MOG-AMoog Inc.
Is the business good?
A genuinely good business: earnings fully cash-backed (1.0×) and margins widening.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 14% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MOG-A?
Moog Inc. earns 15% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 5.8 points above what the capital costs: growth creates value
- Operating margin
- 13%
Operating margin · Aerospace & Defense median 9.6% · 12 months to Q3 2026
- Cash conversion
- 0.98×
Cash conversion · 0.56× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.56%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 7.5% |
| FY2021 | 9.5% |
| FY2022 | 9.3% |
| FY2023 | 10% |
| FY2024 | 11% |
| FY2025 | 12% |
Details›
- Gross margin12 months to Q3 2026
- 28%
- Operating margin12 months to Q3 2026
- 13%
- Net margin12 months to Q3 2026
- 8.7%
- Free cash flow margin
- 8.1%
- R&D as % of revenue
- 2.5%
- Revenue, trailing twelve months
- $4.32B
- Free cash flow, trailing twelve months
- $350M
- Net income, trailing twelve months
- $377M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 15%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from MOG-A and who it buys from, as the companies report it.
- U.S. government38%
Share of revenue · FY2025 10-K
- BABoeing10%
Share of revenue · FY2025 10-K
- Five largest customers31%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; MOG-A’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.