Aerospace & Defense

7013 IHI

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2020 ¥11.1B¥39.6B(¥17.8B)(¥23.9B)

Retained capital Retained ¥21.3B of earnings over 2017–2020; annual owner earnings fell ¥11.7B, ¥-0.55 per ¥1 retained.

Balance sheet Meaningful net debt, ¥334.8B · dividend paid 4 of 4 yrs, never cut

ACHR Archer Aviation Inc.

We are building a platform to deliver advanced aircraft, technologies and services to customers worldwide across commercial and defense sectors.

Owner earnings 2023–2025 ($278M)($380M)($453M)

Retained capital not read

Balance sheet Net cash, +$941M

AIR AAR Corp.

We offer a broad line of products and services to commercial and government aerospace customers.

Owner earnings 2017–2025 ($3M)$42M$50M($60M)$94M$58M($6M)$14M$1M

Retained capital Retained $151M of earnings over 2017–2025; annual owner earnings fell $27M, $-0.18 per $1 retained.

Balance sheet Modest net debt, $872M · buybacks at an average near $43.75 · dividend paid 5 of 9 yrs, cut at least once

ATRO Astronics Corporation

Astronics Corporation is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries.

Owner earnings 2016–2025 $36M$24M$39M$31M$30M($12M)($36M)($32M)$22M$53M

Retained capital Paid out $132M more than it earned over 2016–2025; annual owner earnings fell $18M.

Balance sheet Heavy net debt, $316M

AVAV AeroVironment Inc.

We are a defense technology provider delivering integrated capabilities across air, land, sea, space, and cyber.

Owner earnings 2017–2026 ($13M)$64M$18M$14M$75M($32M)($3M)($8M)($21M)($141M)

Retained capital Paid out $199M more than it earned over 2017–2026; annual owner earnings fell $79M.

Balance sheet Net debt against an operating loss, $107M

AXON Axon Enterprise

Axon Enterprise is a technology company that provides integrated hardware and software solutions.

Owner earnings 2016–2025 $17M$10M$53M$54M$26M$106M$212M$170M$360M$128M

Retained capital Retained $782M of earnings over 2016–2025; annual owner earnings grew $192M, $0.25 per $1 retained.

Balance sheet Net debt against an operating loss, $104M · buybacks at an average near $18.75

BA Boeing Company (The)

Boeing makes large aircraft: commercial jetliners it sells to airlines and aircraft-leasing companies, and defense and space systems it sells to the U.S. government and allied governments. It also runs a services arm that supports the fleet already flying, with parts, maintenance and support over the planes' long lives. Most of the money comes from selling the hardware, with a smaller slice from servicing the installed fleet.

Owner earnings 2016–2025 $7.9B$11.6B$13.6B($4.3B)($19.7B)($4.4B)$2.3B$4.4B($14.3B)($1.9B)

Retained capital Paid out $53.6B more than it earned over 2016–2025; annual owner earnings fell $14.9B.

Balance sheet Heavy net debt, $32.9B · buybacks at an average near $203 · dividend paid 6 of 10 yrs, cut at least once

BETA Beta Technologies Inc.

Technologies, we offer customers a complete platform to support their adoption of electric aircraft to enable both existing and new missions.

Owner earnings 2023–2025 ($167M)($239M)($290M)

Retained capital not read

Balance sheet Net cash, +$1.5B

BKSY BlackSky Technology Inc.

Technology company that delivers real-time imagery, analytics and high-frequency monitoring of the world's most critical and strategic locations, economic assets, and events.

Owner earnings 2020–2025 ($32M)($55M)($56M)($33M)($22M)($45M)

Retained capital not read

Balance sheet Net debt against an operating loss, $83M

BWXT BWX Technologies Inc.

BWX Technologies, Inc. is a specialty manufacturer of nuclear components, a developer of nuclear technologies and a service provider with an operating history of more than 100 years.

Owner earnings 2016–2025 $187M$165M$109M$218M$136M$317M$171M$285M$323M$371M

Retained capital Retained $928M of earnings over 2016–2025; annual owner earnings grew $172M, $0.19 per $1 retained.

Balance sheet Meaningful net debt, $1.5B · dividend paid 10 of 10 yrs, never cut

CAE CAE Inc.

