Revenue growth remains inconsistent, fluctuating between 1.7% and 10.1% over the last ten quarters, while gross margins have remained stagnant near the 26.9% level reported in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 840.97M | 824.84M | 786.55M | 756.99M | 712.54M | 645.41M | 628.94M | 721.09M | 629.31M | 558.18M | 550.64M | 666.01M | 742.04M | 736.65M | 747.04M | 580.91M | 408.41M | 430.75M | 403.8M | 367.3M | 319.02M | 249.7M | 224.88M | 225.91M | 212.45M | 224.91M | 165.71M | 146.1M | 170.8M | 157.3M | 118.4M |
| Revenue Growth % | 6.48% | 4.87% | 3.9% | 6.24% | 10.4% | 2.62% | -12.78% | 14.58% | 12.74% | 1.37% | -17.32% | -10.25% | 0.73% | -1.39% | 28.6% | 42.24% | -5.19% | 6.67% | 9.94% | 15.13% | 27.76% | 11.04% | -0.46% | 6.34% | -5.54% | 35.72% | 13.42% | -14.46% | 8.58% | 32.85% | 29.82% |
| Cost of Goods Sold | 615.29M | 603.22M | 589.29M | 593.8M | 568.24M | 502.95M | 491.2M | 568.89M | 506.71M | 455.36M | 444.45M | 565.22M | 601.71M | 614.23M | 605.59M | 474.98M | 328.26M | 351.92M | 321.9M | 291.46M | 256.46M | 198.04M | 181.34M | 175.32M | 170.91M | 166.95M | 111.85M | 94.9M | 108M | 101.6M | 75.2M |
| COGS % of Revenue | - | 73.13% | 74.92% | 78.44% | 79.75% | 77.93% | 78.1% | 78.89% | 80.52% | 81.58% | 80.71% | 84.87% | 81.09% | 83.38% | 81.06% | 81.76% | 80.38% | 81.7% | 79.72% | 79.35% | 80.39% | 79.31% | 80.64% | 77.61% | 80.45% | 74.23% | 67.5% | 64.96% | 63.23% | 64.59% | 63.51% |
| Gross Profit | 225.68M | 221.62M | 197.26M | 163.19M | 144.3M | 142.46M | 137.74M | 152.2M | 122.6M | 102.82M | 106.19M | 100.79M | 140.33M | 122.42M | 141.45M | 105.94M | 80.15M | 78.83M | 81.9M | 75.84M | 62.56M | 51.66M | 43.53M | 50.58M | 41.53M | 57.95M | 53.86M | 51.2M | 62.8M | 55.7M | 43.2M |
| Gross Margin % | 26.84% | 26.87% | 25.08% | 21.56% | 20.25% | 22.07% | 21.9% | 21.11% | 19.48% | 18.42% | 19.29% | 15.13% | 18.91% | 16.62% | 18.94% | 18.24% | 19.62% | 18.3% | 20.28% | 20.65% | 19.61% | 20.69% | 19.36% | 22.39% | 19.55% | 25.77% | 32.5% | 35.04% | 36.77% | 35.41% | 36.49% |
| Gross Profit Growth % | - | 12.34% | 20.88% | 13.09% | 1.29% | 3.43% | -9.5% | 24.15% | 19.23% | -3.18% | 5.36% | -28.18% | 14.63% | -13.46% | 33.53% | 32.18% | 1.67% | -3.75% | 7.99% | 21.24% | 21.1% | 18.66% | -13.94% | 21.79% | -28.34% | 7.61% | 5.19% | -18.47% | 12.75% | 28.94% | 25.22% |
| Operating Expenses | 146.84M | 147.81M | 145.05M | 134.27M | 104.51M | 93.58M | 92.23M | 95.96M | 84.01M | 79.44M | 77.63M | 85.92M | 88.56M | 84.85M | 86.64M | 85.79M | 53.68M | 49.62M | 50.55M | 46.19M | 41.87M | 31.06M | 28.86M | 27.94M | 24.4M | 32.76M | 31.55M | 28.6M | 32.9M | 30.3M | 27.6M |
| OpEx % of Revenue | - | 17.92% | 18.44% | 17.74% | 14.67% | 14.5% | 14.66% | 13.31% | 13.35% | 14.23% | 14.1% | 12.9% | 11.94% | 11.52% | 11.6% | 14.77% | 13.14% | 11.52% | 12.52% | 12.58% | 13.12% | 12.44% | 12.83% | 12.37% | 11.48% | 14.57% | 19.04% | 19.58% | 19.26% | 19.26% | 23.31% |
