October 2026
Largest Defense Systems Public Companies in Australia
Benchmark revenue and EBITDA valuation multiples for public comps like
Codan, Electro Optic Systems, Austal, Droneshield and Innovaero.
 | Codan designs and sells communications products and metal detection devices. Its global customer base includes military, security, emergency responders, broadcasters, government, humanitarian organizations, utilities, and mining. Earnings are skewed to its communications business. This business provides command center technology used to coordinate public transport, emergency services, utilities, and broadcasting. Codan also produces lightweight radios suitable for attaching to drones. In metal detection, it produces hand-held metal detection devices, sold to organizations and individuals such as gold prospectors and hobbyist treasure hunters. Customers also use this equipment for safety and security. About half of group revenue comes from North America, and one-fourth from Europe. | $44 | +86% | $8B | $8B | 13.2x | 40.3x | ||
| Electro Optic Systems Hldgs Ltd is an Australian technology company. It develops and produces electro-optic technologies for the aerospace market. The group's reportable segments are, Defence and Space. It generates maximum revenue from the Defence segment. The Defence segment develops, manufactures and markets fire control, surveillance, and weapon systems to approved military customers. Space Systems segment includes a range of ground products available to support the Australian and international space markets. Geographically, it derives a majority of its revenue from Australia. | $6 | +56% | $1.4B | $1.3B | 14.4x | (41.7x) | ||
| Austal Ltd is engaged in designing, constructing, and supporting revolutionary defense and commercial vessels. The company designs, constructs, and supports passenger ferries, vehicle passenger ferries, and offshore and windfarm vessels; naval vessels; naval surface warfare combatants; and patrol boats for government law enforcement and border protection agencies. Its reportable segments are USA Shipbuilding; USA Support; Australasia Shipbuilding and Australasia Support. Maximum revenue is generated from its USA Shipbuilding segment which manufactures high performance defence vessels for U.S. Navy and Coast Guard. Geographically, the company derives a majority of its revenue from the United States of America and the rest from Australia, Europe, Asia, South America, and the Middle East. | $3 | -41% | $1.1B | $1.1B | 0.8x | (28.5x) | ||
| Droneshield Ltd develops and sells hardware and software for drone detection and security. The principal activity of the company is the development, commercialization, and sales of hardware and software technology for drone detection and security. It has four products: Dismounted, which include RfPatrol Mk2, DroneGun Mk4, Immediate Response Kit (IRK), DroneGun Tactical; On-The-Move includes DroneSentry-X Mk2, Expeditionary Fixed Site (EFS) Kit; Fixed Site includes DroneSentry; and Software includes DroneSentry-C2, Tactical DroneSentry-C2, and DroneOptID. The company provides its solutions to the intelligence community, Government, law enforcement, critical infrastructure, and airports globally. Its geographical segments are the United States and Australia. | $1 | -57% | $987M | $874M | 5.8x | 278.8x | ||
| Innovaero Technologies Ltd is an Australian defence and aerospace company with a focus on uncrewed aerial systems, guided weapons and explosive ordnance (GWEO)- adjacent capabilities, and crewed aircraft design, manufacturing, and maintenance. It offers two core businesses: Advanced Uncrewed Systems and Aerospace Technology, an aerospace product development and commercialisation business with an emphasis on uncrewed aerial systems (UAS), including loitering munitions and one-way effectors and Others; and Crewed Aircraft Design, Engineering, Manufacturing and Maintenance, a crewed aircraft product development, engineering, certification, composite manufacturing and maintenance, repair and overhaul (MRO) services business. | $0 | -- | $106M | $75M | 10.9x | (22.2x) | ||
| Boresight Ltd is a producer of cost-effective uncrewed aerial systems specifically designed for government, military, and security forces. | $0 | -- | $36M | $30M | 6.8x | (6.7x) | ||
| Orbital Corp Ltd is engaged in designing and manufacturing unmanned aerial vehicle (UAV) propulsion systems and flight-critical components. Its product portfolio comprises 50HFE (50cc single-cylinder FlexDI fully integrated HFE propulsion system for UAVs), 75HFE (75cc single-cylinder FlexDI fully integrated HFE propulsion system for UAVs), 150HFE (150cc opposed two-cylinder two-stroke FlexDI fully integrated HFE propulsion system for UAVs), 350HFE (350cc opposed two-cylinder two-stroke FlexDI fully integrated HFE propulsion system for UAVs), and a Power Management System (PMS) to keep UAV's critical systems powered during supply or load changes. The Group's operating segments are Australia, which generates the maximum revenue, and the United States. | $0 | -38% | $14M | $17M | 3.8x | (7.9x) | ||
| HighCom Ltd comprises of its two distinct businesses HighCom Armor & HighCom Technology. HighCom Armor designs, manufactures, and supplies military, law enforcement, and first responder customers with personal protection ballistic products and solutions for Body Armour, Ballistic Helmets, and Composite Armour Panels & Platform Structures. HighCom Technology supplies Australian Defence and Security Agencies with Small Uncrewed Arial Systems (SUAS) and Sensor Payloads, and provides local Program, Project and Engineering Management, Systems Integration, Maintenance, Composite Repairs, and Logistics Support Services. | $0 | -60% | $12M | $9M | 0.4x | (1.9x) | ||
| Median | $1 | -40% | $546M | $475M | 6.3x | (7.3x) |
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