VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Thursday, January 1, 2026
Airbus SE
AIR · Euronext Paris
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Airbus SE is a European aerospace group with three reported segments: Commercial Aircraft, Helicopters, and Defence & Space. The core moat is supply-side scale and know-how in large commercial jets (a global duopoly) reinforced by deep backlog and airline switching frictions from fleet commonality and training. Helicopters adds durable aftermarket/service-network advantages and a leading share in the civil and parapublic market. Defence & Space benefits from long-running government programs and backlog visibility, but profitability can be volatile due to program execution and fixed-price risk.
Primary segment
Commercial Aircraft
Market structure
Duopoly
Market share
68.8% (implied)
HHI: 5,704
Coverage
3 segments · 8 tags
Updated 2026-01-01
Segments
Commercial Aircraft
Large commercial jet aircraft manufacturing (narrowbody and widebody)
Revenue
71.7%
Structure
Duopoly
Pricing
moderate
Share
68.8% (implied)
Peers
Helicopters
Civil and parapublic helicopters (OEM + support/services)
Revenue
11.2%
Structure
Oligopoly
Pricing
moderate
Share
57% (reported)
Peers
Defence and Space
Defense aerospace and space systems (military aircraft, ISR/communications, satellites)
Revenue
17.1%
Structure
Oligopoly
Pricing
weak
Share
—
Peers
Moat Claims
Commercial Aircraft
Large commercial jet aircraft manufacturing (narrowbody and widebody)
Revenue share derived from FY2024 segment revenues excluding eliminations: Airbus (commercial aircraft activities) EUR 50,646m of EUR 70,669m (Airbus+Helicopters+Defence & Space).
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength
Durability
Confidence
Evidence
Large fixed-cost industrial base and program know-how enable sustained high-rate production; difficult for new entrants to replicate at scale.
Erosion risks
- State-backed entrants scaling capacity
- Sustained supply-chain constraints delaying ramp-up
- Technological disruption changing aircraft architectures
Leading indicators
- Monthly production rates vs targets (A320/A220/A350)
- Recurring cost and industrial efficiency metrics
- Supplier constraint disclosures and lead times
Counterarguments
- Capital access for state-backed challengers can narrow scale gaps over time
- Incumbent scale does not prevent execution issues or delays
Training Org Change Costs
Demand
Training Org Change Costs
Strength
Durability
Confidence
Evidence
Fleet commonality and crew training create switching frictions for airlines (pilot type ratings, procedures, spares, and maintenance tooling).
Erosion risks
- Airline fleet diversification strategies
- Simulator/training capacity expansion reducing frictions
- Regulatory or operational changes reducing commonality benefits
Leading indicators
- Airline fleet-mix shifts in A320-family vs 737-family
- New customer wins/losses in key carriers
- Used aircraft pricing differentials by type
Counterarguments
- Large airlines can and do operate mixed fleets when economics justify it
- Switching costs slow change but rarely prevent it over multi-year cycles
Long Term Contracts
Demand
Long Term Contracts
Strength
Durability
Confidence
Evidence
Large multi-year backlog creates slot scarcity and revenue visibility; it also makes rapid share shifts hard because production capacity is constrained.
Erosion risks
- Airline bankruptcies and order cancellations in downturns
- Delivery delays that shift or reduce conversions of backlog into revenue
- Geopolitical sanctions/export restrictions affecting deliveries
Leading indicators
- Net orders and cancellations
- Backlog size and delivery lead times
- Customer payment/financing conditions
Counterarguments
- Backlog is not revenue; profitability depends on execution and pricing
- A strong competitor recovery can redirect future orders even with existing backlog
Helicopters
Civil and parapublic helicopters (OEM + support/services)
Revenue share derived from FY2024 segment revenues excluding eliminations: Airbus Helicopters EUR 7,941m of EUR 70,669m (Airbus+Helicopters+Defence & Space).
Service Field Network
Supply
Service Field Network
Strength
Durability
Confidence
Evidence
A large global support and MRO/training footprint reduces downtime and total cost of ownership, supporting repeat buys and long-lived installed-base economics.
