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FEI Announces Record Backlog and Ambitious 2029 Margin Targets

Jul 15, 2026, 4:04 PM EDT2 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Backlog expansion and explicit margin targets imply higher future profitability and potential multiple expansion, especially if cash generation returns in 2027 and the company executes its high-rate production shift.

AI summary

What happened, with direct paths to the underlying reporting

Frequency Electronics (FEIM) announced a record funded backlog of $111 million, up 34% sequentially and 59% year-over-year, giving strong visibility into future growth. It set a three-year plan to reach 50% gross margin and 30% operating margin by 2029 and reaffirmed a $150 million revenue target by 2029, supported by higher-volume production and selective restructuring. The company expects to resume robust cash generation in 2027 as backlog-driven demand expands.

FEI reports record backlog of $111M, up 34% sequential and 59% YoY.
Establishes three-year targets: gross margin 50%, operating margin 30% by 2029.
Reaffirms revenue target of at least $150M by 2029 (34% CAGR).
Front-loads investments and restructures FEI-Elcom; $3.8M inventory write-down; ~$9.3M future tax benefits.
Anticipates returning to cash generation in fiscal 2027 as backlog supports growth.

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FEI Announces Record Backlog and Ambitious 2029 Margin Targets

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