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    Jonathan Siegmann

    Research Analyst at Stifel Financial Corp.

    Jonathan Siegmann is Managing Director of Equity Research at Stifel Financial Corp., specializing in the aerospace and defense sector. He covers leading aerospace and defense companies, drawing on a track record that includes managing Fidelity's Select Defense & Aerospace fund (FSDAX) from 2015 to 2021 and guiding Terran Orbital Corporation through its sale to Lockheed Martin. Siegmann joined Stifel in 2025, after nearly 15 years at Fidelity Investments and serving as Senior Vice President of Corporate Development at Terran Orbital. He holds a BS from Rensselaer Polytechnic Institute, an MBA from NYU Stern, and is a CFA charterholder.

    Jonathan Siegmann's questions to TAT TECHNOLOGIES (TATT) leadership

    Jonathan Siegmann's questions to TAT TECHNOLOGIES (TATT) leadership • Q2 2025

    Question

    Jonathan Siegmann of Stifel Institutional inquired about the drivers of the sequential margin improvement and asked for confirmation on the recent strengthening in the freight end market.

    Answer

    CEO & President Igal Zamir attributed the consistent margin improvement to long-term strategic initiatives focused on operational efficiency, automation, workforce productivity, and disciplined cost management, rather than any one-off benefits. He confirmed that the freight end market, which had previously shown concern over tariffs, is now strengthening, leading to increased MRO intake from cargo carriers.

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    Jonathan Siegmann's questions to KRATOS DEFENSE & SECURITY SOLUTIONS (KTOS) leadership

    Jonathan Siegmann's questions to KRATOS DEFENSE & SECURITY SOLUTIONS (KTOS) leadership • Q2 2025

    Question

    Jonathan Siegmann of Stifel asked for confirmation on the relevance of recent legislative funding, the connection between the Prometheus JV and Israeli defense needs, and the potential to accelerate Prometheus's capacity.

    Answer

    CEO Eric DeMarco confirmed the direct relevance of funding for low-cost cruise missiles and solid rocket motors, linking it to Kratos's engine business. He affirmed the Prometheus JV is directly relevant to Israel's needs, with demand for tens of thousands of motors. While acceleration is limited, he highlighted a significant opportunity to expand the JV into a merchant supplier for other primes.

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    Jonathan Siegmann's questions to CACI INTERNATIONAL INC /DE/ (CACI) leadership

    Jonathan Siegmann's questions to CACI INTERNATIONAL INC /DE/ (CACI) leadership • Q4 2025

    Question

    Jonathan Siegmann of Stifel inquired about the tangible impact and timing of the DoD's software acquisition directive and the Army's system consolidation initiative, asking if benefits could be seen this year and if similar consolidation is expected in other military branches.

    Answer

    President and CEO John Mengucci expressed strong support for the government's focus on software, stating it is central to CACI's growth model in both enterprise and mission systems. He emphasized that CACI's approach is to develop software to support the mission, positioning the company well for consolidation efforts that seek efficiency and speed. He believes these trends will drive more software solutions across government.

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    Jonathan Siegmann's questions to PARSONS (PSN) leadership

    Jonathan Siegmann's questions to PARSONS (PSN) leadership • Q2 2025

    Question

    Jonathan Siegmann of Stifel sought to reconcile the seemingly contradictory trends of a sequentially lower backlog in Federal Solutions with the company's high growth expectations for the second half.

    Answer

    CFO Matt Ophelis confirmed that looking at metrics like Remaining Performance Obligations (RPO) and funded backlog provides the correct view of the business's strength over the next 12-18 months, which underpins their confidence in the growth ramp. CEO Cary Smith reinforced this by noting that funded backlog is up 14% year-over-year, indicating strong near-term visibility.

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    Jonathan Siegmann's questions to Leidos Holdings (LDOS) leadership

    Jonathan Siegmann's questions to Leidos Holdings (LDOS) leadership • Q2 2025

    Question

    Jonathan Siegmann from Stifel asked about the opportunities for organic investment, particularly in the maritime space, given the strong demand signals from recent government funding initiatives.

