Parker-Hannifin makes motion and control technology — the components and systems that move, control, and direct fluids, gases, and mechanical motion inside industrial machines, aircraft, and vehicles. Products include hydraulic actuators, pneumatic valves, filtration systems, fluid connectors, electromechanical drives, seals, and thermal management components. Parker sells to two types of customers: OEMs who embed Parker components into their products, and through an independent distribution network serving the replacement and maintenance market. Parker operates two segments: Diversified Industrial (~69% of sales), which covers hydraulics, pneumatics, filtration, and electromechanical products across industrial, energy, transportation, and off-highway markets; and Aerospace Systems (~31% of sales), which sells airframe and engine components — including flight controls, hydraulic systems, and fuel systems — to aerospace OEMs and airlines. About half of Aerospace Systems revenue comes from aftermarket parts and maintenance. Parker's business model is built around engineering components into OEM platforms during the design phase, then capturing recurring aftermarket revenue over the platform's life. Once specified into a design, Parker components are difficult to displace — switching requires redesign, requalification, and in aerospace, regulatory approval. Parker runs 85 semi-autonomous divisions, each with its own P&L, and uses a set of lean manufacturing and pricing tools to defend and expand margins through industrial cycles. The company targets free cash flow conversion above 100% and has increased its dividend for 69 consecutive years. Parker's long-term strategy is to grow the share of revenue that is longer-cycle, secular, and aftermarket-driven, primarily through acquisitions.