November 2026
Largest DefenseTech Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
Palantir, GE Aerospace, RTX, Lockheed Martin and Boeing.
 | Palantir is an artificial intelligence, analytics, and automated decision-making company that leverages data to drive efficiency across its clients' organizations. The firm serves commercial and government clients via its Foundry and Gotham platforms, respectively. Palantir works only with entities in Western-allied nations and reserves the right not to work with anyone that is antithetical to Western values. The company was founded in 2003 and went public in 2020. | $172 | +2% | $413B | $403B | 90.1x | 277.2x | ||
| GE Aerospace is an American aircraft engine maker headquartered in Evendale, Ohio, a suburb of Cincinnati, that designs, builds and services engines for commercial and military aircraft. It is the sole remaining business of General Electric, founded in 1892, whose aircraft-engine operations date to 1917; after the spin-offs of GE HealthCare and, in April 2024, GE Vernova, the company took the GE Aerospace name and kept the NYSE ticker GE. Its products include the CFM LEAP, GE9X, GEnx and the T901 turboshaft, and it builds engines through 50/50 joint ventures including CFM International with Safran, Engine Alliance and GE Honda Aero Engines. CFM holds about 39% of the world commercial aircraft engine market and GE Aerospace a further 14%. With an installed base of close to 80,000 commercial and military engines, it earns most of its profit from services, spare parts and overhauls on engines that fly for decades, alongside sales of new engines to aircraft makers, airlines and defence customers. In 2025 it reported revenue of $45.86 billion and employed about 57,000 people. H. Lawrence Culp Jr. is chairman and chief executive. | $331 | +11% | $343B | $354B | 7.7x | 31.9x | ||
| RTX is an aerospace and defense manufacturer formed from the merger of United Technologies and Raytheon, with roughly equal exposure across three segments, mostly as a supplier to commercial aerospace and to the defense market: Collins Aerospace, a diversified aerospace supplier; Pratt & Whitney, a commercial and military aircraft engine manufacturer; and Raytheon, a defense prime contractor providing a mix of missiles, missile defense systems, sensors, hardware, and communications technology to the military. | $198 | +13% | $268B | $299B | 3.4x | 20.1x | ||
| Lockheed Martin is the world's largest defense contractor and has dominated the Western market for high-end fighter aircraft since it won the F-35 Joint Strike Fighter program in 2001. Aeronautics is Lockheed’s largest segment, which derives upward of two-thirds of its revenue from the F-35. Lockheed’s remaining segments are rotary and mission systems, encompassing the Sikorsky helicopter business; missiles and fire control, which creates missiles and missile defense systems; and space systems, which produces satellites and receives equity income from the United Launch Alliance joint venture. | $604 | +32% | $140B | $154B | 2.1x | 17.7x | ||
| Boeing is a major aerospace and defense firm operating in three segments: commercial airplanes; defense, space, and security; and global services. Boeing's commercial airplanes segment competes with Airbus in the production of aircraft that can carry more than 130 passengers. Boeing's defense, space, and security segment competes with defense contractors such as Lockheed Martin and Northrop Grumman to create military aircraft, satellites, and weaponry. Global services provides aftermarket support to airlines. | $172 | -9% | $136B | $161B | 1.8x | 21.9x | ||
| General Dynamics is a defense contractor and business jet manufacturer. The firm’s segments are aerospace, marine, combat systems, and technologies. General Dynamics' aerospace segment manufactures Gulfstream business jets and operates a global aircraft servicing operation. Combat systems produces land-based combat vehicles such as the M1 Abrams tank and Stryker armored personnel carrier, as well as munitions. The marine segment builds and services nuclear-powered submarines, destroyers, and Navy support ships. The technologies segment contains two main units: an IT business that primarily serves the government market and a mission systems business focusing on electronics that provide command, control, computing, intelligence, surveillance, and reconnaissance capabilities to the military. | $363 | +6% | $98B | $103B | 2.0x | 16.2x | ||