| Selling, General & Admin | 146.84M | 147.81M | 138.61M | 119.73M | 98.35M | 93.58M | 89.81M | 95.96M | 84.01M | 79.44M | 77.63M | 85.92M | 88.56M | 84.85M | 86.64M | 85.79M | 53.68M | 49.62M | 50.55M | 46.19M | 41.87M | 31.06M | 28.86M | 27.94M | 24.4M | 28.91M | 22.8M | 21.8M | 27M | 25M | 23.1M |
| SG&A % of Revenue | - | 17.92% | 17.62% | 15.82% | 13.8% | 14.5% | 14.28% | 13.31% | 13.35% | 14.23% | 14.1% | 12.9% | 11.94% | 11.52% | 11.6% | 14.77% | 13.14% | 11.52% | 12.52% | 12.58% | 13.12% | 12.44% | 12.83% | 12.37% | 11.48% | 12.86% | 13.76% | 14.92% | 15.81% | 15.89% | 19.51% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 6.44M | 14.54M | 6.16M | 0 | 2.42M | 0 | 303K | 0 | 215K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.85M | 8.75M | 6.8M | 5.9M | 5.3M | 4.5M |
| Operating Income | 78.84M | 73.81M | 52.21M | 28.92M | 39.79M | 48.88M | 45.51M | 56.23M | 23.92M | 15.03M | 28.57M | -75.31M | 51.77M | 37.57M | 54.81M | -34.13M | 26.47M | 16.28M | 18.29M | 29.65M | 20.69M | 20.6M | 14.68M | 22.64M | 17.14M | 25.19M | 22.3M | 22.6M | 29.9M | 25.4M | 15.6M |
| Operating Margin % | 9.37% | 8.95% | 6.64% | 3.82% | 5.58% | 7.57% | 7.24% | 7.8% | 3.8% | 2.69% | 5.19% | -11.31% | 6.98% | 5.1% | 7.34% | -5.87% | 6.48% | 3.78% | 4.53% | 8.07% | 6.49% | 8.25% | 6.53% | 10.02% | 8.07% | 11.2% | 13.46% | 15.47% | 17.51% | 16.15% | 13.18% |
| Operating Income Growth % | - | 41.36% | 80.55% | -27.32% | -18.6% | 7.42% | -19.08% | 135.11% | 59.19% | -47.41% | 137.93% | -245.48% | 37.8% | -31.46% | 260.61% | -228.94% | 62.56% | -10.98% | -38.31% | 43.31% | 0.44% | 40.36% | -35.17% | 32.1% | -31.98% | 12.95% | -1.31% | -24.41% | 17.72% | 62.82% | 48.57% |
| EBITDA | 103.91M | 107.46M | 85.65M | 61.49M | 71.21M | 77.27M | 74.36M | 84.54M | 49.21M | 37.87M | 51.43M | -48.46M | 80.79M | 68.49M | 84.23M | -12.67M | 40.06M | 29.84M | 28.25M | 39.71M | 30.51M | 28.18M | 22.17M | 30.21M | 25.15M | 36.27M | 31.05M | 29.4M | 35.8M | 30.7M | 20.1M |
| EBITDA Margin % | 12.36% | 13.03% | 10.89% | 8.12% | 9.99% | 11.97% | 11.82% | 11.72% | 7.82% | 6.78% | 9.34% | -7.28% | 10.89% | 9.3% | 11.27% | -2.18% | 9.81% | 6.93% | 7% | 10.81% | 9.56% | 11.29% | 9.86% | 13.37% | 11.84% | 16.13% | 18.74% | 20.12% | 20.96% | 19.52% | 16.98% |
| EBITDA Growth % | 27.14% | 25.47% | 39.29% | -13.65% | -7.84% | 3.92% | -12.04% | 71.78% | 29.96% | -26.36% | 206.12% | -159.99% | 17.95% | -18.68% | 764.82% | -131.62% | 34.25% | 5.63% | -28.85% | 30.17% | 8.24% | 27.1% | -26.59% | 20.08% | -30.66% | 16.81% | 5.63% | -17.88% | 16.61% | 52.74% | 34.9% |
| D&A (Non-Cash Add-back) | 25.07M | 33.66M | 33.44M | 32.57M | 31.42M | 28.39M | 28.85M | 28.3M | 25.3M | 22.84M | 22.86M | 26.85M | 29.02M | 30.93M | 29.41M | 21.46M | 13.6M | 13.56M | 9.96M | 10.06M | 9.82M | 7.59M | 7.5M | 7.57M | 8.02M | 11.08M | 8.75M | 6.8M | 5.9M | 5.3M | 4.5M |
