{"schemaVersion":1,"research":true,"symbol":"txt","name":"Textron","topic":"moat","path":"/stock/txt/moat","status":"published","version":4,"updatedAt":"2026-10-18T00:58:11.735Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Textron has a narrow, program-specific moat supported by Bell’s established defense programs and significant integration into existing government contracts. MV-75’s award and development progress demonstrate a current incumbent position; future production profits remain prospective. Commercial pricing gains and tariff recoveries show some pricing power, but fixed-price exposure, competitive procurement and declining Bell profitability limit it. The supplied evidence does not establish equally durable advantages across Textron’s other businesses.","advantages":[{"mechanism":"switching_costs","claim":"Significant integration within existing government contracts and continuing aircraft production and support give Bell an incumbent advantage. Replacing an integrated program participant would plausibly require substantial customer effort; this switching friction is inferred from contractual integration and ongoing program activity rather than quantified replacement costs.","durability":"Existing V-22 and H-1 activities, the December 2022 MV-75 award and its 2024 transition into Engineering and Manufacturing Development support continuity across multiple years. This advantage applies principally within awarded programs, rather than guaranteeing future awards or production economics.","risks":"Government termination rights, competitive bidding, lower V-22 and sustainment volume, and cost overruns can weaken the economic value of incumbency. Management expects a $60 million to $110 million unfavorable adjustment upon a prospective, largely fixed-price MV-75 production option award; that adjustment was not yet realized in the supplied disclosure.","invalidation":"The thesis would be invalidated by replacement or termination on major incumbent programs without comparable follow-on work, evidence that integrated work can routinely transfer to competing suppliers with little disruption, or sustained program losses demonstrating that incumbency cannot produce economic value.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9","e10"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business: MV-75 contract award","excerpt":"The MV-75 contract was awarded to Bell in December 2022."},{"id":"e2","sourceId":"filing-1","location":"Business: MV-75 program milestone","excerpt":"In 2024, the U.S. Army announced approval of Milestone B, establishing the MV-75 as a program of record and transitioning the program to the Engineering and Manufacturing Development phase."},{"id":"e3","sourceId":"filing-1","location":"Business: Bell military production and support programs","excerpt":"Army’s Future Long Range Assault Aircraft program, now designated as the MV-75 program and the production and support of the V-22 tiltrotor aircraft and H-1 helicopters."},{"id":"e4","sourceId":"filing-1","location":"Revenue recognition: significant integration in government contract modifications","excerpt":"Government are for products and services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as part of that existing contract."},{"id":"e5","sourceId":"filing-2","location":"Bell segment analysis: first-half military revenue and program volumes","excerpt":"Bell’s military aircraft and support programs revenues increased $208 million, 16%, in the first half of 2026, compared with the first half of 2025, reflecting higher volume on the MV-75 program and H-1 production, partially offset by lower volume on V-22 production and on military sustainment programs."},{"id":"e6","sourceId":"filing-1","location":"Revenue recognition: government termination and work-in-process rights","excerpt":"Contracts with the U.S. Government generally contain clauses that provide lien rights to work-in-process along with clauses that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work-in-process."},{"id":"e7","sourceId":"filing-1","location":"Risk factors: defense competition and procurement pricing pressure","excerpt":"The market for U.S. Government defense business is highly competitive, and the competitive bidding process increases pricing pressure and cost which may affect our ability to win new contracts for major government programs."},{"id":"e8","sourceId":"filing-1","location":"Risk factors: fixed-price contract cost responsibility","excerpt":"Under fixed-price contracts, generally we receive a fixed price irrespective of the actual costs we incur, and, consequently, we absorb any costs in excess of the fixed price."},{"id":"e9","sourceId":"filing-2","location":"MV-75 production option: expected unfavorable program adjustment","excerpt":"Upon award of the LRIP option, which is largely fixed price, we expect to record an unfavorable cumulative catch-up program adjustment, reflecting higher costs than originally anticipated from when the program was bid, in the range of $60 million to $110 million."