Triumph Group makes and repairs proprietary aerospace components and subsystems for commercial and military aircraft. Its core products — sold under its Systems & Support segment — include actuation systems (landing gear, high-lift, and utility actuators), gearboxes (engine accessory gearboxes, helicopter transmissions), fuel systems (fuel pumps, fuel-metering units, and FADEC controls), thermal and environmental systems, and digital engine controls for military platforms. A smaller Interiors segment makes thermo-acoustic insulation blankets and composite ducting, primarily for Boeing and Airbus, manufactured largely in Mexico. Triumph's business model has two linked components: OEM supply under long-term agreements, and a proprietary aftermarket. On the OEM side, Triumph designs many of its own parts and holds the relevant IP, making it the sole-source supplier for those components — creating meaningful pricing power. Once installed, only Triumph can legally supply FAA-approved spares and authorized repairs, creating a captive, recurring revenue stream that grows with fleet age. Aftermarket margins run two to three times OEM margins, and while aftermarket revenue is roughly one-third of total sales, it contributes roughly 60-73% of total company profit. Triumph's growth strategy centers on winning positions on new platforms — including the T-7A, B-21, KF-21, and new GE military engines — to expand its proprietary installed base and drive long-term aftermarket revenue. In February 2025, Triumph signed a go-private merger agreement with Warburg Pincus and Berkshire Partners at $26.00 per share, with close expected in the second half of calendar 2025.