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Public Comps and Valuation Multiples for Defense Systems

Benchmark revenue and EBITDA valuation multiples for public comps like
GE Aerospace, Palantir, RTX, Boeing and Airbus.

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Defense Systems

Viewing 50 of 133 companies with full data

Company	Market Cap	Enterprise Value	LTM Revenue	EV/LTM Revenue	EV/LTM EBITDA
GE Aerospace	$356B	$365B	$43B	8.4x	34.6x
Palantir	$347B	$340B	$5B	67.7x	128.9x
RTX	$285B	$317B	$90B	3.5x	22.5x
Boeing	$174B	$199B	$91B	2.2x	32.8x
Airbus	$163B	$154B	$88B	1.8x	13.0x
Lockheed Martin	$156B	$173B	$76B	2.3x	17.6x
Rolls-Royce	$148B	$146B	$28B	5.3x	25.5x
Mitsubishi Heavy Industries	$109B	$111B	$31B	3.6x	30.3x
Northrop Grumman	$109B	$122B	$42B	2.9x	20.2x
Howmet Aerospace	$106B	$109B	$8B	12.9x	42.2x
General Dynamics	$99B	$106B	$53B	2.0x	16.6x
BAE Systems	$86B	$94B	$39B	2.4x	16.2x
Rheinmetall	$85B	$88B	$13B	7.0x	30.0x
L3Harris	$71B	$81B	$22B	3.6x	20.6x
Larsen & Toubro	$60B	$67B	$32B	2.1x	20.4x
Thales	$60B	$64B	$26B	2.5x	16.2x
Axon Enterprise	$46B	$46B	$3B	15.7x	61.5x
Hanwha Aerospace	$39B	$44B	$19B	2.3x	15.7x
Leonardo	$39B	$37B	$23B	1.6x	13.2x
Elbit Systems	$38B	$38B	$8B	4.7x	41.7x
Saab	$37B	$37B	$9B	4.1x	28.8x
Kongsberg	$36B	$35B	$6B	5.5x	33.2x
Bharat Electronics	$35B	$34B	$3B	11.3x	39.4x
ASELSAN	$32B	$33B	$5B	7.2x	27.8x
Teledyne	$32B	$34B	$6B	5.5x	22.5x
Dassault Aviation	$30B	$19B	$9B	2.2x	19.2x
Hindustan Aeronautics	$29B	$24B	$4B	6.5x	22.4x
Curtiss-Wright	$27B	$28B	$4B	7.8x	35.1x
ST Engineering	$25B	$29B	$10B	2.9x	22.9x
BWX Technologies	$20B	$21B	$3B	6.4x	36.1x
Huntington Ingalls Industries	$18B	$20B	$13B	1.6x	20.1x
Kratos Defense & Security	$15B	$15B	$1B	10.7x	116.5x
Kuang-Chi	$15B	$14B	$456M	30.8x	—
Hanwha Systems	$14B	$14B	$3B	5.7x	60.8x
Indra Sistemas	$13B	$13B	$7B	1.9x	15.5x
Leonardo DRS	$12B	$12B	$4B	3.3x	26.2x
Karman Space & Defense	$12B	$12B	$518M	23.4x	76.6x
Korea Aerospace Industries	$11B	$13B	$3B	4.6x	42.4x
Moog	$11B	$12B	$4B	2.9x	20.7x
Guide Infrared	$10B	$10B	$804M	13.0x	55.1x
AeroVironment	$10B	$11B	$2B	6.0x	41.1x
Hensoldt	$10B	$12B	$3B	3.9x	21.2x
Amentum	$7B	$11B	$14B	0.8x	10.0x
ESCO Technologies	$7B	$7B	$1B	6.3x	26.2x
LIG Nex1	$7B	$7B	$3B	2.4x	23.0x
Addsino Co.	$7B	$6B	—	—	—
CSSC Offshore & Marine	$6B	$4B	$3B	1.4x	—
AECC Aero-Engine Controls	$6B	$5B	—	—	—
Mercury Systems	$5B	$6B	$941M	6.2x	43.3x
Fincantieri	$5B	$8B	$10B	0.7x	10.2x
Bharat Dynamics	$5B	$X.XB	$452M	X.Xx	X.Xx
Avic (Chengdu) Uas	$5B	$X.XB	—	X.Xx	X.Xx
Codan	$5B	$X.XB	$538M	X.Xx	X.Xx
Jiangxi Hongdu Aviation	$4B	$X.XB	$1B	X.Xx	X.Xx
AviChina Industry & Technology	$4B	$X.XB	$15B	X.Xx	X.Xx
Shaanxi Huaqin Technology	$4B	$X.XB	$198M	X.Xx	X.Xx
QinetiQ	$4B	$X.XB	$3B	X.Xx	X.Xx
Guizhou Space Appliance	$3B	$X.XB	$896M	X.Xx	X.Xx
Aerospace CH UAV	$3B	$X.XB	$600M	X.Xx	X.Xx
Triangle Defense Co.	$3B	$X.XB	$304M	X.Xx	X.Xx
Astronics	$3B	$X.XB	$885M	X.Xx	X.Xx