| EBIT | 78.84M | 73.81M | 52.21M | 37.15M | 44.89M | 181.67M | 45.63M | 56.05M | 38.71M | 24.47M | 47.03M | -87.88M | 48.37M | 46.28M | 56.92M | -34.13M | 26.47M | 16.28M | 18.29M | 29.65M | 20.69M | 20.6M | 14.68M | 22.64M | 17.14M | 27.56M | 23.92M | 22.6M | 29.8M | 25.4M | 15.6M |
| Net Interest Income | -5.4M | -12.68M | -15.3M | -20.77M | -11.57M | -11.19M | -13.65M | -18.29M | -13.02M | -8.87M | -8.92M | -18.71M | -28.08M | -29.92M | -32.8M | -18.2M | -1.8M | -2.52M | -1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.4M | 12.68M | 15.3M | 20.77M | 11.57M | 11.19M | 13.65M | 18.29M | 13.02M | 8.87M | 8.92M | 18.71M | 28.08M | 29.92M | 32.8M | 18.2M | 1.8M | 2.52M | 1.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -121.37M | -121.05M | -15.3M | -12.54M | -6.47M | 121.6M | -13.53M | -18.47M | -13.65M | -8.03M | 8.9M | -31.28M | -25.53M | -29.92M | -32.8M | -18.2M | -1.8M | -2.52M | -14.47M | -2.4M | -2.6M | 522K | -210K | 507K | -1.63M | -2.37M | -1.79M | -800K | 9M | -700K | -1.3M |
| Pretax Income | -42.53M | -47.25M | 36.91M | 16.38M | 33.32M | 170.48M | 31.98M | 37.76M | 10.27M | 7.61M | 38.11M | -106.59M | 26.24M | 7.65M | 22.02M | -52.33M | 24.66M | 13.76M | 17.05M | 27.25M | 18.09M | 21.12M | 14.46M | 23.14M | 15.5M | 22.82M | 20.52M | 21.8M | 38.9M | 24.7M | 14.3M |
| Pretax Margin % | -5.06% | -5.73% | 4.69% | 2.16% | 4.68% | 26.41% | 5.08% | 5.24% | 1.63% | 1.36% | 6.92% | -16% | 3.54% | 1.04% | 2.95% | -9.01% | 6.04% | 3.19% | 4.22% | 7.42% | 5.67% | 8.46% | 6.43% | 10.24% | 7.3% | 10.15% | 12.38% | 14.92% | 22.78% | 15.7% | 12.08% |
| Income Tax | -9.88M | -9.89M | 5.41M | 451K | 4.53M | 34.95M | 2.81M | 5.3M | 1.24M | -12.47M | 12.85M | -33.31M | 6.37M | -1.69M | 5.58M | -4.74M | 4.86M | 3.58M | 3.94M | 7.63M | 3.79M | 5.13M | 3.29M | 6.94M | 5.58M | 8.22M | 7.8M | 8.4M | 15.2M | 10.4M | 4M |
| Effective Tax Rate % | 23.22% | 20.94% | 14.66% | 2.75% | 13.6% | 20.5% | 8.78% | 14.04% | 12.03% | -163.86% | 33.72% | 31.25% | 24.29% | -22.13% | 25.34% | 9.06% | 19.69% | 26% | 23.09% | 28.01% | 20.96% | 24.28% | 22.77% | 30% | 36% | 36.02% | 38% | 38.53% | 39.07% | 42.11% | 27.97% |
| Net Income | -32.66M | -37.35M | 31.5M | 15.93M | 28.79M | 135.54M | 29.17M | 32.46M | 9.04M | 20.08M | 25.26M | -73.28M | 19.87M | 9.34M | 16.44M | -47.58M | 19.81M | 10.18M | 13.11M | 19.62M | 14.3M | 15.99M | 11.17M | 16.2M | 6.5M | 14.6M | 12.72M | 13.4M | 23.7M | 14.3M | 10.3M |
| Net Margin % | -3.88% | -4.53% | 4% | 2.1% | 4.04% | 21% | 4.64% | 4.5% | 1.44% | 3.6% | 4.59% | -11% | 2.68% | 1.27% | 2.2% | -8.19% | 4.85% | 2.36% | 3.25% | 5.34% | 4.48% | 6.4% | 4.97% | 7.17% | 3.06% | 6.49% | 7.68% | 9.17% | 13.88% | 9.09% | 8.7% |
| Net Income Growth % | -192.89% | -218.6% | 97.73% | -44.67% | -78.76% | 364.58% | -10.13% | 259.28% | -55% | -20.52% | 134.47% | -468.86% | 112.64% | -43.16% | 134.54% | -340.22% | 94.52% | -22.34% | -33.17% | 37.24% | -10.6% | 43.15% | -31.04% | 149.05% | -55.45% | 14.8% | -5.07% | -43.46% | 65.73% | 38.83% | 106% |