| Northrop Grumman is a diversified defense contractor providing aeronautics, defense, and space systems. The company’s aerospace segment produces autonomous and piloted aircraft such as Global Hawk drones and the B-21 bomber, creates the fuselage for the massive F-35 program, and maintains and upgrades numerous other military aircraft. Defense systems makes artillery and missile ammunition and guidance systems, long-range missiles, and missile defense systems. Mission systems creates and integrates a variety of radar, navigation, and communication systems for avionics, weapons control, and countermeasures on a range of platforms from helicopters to destroyers. Space systems produces satellites, sensors, space structures, and rocket motors. | $549 | -4% | $78B | $91B | 2.2x | 12.6x | ||
| TransDigm manufactures and services a broad set of specialized parts for commercial and military aircraft. The firm has three segments: power and control, airframes, and a small nonaviation segment, which serves mostly off-road vehicles and mining equipment. It is an acquisitive holding company focused on buying up smaller firms that make proprietary aerospace products with substantial aftermarket revenue. TransDigm regularly employs financial leverage to amplify its operating results. | $1,203 | -12% | $66B | $98B | 9.3x | 18.8x | ||
| In addition to its legacy software-defined radio franchise, L3Harris Technologies has, through a series of acquisitions, established franchises producing uncrewed aerial vehicles, sensors, avionics, space-based systems, missiles, and solid rocket motors. It is also adept at refitting civilian aircraft for military use, provides military and commercial training services, and maintains the US Federal Aviation Administration's communication infrastructure. | $272 | -2% | $51B | $60B | 2.7x | 15.9x | ||
| Axon was founded in 1993, but its roots trace back to the invention of the Taser in 1974 by Jack Cover. Over the decades, Axon has expanded its product suite to include police body-worn cameras, a cloud-based evidence repository, AI-driven report-drafting software, drones and counter-drone sensors, and 911 dispatching software. The firm sells its products to end markets such as local and federal law enforcement, enterprise, corrections, and healthcare. It derives around four-fifths of its revenue from the US, with the remainder from international countries. | $307 | -43% | $25B | $26B | 9.5x | 217.6x | ||
| Arxis Inc designs and manufactures proprietary electronic and mechanical components used in applications that require performance in extreme environments. The company operates in two reportable segments: i) Electronic Components: It provides specialized, engineered electronic components and interconnect solutions, including connectors, cable assemblies, microelectronic packaging, RF and microwave products, power products, sensors, capacitors and resistors. and ii) Mechanical Components: It provides precision and self-lubricating bearings, seals, springs, gaskets and ducting, and radar absorbing materials. The majority of the company's revenue is derived from the Mechanical Components segment. Geographically, it generates the maximum revenue from the United States. | $54 | -- | $23B | $24B | 15.3x | 77.9x | ||
| Curtiss-Wright Corporation delivers engineered products and services to commercial, defence, power generation, and other industrial markets. It offers industrial vehicle components, control systems, weapons handling systems, pumps, valves, and other solutions. The company has three reportable segments based on the markets serviced: Naval & Power, which provides coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, valves, control rod drive mechanisms, and fastening systems that also generate maximum revenue for the company; its other segments are Aerospace & Industrial and Defense Electronics. Geographically, the company generates its key revenue from the United States of America, followed by the United Kingdom and other countries. | $477 | -15% | $17B | $18B | 5.2x | 23.0x | ||
| Leidos Holdings Inc is a technology, engineering, and science company that provides services and solutions in the defense, intelligence, civil, and health management, both domestically and internationally. The customers of the company includes the U.S. Department of Defense ("DoD"), the U.S. Intelligence Community, the U.S. Department of Homeland Security ("DHS"), the Federal Aviation Administration ("FAA"), the Department of Veterans Affairs ("VA"), and many other U.S. civilian, state and local government agencies, etc. The company is engaged in four reportable segments; National Security & Digital, Health & Civil, Commercial & International and Defense Systems. It provides a wide array of scientific, engineering and technical services and solutions across these reportable segments. | $131 | -31% | $16B | $22B | 1.3x | 9.2x | ||
