Auto Drivetrain is your margin leader across every segment — 42–44%, roughly 6–10 pp above Aero and Energy/Oilfield. The Monterrey ramp is doing exactly what it was supposed to; that plant-mix shift is showing up in the numbers.

Aero Components × OEM is the biggest watch cell. At 34.3% it's the lowest margin in the entire matrix and by far your most concentrated cell at 2,375 lines. Falcon Dynamics drives the majority of that volume — it's worth a deeper look at whether the pricing structure on that book reflects its current scale.

Energy/Oilfield End-users (34.5%) are structurally soft, consistent with the demand story you know — but this cell has 1,451 lines, meaning a 1 pp margin recovery here is worth more dollars than almost anywhere else.

Distributors consistently command a small margin premium over OEM and End-users in three of four families — likely a mix of smaller order sizes and less pricing leverage on their side.

Across the full Aero × OEM peer band, the median realized margin is 36.5%. Two accounts sit clearly below it — and both are small books, under $3M combined:

The bigger story is right on the line. Falcon Dynamics and Boreal Aerospace are only ~2.6 pp under the median, yet together they carry $45M in revenue. A small pricing correction there is worth far more than fixing the two reds.

A few angles worth investigating:

• Falcon Dynamics ramped from zero in May 2024 — introductory pricing may still be locked in now that it's a ~$30M account.
• Apex and GlobalMotive are non-aerospace names buying Aero Components — worth verifying they're priced for the product family, not buying lower-spec items.