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    Michael Leshock

    Vice President and Equity Research Analyst at KeyBanc Capital Markets

    Michael Leshock is a Vice President and Equity Research Analyst at KeyBanc Capital Markets, specializing in the Aerospace and Defense sector with coverage of companies such as AAR Corp., HEICO Corporation, Rocket Lab USA, Spirit AeroSystems, TransDigm Group, Virgin Galactic, and Voyager Technologies. With a proven performance record, Leshock holds a 68% success rate and an average return per rating of 57.1%, including standout calls like a 398.7% return on Rocket Lab within one year. He began his career as a Research Associate at Northcoast Research before joining KeyBanc Capital Markets in 2018, initially on the Metals & Mining team before advancing to his current role. Leshock holds a Bachelor of Science in Business Administration (Finance) from Miami University and is FINRA-registered with Series 7, 63, 86, and 87 licenses.

    Michael Leshock's questions to Rocket Lab (RKLB) leadership

    Michael Leshock's questions to Rocket Lab (RKLB) leadership • Q2 2025

    Question

    Michael Leshock asked for an update on the performance of the Archimedes engine for Neutron and inquired about the long-term strategy and timeline for a potential Rocket Lab-owned satellite constellation.

    Answer

    Founder and CEO Sir Peter Beck stated that while the basic performance of the Archimedes engine is strong, the main challenge is qualifying it for a wide range of operating conditions required for reuse, including re-entry and landing burns. Regarding a proprietary constellation, he confirmed the company's ambition but emphasized that the primary focus remains on completing the Neutron rocket to avoid 'entrepreneurial drift,' positioning a constellation as a post-Neutron opportunity.

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    Michael Leshock's questions to Rocket Lab (RKLB) leadership • Q1 2025

    Question

    Michael Leshock inquired about how Rocket Lab prioritizes building government constellations versus its own, and asked about the target burn duration for the Archimedes engine versus current test durations.

    Answer

    CEO Peter Beck explained that the company balances these opportunities with the primary goal of building a large, profitable business, and will not commit to a massive internal constellation project at the expense of the company's security. Regarding Archimedes, he stated that a full-duration burn is around 5 minutes, but the team's focus is on testing challenging start-up, shutdown, and reignition transients under various conditions, as steady-state burns offer less learning value.

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    Michael Leshock's questions to Rocket Lab (RKLB) leadership • Q4 2024

    Question

    Michael Leshock from KeyBanc Capital Markets inquired about technical changes to the Archimedes engine since its initial testing and the long-term strategy for Electron's launch cadence.

    Answer

    CEO Sir Peter Beck reported that the Archimedes engine is undergoing a rigorous qualification campaign, with recent changes focused on improving producibility and reducing mass. Regarding Electron, he stated the goal is to conduct as many launches as possible, driven by consistently growing year-over-year market demand.

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    Michael Leshock's questions to Rocket Lab (RKLB) leadership • Q3 2024

    Question

    Michael Leshock asked for an update on Rocket Lab's M&A pipeline and its organic growth initiatives, such as the expansion of clean room capacity.

    Answer

    CEO Peter Beck noted that organic product development is continuous, with products announced once they are complete. CFO Adam Spice elaborated on the M&A strategy, stating they remain selective and disciplined. He identified satellite payloads as the most significant remaining gap in their vertically integrated Space Systems portfolio, suggesting that future acquisitions in this area would be strategic and could signal the company's direction for its own space applications.

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    Michael Leshock's questions to Virgin Galactic Holdings (SPCE) leadership

    Michael Leshock's questions to Virgin Galactic Holdings (SPCE) leadership • Q2 2025

    Question

    Michael Leshock from KeyBanc Capital Markets asked about the potential timing for an Italian spaceport, specifically what milestones must be achieved with the existing fleet before construction would begin. He also inquired about the expected cadence of quarterly spending in 2026, asking if it would decline gradually or in a large step-down.

    Answer

    CEO Michael Colglazier stated that the primary focus is achieving cash-positive operations at Spaceport America first. He estimated that after the LVX launch vehicle program delivers new ships around 2029, the company would have the capacity to begin building for an Italian spaceport around 2030. CFO Doug Ahrens confirmed that the spending decline in 2026 will be a gradual, continued trend rather than a large step-down, until commercial service begins and flips cash flow positive.

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    Michael Leshock's questions to Virgin Galactic Holdings (SPCE) leadership • Q4 2024

    Question

    Michael Leshock inquired about technical changes to the Delta-class rocket motor, the potential for a higher mix of research flights to accelerate profitability, and the long-term commercial research market opportunity following the Redwire announcement.

    Answer

    President of Spaceline Mike Moses clarified that the rocket motor's performance is unchanged from Unity, but the oxidizer tank was redesigned for a much longer lifespan. CEO Michael Colglazier explained that the Delta fleet's capacity allows for a mix of both private astronaut flights to clear the backlog and high-margin research flights. Both executives highlighted the growing research market, emphasizing the value of human-tended experiments as a testbed for longer-duration space missions.