Revenue is Civil Aviation (58%) and Defense and Security (42%).

Owner earnings 2017–2025 C$342MC$283MC$279MC$262MC$259MC$146MC$140MC$237MC$540M

Retained capital Retained C$1.3B of earnings over 2017–2025; annual owner earnings grew C$5M, C$0.00 per C$1 retained.

Balance sheet Meaningful net debt, C$2.8B · dividend paid 4 of 9 yrs, cut at least once

CW Curtiss-Wright

Curtiss-Wright Corporation is a Delaware corporation, with its principal executive office in Davidson, North Carolina.

Owner earnings 2016–2025 $376M$336M$283M$352M$214M$347M$257M$403M$483M$554M

Retained capital Retained $932M of earnings over 2016–2025; annual owner earnings grew $148M, $0.16 per $1 retained.

Balance sheet Modest net debt, $587M · buybacks at an average near $176 · dividend paid 10 of 10 yrs, never cut

DCO Ducommun Incorporated

Ducommun Incorporated is a leading designer and manufacturer of and provider of manufacturing solutions for high-performance products often used in high-cost-of failure applications primarily in the aerospace and defense, industrial, medical and other industries.

Owner earnings 2016–2025 $26M$8M$29M$33M$101K($17M)$13M$12M$20M($49M)

Retained capital Retained $281M of earnings over 2016–2025; annual owner earnings fell $27M, $-0.09 per $1 retained.

Balance sheet Net debt against an operating loss, $274M

DPRO Draganfly Inc.

An aerospace and defense contractor, working a multi-year backlog of large programs.

Owner earnings 2021–2025 (C$22M)(C$16M)(C$19M)(C$12M)(C$24M)

Retained capital not read

Balance sheet Net cash, debt-free, +C$90M

DRS Leonardo DRS Inc.

Leonardo DRS, Inc. provides advanced defense technology to U.S. national security customers and allied defense forces worldwide.

Owner earnings 2019–2025 $102M$69M$118M($32M)$145M$186M$273M

Retained capital Retained $947M of earnings over 2019–2025; annual owner earnings grew $105M, $0.11 per $1 retained.

Balance sheet Net cash, +$273M · dividend paid 1 of 7 yrs, cut at least once

EH EHang Holdings Limited ADS

An aerospace and defense contractor, working a multi-year backlog of large programs.

Owner earnings 2017–2025 (CN¥43M)(CN¥48M)(CN¥58M)(CN¥158M)(CN¥129M)(CN¥182M)(CN¥96M)CN¥145M(CN¥198M)

Retained capital not read

Balance sheet Net cash, +CN¥987M

EMBJ Embraer S.A.

Revenue is led by Aircraft (61%) and Service (19%), with 2 more lines behind.

Owner earnings 2016–2025 ($201M)$515M$953M$707M($1.4B)$414M$615M$378M$671M$683M

Retained capital Paid out $331M more than it earned over 2016–2025; annual owner earnings grew $155M.

Balance sheet net position not read (debt under-captured) · dividend paid 3 of 10 yrs, cut at least once

ESLT Elbit Systems Ltd.

Revenue is led by Land (28%) and Aerospace (23%), with 3 more segments behind.

Owner earnings 2016–2025 $84M($7M)$89M($191M)$147M$228M$79M($73M)$376M$607M

Retained capital Retained $2.0B of earnings over 2016–2025; annual owner earnings grew $248M, $0.13 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

FLY Firefly Aerospace Inc.

Firefly is a market-leading space and defense technology company with an established track record of success providing comprehensive mission solutions to national security, government, and commercial customers.

Owner earnings 2023–2025 ($98M)($170M)($228M)

Retained capital not read

Balance sheet Net cash, +$612M

GD General Dynamics Corporation

General Dynamics builds things that are hard to build and slow to replace. It makes business jets sold to companies and individuals, and it makes weapons and systems for governments — warships and submarines, land combat vehicles, weapon systems and munitions, and defense technology products and services. Most of the revenue comes from the defense work, and the single largest buyer of that work is the U.S. government.

