RE: What's missing?Their total debt is large, but it is going down, and as you point out revenues are going up and with the kind of customers they have, I doubt that much of the receivables are bad debt.
What I think is interesting about this company, is that their real value proposition is not really "stuff" but expertise. You go to them to buy the tricky bits that have to be done right. And they are consciously positioning themselves to leverage their transferable skills across industries. In the long term, they may not be as hampered by the fortunes of the aerospace industry as it initially appears. I don't know this company well, but from what I can see from the outside, I like it a lot.