Air Industries

Intangible assets (35/100): The company has decades of program know-how, process qualifications, and approved-vendor status with primes such as Lockheed Martin and RTX. These credentials are necessary to make flight-critical parts and are non-trivial for new entrants to replicate, but they are not unique versus other qualified specialty shops.

Customer concentration raises counterparty bargaining power, limiting the value of brand-like intangibles.

Switching costs (60/100): For recurring spares and assemblies on platforms like the UH-60, E-2D, CH-53, F-35 and Pratt & Whitney GTF, switching qualified suppliers entails requalification, schedule risk, and quality exposure, which creates moderate switching costs. Nonetheless, primes can dual-source and pressure pricing over time.

Network effects (0/100): None. Cost advantage (30/100): Scale is small, and while recent cost reductions helped gross margin, the company lacks the structural purchasing and overhead advantages of larger peers.

Efficient scale (45/100): Certain niche parts may have limited addressable supplier pools, but the niches are still competitively bid among qualified shops. Overall weighted assessment yields a modest moat primarily from switching costs and accumulated certifications, but durability is constrained by customer leverage and cyclical order timing.