Ducommun is a U.S.-based manufacturer of electronic and structural components and assemblies for the aerospace and defense industry, operating primarily as a Tier Two and Tier Three supplier. A&D represents 96% of total revenue, split roughly 58% defense and 38% commercial aerospace. Ducommun's electronic products include circuit card assemblies, cable assemblies, radar and avionics enclosures, and electronic warfare systems, supporting programs like AMRAAM, Tomahawk, and SPY-6 radar. Its structural products include fuselage panels, rotor blades, composite assemblies, and ammunition handling systems, supporting platforms like the Boeing 737 MAX, 787, Apache, and Black Hawk. Ducommun's two largest customers are RTX and Boeing, which together account for roughly 31% of revenue. Ducommun wins positions on aircraft and weapons programs and supplies components over the life of those programs, often under long-term fixed-price agreements. Revenue scales with OEM production rates and Ducommun's content per unit on each platform. A key strategic distinction is between contract manufacturing — where Ducommun makes customer-designed parts at competitive but lower margins — and engineered products, where Ducommun owns the design, holds sole-source positions, and can generate aftermarket revenue at significantly higher margins. Management's VISION 2027 strategy targets growing engineered products from 15% of revenue in 2022 to 25%+ by 2027, currently at 23%. Ducommun is also consolidating its manufacturing footprint, shifting production to a lower-cost facility in Guaymas, Mexico, and pursuing M&A targeting proprietary A&D product businesses.