| Textron is a conglomerate that designs, manufactures, and services a range of specialty aircraft, including small jets, propeller-driven airplanes, helicopters, and tilt-rotor aircraft. Textron Aviation manufactures and services Cessna and Beechcraft planes. Bell is a helicopter and tilt-rotor manufacturer and servicer for both commercial and military customers. Textron Systems produces uncrewed aircraft and armored vehicles for the military market as well as aircraft simulators and training for the commercial and military markets. Textron is in the process of divesting its industrial subsidiaries, which manufacture plastic fuel tanks for conventional and hybrid motor vehicles, specialized vehicles such as golf carts, and all-terrain vehicles. | $84 | +1% | $14B | $16B | 1.1x | 9.8x | ||
| Huntington Ingalls Industries is the largest independent military shipbuilder in the US, spun out from Northrop Grumman in 2011. It operates three segments, two of which are storied shipyards: Ingalls produces non-nuclear-powered ships, including amphibious landing ships and Arleigh Burke-class destroyers, while Newport News produces nuclear-powered ships as the only producer of Gerald Ford-class aircraft carriers and a major subcontractor on Virginia- and Columbia-class nuclear submarines. HII shares production of destroyers and nuclear submarines with General Dynamics' Bath Iron Works and Electric Boat shipyards, respectively. The company’s mission technologies segment produces uncrewed sea vessels and provides a range of IT and other services to US government agencies. | $308 | -2% | $12B | $15B | 1.2x | 12.1x | ||
| BWX Technologies Inc is a specialty manufacturer and service provider of nuclear components, operating in two segments: Government Operations and Commercial Operations. The Government Operations segment produces naval nuclear reactors and fuel for the U.S. Naval Nuclear Propulsion Program, while the Commercial Operations segment designs and manufactures commercial nuclear steam generators, heat exchangers, pressure vessels, reactor components, and other auxiliary equipment, including containers for the storage of spent nuclear fuel and other high-level nuclear waste. The majority of the company's revenue comes from Government Operations, with sales principally in the United States, Canada, and other regions. | $124 | -31% | $11B | $13B | ||||
| AES is a global power company that operates in 15 countries. Its generation portfolio totals over 32 gigawatts, including renewable energy, gas, coal, and oil. AES has majority ownership in and operates numerous electric utilities. | $15 | +6% | $11B | $50B | ||||
| Leonardo DRS Inc is a provider of defense products and technologies that are used across land, air, sea, space, and cyber domains. It is in the design, development, and manufacture of Advanced sensing, network computing, force protection, and electric power and propulsion technologies and solutions. The company has two segments: Advanced Sensing and Computing, which generates the majority of revenue, and the Integrated Mission Systems segment. The Advanced Sensing and Computing segment is engaged in designing, developing, and manufacturing sensing and network computing technology that enables real-time situational awareness required for enhanced operational decision-making and execution by the customers. | $36 | +4% | $9.5B | $9.5B | ||||
| StandardAero Inc provides aerospace engine aftermarket services for fixed- and rotary-wing aircraft across commercial, military, and business aviation markets. Its services include scheduled and unscheduled engine maintenance, repair and overhaul, component repair, on-wing and field support, and engineering services. The company operates within the engine aftermarket value chain, working with engine original equipment manufacturers (OEMs) and aircraft operators. It operates in two segments: Engine Services and Component Repair Services. The majority of revenue is derived from the Engine Services segment, which provides aftermarket services, including maintenance, repair and overhaul, on-wing and field service support, asset management, and engineering and related solutions to customers. | $28 | +6% | $9B | $12B | ||||
