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Space Letter International Volume 3: Aerojet Rocketdyne: Financial Update and United States Anti-Ballistic Missile Markets Analysis Including Ground-Based Midcourse Defense, Aegis Ballistic Missile Defense, Patriot Advanced Capability-3,

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Space Letter International Volume 3: Aerojet Rocketdyne: Financial Update and United States Anti-Ballistic Missile Markets Analysis Including Ground-Based Midcourse Defense, Aegis Ballistic Missile Defense, Patriot Advanced Capability-3,
Published: September 3, 2020 Content info: 219 Pages
Description

Title:
Space Letter International Volume 3
Aerojet Rocketdyne: Financial Update and United States Anti-Ballistic Missile Markets Analysis Including Ground-Based Midcourse Defense, Aegis Ballistic Missile Defense, Patriot Advanced Capability-3, Terminal High Altitude Area Defense, Space-Based Homeland Defense.

With estimated 2020 revenue of $2 billion, and approximately 5,000 employees, Aerojet Rocketdyne barely makes it into the ranks of America's top-fifty military contractors as calculated by Defense News. However, the big Defense players like Lockheed Martin, Boeing and Raytheon would be hamstrung if Aerojet Rocketdyne's products became unavailable. The reason is that Aerojet Rocketdyne specializes in rocket, missile and space systems propulsion, an industry in which sector consolidation has left only two major domestic sources (the other being Northrop Grumman).

Volume 3 of Space Letter International provides an update on Aerojet Rocketdyne's financial performance through the second quarter of 2020, a detailed look at the company's operations and an in-depth analysis of one of its major end-use markets: Anti-Ballistic Missile (ABM) systems including Ground-Based Midcourse Defense (GMD), Aegis Ballistic Missile Defense, Patriot Advanced Capbility-3 (PAC-3) Terminal High Altitude Defense (THAAD), and soon, Space-based Defense systems.

Volume 3 is intended for those interested in defense and military space technologies, defense and commercial space-related markets, propulsion systems providers, and military space activities. This includes senior executives, CIO's, CTO's, as well as financial institutions and management consultants.

With estimated 2020 revenue of $2 billion, and approximately 5,000 employees, Aerojet Rocketdyne barely makes it into the ranks of America's top-fifty military contractors as calculated by Defense News. However, the big Defense players like Lockheed Martin, Boeing and Raytheon would be hamstrung if Aerojet Rocketdyne's products became unavailable. The reason is that Aerojet Rocketdyne specializes in rocket, missile and space systems propulsion, an industry in which sector consolidation has left only two major domestic sources (the other being Northrop Grumman).

Volume 3 of Space Letter International provides an update on Aerojet Rocketdyne's financial performance through the second quarter of 2020, a detailed look at the company's operations and an in-depth analysis of one of its major end-use markets: Anti-Ballistic Missile (ABM) systems including Ground-Based Midcourse Defense (GMD), Aegis Ballistic Missile Defense, Patriot Advanced Capbility-3 (PAC-3) Terminal High Altitude Defense (THAAD), and soon, Space-based Defense systems.

Volume 3 is intended for those interested in defense and military space technologies, defense and commercial space-related markets, propulsion systems providers, and military space activities. This includes senior executives, CIO's, CTO's, as well as financial institutions and management consultants.

Table of Contents

TABLE OF CONTENTS

INTRODUCTION

  • Methodology and Sources
  • Statistical Notes

EXECUTIVE SUMMARY

AEROJET ROCKETDYNE HOLDINGS INC.

