Albany International

MC provides recurring, replacement‑driven revenue with relatively stable margins and cash conversion, tied to global tissue, packaging and pulp demand rather than structurally declining publication grades.

AEC has improved visibility via cost‑plus and long‑term arrangements, with the company disclosing that about one‑third of AEC revenue is cost‑plus, but program execution can still swing results.

The 2025 CH‑53K reach‑forward loss highlighted this volatility, although management’s 2026 contract amendments reduce tail risk and target positive cash flow from 2027. Netting these, we view consolidated predictability as moderate: steadier MC partly offsets more variable AEC.