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About Moog Inc.

Moog (rhymes with "rogue") makes precision-control components and systems used in aerospace products, industrial machinery, and marine and medical equipment. Servoactuators, Moog's core product, receive electrical signals from computers and then perform specific actions. Using its servoactuators, Moog builds flight and control systems for commercial and military aircraft, as well as hydraulic and electrical controls for automated industrial machinery, wind turbines, and control systems for satellites and spacecraft, launch vehicles, and missiles. It also makes infusion therapy pumps, slip rings for CT scanners, and motors used in devices for sleep apnea. Customers in the US make up more than half its sales.


Moog operates in three segments: Aircraft Controls, Space and Defense Controls, and Industrial Systems.

Aircraft Controls, accounting for some 45% of sales, provides primary and secondary flight controls for military and commercial aircraft, including large commercial transports, supersonic fighters, business jets, and rotorcraft. Development programs in this segment include the F-35 Joint Strike Fighter, the Boeing 787 Dreamliner, the Airbus A350XWB, and the Black Hawk/Sea Hawk helicopter. Aftermarket sales account for about 30% of this segment's revenue.

Industrial Systems (more than 30% of sales) serves markets such as industrial automation, simulation and test, energy, and medical. Its components products include hydraulics (servo valves and pumps, actuators, and manifold systems), slip rings, and fiber optic rotary joints used in diagnostic imaging equipment, remote vehicles, and surveillance cameras to name a few. It also makes servo motors, generators, and infusion and enteral pumps.

Space and Defense Controls (more than 20%) mainly supplies products for satellites and space vehicles, armored combat vehicles, launch vehicles, and tactical and strategic missiles (such as Hellfire, TWO, and Trident).

Geographic Reach

Moog operates through manufacturing facilities in the US, and in Europe, Asia, and one location in South America (Costa Rica). The US accounts for about 60% of annual net sales. Germany and France collectively account for over 10%, while Japan generates over 5% of total revenue.

Sales and Marketing

The company's principal customers are original equipment manufacturers (OEMs) and end-users for whom it provides aftermarket support. Aerospace and defense OEM customers collectively represent nearly 55% of sales. The majority of these sales are to a small number of large companies. Industrial OEM sales, which account for around 30% of revenue, represent a wide range of global customers.

Major aftermarket customers include the US government and commercial airlines. Aftermarket sales account for more than 15% of total company revenue. The company has long-term contracts with some of its customers, which mainly reside within its Aircraft Controls, and Space and Defense Controls segments.

Other significant customers include Boeing, Airbus, Lockheed Martin, Northrup Grumman, and McKesson.

Financial Performance

After a two-year decline in sales in fiscal 2015 and 2016, Moog, Inc. recovered with two consecutive years of healthy increases in sales in 2017 and 2018, with fiscal 2018 reaching a record high of $2.71 billion, an 8% hike over the previous year. Sales from acquisitions in 2018 as well as favorable foreign currency translation (especially the euro) contributed to the increase.

Net income for Moog decreased 32% to $97 million compared with $141.3 million the previous year. A higher cost of sales along with higher income taxes (due to the Tax Cuts and Jobs Act) contributed to lower profits in fiscal 2018 as did a $12.2 million restructuring charge.

Cash at the end of fiscal 2017 was $127.7 million, a decrease of $259.3 million from the prior year. Cash from operations contributed $102 million to the coffers (including $85 million in pension funding) while investing activities used $141.6 million, mainly for capital expenditures and acquisitions. Financing activities used another $221.6 million for payments on long-term debt, dividends to stockholders, and the company's stock repurchase program.


Moog is continuing to refine its portfolio of products. It exited the wind pitch control business in 2018 and sold off a small European operation in its Space and Defense group. The company is primarily focused on organic growth but continues to look for bolt-on acquisitions that complement its business with high-performance technologies around precision motion and fluid control.

Moog expects higher sales on military vehicles in 2019 driven by its new turret offering. This reflects its strategy of meeting the needs of military forces directly and tailoring its products for specific requirements.

Internal investments could be centered on a revamped information technology architecture to support growth and development, and moving the IT function from the back office to a position as a key enabler of the business. Moog is currently seeking a new chief information officer to oversee the changes.

Mergers and Acquisitions

In 2018, Moog acquired Electro-Optical Imaging for $5 million. Based in Florida, Electro-Optical is a manufacturer of video trackers and imaging products used in military applications. The business will expand Moog's offerings in its Space and Defense Controls segment. Earlier that year, Moog acquired Czech Republic-based, VUES Brno s.r.o. for approximately $64 million. VUES makes customized electric motors and generators and will expand Moog's line of high-performance motion products. The business will operate within Moog's Industrial Systems segment. 

In 2017, the company purchased the global Rotary Transfer Systems business from UK-based Morgan Advanced Materials for a purchase price of €40 million ($43 million). The acquisition gives Moog the opportunity to offer a complete line of industrial slip rings and rotary transfer products for customers in Europe, Asia, and North America.

Moog Inc.

Elma, NY 14059-9596
Phone: 1 (716) 805-2604

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: MOG.A
Stock Exchange: , NYSE
Vice Chairman and VP Strategy and Technology: Richard A. Aubrecht
VP and CFO: Donald R. Fishback
Chairman and CEO: John R. Scannell
Employees (This Location): 2,100
Employees (All Locations): 11,787

Major Office Locations

Elma, NY

Other Locations

Huntsville, AL
Scottsdale, AZ
Tempe, AZ
Chatsworth, CA
Goleta, CA
Mountain View, CA
Torrance, CA
Golden, CO
Naples, FL
Orlando, FL
West Melbourne, FL
Northbrook, IL
Webster, MA
Plymouth, MI
Earth City, MO
Murphy, NC
West Fargo, ND
Albuquerque, NM
Depew, NY
East Aurora, NY
Elma, NY
Niagara Falls, NY
Orrville, OH
Midwest City, OK
Springfield, PA
Kingsport, TN
Salt Lake City, UT
Blacksburg, VA
Galax, VA
Menomonee Falls, WI
Bengaluru, India
Musashino, Japan
Yokohama, Japan
Sao Paulo, Brazil
Cottbus, Germany
Düsseldorf, Germany
Dublin, Ireland
St. Gallen, Switzerland