| Net Income (Continuing) | -32.66M | -37.35M | 31.5M | 15.93M | 28.79M | 135.54M | 29.17M | 32.46M | 9.04M | 20.08M | 25.26M | -74.88M | 19.87M | 11.38M | 17.62M | -47.58M | 19.81M | 10.18M | 13.11M | 19.62M | 14.3M | 15.99M | 11.17M | 16.2M | 9.92M | 16.11M | 13.72M | 13.4M | 23.7M | 14.3M | 10.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.09 | -2.50 | 2.10 | 1.14 | 2.33 | 11.06 | 2.44 | 2.75 | 0.77 | 1.74 | 2.24 | -6.63 | 1.79 | 0.86 | 1.66 | -4.52 | 1.87 | 0.97 | 1.23 | 1.88 | 1.39 | 1.57 | 1.10 | 1.63 | 0.65 | 1.50 | 1.30 | 1.28 | 2.04 | 1.20 | 0.90 |
| EPS Growth % | -199.57% | -219.05% | 84.21% | -51.07% | -78.93% | 353.28% | -11.27% | 257.14% | -55.75% | -22.32% | 133.79% | -470.39% | 108.14% | -48.19% | 136.73% | -341.71% | 92.78% | -21.14% | -34.57% | 35.25% | -11.46% | 42.73% | -32.52% | 150.77% | -56.67% | 15.38% | 1.56% | -37.25% | 70% | 33.33% | 55.17% |
| EPS (Basic) | - | -2.50 | 2.13 | 1.16 | 2.38 | 11.41 | 2.50 | 2.82 | 0.79 | 1.78 | 2.27 | -6.64 | 1.82 | 0.87 | 1.67 | -4.52 | 1.89 | 0.97 | 1.24 | 1.89 | 1.40 | 1.59 | 1.12 | 1.64 | 0.66 | 1.51 | 1.32 | 1.32 | 2.13 | 1.30 | 1.04 |
| Diluted Shares Outstanding | 15.6M | 14.94M | 15.01M | 13.97M | 12.37M | 12.25M | 11.93M | 11.79M | 11.66M | 11.56M | 11.3M | 11.05M | 11.13M | 10.85M | 10.63M | 10.54M | 10.6M | 10.51M | 10.65M | 10.46M | 10.29M | 10.19M | 10.16M | 9.94M | 10.01M | 9.74M | 9.78M | 10.47M | 11.62M | 11.92M | 11.44M |
| Basic Shares Outstanding | 15.04M | 14.94M | 14.77M | 13.72M | 12.07M | 11.88M | 11.68M | 11.52M | 11.39M | 11.29M | 11.15M | 11.04M | 10.9M | 10.7M | 10.58M | 10.54M | 10.49M | 10.46M | 10.56M | 10.4M | 10.21M | 10.06M | 9.97M | 9.88M | 9.86M | 9.67M | 9.64M | 10.15M | 11.13M | 11M | 9.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 15.89% | 30.85% | 12.1% | - | - | - | - | - | - | - | - | - | - | - | - |
Operational margin volatility
According to the provided quarterly data, DCO's revenue growth has remained inconsistent, fluctuating between 1.7% and 10.1% over the last ten quarters, suggesting that the company is struggling to capture the full benefit of the broader aerospace industry recovery compared to its larger, more diversified peers.
The top-line performance appears tethered to specific platform build rates rather than broad-based organic expansion. Investors should monitor whether the recent deceleration to 7.7% in 2026Q1 reflects persistent supply chain bottlenecks or a structural ceiling in the company's current program portfolio.
As reported in financial statements, Ducommun's gross margins have hovered around the 26% level, which indicates that the company faces significant pricing pressure from major OEMs and lacks the high-margin proprietary IP necessary to achieve the superior profitability levels seen in industry leaders like TransDigm.
