AADX

Applied Aerospace & Defense is rated a buy due to its mission-critical content, long customer relationships, and sole/single-source positions supporting pricing power. AADX's $1.06 billion backlog and $3.8 billion weighted pipeline provide strong visibility into future growth, with significant exposure to expanding defense and space markets. Approximately 87% of AADX revenue is from sole- or single-source contracts, and 33% is tied to aftermarket and sustainment, supporting recurring revenue streams.

Applied Aerospace & Defense trades at a demanding valuation post-IPO, with shares modestly below the $20 offer price. AADX's organic growth trajectory is unclear due to a rapid and fluid M&A history, complicating assessment of true underlying performance. Pro forma financials show 2025 revenues of $604 million, adjusted operating income of $99 million, and manageable leverage at 2.5x EBITDA post-IPO.

When Applied Aerospace & Defense Inc. (NYSE:AADX) rang the opening bell on the New York Stock Exchange on Wednesday, it marked the public debut of a company with roots stretching back to 1900 — a time when the word “aerospace” did not yet exist.

Private equity-backed government contractor Applied Aerospace & Defense has raised $650 million in its U.S. initial ​public offering after pricing shares at $20 each, Bloomberg ‌News reported on Tuesday, citing a person familiar with the matter.

HUNTSVILLE, Ala., May 26, 2026 /PRNewswire/ -- Applied Aerospace & Defense, Inc., an advanced manufacturer of mission critical systems for space and defense ("Applied," "we," or the "Company"), today announced that it has launched the roadshow for its proposed initial public offering of 32,500,000 shares of its common stock, par value $0.01 per share, at an anticipated initial offering price between $18.00 and $21.00 per share pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the "SEC").