Owner earnings 2016–2025 $1.8B$3.4B$2.5B$2.0B$2.9B$3.4B$3.7B$3.8B$3.2B$4.2B

Retained capital Retained $9.1B of earnings over 2016–2025; annual owner earnings grew $1.2B, $0.13 per $1 retained.

Balance sheet Modest net debt, $5.7B · buybacks at an average near $187 · dividend paid 10 of 10 yrs, never cut

GE GE Aerospace

GE Aerospace designs and builds the jet engines that power commercial airliners and military aircraft, selling them to airframe makers, airlines, and governments. The engine itself is mostly the entry ticket: the larger share of the money comes from servicing those engines over service lives that run for decades — spare parts, overhauls, and long-term maintenance on the fleet already in the air.

Owner earnings 2016–2025 ($6.0B)($88M)($1.6B)$6.5B$2.0B$2.2B$4.5B$4.3B$3.7B$7.3B

Retained capital Paid out $42.2B more than it earned over 2016–2025; annual owner earnings grew $7.7B.

Balance sheet Heavy net debt, $123.8B · buybacks at an average near $216

GRMN Garmin Ltd. Common Stock (Switzerland)

Garmin Ltd. have pioneered new products, many of which feature location technology such as Global Positioning System, services and applications that are designed for people who live an active lifestyle.

Owner earnings 2016–2025 $650M$601M$855M$627M$1.1B$909M$670M$1.2B$1.3B$1.5B

Retained capital Retained $5.1B of earnings over 2016–2025; annual owner earnings grew $637M, $0.12 per $1 retained.

Balance sheet Net cash, debt-free, +$2.5B · buybacks at an average near $46.25 · dividend paid 10 of 10 yrs, cut at least once

HEI Heico Corp.

HEICO Corporation through its subsidiaries believes it is the world's largest manufacturer of Federal Aviation Administration-approved jet engine and aircraft component replacement parts, other than the original equipment manufacturers and their subcontractors.

Owner earnings 2016–2025 $229M$262M$287M$408M$386M$408M$436M$399M$614M$861M

Retained capital Retained $3.3B of earnings over 2016–2025; annual owner earnings grew $366M, $0.11 per $1 retained.

Balance sheet Modest net debt, $2.0B · dividend paid 10 of 10 yrs, never cut

HII Huntington Ingalls

Huntington Ingalls is a global, all-domain defense partner, building and delivering the world's most powerful, survivable naval ships and technologies that safeguard America's seas, sky, land, space, and cyber.

Owner earnings 2016–2025 $636M$609M$711M$669M$846M$429M$482M$678M$26M$794M

Retained capital Retained $2.5B of earnings over 2016–2025; annual owner earnings fell $153M, $-0.06 per $1 retained.

Balance sheet Meaningful net debt, $1.9B · buybacks at an average near $208 · dividend paid 10 of 10 yrs, never cut

HON Honeywell International Inc.

Honeywell is a diversified industrial company that sells both equipment and the work to keep it running. Its products include aircraft engines, cockpit avionics and auxiliary power units sold to plane makers and airlines; control systems and software that run buildings and factories; specialty chemicals and materials; and safety and automation gear such as sensors and scanners for manufacturers and warehouses. It makes money twice: once on the original sale, and again servicing the installed base — parts, repairs and upgrades — over the long life of the gear.

Owner earnings 2016–2025 $4.4B$4.9B$5.6B$6.1B$5.3B$5.1B$4.5B$4.6B$5.2B$5.4B

Retained capital Paid out $8.6B more than it earned over 2016–2025; annual owner earnings grew $101M.

Balance sheet Modest net debt, $16.1B · buybacks at an average near $167 · dividend paid 10 of 10 yrs, never cut

HWM Howmet Aerospace

Howmet Aerospace Inc. is a Delaware corporation with its principal office in Pittsburgh, Pennsylvania.

Owner earnings 2016–2025 ($1.0B)($635M)($551M)($180M)($258M)$250M$540M$682M$977M$1.4B

Retained capital Retained $1.0B of earnings over 2016–2025; annual owner earnings grew $1.8B, $1.75 per $1 retained.

Balance sheet Modest net debt, $3.4B · buybacks at an average near $56.81

JOBY Joby Aviation Inc.