The inability to consistently push gross margins above the 27% threshold suggests that the company's cost structure is heavily influenced by raw material volatility and factory utilization. This margin profile implies that DCO remains vulnerable to inflationary pressures that cannot be easily passed on to customers.
Based on the reported figures, the significant divergence between operating income and net income, highlighted by the -$64.4M net loss in 2025Q3 despite positive operating results, suggests that non-operating charges or accounting adjustments are frequently masking the underlying cash-generative health of the core manufacturing operations.
The volatility in net income warrants further investigation into the nature of these periodic charges, which appear to be non-recurring but impactful. Analysts should focus on operating income as a more reliable proxy for the company's true operational performance until these accounting anomalies are fully reconciled.
Data from the income statement indicates that SG&A expenses have remained relatively sticky, often consuming a significant portion of gross profit, which suggests that the company maintains a high fixed-cost base required to support its specialized aerospace manufacturing and regulatory compliance infrastructure.
The lack of significant operating leverage during periods of revenue growth implies that the company's cost structure is not scaling efficiently. Management's expense discipline appears to be tested by the need to maintain certified facilities, which may limit the potential for rapid margin expansion during cyclical upturns.
While the market may view Ducommun as a low-tech metal bender, the company's sole-source status on critical platforms provides a defensive moat that is often overlooked, though the recent net losses suggest that this competitive advantage has yet to translate into consistent shareholder value creation.
Short-sellers might focus on the company's inability to maintain consistent net profitability and the potential for future goodwill impairments. However, the long-term nature of aerospace contracts may provide a floor for revenue that is not immediately apparent in the current GAAP-reported earnings volatility.
Quick answers to the most common questions about buying DCO stock.
For fiscal year 2025, Ducommun Incorporated (DCO) reported total revenue of $824.8M. This represents a 596.7% increase compared to $118.4M in 1996.
Ducommun Incorporated (DCO) reported a net loss of $37.4M for the fiscal year ending 2025.
Ducommun Incorporated (DCO) reported an operating income of $73.8M, resulting in an operating profit margin of 8.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Ducommun Incorporated (DCO) generated $221.6M in gross profit for the year, representing a gross profit margin of 26.9%. This demonstrates the company's core pricing power and production efficiency.