Triumph Group, Inc.: High leverage and near-term cash burn but path to a more stable business with improved cash generation over time
Our credit view of this issuer reflects an improving business profile by the de-risking of the aerospace portfolio, offset by high financial leverage and cash burn through fiscal 2023Triumph Group designs, engineers, manufactures, repairs, and overhauls a portfolio of aerospace and defense systems, components, and structures. The company provides its products and services through three segments: Triumph Integrated Systems, which is engaged in the design, development and support of proprietary components, subsystems and systems, as well as production of assemblies using external designs; Triumph Aerospace Structures, whose companies supply commercial, business, regional and military manufacturers with metallic and composite structures and produce close-tolerance parts; and Triumph Product Support, whose companies provide solutions for commercial, regional and military aircraft.
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