We have also begun working with regulators in other countries, including the United Kingdom, Japan, South Korea, Australia, the Kingdom of Saudi Arabia, and the United Arab Emirates to pursue commercialization opportunities in those markets.

Owner earnings 2021–2025 ($212M)($260M)($344M)($477M)($550M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1.4B

KRMN Karman Holdings Inc.

We are a holding company and our sole asset is the capital stock of our wholly owned subsidiaries.

Owner earnings 2022–2025 ($27M)$4M$11M($42M)

Retained capital Retained $20M of earnings over 2022–2025; annual owner earnings fell $5M, $-0.25 per $1 retained.

Balance sheet Heavy net debt, $465M

KTOS Kratos Defense & Security Solutions Inc.

Kratos is a technology, hardware, products, system and software company addressing the defense, national security, and commercial markets.

Owner earnings 2020–2025 $20M$10M($56M)$32M$9M($89M)

Retained capital Retained $70M of earnings over 2020–2025; annual owner earnings fell $7M, $-0.10 per $1 retained.

Balance sheet Net cash, +$560M

LHX L3Harris

L3Harris is a defense and government contractor. It builds communications equipment, electronics, and other mission systems — the gear and hardware that armed forces and government agencies depend on — and backs that equipment with services and support. Most of its money comes from selling products, with the rest from services, and most of its customers are governments, the U.S. defense buyer largest by far.

Owner earnings 2013–2025 $668M$772M$450M$615M$1.0B$2.3B$1.9B$1.6B$2.2B

Retained capital Paid out $3.9B more than it earned over 2013–2025; annual owner earnings grew $1.3B.

Balance sheet Heavy net debt, $10.0B · buybacks at an average near $222 · dividend paid 9 of 9 yrs, never cut

LMT Lockheed Martin Corporation

Lockheed Martin designs, builds, and sustains military hardware and the technology that ties it together, organized across four business areas: Aeronautics, Missiles and Fire Control, Rotary and Mission Systems, and Space — combat aircraft, missiles, helicopters, satellites, and the mission systems behind them. The buyer is overwhelmingly a government: the U.S. armed forces above all, and allied nations, who purchase directly or through U.S.-brokered foreign military sales. Most of the money comes from delivering the equipment itself, with a smaller slice from sustaining and servicing it over the long lives of these platforms.

Owner earnings 2016–2025 $4.1B$5.3B$1.9B$6.4B$7.2B$7.7B$6.1B$6.2B$5.3B$6.9B

Retained capital Paid out $5.1B more than it earned over 2016–2025; annual owner earnings grew $2.4B.

Balance sheet Meaningful net debt, $17.6B · buybacks at an average near $406 · dividend paid 10 of 10 yrs, never cut

LOAR Loar Holdings Inc.

We specialize in the design, manufacture, and sale of niche aerospace and defense components that are essential for today's aircraft and aerospace and defense systems.

Owner earnings not read

Retained capital not read

Balance sheet Heavy net debt, $631M

LUNR Intuitive Machines Inc.

We build spacecraft, connect space-based networks, and operate infrastructure as-a-service that support operations across low Earth orbit, geostationary orbit, cislunar space, and deep-space.

Owner earnings 2022–2025 ($288K)($47M)($59M)($18M)

Retained capital not read

Balance sheet Net cash, +$247M

MBUU Malibu Boats Inc.

We are a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport boats, sterndrive and outboard boats under eight brands—Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes and Cobalt.

Owner earnings 2016–2025 $29M$29M$48M$64M$76M$108M$139M$156M$23M$29M

Retained capital Retained $407M of earnings over 2016–2025; annual owner earnings grew $34M, $0.08 per $1 retained.

Balance sheet Net cash, +$19M

MCFT MasterCraft Boat Holdings Inc.

Revenue is Mastercraft (85%) and Pontoon (15%).

Owner earnings 2017–2025 $23M$44M$48M$20M$60M$64M$126M$4M$26M

Retained capital Retained $180M of earnings over 2017–2025; annual owner earnings grew $14M, $0.08 per $1 retained.

Balance sheet Net cash, debt-free, +$79M

MOB Mobilicom Limited

We are a provider of software and cybersecurity solutions and hardware products that we design, develop and manufacture and that are embedded into small-sized drones or small-sized unmanned aerial vehicles, or SUAVs, and into robotic systems, or robotics.

