SIFCO Industries manufactures forged and machined metal components for the aerospace, defense, and energy markets. Forgings are metal parts shaped under high pressure, producing stronger and more reliable components than cast or machined alternatives — critical in applications like jet engines, landing gear, and helicopter rotors. SIFCO's products include rotating engine components, structural airframe parts, landing gear, helicopter components, steam turbine blades, and parts for commercial space launch vehicles. Key military programs include the H-60 Black Hawk, F-35, F-18, and C-130; on the commercial side, SIFCO supplies Boeing and Airbus programs including the 737 MAX, 787, A320neo, and A350. Military revenues account for roughly 57% of sales, with commercial at 43%. SIFCO operates from two U.S. facilities in Cleveland and Orange, California, and sold its Italian subsidiary in October 2024 to refocus on its core domestic business. SIFCO sells directly to OEMs and Tier 1/2 suppliers under multi-year supply agreements, with its two largest customers accounting for 34% of FY25 sales. Revenue is driven by OEM production volumes, aftermarket and sustainment demand, and pricing. The cost structure is largely fixed, so profitability is sensitive to capacity utilization. Long qualification cycles in aerospace create meaningful customer stickiness — once SIFCO is approved to supply a specific component, switching suppliers is costly and time-consuming.