},{"id":"e10","sourceId":"filing-2","location":"Bell segment analysis: revenues, profit and margins","excerpt":"Bell Three Months Ended Six Months Ended (Dollars in millions) July 4, 2026 June 28, 2025 % Change July 4, 2026 June 28, 2025 % Change Revenues: Military aircraft and support programs $ 695 $ 648 7% $ 1,490 $ 1,282 16% Commercial helicopters, parts and services 379 368 3% 654 717 (9)% Total revenues 1,074 1,016 6% 2,144 1,999 7% Cost of sales 917 841 9% 1,821 1,644 11% Research and development costs 27 38 (29)% 64 77 (17)% Selling and administrative expense 55 57 (4)% 112 108 4% Segment profit $ 75 $ 80 (6)% $ 147 $ 170 (14)% Profit margin 7.0% 7.9% 6.9% 8.5% Bell’s military aircraft and support programs revenues increased $47 million, 7%, in the second quarter of 2026, compared with the second quarter of 2025, largely due to higher volume on H-1 production and the MV-75 program."},{"id":"e11","sourceId":"filing-2","location":"Bell segment analysis: realized commercial pricing contribution","excerpt":"Commercial helicopters, parts and services revenues increased $11 million, 3%, in the second quarter of 2026, compared with the second quarter of 2025, primarily due to higher pricing."},{"id":"e12","sourceId":"filing-2","location":"Industrial segment analysis: efficiencies and pricing net of inflation","excerpt":"Industrial's segment profit increased $15 million, 18%, in the first half of 2026, compared with the first half of 2025, primarily due to manufacturing efficiencies, which included the benefit of cost reductions resulting from prior year restructuring activities, and higher pricing, net of inflation, partially offset by lower net volume and mix."},{"id":"e13","sourceId":"filing-2","location":"Industrial segment analysis: tariff recoveries","excerpt":"Pricing, net of inflation includes $21 million of tariff recoveries as described above."},{"id":"e14","sourceId":"filing-2","location":"Bell segment analysis: first-half commercial helicopter deliveries","excerpt":"We delivered 56 commercial helicopters in the first half of 2026, compared with 61 commercial helicopters in the first half of 2025."},{"id":"e15","sourceId":"filing-2","location":"Cost of sales: first-half manufacturing gross margin deterioration","excerpt":"Gross margin as a percentage of Manufacturing revenues decreased 100 basis points in the first half of 2026, primarily due to lower margin at the Bell segment."},{"id":"e16","sourceId":"filing-2","location":"Consolidated cash flows: cash generation, investment and financing","excerpt":"Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended July 4, 2026 and June 28, 2025, respectively Consolidated (In millions) 2026 2025 Cash flows from operating activities Net income $ 468 $ 452 Adjustments to reconcile net income to net cash provided by operating activities: Non-cash items: Depreciation and amortization 190 192 Deferred income taxes 82 (22) Gain on business disposition — (4) Other, net 69 73 Changes in assets and liabilities: Accounts receivable, net (96) 54 Inventories (446) (284) Other assets (29) (70) Accounts payable 93 163 Other liabilities (88) (200) Income taxes, net 20 46 Pension, net (121) (117) Captive finance receivables, net 46 (26) Other operating activities, net (1) 7 Net cash provided by operating activities of continuing operations 187 264 Net cash used in operating activities of discontinued operations — (1) Net cash provided by operating activities 187 263 Cash flows from investing activities Capital expenditures (228) (134) Net proceeds from corporate-owned life insurance policies 3 57 Net proceeds from business disposition — 16 Proceeds from sale of property, plant and equipment 6 9 Finance receivables repaid 13 17 Finance receivables originated (15) (21) Proceeds from the disposition of non-captive assets 24 59 Other investing activities, net 4 14 Net cash provided by (used in) investing activities (193) 17 Cash flows from financing activities Net proceeds from long-term debt — 495 Principal payments on long-term debt and nonrecourse debt (75) (364) Purchases of Textron common stock (377) (429) Proceeds from stock options exercised 61 10 Dividends paid (7) (7) Other financing activities, net (11) (15) Net cash used in financing activities (409) (310) Effect of exchange rate changes on cash and equivalents (4) 23 Net decrease in cash and equivalents (419) (7) Cash and equivalents at beginning of period 2,025 1,441 Cash and equivalents at end of period $ 1,606 $ 1,434 See Notes to the Consolidated Financial Statements."},{"id":"e17","sourceId":"filing-2","location":"Liquidity: manufacturing cash, debt and leverage","excerpt":"Key information that is utilized in assessing our liquidity is summarized below: (Dollars in millions) July 4, 2026 January 3, 2026 Manufacturing group Cash and equivalents $ 1,436 $ 1,940 Debt 3,466 3,539 Shareholders’ equity 8,054 7,875 Capital (debt plus shareholders’ equity) 11,520 11,414 Net debt (net of cash and equivalents) to capital 20% 17% Debt to capital 30% 31% Finance group Cash and equivalents $ 170 $ 85 Debt 339 339 We believe that our calculations of debt to capital and net debt to capital are useful measures as they provide a summary indication of the level of debt financing (i.e., leverage) that is in place to support our capital structure, as well as to provide an indication of the capacity to add further leverage."},{"id":"e18","sourceId":"filing-3","location":"Compensation discussion: actual 2023–2025 performance and PSU payout calculation","excerpt":"The Company’s actual performance achieved against the threshold, target and maximum levels set for the metrics included in the 2023-2025 PSU cycle, and the resulting percentage of PSUs earned by the NEOs, are detailed below: 2023–2025 Performance Share Unit Calculation ($ in millions) Financial Metric Threshold Performance Target Performance Maximum Performance Actual Performance Component Weighting Earned Percentage Average Return on Invested Capital(1) 8.4% 12.4% 15.4% 11.6%(4) 50% 42.5% Cumulative Manufacturing Cash Flow(2) $1,206 $2,683 $4,160 $2,716(4) 30% 30.7% Relative Total Shareholder Return(3) 25% 50% 75% 50.1% 20% 20.1% Total Earned 93.3% (1) “Three-year Average Return on Invested Capital” is measured by dividing “ROIC income” by “average invested capital”."