Owner earnings 2022–2025 ($3M)($4M)($3M)($2M)

Retained capital not read

Balance sheet Net cash, debt-free, +$19M

MOBBW Mobilicom Limited

We are a provider of software and cybersecurity solutions and hardware products that we design, develop and manufacture and that are embedded into small-sized drones or small-sized unmanned aerial vehicles, or SUAVs, and into robotic systems, or robotics.

Owner earnings 2022–2025 ($3M)($4M)($3M)($2M)

Retained capital not read

Balance sheet Net cash, debt-free, +$19M

MRCY Mercury Systems Inc

Mercury Systems is a technology company that delivers mission-critical processing to the edge - where signals and data are collected - to solve the most pressing aerospace and defense challenges.

Owner earnings 2016–2025 $29M$26M$28M$71M$72M$52M($47M)($60M)$26M$119M

Retained capital Retained $23M of earnings over 2016–2025; annual owner earnings grew $506K, $0.02 per $1 retained.

Balance sheet Net debt against an operating loss, $282M

NN NextNav Inc.

We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems, including the Global Positioning System.

Owner earnings 2020–2025 ($29M)($49M)($40M)($38M)($38M)($51M)

Retained capital not read

Balance sheet Net debt against an operating loss, $14M

NNAVW NextNav Inc.

We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems, including the Global Positioning System.

Owner earnings 2020–2025 ($29M)($49M)($40M)($38M)($38M)($51M)

Retained capital not read

Balance sheet Net debt against an operating loss, $14M

NOC Northrop Grumman Corporation

Northrop Grumman builds aircraft, space systems, missile and weapons systems, and the electronics, sensors, and software that go inside them, along with the services to sustain them. It sells these principally to the U.S. government — the Pentagon and other agencies — with the rest going to allied governments abroad. It earns its money by winning and delivering on long-cycle contracts to design, produce, and support this equipment.

Owner earnings 2016–2025 $2.4B$2.1B$3.0B$3.0B$2.9B$2.2B$1.5B$2.5B$3.0B$3.3B

Retained capital Retained $11.0B of earnings over 2016–2025; annual owner earnings grew $447M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $11.0B · buybacks at an average near $355 · dividend paid 10 of 10 yrs, never cut

NPK National Presto Industries Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $59M$17M$70M$6M$38M$32M$8M$44M($57M)($13M)

Retained capital Retained $39M of earnings over 2016–2025; annual owner earnings fell $58M, $-1.48 per $1 retained.

Balance sheet Net cash, debt-free, +$4M · dividend paid 10 of 10 yrs, cut at least once

PKE Park Aerospace Corp.

Aerospace company which develops and manufactures solution and hot-melt advanced composite materials used to produce composite structures for the global aerospace markets.

Owner earnings 2017–2026 $13M$3M$5M($2M)$6M$4M$5M$4M$4M$9M

Retained capital Paid out $85M more than it earned over 2017–2026; annual owner earnings fell $1M.

Balance sheet Net cash, +$17M · buybacks at an average near $12.79 · dividend paid 10 of 10 yrs, cut at least once

RDW Redwire Corporation

Redwire is an integrated space and defense technology company focused on advanced technologies.

Owner earnings 2021–2025 ($39M)($35M)($4M)($24M)($191M)

Retained capital not read

Balance sheet Net cash, +$9M

RGR Sturm Ruger & Company Inc.

Ruger & Company, Inc. and Subsidiaries is principally engaged in the design, manufacture, and sale of firearms to domestic customers.

Owner earnings 2016–2025 $70M$68M$109M$29M$120M$144M$50M$18M$35M$38M

Retained capital Retained $40M of earnings over 2016–2025; annual owner earnings fell $52M.

Balance sheet Net cash, debt-free, +$93M · buybacks at an average near $44.03 · dividend paid 10 of 10 yrs, cut at least once

RKLB Rocket Lab Corporation

Rocket Lab is an end-to-end space company with an established track record of mission success.

