Hexcel makes advanced lightweight composite materials — carbon fiber, prepregs (carbon fiber pre-impregnated with resin), honeycomb core, and engineered composite structures — primarily for commercial and military aerospace. Composites are lighter than the metals they replace, improving fuel efficiency and range, and each new generation of aircraft uses more composites. Hexcel holds sole-source, life-of-program contracts on most major commercial and military aircraft programs, meaning it is the only qualified supplier of its specific material system for the life of that aircraft. Airbus and Boeing together account for roughly 52% of sales, with Airbus alone at ~39%. Hexcel operates two segments: Composite Materials (~80% of sales), which sells intermediate materials to aircraft manufacturers and their supply chains, and Engineered Products (~20%), which fabricates those materials into finished structures like wing fairings and rotorcraft blades. Revenue is almost entirely tied to new aircraft production — there is minimal aftermarket demand — so financial performance tracks OEM build rates closely. Hexcel is vertically integrated, manufacturing its own carbon fiber precursor through to finished prepregs, giving it cost and quality control but also a largely fixed cost base that creates high operating leverage. Commercial aerospace is ~61% of sales, with defense, space, and other at ~39%. Near-term growth is a recovery story tied to the Airbus and Boeing production ramp; longer-term, Hexcel sees opportunity in growing defense budgets and higher composite content on next-generation narrow-body aircraft.