Figeac Aéro is a French metal-parts specialist that builds structural and engine components for the world's largest aircraft programs, and its defining tension is that a two-decade growth streak is compounding against a balance sheet still scarred by the 2020 crash. That tension is the whole story of the equity. The group has now posted revenue growth for 21 straight quarters, and the order book tops €5.0 billion. Yet net debt of €263.4 million leaves leverage at 3.4x, and the net income line has barely cleared breakeven.
The load-bearing variables are the backlog, the margin, and the debt. The backlog is the moat: it is a decade-long projection of orders that locks in build-rate growth through at least 2028. The EBITDA margin has held at 16.1% for two straight years despite a plant fire and a heavy dollar, which is the sign of genuine operating leverage rather than a commodity upcycle. The debt is the drag, because cost of net debt consumes nearly the entire operating profit.
The latest quarter, the first of the new fiscal year, closed at €111.8 million of revenue, up 11.6% organically. The company reaffirmed that full-year revenue between €530 million and €560 million remains in reach. The question for the next twelve months is not whether the top line grows, because the backlog already guarantees that. It is whether the capital structure finally catches up to the business, and whether the new strategic initiatives can extend the growth engine past 2028 before the current plan runs out.