Owner earnings 2020–2025 ($37M)($83M)($136M)($129M)($83M)($209M)

Retained capital not read

Balance sheet Net cash, +$1.0B

RTX RTX Corporation

RTX builds and services the hardware of flight and defense. It sells jet engines through Pratt and Whitney, aircraft systems and components through Collins Aerospace, and missiles, radars and related defense systems through Raytheon, and the three carry the load in broadly comparable measure. Its customers are the commercial planemakers and airlines and the governments and militaries that buy weapons, and it earns money twice: once when it sells the original equipment, and again, over the long service life of that equipment, on the spare parts, repairs and services it needs to keep running.

Owner earnings 2016–2025 $4.7B$3.6B$1.2B$4.0B$2.5B$5.0B$4.9B$5.5B$4.5B$7.9B

Retained capital Paid out $9.7B more than it earned over 2016–2025; annual owner earnings grew $2.8B.

Balance sheet Meaningful net debt, $32.9B · buybacks at an average near $82.29 · dividend paid 10 of 10 yrs, never cut

SARO StandardAero Inc.

We are the world's largest independent, pure-play provider of aerospace engine aftermarket services for fixed and rotary wing aircraft, serving the commercial, military and business aviation end markets.

Owner earnings 2022–2025 ($14M)$13M($27M)$234M

Retained capital Retained $232M of earnings over 2022–2025; annual owner earnings grew $83M, $0.36 per $1 retained.

Balance sheet Meaningful net debt, $1.9B

SWBI Smith & Wesson Brands Inc.

Revenue is Handguns (75%), Long Guns (17%) and Other Products and Services (7%).

Owner earnings 2017–2026 $89M$43M$26M$82M$293M$114M($73M)$16M($29M)$90M

Retained capital Retained $266M of earnings over 2017–2026; annual owner earnings fell $27M, $-0.10 per $1 retained.

Balance sheet Heavy net debt, $138M · dividend paid 6 of 10 yrs, never cut

TATT TAT Technologies Ltd.

TAT is a leading provider of solutions and services to the commercial and military aerospace and ground defense industries focused mainly on three product areas and services: Thermal Management, Power and Actuation and Maintenance, Repair and Overhaul.

Owner earnings 2016–2025 $2M($1M)($2M)$324K$2M($7M)($9M)($3M)($11M)$10M

Retained capital Retained $13M of earnings over 2016–2025; annual owner earnings fell $888K, $-0.07 per $1 retained.

Balance sheet Net cash, +$40M · dividend paid 2 of 10 yrs, never cut

TDG TransDigm

TransDigm Inc., is a leading global designer, producer and supplier of highly engineered aircraft components that are critical to the safe and effective operation of nearly all commercial and military aircraft worldwide.

Owner earnings 2017–2025 $718M$949M$913M$1.1B$808M$829M$1.2B$1.9B$1.8B

Retained capital Paid out $1.7B more than it earned over 2017–2025; annual owner earnings grew $784M.

Balance sheet Heavy net debt, $26.6B · buybacks at an average near $419 · dividend paid 9 of 9 yrs, cut at least once

TDY Teledyne Technologies Incorporated

We Are Teledyne Technologies Incorporated is a Delaware corporation that provides enabling technologies to sense, analyze and distribute information for industrial growth markets that require advanced technology and high reliability.

Owner earnings 2014–2025 $244M$163M$316M$360M$394M$548M$723M$721M$1.1B$1.1B

Retained capital Retained $3.7B of earnings over 2014–2025; annual owner earnings grew $727M, $0.20 per $1 retained.

Balance sheet Modest net debt, $2.1B · buybacks at an average near $98.63

TXT Textron

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative products and services around the world.

Owner earnings 2015–2026 $779M$479M$513M$738M$675M$451M$1.1B$864M$650M$929M

Retained capital Paid out $59M more than it earned over 2015–2026; annual owner earnings grew $224M.

Balance sheet net position not read (debt under-captured) · buybacks at an average near $61.49 · dividend paid 10 of 10 yrs, cut at least once

VOYG Voyager Technologies Inc.

We are a purpose-built, innovation-driven defense technology and space solutions company focused on delivering mission-critical solutions across national security, space exploration and infrastructure and commercial space markets.

Owner earnings 2023–2025 ($26M)($39M)($74M)

Retained capital not read

Balance sheet Net cash, +$44M