Combat aircraft & airframes

Combat aircraft programmes concentrate enormous value in very few contracts, and the economics have shifted decisively toward sustainment. Over a fleet's life, support, upgrades and spares typically exceed the acquisition cost, which is why the aftermarket is where stable margins sit and why access to sustainment work matters more to suppliers than initial production share.

Next-generation programmes in Europe and Asia are proceeding in parallel with continued production of current-generation aircraft, creating an unusual period of overlapping demand. These programmes are multinational by necessity — development costs exceed what most single countries will fund — which introduces political risk alongside technical risk, as workshare disputes have delayed or reshaped several efforts.

Coverage follows production rate decisions, sustainment and upgrade contracts, export approvals, next-generation programme milestones, and structures and subassembly supply agreements. Note that headline aircraft orders often understate the revenue that follows through decades of support.