| Loar Holdings Inc in the design, manufacture, and sale of niche aerospace and defense components that are essential for today’s aircraft and aerospace and defense systems. Its manufactured products includes auto throttles, lap-belt airbags, two- and three-point seat belts, water purification systems, fire barriers, polyimide washers and bushings, latches, hold-open and tie rods, temperature and fluid sensors and switches, carbon and metallic brake discs, fluid and pneumatic-based ice protection, RAM air components, sealing solutions and motion and actuation devices, among others. | $75 | +10% | $7B | $7.8B | ||||
| Kratos Defense & Security Solutions Inc develops and fields transformative, affordable technology, platforms, and systems. The company has two segments; The Kratos Government Solutions (KGS) segment is comprised of an aggregation of KGS operating segments, including its microwave electronic products, space, training, and cybersecurity, C5ISR/modular systems, turbine technologies, and defense and rocket support services operating segments and The Unmanned Systems segment consists of unmanned aerial, unmanned ground, unmanned seaborne and related command, control, and communications system businesses. The company derives a majority of its revenue from the Kratos Government Solutions segment. | $35 | -54% | $6.5B | $5.4B | ||||
| AeroVironment Inc is a defense technology provider delivering integrated capabilities across air, land, sea, space, and cyber. It develops and deploys autonomous systems, precision strike systems, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities. The company operates business in two reportable segments: Autonomous Systems (AxS) and Space, Cyber and Directed Energy (SCDE). It derives majority of revenue from Autonomous Systems segment focuses on the design, development, production, delivery, and support of intelligent, multi-domain robotic systems, including UAS, uncrewed underwater vehicles and ground robot systems. Geographically it derives the majority of revenue from domestic operations. | $121 | -57% | $6.1B | $6.4B | ||||
| ESCO Technologies Inc sells engineered products and systems for utility, industrial, aerospace, and commercial applications. The firm operates in three segments: Aerospace & Defense (A&D), Utility Solutions Group (USG), and RF Test & Measurement (Test). The Aerospace and Defense segment designs and manufactures specialty filtration and naval products. The USG segment provides diagnostic testing solutions. The Test segment provides its customers with the ability to identify, measure, and contain magnetic, electromagnetic, and acoustic energy. | $235 | +11% | $6.1B | $6.2B | ||||
| Karman Holdings Inc specializes in the upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense, and space programs. Its integrated payload protection, propulsion, and interstage system solutions are deployed across a wide variety of existing and emerging programs supporting important Department of Defense (DoD) and space sector initiatives. Its engineered solutions are organized into three key families: Payload Protection and Deployment Systems, Aerodynamic Interstage Systems, and Propulsion Systems. The company's solutions are deployed across three growing, core end markets: Hypersonics & Strategic Missile Defense, Missile & Integrated Defense Systems, and Space & Launch. | $41 | -40% | $5.4B | $6.3B | ||||
| Parsons Corp is a provider of technology-driven solutions in the defense, intelligence, and critical infrastructure markets. The business activities of the group are carried out through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment is a high-end service and technology provider to the U.S. government, delivering timely, cost-effective solutions for mission-critical projects, whereas the Critical Infrastructure segment provides integrated design and engineering services for complex physical and digital infrastructure around the globe. The company derives maximum revenue from Federal Solutions segment. Geographically, the company derives revenue from North America; Middle East; and Rest of the World, of which North America derives maximum revenue. | $50 | -41% | $5.3B | $6.6B | ||||
| Mercury Systems Inc is a commercial technology company serving the aerospace and defense industry. The company envisions, creates, and delivers secure open architecture solutions powering a broad range of mission-critical applications in challenging and demanding environments. Its Mercury Processing Platform spans the full breadth of signal processing from radio frequency front end to the human-machine interface to convert meaningful data, gathered in remote and hostile environments, into critical decisions. The company manufactures components, products, modules, and subsystems and sells to defense prime contractors, the U.S. government, original equipment manufacturers, and commercial aerospace companies. Geographically, it derives maximum revenue from the United States. | $83 | +19% | $5.1B | $5.4B | ||||
