PCB Champion
Firan Technology has seen market gains so far in 2025 (+51.9%) and monster gains of 492% over the past three years. The $278.7 million global company offers technology-driven solutions. The two operating units, FTG Circuits and FTG Aerospace, generate revenue. At $11.02 per share, the stock is a bargain.
FTG Circuits produces high-tech, extremely reliable printed circuit boards (PCBs). This unit focuses on the aerospace, defense and space industries. PCB is the core business and main platform for assembling computer chips.
On the other hand, FTG Aerospace designs and manufactures hardware for the Avionic subsystem. The products are used in flight and simulated devices on commercial aerospace and defense platforms.
In December 2024, the company acquired FLYHT, a leading supplier of aerospace and defense electronic products. This acquisition not only expands its presence in the commercial aerospace aftermarket. It will also help Firan achieve its goals of dominating the PCB industry and being a leader in aerospace and defense electronics.
In the first three quarters of 2025, revenue and adjusted earnings increased 19.2% and 54.2%, respectively, to $139.3 million and $9.8 million compared to the same period in 2024. The backlog at the end of the third quarter was $137.1 million, 12% higher than in the third quarter of 2024.
According to FTG’s president and CEO, Brad Bourne, the company has laid a strong foundation for continued growth in the third quarter. Its outlook is optimistic due to robust end-market demand from all market segments. “We remain focused on managing external factors and have seen no material impact from the US tariffs to date, although uncertainties remain,” he said.
Management’s wish list is as follows: achieve compound annual growth of 15%; double growth every five years through organic growth and acquisitions; and achieve a debt/EBITDA ratio of less than 1:1.
Revenue visibility
Magellan Aerospace is more than twice the size of Firan Technology. In terms of performance, MAL is up 80.7% and pays a modest dividend of 1.2%. If you invest today, the stock price will be $18.05.
This $986 million integrated aerospace company’s global customer base includes aircraft and engine manufacturers and space agencies. It designs, engineers and produces aircraft engines and aircraft structures and components. Other offerings for the aerospace markets include repair and overhaul services for engines and components.
In the first half of 2025, revenue and net income increased 6.8% and 17.7% year over year to $510.7 million and $16.2 million, respectively. But more than just the financial results, Magellan offers insight into long-term revenues.
In addition to new awards for the production program, the company signed contract extensions and existing agreements with Pratt & Whitney Canada. Under the Revenue Sharing Agreement (RSA) with GE Aerospace, Magellan will supply F414 engine frames for a period of seven years.
A year of growth ahead
Industry experts see 2026 as a new year of growth for the global aerospace sector. Firan Technology and Magellan Aerospace will certainly be part of the growth, given their respective strengths.
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