Applied Aerospace & Defense, Inc. (AADX) Stock Analysis
AADX is a high-moat defense and space supplier whose IPO turns a leveraged private-equity roll-up into a public-market backlog and deleveraging story.
Overview
Applied Aerospace & Defense is a newly public, vertically integrated manufacturer of mission-critical subsystems for defense aviation, space launch, satellites, and precision strike platforms. Formed through the Greenbriar-backed combination of PCX Aerosystems and Applied Aerospace, AADX combines 120 years of manufacturing heritage with 11 U.S. facilities and approximately 1.5M square feet of capacity. Revenue grew 24.8% organically in FY2025 to $498.8M, with 83% tied to U.S. government contracts and 87% from sole/single-source positions, creating high visibility but also meaningful customer concentration and leverage risks.