| OSI Systems Inc is a designer and manufacturer of electronic systems and components for businesses in the homeland security, healthcare, defense, and aerospace markets. The firm is organized in three business segments: Security, which derives maximum revenue, provides security and inspection systems; Healthcare, which provides patient monitoring, diagnostic, cardiology, ventilation systems, and defibrillators; and Optoelectronics and Manufacturing, which provides specialized electronic components and manufacturing services for the Security and Healthcare segments and external original equipment manufacturers. The majority of the firm's revenue is generated in the United States, and the rest from Mexico, Europe, the Middle East and Africa, and the Asia Pacific regions. | $196 | -28% | $3.1B | $3.8B | ||||
| V2X Inc is a U.S.-based company that provides services to the U.S. government. It operates as one segment and offers facility and logistics services and information technology mission support and engineering and digital integration services. The information technology and network communications capabilities consist of communications systems operations and maintenance, management and service support, systems installation and activation, system-of-systems engineering and software development, and mission support for the department of defense. The facility and logistics service include airfield management, ammunition management, civil engineering, communications, emergency services, life support activities, public works, security, transportation operations, and others. | $81 | +48% | $2.5B | $3.3B | ||||
| Ducommun Inc provides engineering & manufacturing services for high-performance products & high-cost-of failure applications used in the aerospace and defense, industrial, medical & other industries. The company's reportable segments are Structural Systems & Electronic Systems. Structural Systems designs, engineers, and manufactures various sizes of complex contoured aerostructure components and assemblies, and supplies composite and metal-bonded structures and assemblies. Electronic Systems designs, engineers and manufactures high-reliability electronic and electromechanical products used in technology-driven markets, including A&D and Industrial end-use markets. It generates a maximum of its revenue from the Electronic Systems. | $142 | +55% | $2.2B | $2.4B | ||||
| Infleqtion is a quantum technology company that builds neutral atom quantum computers, optical atomic clocks, radio-frequency sensors and inertial sensors, together with the Superstaq quantum software platform. It began in Boulder in 2007 as ColdQuanta, founded by University of Colorado physicist Dana Anderson, and adopted the Infleqtion name in November 2022 as it moved from research hardware toward finished commercial products. The company is headquartered in Louisville, Colorado, with offices in Boulder, Chicago, Madison, Melbourne and Oxford. It raised a US$110 million Series B in 2022 and a US$100 million Series C in June 2025 backed by Counterpoint Global, Glynn Capital, S32, SAIC, In-Q-Tel, Breakthrough Victoria and others, with J.P. Morgan as sole placement agent. Its technology is deployed by NASA on the International Space Station, and it reported almost US$30 million of revenue for 2024 with a customer pipeline above US$200 million. Infleqtion trades on the New York Stock Exchange under the ticker INFQ. | $9 | -- | $2B | $1.5B | ||||
| Cirrus Aircraft Ltd is engaged in aviation industry. It design, develop, manufacture, and sell premium aircraft such as SR2X Series ( SR20, SR22, SR22T) and the Vision Jet. The company generate maximum revenue from North America, Europe and Others (Africa, Asia, Australia, and Latin America). The company provide product and services which include maintenance, upgrades, training, pilot services, Cirrus IQ and e-commerce. | $5 | -20% | $1.9B | $1.4B | ||||
| Agility Robotics Inc develops bipedal humanoid robots for use in commercial and industrial environments. Its flagship humanoid robot, Digit, is a multi-purpose, human-centric robot designed to deliver useful physical labor in facilities built around human workers. The company's commercially deployed humanoids operate alongside teams in warehouses, manufacturing facilities and distribution centers - tackling physically demanding and repetitive tasks while enabling workers to focus on higher-value work. | $8 | -- | $1.7B | $2.1B | ||||