},{"id":"e19","sourceId":"filing-3","location":"Compensation discussion: awarded 2025 long-term incentive mix","excerpt":"26 / TEXTRON 2026 PROXY STATEMENT COMPENSATION DISCUSSION AND ANALYSIS 2025 Long-Term Incentive Compensation: • The Committee again awarded a mix of long-term incentive awards comprised of 50% performance share units, 25% stock options, and 25% restricted stock units."},{"id":"e20","sourceId":"filing-3","location":"Compensation discussion: ownership requirements and compensation safeguards","excerpt":"Executive Compensation Highlights The following summarizes key aspects of our executive compensation program for the NEOs: • Pay for performance philosophy aligns with a substantial portion of executives’ compensation tied to Company performance against pre-established metrics set by the Committee • Fifty percent (50%) of long-term incentive awards are subject to performance-based metrics to closely align with long-term Company performance • Pay is aligned with shareholder interests as a substantial portion of executives’ target compensation, including more than 75% of CEO’s target compensation, is in the form of equity-based long-term incentives • Annual incentive compensation and performance share unit payout percentages are capped • Double-triggers are required in change in control provisions for equity awards and severance arrangements • Committee annually conducts a pay-for-performance analysis based on operating metrics used in our annual incentive program • Committee annually reviews the composition of a talent peer group which is referenced for benchmarking our executives’ compensation and makes changes as appropriate • Committee annually reviews compensation data against the talent peer group in order to understand the competitiveness of our compensation program and pay levels • Committee annually reviews a compensation-related risk assessment with assistance from its independent compensation consultant • Committee and the Board review and evaluate plans for executive development and succession • Executives are subject to robust share ownership requirements • No single-trigger vesting of long-term incentive awards upon a change in control of the Company • No tax gross-ups for officers hired after 2008 • No employment contracts guaranteeing fixed-term employment or bonuses to executives • No excessive executive perquisites • No hedging or pledging Textron securities • No repricing or exchanging stock options without shareholder approval Compensation Philosophy Textron’s compensation philosophy establishes target total direct compensation with reference to a talent peer group median and ties a substantial portion of our executives’ compensation to performance against objective business metrics and stock price performance."},{"id":"e21","sourceId":"filing-3","location":"Corporate governance: independent principal committees","excerpt":"● Our three principal Board committees, the Audit, Nominating and Corporate Governance, and Organization and Compensation Committees, are each comprised of entirely independent directors."},{"id":"e22","sourceId":"filing-3","location":"Corporate governance: annual elections and majority voting","excerpt":"Board Accountability and Practices ● All directors must stand for election annually and be elected by a majority of votes cast in uncontested elections."},{"id":"e23","sourceId":"filing-3","location":"Corporate governance: actual 2025 director attendance","excerpt":"● During 2025, each director attended at least 75% of the total number of Board and applicable committee meetings, and all of the directors then standing for re-election attended the Annual Meeting of Shareholders."},{"id":"e24","sourceId":"filing-1","location":"Special charges: realized Industrial asset impairments","excerpt":"63 Table of Contents In 2023, as a result of the lower demand described above, we recognized asset impairment charges of $75 million at Textron Specialized Vehicles related to both fixed and intangible assets and $12 million of fixed asset impairment charges at Kautex."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates: February 11, March 5 and July 28, 2026; they are not retrieval dates.","No competing company is identified as a competitor in the supplied passages. Generic defense competition is disclosed, so competitor arrays are empty and relative competitive coverage is incomplete.","Contractual integration supports an inference of switching friction, but replacement costs, customer retention rates and supplier alternatives are not quantified.","Operating results and contractual disclosures support the assessment, but all supplied sources are issuer filings. Market leadership assertions alone do not demonstrate a durable advantage.","The expected MV-75 adjustment, future funding and production awards are prospective. The passages do not establish completed production economics or the outcome of the proposed separation.","The proxy supplies actual compensation awards, payout calculations and governance practices, but not sufficient individual ownership balances to verify compliance with ownership requirements. The 2025 compensation record does not establish the new CEO’s subsequent performance.","Pricing evidence is concentrated in Bell commercial activities and Industrial. It does not establish company-wide pricing discretion or sustained customer-level retention."