Valuation Trends: Val. Trends #930: Industrials, Transport & Airlines Conference A&D Takeaways

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Valuation Trends: Val. Trends #930: Industrials, Transport & Airlines Conference A&D Takeaways

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Valuation Trends

Val. Trends #930: Industrials, Transport &

Airlines Conference A&D Takeaways

Industry Overview

Aerospace & Defense Takeaways from Key Leaders 18 May 2026

This past week we hosted the 33rd Annual BofA Industrials, Transportation and Airlines Equity

Key Leaders Conference in NYC. The event was well attended and within our coverage Americas

we hosted: AerCap (AER), AeroVironment (AVAV), Axon (AXON), Beta Technologies Aerospace/Defense

(BETA), Crane Co (CR), CACI (CACI), Ducommun (DCO, not covered), Embraer (EMBJ), Ronald J. Epstein

HEICO (HEI), Leidos (LDOS), Leonardo DRS (DRS), Lockheed Martin (LMT), OSI Systems Research Analyst

(OSIS), Parsons (PSN), Redwire (RDW), and Voyager Technologies (VOYG). See below for BofAS+1 646 855 5695

our overview. r.epstein@bofa.com

Mariana Perez Mora

The sector is built for resilience ResearchBofAS Analyst

Year to date the market has not looked too kindly on Aerospace & Defense with ~60% of +1 646 855 5696

mariana.perezmora@bofa.com

our coverage underperforming the S&P500 (up ~8% YTD). Bearish narratives on defense

Jordan Lyonnais

spending reaching its peak and oil prices leading to demand destruction for commercial Research Analyst

aerospace persists. The concerns and potential negative impacts bear consideration. BofAS

+1 646 855 5204

However, for the companies in attendance, they all shared the view they have yet to see jordan.lyonnais@bofa.com

the concerns materialize in their businesses. For both aerospace and defense, the view Alexander Preston

was clear – the industry is built to be resilient, historically has recovered rapidly from any Research Analyst BofAS