Erosion risks
- Independent MRO growth and parts alternatives
- Competitors expanding support footprints
- Supply constraints limiting spare parts availability
Leading indicators
- Services revenue growth and margin
- Aircraft availability / dispatch reliability metrics at major operators
- Turnaround time for parts and maintenance events
Counterarguments
- Large fleet operators can multi-source maintenance and reduce dependence on OEM networks
- Support network breadth does not guarantee lowest lifecycle cost vs competitors
Training Org Change Costs
Demand
Training Org Change Costs
Strength
Durability
Confidence
Evidence
Pilot/maintenance training and operational procedures create frictions to switching helicopter OEMs, especially for operators standardised on a platform family.
Erosion risks
- Simulator availability and third-party training reduce frictions
- Fleet operators standardising on multi-OEM procurement
- Common avionics/standards narrowing operational differences
Leading indicators
- Repeat-buy rates by major operators
- Pilot transition timelines and training capacity constraints
- Used helicopter price differentials by model
Counterarguments
- Operators can switch over time as fleets age and budgets change
- Procurements (especially public tenders) can override switching frictions
Long Term Contracts
Demand
Long Term Contracts
Strength
Durability
Confidence
Evidence
Order book and service/support arrangements provide multi-year workload visibility in a market with long product lifecycles.
Erosion risks
- Order deferrals/cancellations from budget cuts
- Program delays and certification issues
- Competitive tender wins shifting backlog composition
Leading indicators
- Net orders and cancellations
- Book-to-bill (units/value)
- Service contract attach rate on new deliveries
Counterarguments
- Backlog can be volatile in government-heavy end markets
- Visibility does not ensure profitability if costs inflate on fixed-price elements
Defence and Space
Defense aerospace and space systems (military aircraft, ISR/communications, satellites)
Revenue share derived from FY2024 segment revenues excluding eliminations: Airbus Defence and Space EUR 12,082m of EUR 70,669m (Airbus+Helicopters+Defence & Space).
Government Contracting Relationships
Legal
Government Contracting Relationships
Strength
Durability
Confidence
Evidence
Defense procurement is relationship- and program-based, with long-running platforms and sovereign/strategic considerations that favor incumbents once selected.
Erosion risks
- Shifts in defense budgets and procurement priorities
- Geopolitical constraints on exports
- Program performance issues impacting re-competes
Leading indicators
- Net order intake and book-to-bill for Defence and Space
- Major program award/renewal announcements
- Contract performance and margin trend
Counterarguments
- Government customers can re-compete programs and split awards for political reasons
- Execution problems can override incumbency advantages
Long Term Contracts
Demand
Long Term Contracts
Strength
Durability
Confidence
Evidence
A large segment order book provides multi-year revenue visibility, typical of defense and institutional space programs.
Erosion risks
- Fixed-price contract losses from cost overruns
- Cancellations/deferrals due to political changes
- Technology shifts (e.g., new space architectures) reducing legacy demand
Leading indicators
- Order book level and conversion to revenue
- Program-level charges and provisions
- Competitive wins/losses in new defense/space tenders
Counterarguments
- Backlog does not guarantee margins; program risk can turn backlog into losses
- Disruptive entrants (e.g., new space launch economics) can compress future demand/pricing
Evidence
The A320 Family programme continues to ramp up towards a rate of 75 aircraft per month in 2027.
High-rate production targets imply a large, capital-intensive industrial system and deep manufacturing know-how.
Pilots can fly the A318, A319, A320 and A321 with a Single Type Rating thanks to their identical cockpits and operating procedures.
Airbus explicitly describes single type rating/commonality, which reduces training burden within the family and reinforces fleet-standardisation dynamics.
The order backlog amounted to 8,658 commercial aircraft at the end of December 2024.
Order backlog is a concrete indicator of locked-in demand and long production slots.
Airbus delivered 766 commercial aircraft in 2024.
Airbus delivery count used for implied share calculation.
Delivered 348 commercial airplanes and recorded 279 net orders
Boeing full-year delivery count used for implied share calculation.
Showing 5 of 13 sources.
Risks & Indicators
Erosion risks
- State-backed entrants scaling capacity
- Sustained supply-chain constraints delaying ramp-up
- Technological disruption changing aircraft architectures
- Airline fleet diversification strategies
- Simulator/training capacity expansion reducing frictions
- Regulatory or operational changes reducing commonality benefits
Leading indicators
- Monthly production rates vs targets (A320/A220/A350)
- Recurring cost and industrial efficiency metrics
- Supplier constraint disclosures and lead times
- Airline fleet-mix shifts in A320-family vs 737-family
- New customer wins/losses in key carriers
- Used aircraft pricing differentials by type
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
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