This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Moog Inc. derives a material portion of its revenue from the design and manufacture of specialized defense systems. According to SIPRI estimates, the company generated approximately $1.26 billion in arms revenue in 2024, representing about 38% of its total revenue. Its products are purpose-built for military applications, including weapon stores management systems for aircraft like the L3Harris Sky Warden, modular turreted weapon systems for ground vehicles, and components for missile systems.
The company's defense business is a sustained and strategic focus, evidenced by recent contracts such as a September 2025 award from Naval Supply Systems Command Weapon Systems Support. In October 2024, the U.S. Securities and Exchange Commission charged Moog with Foreign Corrupt Practices Act violations, alleging that a subsidiary used a third-party agent to make improper payments to secure defense contracts in India. The company settled the charges for approximately $1.7 million, with the SEC order noting the payments were falsely recorded as legitimate business expenses.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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