October 2026
Largest DefenseTech Public Companies in the UK
Benchmark revenue and EBITDA valuation multiples for public comps like
Rolls-Royce, BAE Systems, QinetiQ, Avon Technologies and Cohort.
 | Rolls-Royce operates three core business segments: civil aerospace, power systems, and defense. The civil aerospace segment builds engines powering wide-body aircraft, regional and business jets, and offers aftermarket services. Twenty years ago, the firm pioneered full-service flight hour contracts with the TotalCare package. Power systems provides power solutions to multiple end markets (defense, agriculture, marine, and power generation) while the defense business provides military, ground vehicle and naval propulsion solutions. | $18 | +17% | $148B | $146B | 5.2x | 14.0x | ||
| BAE Systems is a British global defense, security, and aerospace company and Europe’s largest defense contractor. It is one of six prime contractors to the US Defense Department. It reports in five segments: Electronic systems provides electronic warfare, avionics, precision weapons, and space systems; cyber and intelligence supplies intelligence, cyber, and security services; platforms and services produces combat vehicles, artillery, munitions, and US ship repair services; air covers combat air production and support, Saudi operations, and interests in Eurofighter, MBDA, and GCAP; and maritime comprises UK warships, submarines, land activities, and the Australian business. From 2027, cyber and intelligence will be integrated into the other segments. | $25 | +2% | $74B | $80B | 2.1x | 14.8x | ||
| QinetiQ Group PLC is a company operating in the aerospace, defense, and security sectors. Its operating segments are EMEA Services, and Global Solutions. It generates majority of revenue from EMES Services. EMEA Services provides technical assurance, test and evaluation and training services, underpinned by long-term contracts. EMEA Services comprises business units which are not considered reportable segments as defined UK Defence, UK Intelligence and the Australia sector. Global Solutions combines all other business units not aggregated within EMEA Services. It has presence in United Kingdom (UK), United States of America, Australia, Home countries, Europe, and Rest of world of which majority of revenue comes from Home countries. | $6 | -2% | $3.1B | $3.4B | 1.3x | 8.7x | ||
| Avon Technologies PLC is engaged in the design and manufacture of protective equipment. Its product portfolio falls into four categories: CBRN respiratory, Non-CBRN respiratory, Integrated CBRN, and underwater respiratory. The company operates through two segments, Avon Protection and Team Wendy, which supply respiratory and head protection products from manufacturing sites in the UK and North America. The majority of revenue is generated from the Avon Protection segment. Geographically, the company operates in Europe and the United States, with the majority of revenue coming from the United States. | $32 | +24% | $929M | $1B | 3.2x | 25.2x | ||
| Cohort PLC is a holding company. It is engaged in providing services to customers in defense, security, and related markets. The company operates through two divisions: Communications and Intelligence, and Sensors and Effectors It generates maximum revenue from the Communications and Intelligence segment. Geographically, it derives its revenue from the UK and has a presence in Portugal, other EC countries, Germany, Asia Pacific and Africa, and North and South America. | $17 | -5% | $764M | $776M | 1.9x | 12.2x | ||
| GB Group PLC provides identity intelligence solutions through its three divisions Location, Identity, and Fraud. It offers electronic ID Verification services, ID Registration, ID Engage, and ID Trace and Investigates software and services. GB Group's technology supports customers in traditional banking, government, utilities, retail, transport, and newly emerging industries such as eCommerce, online gaming, cryptocurrency, and mobile payments. The company has a geographical presence in the United Kingdom, the United States of America, and Australia and generates revenues from the sale of software and rendering of services. | $2 | -35% | $461M | $570M | 1.5x | (12.8x) | ||
| Median | $17 | +0% | $2B | $2.2B | 2.0x | 13.1x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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