Theon	$3B	$X.XB	$541M	X.Xx	X.Xx
Exail Technologies	$3B	$X.XB	$569M	X.Xx	X.Xx
Hwa Create	$3B	$X.XB	—	X.Xx	X.Xx
Droneshield	$2B	$X.XB	$167M	X.Xx	X.Xx
Colt CZ Group	$2B	$X.XB	$1B	X.Xx	X.Xx
V2X	$2B	$X.XB	$5B	X.Xx	X.Xx
Beijing Beimo High Tech	$2B	$X.XB	$137M	X.Xx	X.Xx
Jiangxi Guoke Defence Group	$2B	$X.XB	$192M	X.Xx	X.Xx
Data Patterns (India)	$2B	$X.XB	$102M	X.Xx	X.Xx
Ducommun	$2B	$X.XB	$835M	X.Xx	X.Xx
Chemring Group	$2B	$X.XB	$685M	X.Xx	X.Xx
Cadre Holdings	$2B	$X.XB	$637M	X.Xx	X.Xx
Red Cat Holdings	$2B	$X.XB	$59M	X.Xx	X.Xx
Voyager Technologies	$2B	$X.XB	$181M	X.Xx	X.Xx
Aerospace Industrial Development	$2B	$X.XB	$1B	X.Xx	X.Xx
Austal	$2B	$X.XB	$1B	X.Xx	X.Xx
Shaanxi Zhongtian Rocket	$2B	$X.XB	—	X.Xx	X.Xx
Heckler & Koch	$2B	$X.XB	—	X.Xx	X.Xx
Jiangxi Xinyu Guoke Tech	$1B	$X.XB	—	X.Xx	X.Xx
Zen Technologies	$1B	$X.XB	$84M	X.Xx	X.Xx
Electro Optic Systems	$1B	$X.XB	$106M	X.Xx	X.Xx
Apollo Micro Systems	$1B	$X.XB	—	X.Xx	X.Xx
Astra Microwave Prods	$978M	$X.XB	$128M	X.Xx	X.Xx
Presto Appliances	$944M	$X.XB	—	X.Xx	X.Xx
MNC Solutions	$837M	$X.XB	—	X.Xx	X.Xx
FMS Enterprises Migun	$797M	$X.XB	—	X.Xx	X.Xx
Cohort	$794M	$X.XB	$385M	X.Xx	X.Xx
Avon Technologies	$737M	$X.XB	$325M	X.Xx	X.Xx
Mildef Group	$650M	$X.XB	$242M	X.Xx	X.Xx
TSG IT Advanced Systems	$629M	$X.XB	—	X.Xx	X.Xx
Ruger	$605M	$X.XB	$548M	X.Xx	X.Xx
Paras Defence And Space	$555M	$X.XB	$50M	X.Xx	X.Xx
Smith & Wesson	$535M	$X.XB	$497M	X.Xx	X.Xx
Kopin	$409M	$X.XB	$45M	X.Xx	X.Xx
Lubawa	$396M	$X.XB	—	X.Xx	X.Xx
Altınay Savunma	$370M	$X.XB	—	X.Xx	X.Xx
Aerostar	$360M	$X.XB	—	X.Xx	X.Xx
Orbit Technologies	$345M	$X.XB	—	X.Xx	X.Xx
AIRO Group	$335M	$X.XB	$103M	X.Xx	X.Xx
Byrna	$288M	$X.XB	$123M	X.Xx	X.Xx
Outdoor Holding	$245M	$X.XB	$50M	X.Xx	X.Xx
Draganfly	$230M	$X.XB	$9M	X.Xx	X.Xx
Primoco UAV	$220M	$X.XB	—	X.Xx	X.Xx
DCX System	$211M	$X.XB	$127M	X.Xx	X.Xx
Officina Stellare	$171M	$X.XB	—	X.Xx	X.Xx
NSE Groupe	$165M	$X.XB	—	X.Xx	X.Xx
Taurus Armas	$154M	$X.XB	—	X.Xx	X.Xx
Coda Octopus Group	$153M	$X.XB	$28M	X.Xx	X.Xx
Sogeclair	$112M	$X.XB	$186M	X.Xx	X.Xx
W5 Solutions	$108M	$X.XB	$57M	X.Xx	X.Xx
Safe Pro Group	$96M	$X.XB	$2M	X.Xx	X.Xx
Optex Systems	$94M	$X.XB	—	X.Xx	X.Xx
SoundThinking	$92M	$X.XB	$105M	X.Xx	X.Xx
New Horizon Aircraft	$85M	$X.XB	—	X.Xx	X.Xx
Wrap Technologies	$84M	$X.XB	—	X.Xx	X.Xx
AAC Clyde Space	$80M	$X.XB	$34M	X.Xx	X.Xx
MIND Technology	$73M	$X.XB	$46M	X.Xx	X.Xx
C2C Advanced Systems	$64M	$X.XB	—	X.Xx	X.Xx
Hancom Lifecare	$53M	$X.XB	$68M	X.Xx	X.Xx
VirTra	$48M	$X.XB	$26M	X.Xx	X.Xx
AVTECH Sweden	$41M	$X.XB	$5M	X.Xx	X.Xx
Turbomecanica	$26M	$X.XB	—	X.Xx	X.Xx
Porto Aviation Group	$24M	$X.XB	—	X.Xx	X.Xx
Santierul Naval Orsova	$23M	$X.XB	—	X.Xx	X.Xx
OXE Marine	$20M	$X.XB	—	X.Xx	X.Xx
EdgeLab	$18M	$X.XB	—	X.Xx	X.Xx
Nauticus Robotics	$11M	$X.XB	—	X.Xx	X.Xx
Danish Aerospace Company	$10M	$X.XB	—	X.Xx	X.Xx
Nordic Unmanned	$9M	$X.XB	—	X.Xx	X.Xx
Rovsing	$6M	$X.XB	—	X.Xx	X.Xx
Canoo	$5M	$X.XB	—	X.Xx	X.Xx
Rigas kugu buvetava	$5M	$X.XB	—	X.Xx	X.Xx