  • Company Overview
  • Segments
  • Aerospace and Defense
  • Stock Snapshot
  • Investment Takeaways
  • Q2 2020 Financial Overview
  • First Half 2020 vs. First Half of 2019
  • Backlog
  • COVID-19
  • Income Statement
  • Balance Sheet
  • Cash Flows
  • Capitalization
  • Stock Performance
  • Stock Price Outlook
  • Customers
  • Largest Customers
  • Competition
  • Products
  • Programs
  • Largest Programs
  • Rocket Engines
  • National Security Space Launches

U.S. ANTI-BALLISTIC MISSILE DEFENSE SYSTEMS MARKETS

  • ABM Defense Systems Market Size
  • MDA vs. Space Force
  • ABM Market by Segment
  • Hypersonic Weapons
  • Competitive Environment

BALLSTIC MISSILE DEFENSE SYSTEMS

  • Air and Missile Threats
  • Ballistic Missiles
  • Origins
  • Ballistic Missile Types
  • Ballistic Missile Threats
  • North Korea
  • Iran
  • China
  • Star Wars
  • Missile Defense Agency
  • Ballistic Missile Defense
  • BMDS
  • Mission
  • BMDS Elements
  • Acquisition Policies
  • ABM Treaty
  • Ground-Based Midcourse Defense (GMD)
  • Aegis BMD
  • Terminal High Altitude Area Defense (THAAD)
  • Patriot Advanced Capability-3 (PAC-3)
  • USSTRATCOM
  • Foreign BMD Participation
  • European Phased Adaptive Approach (EPAA)
  • Other Regional BMD Cooperative Efforts
  • Cooperation with Israel
  • Legislative Issues
  • BMD Major Contractors

MISSILE DEFENSE BUDGET

  • FY21 Developments
  • DOD Mission
  • DOD Budget
  • Missile Defeat and Defense Budget
  • Missile Defense Agency

GROUND-BASED MIDCOURSE DEFENSE

  • Background
  • GMD Overview
  • Mission
  • Administration
  • Development Cost
  • Fielded Inventory
  • GMD System Operation
  • Deployed GMD Systems
  • Flight Tests
  • Interceptor Costs
  • EKV
  • Redesigned Kill Vehicle
  • Sensors and Radars
  • SSPARS
  • Enhanced Capability
  • Next Generation Interceptor
  • NGI Price
  • NGI Deployment
  • NGI Budget
  • NGI Contractors
  • GMD Budget
  • Major Contractors
  • Contracts

AEGIS BALLISTIC MISSILE DEFENSE

  • Aegis Overview
  • Aegis System
  • Mission
  • Aegis Budget
  • Aegis Ships
  • Ticonderoga (CG-47) Class Aegis Cruisers
  • Arleigh Burke (DDG-51) Class Aegis Destroyers
  • Aegis Ships in Allied Navies
  • Aegis BMD System
  • Aegis BMD System Versions and Capabilities
  • Aegis BMD Interceptor Missiles
  • SM-3 Midcourse Interceptor
  • LEAP
  • SM-3 Variants
  • MK 72 Booster
  • SM-3 Deployment
  • SM-2 and SM-6 Terminal Interceptors
  • SM-6
  • European Phased Adaptive Approach
  • Aegis Capable Ships
  • Aegis Destroyers in Spain
  • Development Philosophy
  • Allied Aegis Programs
  • Japan
  • South Korea
  • Other Countries
  • Aegis Procurement and R&D Funding
  • Aegis BMD Flight Tests
  • SM-3 Missile Price
  • Major Contractors
  • 2019 Contracts
  • 2020 Contracts

PATRIOT ADVANCED CAPABILITY-3

  • PAC-3 System
  • Mission
  • Multi-Domain Operations
  • Patriot
  • Configuration
  • Patriot PAC-1
  • Patriot PAC-2
  • Patriot PAC-3
  • Missile Segment Enhancement
  • AN/MSQ-104 ECS
  • AN/MPQ-53/65
  • Foreign Purchases
  • Intercept Record
  • Integrated Battle Command System
  • Compatibility
  • MEADS
  • Major Contractors
  • 2019 Contracts
  • 2020 Contracts

TERMINAL HIGH ALTITUDE AREA DEFENSE

  • THAAD System
  • Mission
  • Regional Missile Defense
  • Terminal High Altitude Area Defense Issues
  • THAAD Budget
  • THAAD Variant for Hypersonic Interceptors
  • Major Contractors
  • 2019 Contracts
  • 2020 Contracts

