Woodward, Inc. (WWD)

The product controls how much fuel reaches the combustion chamber and drives engine components. It is developed alongside the engine and written into its certificate — changing supplier means recertifying the system, which is almost never done.

Revenue follows fleet flight hours rather than new aircraft production alone: the more flying, the more frequent the servicing and replacement. The second half is industrial: systems for gas turbines and large engines, demand for which is lifted by data centres and backup generation. Risks: airframe assembly schedules and the industrial cycle. The dividend is small.