Moog Inc.: Platform Moat in Precision Motion Control + 80/20 Transformation; Initiating at Overweight with PT of $520

研报英文原文证据摘录

Moog Inc.: Platform Moat in Precision Motion Control + 80/20 Transformation; Initiating at Overweight with PT of $520

markets Q4 2.56 2.92 3.18

further entrench the company, as swapping out flight-critical content would FY 8.69 10.90 11.84

require redesigning interconnected subsystems and incurring significant costs.

Style Exposure

• Across Secular End Markets: Missiles, Aero & Space: Moog carries content

across key missile programs, including PAC-3, THAAD, and Tomahawk, with

growth supported by an anticipated 2-4x increase in production rates over the

next few years. Beyond defense, Moog is well-positioned to benefit from the

commercial aircraft OEM ramp, underpinned by large Boeing and Airbus

backlogs, while military aircraft demand is supported by content on programs

such as the F-35 and MV-75. Within Industrial, Moog's liquid cooling pumps

are scaling toward a ~$50M run-rate by year-end, and the broader cycle is

inflecting from headwind to tailwind, supporting future margin expansion.

• The Transformation Is Visible on the Floor: We came away from our site The authors wish to thank Rakshit Jain,

visit to Moog's Buffalo campus with clear evidence of 80/20 being of the J.P. Morgan Global Research

institutionalized through broad-based training and repeatable playbooks. The Center, for contributions to this report.

AIM facility stood out as a tangible example of Moog's modernization path,

purpose-built to streamline material flow, reduce waste, and enhance

Pricing in this note is as of the close of operational consistency, with a high level of automation designed around a

July 16, 2026, unless otherwise stated. multi-decade capacity roadmap. CFO Jennifer Walter reinforced that the

transformation extends beyond pure cost reduction, emphasizing pricing and