft. Read case
General Dynamics: Backlog Is Not Delivery
On July 29, General Dynamics reported second-quarter revenue of $14.1 billion, up 8.1% year over year, and diluted earnings per share of $4.24, up 13.4%. Operating margin expanded 40 basis points to 10.4%. The company also reported a record $136.5 billion backlog and a 1.4-to-1 company-wide book-to-bill ratio. Read case
GE and Alstom: Full Ownership or Shared Control?
General Electric (GE) had already made a binding offer to acquire Alstom's Thermal, Renewables, and Grid businesses. On April 30, GE announced consideration with an enterprise value of $13.5 billion (€9.9 billion), plus €2.5 billion of net cash, for total consideration of €12.35 billion. Read case
Howmet Aerospace: How fast should capacity commitments move?
Howmet Aerospace entered autumn 2026 with strong demand signals in commercial aerospace and gas turbines. In the first half, reported commercial-aerospace revenue was $2.574 billion, up from $2.076 billion a year earlier; gas-turbine revenue was $605 million, compared with $437 million. Read case
Huntington Ingalls Industries: capacity before volume
At the July 30, 2026 cutoff, a hypothetical NNS leadership team faced a strategic implementation question. The Navy had just placed additional Block VI Virginia-class and Build II Columbia-class work into a long production horizon. Read case
L3Harris Technologies: A Missile Business at the Market Gate
In July 2026, L3Harris CEO Christopher Kubasik said the company would revisit the potential initial public offering of its missile business in mid-2027. He did not say that an offering would launch then. He said management believed market conditions did not reflect the value it was building. Read case
Lockheed Martin — Turning Backlog into Deliveries
Imagine you advise Lockheed Martin’s leadership on the next increment of production-response investment. The company has a substantial reported backlog, but the public evidence also points to supplier shortages, F-35 delivery delays, longer build times, and risks from labor and supplier costs. Read case
Northrop Grumman: Can a faster B-21 ramp improve the economics?
On October 3, 2026, an investor reviewing Northrop Grumman’s latest public disclosures faces an unusual combination: a strategically important aircraft program, a production-capacity expansion, a large remaining loss accrual, and limited public visibility into the economics of future lots. Read case
RTX Corporation: Where Should Pratt & Whitney Add Capacity?
In July 2026, Pratt & Whitney (P&W) was managing two time-sensitive demands on its GTF engine family. Airlines needed engines returned to service as powder-metal inspections and shop visits continued to pressure the PW1100-powered A320neo fleet. At the same time, P&W had a large GTF backlog, new orders, and a certified GTF Advantage specification moving toward production. Read case
Textron’s Bell: Where Should the Talent Go After FARA?
The Army had ended development of the Future Attack Reconnaissance Aircraft (FARA) after the current prototyping phase. It planned to continue the Future Long Range Assault Aircraft (FLRAA), with a first operational unit then planned for fiscal 2030. For Bell, the two programs represented different demands on engineering and program-management capacity. Read case
TransDigm: Pricing the Long Aftermarket
On 13 November 2025, TransDigm's executive team is reviewing how its operating businesses should document and approve aftermarket prices. The company has just filed results for fiscal 2025 and completed the $757 million acquisition of Simmonds Precision Products. Read case