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    Michael Leshock's questions to Virgin Galactic Holdings (SPCE) leadership • Q4 2024

    Question

    Inquired about design changes to the Delta class rocket motor, the strategy for mixing research and private astronaut flights to optimize margins, and the long-term outlook for the commercial research market, referencing the Redwire announcement.

    Answer

    The rocket motor itself is unchanged from Unity, but the propellant tank has been redesigned for a much longer lifespan. The company will fly a mix of research and private astronaut flights, as the high capacity of Delta ships allows for both. The commercial research market is seen as a significant opportunity, particularly for human-tended research, and Virgin Galactic's platform serves as a valuable testbed for longer-duration space missions.

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    Michael Leshock's questions to Virgin Galactic Holdings (SPCE) leadership • Q3 2024

    Question

    Asked for clarification on the 2024 cash burn, questioning if the lower figure was due to spending shifts or cost savings, and how the Delta Class program is tracking against its budget. He also inquired about labor availability at the Arizona facility.

    Answer

    Doug Ahrens attributed the lower cash burn to active spending management and confirmed the Delta program is tracking well against its budget. Michael Colglazier explained that hiring needs in Phoenix are modest for now because experienced staff from New Mexico will temporarily relocate to lead assembly. He expressed confidence in the Phoenix labor market for future hiring.

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    Michael Leshock's questions to Voyager Technologies, Inc./DE (VOYG) leadership

    Michael Leshock's questions to Voyager Technologies, Inc./DE (VOYG) leadership • Q2 2025

    Question

    Michael Leshock of KeyBanc Capital Markets Inc. inquired about international growth opportunities from increased European defense spending and whether current ISS partners might seek alternatives to the eventual CLD contract winner.

    Answer

    CEO Dylan Taylor highlighted the strategic partnership with Airbus as a key channel to capture increased European defense spending, positioning Voyager as an innovation partner. Regarding Starlab, he expressed confidence that international partners would not build their own stations and see Starlab as the premier international option. He envisions a future LEO economy with multiple stations differentiated by function (e.g., science, manufacturing) rather than by geography.

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    Michael Leshock's questions to AAR (AIR) leadership

    Michael Leshock's questions to AAR (AIR) leadership • Q4 2025

    Question

    Michael Leshock of KeyBanc Capital Markets inquired about the long-term vision for the USM business as a percentage of total sales and asked for more detail on the scale of the new Delta agreement for the Trax software solution.

    Answer

    CEO John Holmes explained that AAR is strategically reducing USM's mix as a percentage of sales to focus on areas with more consistent growth, like new parts distribution. Regarding the Trax-Delta deal, he noted it is a multi-year implementation but also highlighted significant revenue upside from upgrading the existing Trax customer base to new, higher-priced offerings, which can increase license fees by four or five times.

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    Michael Leshock's questions to AAR (AIR) leadership • Q4 2025

    Question

    Michael Leshock from KeyBanc Capital Markets questioned the long-term vision for the USM business as a percentage of total sales and asked for a way to frame the size and significance of the new Trax agreement with Delta Airlines.

    Answer

    CEO John Holmes explained that AAR is strategically reducing the USM business as a percentage of the total portfolio to focus on areas with more consistent growth, like new parts distribution. Regarding the Delta deal, Holmes described it as a multi-year implementation that will be a meaningful single-customer addition to Trax's revenue, while also highlighting the significant revenue upside from upgrading the existing Trax customer base to new software suites.

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    Michael Leshock's questions to AAR (AIR) leadership • Q3 2025

    Question

    Michael Leshock asked for details on efficiency improvements and throughput gains in the MRO facilities and requested an update on the progress of defense opportunities, particularly with the DOGE commission.

    Answer

    CEO John Holmes stated that MRO hangars have seen substantial margin gains from increased throughput, driven by initiatives like the paperless hangar rollout, with more improvements expected. Regarding defense, he noted that while USM sales to the government have not yet seen a notable increase, he is hopeful that the DOGE commission could be a catalyst for significant uptake, representing pure upside to current results.

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    Michael Leshock's questions to HAYN leadership

    Michael Leshock's questions to HAYN leadership • Q4 2023

    Question

    Sought details on the specific asset involved in the unplanned Kokomo outage, the potential of the cold-finished flats business, activity related to the 777X program, and the sustainability of strong pricing in the 'other markets' segment.

    Answer

    The company identified the specific furnace that had issues in September but is now running well. The cold-finished flats business was impacted on margin, but reliability upgrades should help restore shipment volumes. The 777X program is a slow start but provides strategic exposure. Pricing in 'other markets' is benefiting from mix management but is variable and the recent high average selling price may not be sustainable at that exact level.

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