SPACE-BASED HOMELAND DEFENSE

  • Importance of Space
  • Space-Based Budget
  • Current United States Homeland Defense
  • Space-Based Sensors
  • Defense Support Program
  • Space-Based Infrared System
  • Next Generation Overhead Persistent Infrared
  • Program Background and Expected Results
  • Program Timeline
  • Key Elements of Program Business Case
  • Critical Technologies
  • Software Development and Cybersecurity
  • Other Program Issues
  • Risks
  • Space Modernization Initiative
  • Program Elements
  • Ground
  • FORGE
  • Blocks
  • Space & Missile Systems Center
  • Next-Gen OPIR Budget
  • Contractors
  • Space Tracking and Surveillance System
  • Near Field Infrared Experiment
  • Space-Based Kill Assessment
  • Precision Tracking Space System
  • Hypersonic and Ballistic Tracking Space Sensor
  • Space Development Agency
  • Missile Tracking Layer
  • HBTSS Current Developments
  • Strategic Implications
  • HBTSS Timeline
  • Directed Energy Weapons
  • UAV Laser Benefits
  • UV Laser Limitations
  • U.S. Companies Activities
  • Northrup Grumman

APPENDIX 1: Ground-Based Midcourse Defense Contract Details: 2019

APPENDIX 2: Aegis Ballistic Missile Defense Contract Details: 2019

APPENDIX 3: Patriot Advanced Capability-3 Contract Details: 2019

APPENDIX 4: Terminal High Altitude Area Defense Contract Details: 2019

TABLES

  • 1.) Aerojet Rocketdyne Stock Snapshot: August, 2020
  • 2.) Aerojet Rocketdyne Financial Overview ($ Million, EPS in $): Three and Six Months Ended June 30, 2020 and 2019
  • 3.) Aerojet Rocketdyne Income Statement ($ Million, EPS in $): First Quarter 2020 vs. 1 Quarter 2019
  • 4.) Aerojet Rocketdyne Backlog ($ Billion): 2019-2020
  • 5.) Aerojet Rocketdyne Income Statement ($ Million): 2018-2021
  • 6.) Aerojet Rocketdyne Balance Sheet ($ Million): 2019-2020
  • 7.) Aerojet Rocketdyne Cash Flows ($ Million): 2019-2020
  • 8.) Aerojet Rocketdyne Capitalization ($ Million): August, 2020
  • 9.) Aerojet Rocketdyne Capitalization ($ Million): 2015-2020
  • 10.) Aerojet Rocketdyne Stock Performance: 2019-2020
  • 11.) Aerojet Rocketdyne Earnings Per Share ($): 2018-2022
  • 12.) Aerojet Rocketdyne Revenues by Government Organization (%): 2019
  • 13.) Aerojet Rocketdyne Sales by Largest Customers (%): 2017-2019
  • 14.) Primary Participants in the Rocket Propulsion Market: 2020
  • 15.) Aerojet Rocketdyne Revenue by Program ($ Million) and Growth Rate (%): 2017-2021
  • 16.) Aerojet Rocketdyne Revenue by Largest Programs ($ Million) and Growth Rate (%): 2017-2021
  • 17.) Aerojet Rocketdyne Engines in Production: 2020
  • 18.) U.S. Anti-Ballistic Missile Defense Systems Market, Missile Defense Agency vs. Space Force: ($ Billion): 2019-2025
  • 19.) U.S. Anti-Ballistic Missile Defense Market by Weapon System: ($ Million): 2019-2021
  • 20.) U.S. Missile Defeat and Hypersonic Strike Budget: ($ Million): 2019-2025
  • 21.) U.S Hypersonic Weapons Revenue by Contractor: ($ Million): 2018-2020
  • 22.) U.S. Department of Defense Hypersonic Weapons Programs Funding by Title ($ Million): 2020-2021
  • 23.) U.S. Anti-Ballistic Missile Defense Systems Market by Company Sales and Market Shares: ($): 2019-2021
  • 24.) Ballistic Missile Defense System Elements
  • 25.) U.S. Ballistic Missile Defenses: 2020
  • 26.) U.S. Department of Defense Budget by Category ($ Billion): 2018-2021
  • 27.) U.S. GDP ($ Billion): 2018-2021
  • 28.) U.S. Department of Defense Missile Defense and Defeat Budget ($ Billion): 2021
  • 29.) U.S. Missile Defense Agency Appropriations by Then-Year and 2021 Dollars ($ Billion): 2021
  • 30.) U.S. Missile Defense Agency Appropriations Requests by Operations/Maintenance, Procurement, RDT&E, and MILCON by Programs ($ Million): FY2021
  • 31.) U.S. Non-Missile Defense Agency Appropriations Requests by Air Force/Space Force, Army, Navy/Marine Corps, SDA, Missile Defeat & Hypersonic Strike by Programs ($ Million): FY2021
  • 32.) GMD Contracts Given by Company, Contract Value ($), Contracting Activity and Date: 2019
  • 33.) Capabilities of Aegis BMD System Variants
  • 34.) SM 6 Requested and Programmed Procurement ($ Million: FY2020-FY2025
  • 35.) MDA Procurement and R&D Funding for Aegis BMD Efforts: 2021-2025
  • 36.) Aegis Contracts Given by Company, Contract Value ($), Contracting Activity and Date: 2019
  • 37.) Army Modernization Funding by Priority ($ Billion): 2019-2020
  • 38.) PAC-3 Contracts Given by Company, Contract Value ($), Contracting Activity and Date: 2019
  • 39.) THAAD Contracts Given by Company, Contract Value ($), Contracting Activity and Date: 2019
  • 40.) Next-Gen OPIR Program Essentials
  • 41.) Attainment of Middle-Tier Acquisition Knowledge: 2020
  • 42.) Next-Gen OPIR Development Schedule by Year: 2018-2025
  • 43.) Next-Gen OPIR Program Costs by Element ($ Thousand) and Growth Rate (%): 2018-2025
  • 44.) Next-Gen OPIR Program Contracts by Company ($ Thousand): FY2021

