October 2026
Largest Defense Systems Public Companies in Italy
Benchmark revenue and EBITDA valuation multiples for public comps like
Leonardo, Fincantieri, Officina Stellare, Porto Aviation Group and EdgeLab.
 | Leonardo is one of the largest European defense firms, with 30% of its shares owned by the Italian government. The group’s divisions include helicopters; defense, electronics, and security systems; and aeronautics. The helicopter division serves both military and civil markets through AgustaWestland. DES has access to the US defense market through the DRS subsidiary. The aeronautics division cooperates in international programs, such as Eurofighter Typhoon, F-35, and the new Tempest, and supplies aerostructures to large commercial aircraft programs. | $53 | -10% | $31B | $36B | 1.6x | 13.6x | ||
| Fincantieri is a listed Italian shipbuilding and marine-engineering group whose roots extend well before its 1959 incorporation. It designs and constructs cruise ships, naval vessels, offshore units, ferries and specialised marine systems and provides lifecycle and ship-repair services. Cruise operators, defence ministries, navies and energy-sector customers are its principal clients. Revenue comes from long-term construction programmes, systems and components, engineering and after-sales support. The group operates shipyards in Italy and abroad and is strategically important to the Italian defence and industrial base. CDP Equity controls Fincantieri and subscribed its 2024 rights issue to fund the acquisition of Leonardo’s underwater-armaments business and accelerate the development plan. | $14 | -47% | $5.2B | $6.6B | 0.7x | 10.8x | ||
| Officina Stellare SpA is an innovative small-medium sized company based in Sarcedo, Vicenza. It is engaged in the designing and manufacturing of ground-breaking optomechanical system instrumentation for ground based telescopes and space applications. | $58 | +101% | $1B | $990M | 51.5x | 112.2x | ||
| Porto Aviation Group SpA designs, constructs, and markets single-engine aircraft. The group develops an activity of manufacturing aeronautical components, particularly propellers, propeller systems, control systems, wheels, braking systems, and hydraulic components. | $10 | +43% | $24M | $22M | 5.3x | 37.8x | ||
| EdgeLab SpA specializes in the development of marine and underwater solutions and technologies. The group's activities are organized around 2 divisions: (i) development of marine technologies: solutions for ocean exploration and surveillance in complex underwater environments; (ii) design and manufacture of underwater robots: autonomous underwater vehicles (AUVs) used for deep-sea research and inspection, high-performance marine sensors for collecting environmental data, and unmanned surface vehicles (USVs) designed for operations in shallow waters. | $5 | -36% | $15M | $13M | 51.8x | (21.4x) | ||
| Median | $14 | -10% | $1B | $990M | 5.3x | 13.6x |
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