| Lyntris Inc is a defense technology company that develops connectivity solutions for military applications. Its products consist of interconnected subsystems designed to support defense and military customers in detecting threats, making decisions, and responding to operational requirements across multi-domain environments. The company serves U.S. and allied nation military customers. Its solutions are deployed across three core missions: Maritime Domain Awareness; Air & Missile Defense; and Space ISR & Resilient Communications. Maximum revenue is derived from the Maritime Domain Awareness business, which includes solutions focused on maritime monitoring, tracking and analysis that support government and defense customers in maintaining situational awareness across maritime environments. | $14 | -- | $1.7B | $1.8B | ||||
| Applied Aerospace & Defense Inc specializes in providing engineering and vertically integrated manufacturing solutions for space and defense technology companies. The company builds complex hardware for extreme operating environments, combining deep material science and IP-enabled process expertise with the ability to enable rapid prototyping, enhance new product development, and responsively scale production. The majority of the company's revenue is derived from the sales of Defense Aviation and Airborne Systems, followed by Space and Launch Systems, C5ISR and Precision Strike Systems. | $9 | -- | $1.5B | $1.9B | ||||
| Cadre Holdings Inc is engaged in the design and manufacture of a diversified product portfolio of critical safety and survivability equipment to protect first responders, federal agencies, outdoor recreation, and personal protection markets. The Company’s equipment provides critical protection to allow its users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. Its operations are comprised of two reportable segments: Products and Distribution. | $33 | -22% | $1.4B | $1.8B | ||||
| National Presto Industries Inc has an eclectic product portfolio consisting of household appliances, ammunition, and diapers. The company operates in three segments namely Defense, Housewares/Small Appliance, and Safety. The defense segment which is engaged in manufacturing 40mm ammunition, precision mechanical and electro-mechanical assemblies, and medium caliber cartridge cases; performs Load, Assemble, and Pack (LAP) operations on ordnance-related products for the U.S. Government and prime contractor. While Housewares/Small Appliance segment designs, markets, and distributes housewares and small electrical appliances; the safety segment provides safety technology empowering organizations and individuals to protect what is more important. | $140 | +49% | $1B | $994M | ||||
| AEVEX Corp is a defense technology company delivering next-generation navigation and autonomy, uncrewed systems, and adaptable mission solutions engineered to need, delivered at speed, and built for the modern battlespace. Its solutions are sold to agencies and organizations within the DoW, SOF, IC, and allied international partners. The group offers products and solutions such as CompassCore, CompassVision, CompassEngage, Precision Strike Systems, Unmanned Surface Vessels, Long Endurance Aircraft, Additive Manufacturing, Full Spectrum Airborne ISR, Aircraft Modification and Testing, and Others. | $14 | -- | $952M | $2.1B | ||||
| Sturm Ruger & Co Inc and its subsidiary are principally engaged in the design, manufacture, and sale of firearms to domestic customers. The company's design and manufacturing operations are in the United States and almost all product content is domestic. The company has two reportable operating segments: firearms and castings. The firearms segment manufactures and sells rifles, pistols, and revolvers principally to a number of federally-licensed, independent wholesale distributors located in the United States. The castings segment manufactures and sells steel investment castings and metal injection molding parts. It generates maximum income from the sale of Firearms. | $49 | +64% | $790M | $690M | ||||
| Smith & Wesson Brands Inc is a U.S.-based company engaged in manufacturing and selling firearms. It operates under one reportable segment: Firearms, which includes firearms distribution and manufacturing services. The company manufactures handguns, long guns, sporting rifles, shooting gear, and suppressor products. The company sells its products under the Smith and Wesson and Gemtech brands, which are used for defense, law enforcement, hunting, and sporting purposes. Geographically, it sells products globally, with maximum income being generated by the U.S. market from its handgun products. | $16 | +79% | $699M | $746M | ||||
