Taylor Devices Stock: Record Backlog & Shifting Revenue Mix Create Further Upside (TAYD)

user_with_dslr/iStock via Getty Images Investment Thesis Taylor Devices (NASDAQ:TAYD) designs and manufactures shock absorption, rate control, and energy storage products for a wide array of industries. Recently, the company’s Aerospace & Defense (A&D) revenue has been its largest and fastest growing category thanks to several industry tailwinds. A growing portion of A&D revenues is favorable to TAYD as the category has proven to be more stable during cyclical downturns in the past. Additionally, the company posted record revenues and backlog in Q2 FY24 in large part due to leadership’s investment in product development. Taylor Devices has also widened margins down…