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Significant integration in existing government work and awarded Bell programs support a bounded incumbent advantage. Competitive procurement and incomplete evidence for the remaining businesses prevent a stronger enterprise-wide assessment.","evidenceIds":["e1","e2","e3","e4","e7"]},{"criterion":"durability","grade":2,"rationale":"MV-75’s award, subsequent milestone and continuing military program activity demonstrate continuity across years. Government termination rights and uncertain production economics constrain durability.","evidenceIds":["e1","e2","e5","e6","e9"]},{"criterion":"customer_dependency","grade":2,"rationale":"Integrated contract modifications and continuing production and support suggest customer reliance within existing programs. This is indirect evidence of dependency; neither switching costs nor customer inability to substitute are quantified.","evidenceIds":["e3","e4","e5","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Military revenue growth and Industrial pricing recovery show some resilience, while Bell profit deterioration, lower legacy program volumes and realized Industrial impairments show meaningful weaknesses. The anticipated MV-75 charge adds a prospective risk rather than a realized loss.","evidenceIds":["e5","e9","e10","e12","e24"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Bell’s second-quarter commercial revenue increase was primarily attributed to higher pricing. Industrial reported higher pricing net of inflation, including $21 million of tariff recoveries. These observed outcomes demonstrate some pricing ability, but their scope and duration are limited.","evidenceIds":["e11","e12","e13"]},{"criterion":"retention","grade":2,"rationale":"Continuing military production and support and integrated contract modifications provide indirect evidence of recurring customer demand and switching friction. Lower V-22 and sustainment volumes and commercial helicopter deliveries temper that evidence; no retention rate is inferred.","evidenceIds":["e3","e4","e5","e14"]},{"criterion":"margin_resilience","grade":2,"rationale":"Industrial improved profit through efficiencies and pricing net of inflation, but manufacturing gross margin fell 100 basis points and Bell’s first-half profit declined despite revenue growth. Resilience is mixed rather than uniformly strong.","evidenceIds":["e10","e12","e15"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Fixed-price contracts leave Textron responsible for excess costs, competitive defense procurement creates pricing pressure, and government contracts permit unilateral termination. Commercial pricing gains show some discretion outside these constraints, but broad freedom to reset terms is not demonstrated.","evidenceIds":["e6","e7","e8","e11"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual three-year manufacturing cash flow modestly exceeded the incentive target, while average ROIC missed target. First-half 2026 operating cash flow of $187 million fell below $228 million of capital expenditure while $377 million funded buybacks, reducing cash. Lower debt and remaining liquidity temper this concern; buyback value creation is not established.","evidenceIds":["e16","e17","e18"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual long-term awards included 50% performance share units, and the completed 2023–2025 cycle paid 93.3% of target using ROIC, manufacturing cash flow and relative shareholder return. Disclosed ownership requirements and compensation safeguards reinforce alignment, although individual ownership compliance and exceptional incentive effectiveness are not established.","evidenceIds":["e18","e19","e20"]},{"criterion":"execution","grade":2,"rationale":"Program progression, military revenue growth, Industrial efficiencies and three-year cash generation demonstrate delivery. Bell profit deterioration, below-target three-year ROIC and Industrial impairments show mixed outcomes. Execution is assessed from operating evidence, and the expected MV-75 adjustment remains prospective.","evidenceIds":["e2","e5","e9","e10","e12","e18","e24"]},{"criterion":"governance","grade":3,"rationale":"Entirely independent principal committees, annual majority-vote director elections and actual 2025 attendance support strong governance practices. 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are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/217346/000021734626000006/txt-20260103.htm","publishedAt":"2026-02-11","sha256":"e8d8d81892b531201afd06c962b922974955c4b53fd0e7aade2bd396ae420b15","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/217346/000021734626000036/txt-20260704.htm","publishedAt":"2026-07-28","sha256":"b6005ccff466f7ecc53c227c782b1d65e1a23e624a16af35e4dcd1048fcf6232","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/217346/000155278126000084/e26011_txt-def14a.htm","publishedAt":"2026-03-05","sha256":"a871e1e9d54c2e8a537131824066b0def1d9080fc4758e1f49f9679751ab87ad","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}