FIGURES

  • 1.) Aerojet Rocketdyne Stock Chart: 2015-2020
  • 2.) Vulcan Centaur and Aerojet Rocketdyne RL10 Engines Schematic
  • 3.) Ballistic Missile Ranges
  • 4.) Current and Future Potential Adversary Offensive Missile Capabilities
  • 5.) North Korea Ballistic Missiles
  • 6.) Iran Ballistic Missiles
  • 7.) Ballistic Missile Defense Architecture
  • 8.) U.S. Homeland Command and Control, Battle Management and Communications (C2BMC): 2020
  • 9.) U.S. Homeland Missile Defense Growth: 2018-2030
  • 10.) DOD Outlays as a Percent of Gross Domestic Product: 1953-2025
  • 11.) U.S. Missile Defense Appropriations by Budget Categories (Billion 2021 $): 2016-2025
  • 12.) Ground-Based Interceptor Being Loaded into Its Silo: 2004
  • 13.) Ground-Based Midcourse Defense Interceptor Schematic
  • 14.) Ground-Based Midcourse Defense Interceptor Launch
  • 15.) Ground-Based Midcourse Defense System
  • 16.) Construction of Missile Field 4 at Fort Greely, Alaska
  • 17.) SSPARS Radar
  • 18.) GMD Program by Element (2021 $ Billion): 2016-2025
  • 19.) GMD Silos and Silo Interface Vaults Being Shipped by Barge and Truck to Fort Greely, Alaska
  • 20.) Aegis BMD SM-3 Evolution
  • 21.) Standard Missile -3 Block IB Launch from USS DONALD COOK
  • 22.) SM 6 Launching from a Ship
  • 23.) Aegis Ashore and Vertical launch System
  • 24.) Patriot Missile Defense System
  • 25.) Soldiers Providing Security During THAAD Transportation Operations
  • 26.) THAAD Launch
  • 27.) U.S. Homeland Defense Architecture: 2020
  • 28.) Next Generation Overhead Persistent Infrared Geosynchronous Earth Orbiting Warning Satellite
  • 29.) Next Generation Overhead Persistent Infrared Polar Warning Satellite
  • 30.) Middle Tier of Acquisition
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