Loar is a niche aerospace and defense components manufacturer that makes highly engineered, mission-critical parts for virtually every major aircraft platform — commercial airliners, business jets, military aircraft, and ground vehicles. Loar's product portfolio spans over 25,000 SKUs, including auto throttles, carbon brake discs, de-icing systems, cockpit door barriers, seat belts, sensors, and cooling fans, with no single product exceeding 3% of revenue. The defining feature of Loar's business is proprietariness: roughly 89% of net sales come from products where Loar owns the design and is effectively the sole qualified supplier. Once Loar's parts are certified on an aircraft platform — a process that takes years and significant investment — customers have little incentive to re-qualify an alternative supplier, making Loar a sticky, long-duration revenue stream for the life of each platform, which can span up to 50 years. Loar splits revenue roughly 45% OEM and 55% aftermarket. End markets break down as commercial (~45%), business jet and general aviation (~25%), defense (~25%), and non-aviation (~5%). Aftermarket revenue is more recurring and carries higher margins than OEM revenue, and because Loar's parts are proprietary and certified, it is effectively the only qualified aftermarket supplier as well. Loar targets annual price increases above cost inflation, enabled by the sole-source nature of its portfolio. Organic growth is supplemented by a disciplined M&A program targeting proprietary, aftermarket-rich aerospace and defense businesses, with Loar aiming to double acquired EBITDA within three to five years of each deal. Capex is low at roughly 3% of revenue.