Moog Inc delivered a solid Q4 2024 with revenue of $917.3 million, up 5.2% year over year, and notable margin stability at an adjusted operating margin of 12.5%. The quarter contributed to a full-year performance that saw record annual sales of $3.6 billion, a 9% increase versus FY2023, and an adjusted operating margin of 12.4%, supported by a favorable mix, cost absorption from FLRAA production, and a modest contribution from the employee retention credit. Management underscored a strategic shift toward pricing discipline and portfolio simplification (80/20) which has materially improved efficiency and is embedded across more sites, as evidenced by deployment to 70% of the business and over 840 trained leaders. The company guided for FY25 to deliver $3.7 billion in revenue (up ~3%), an adjusted operating margin of 13.0%, and earnings per share of $8.20 +/- $0.20, with free cash flow conversion targeted at 50–75% of adjusted net earnings. Near-term catalysts include defense and space programs (e.g., FLRAA and European ground vehicle initiatives), while near-term headwinds include industrial softness and the lingering Tewkesbury facility recovery from flooding. In sum, Moog faces a favorable defense-led growth trajectory and a disciplined margin expansion path, offset by execution risks tied to ongoing facility recoveries and industrial demand variability.