    Answer

    CEO Thomas Bell confirmed excitement for organic investment opportunities aligned with the 'One Big Beautiful Bill,' including FAA modernization and border security. For maritime, he clarified that Leidos will leverage its autonomous vessel expertise by partnering with existing shipyards rather than entering the shipbuilding business itself. CFO Chris Cage noted that investments are being made in a capital-light manner, such as upgrading the Huntsville campus to increase product throughput.

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    Jonathan Siegmann's questions to Booz Allen Hamilton Holding (BAH) leadership

    Jonathan Siegmann's questions to Booz Allen Hamilton Holding (BAH) leadership • Q1 2026

    Question

    Jonathan Siegmann of Stifel asked for Booz Allen's perspective on recent directives to change software acquisition and streamline the FAR. He also inquired about what aspects of this new procurement environment the company finds most exciting for its long-term prospects.

    Answer

    CEO Horacio Rozanski responded enthusiastically, stating that a rewrite of the FAR is overdue and would allow the entire industry to operate more efficiently. He highlighted that executive orders accelerating the use of technology, especially AI, are fundamental for national competitiveness and create significant opportunities for Booz Allen. Rozanski concluded that the push to deploy technology faster while removing barriers is what excites the company most and offers the most medium-term upside.

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    Jonathan Siegmann's questions to TELEDYNE TECHNOLOGIES (TDY) leadership

    Jonathan Siegmann's questions to TELEDYNE TECHNOLOGIES (TDY) leadership • Q2 2025

    Question

    Jonathan Siegmann asked about Teledyne's product relevance to the 'Golden Dome' defense initiative and the potential size of the opportunity. He also questioned if the increased share buyback authorization indicates a slowing M&A pipeline or a view that the stock is undervalued.

    Answer

    CEO George Bobb and Executive Chairman Robert Mehrabian confirmed Teledyne is well-positioned for 'Golden Dome' due to its strength in space-based imaging and electronic subsystems. Regarding the buyback, Mehrabian explained it provides optionality, as M&A pricing is currently 'insane.' The company will be selective with acquisitions and may repurchase stock if it offers better value, supported by a low 1.6x debt-to-EBITDA ratio.

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    Jonathan Siegmann's questions to TELEDYNE TECHNOLOGIES (TDY) leadership • Q2 2025

    Question

    Jonathan Siegmann inquired about Teledyne's potential role in the 'Golden Dome' defense initiative and asked if the increased share buyback authorization indicates a slowing M&A pipeline or a view that the stock is undervalued.

    Answer

    President & CEO George Bobb and Executive Chairman Robert Mehrabian stated that Teledyne is well-positioned for 'Golden Dome' due to its extensive portfolio of space-based imaging and electronic subsystems. Regarding capital allocation, Mehrabian explained the buyback provides optionality, as M&A valuations are currently 'insane.' They will remain on the sidelines for large deals until pricing moderates, viewing their own stock as a potential better value.

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    Jonathan Siegmann's questions to TELEDYNE TECHNOLOGIES (TDY) leadership • Q2 2025

    Question

    Jonathan Siegmann asked about Teledyne's role and potential opportunity in the 'Golden Dome' defense initiative. He also questioned if the increased share buyback authorization indicates a slowing M&A pipeline or a view that the stock is undervalued.

    Answer

    CEO George Bobb and Executive Chairman Robert Mehrabian stated Teledyne is well-positioned for Golden Dome due to its strength in space-based imaging and electronics. On capital allocation, Mehrabian explained the buyback offers optionality, as M&A pricing is currently 'insane.' The company will remain disciplined and may repurchase shares if they offer the best value.

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    Jonathan Siegmann's questions to AeroVironment (AVAV) leadership

    Jonathan Siegmann's questions to AeroVironment (AVAV) leadership • Q4 2025

    Question

    Jonathan Siegmann of Stifel asked about booking trends at BlueHalo since the acquisition announcement and whether its new segment could keep pace with the Autonomous Systems segment on bookings. He also asked if the higher CapEx plans were a recent acceleration.

    Answer

    CEO Wahid Nawabi expressed strong confidence in BlueHalo's booking ability, highlighting large strategic opportunities in space and directed energy. He confirmed that the increased CapEx plans have already been initiated to scale capacity for high-growth areas across the combined company. Following the question, CFO Kevin McDonnell clarified that the expiration of the JUONS contract vehicle, as Switchblade purchasing moved to PEO Soldier, was the reason for the large drop in unfunded backlog.

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