| Kopin Corp is a developer and provider of inventive display, and application-specific optical solutions sold as critical components and subassemblies for defense, enterprise, professional and consumer products. Its portfolio includes micro displays, display modules, eyepiece assemblies, image projection modules, and vehicle mounted and head-mounted display systems that incorporate ultra-small high-resolution Active Matrix Liquid Crystal displays (AMLCD), Ferroelectric Liquid Crystal on Silicon (FLCoS) displays, MicroLED displays (uLED) and Organic Light Emitting Diode (OLED) displays, a variety of optics, and low-power ASICs. Geographically, it derives a majority of its revenue from the Americas and also has a presence in Asia-Pacific; Europe, and Other Countries. | VR & AR+3 | $3 | +39% | $629M | $604M | |||
| Red Cat Holdings Inc is a drone technology company integrating robotic hardware and software for military, government, and commercial operations. Its suite of solutions includes the Arachnid family of ISR and precision strike drones, which includes the Black Widow, a small unmanned ISR system; and WEB (Warfighter Electronic Bridge) GCS, designed to command and control an entire drone family of systems for military operations. Its other offerings include Edge 130 Blue drone systems, Trichon, a fixed-wing VTOL for extended endurance and range, and FANG FPV drones optimized for military operations with precision strike capabilities. The firm's Division includes Teal, FlightWave, and Blue Ops. | $4 | -47% | $600M | $289M | ||||
| Forge Nano Holdings Inc is a U.S. based semiconductor equipment and advanced materials company pioneering Atomic Layer Deposition (ALD) technology for AI-era chip manufacturing and defense battery applications via its platform technology, Atomic Armor. Atomic Armor is a scalable, adaptable nano-scale coating system that strengthens America's critical systems - at the atomic level. The superior surface coatings produced by Forge Nano's Atomic Armor process allows partners to unlock peak performance. | $5 | -- | $592M | $640M | ||||
| Xtend AI Robotics Inc develops software systems and artificial intelligence-powered robotics solutions for use in complex operational environments. Its offerings include software platforms and robotic hardware designed to support autonomous functions. The company's products include robots, drones, and robotic subsystems used in defense, law enforcement, and private security applications. Its architecture platform facilitates scalability across partners and third-party applications. The company serves a diverse set of customers, including homeland security, military, intelligence, and critical-infrastructure protection entities. It generates substantially all of the revenue through firm fixed-price contracts, and other customer arrangements. | $1 | -- | $359M | $443M | ||||
| Outdoor Holding Company, formerly AMMO Inc., runs an online marketplace business for firearms and outdoor equipment. It moved its headquarters from Scottsdale, Arizona to Atlanta, Georgia in 2025. | $2 | +24% | $265M | $207M | ||||
| Hawkeye Systems Inc is a technology holding company with a focus on pandemic management products and services. The company sources and distributes PPE (Personal Protective Equipment) and other Pandemic Management supplies to enterprise level customers and government agencies. | $1 | -- | $234M | $232M | ||||
| Applied Energetics Inc specializes in laser and photonics systems, particularly fiber-based ultrashort pulse (USP) laser technologies. Its powerful, dual-use systems are designed for integration and deployment on numerous potential defense platforms for the delivery of high-intensity, ultrashort pulses of light to disable or destroy a target or disrupt a mission. These technologies have applications in both national security and commercial markets. The company operates as one operating segment with a focus on the development and manufacture of high-performance lasers and optical systems, and integrated guided energy systems, for prospective defense, national security, industrial, biomedical, and scientific customers across the world. | $1 | -39% | $197M | $197M | ||||
| Swarmer Inc is a provider of autonomous drone swarm software and AI solutions, specializing in vendor-agnostic technologies. It develops software platforms and artificial intelligence systems for defence applications, enabling military organisations to deploy and coordinate large-scale unmanned and autonomous systems. Its offerings include swarm coordination software, multi-domain unmanned systems integration, collaborative autonomy solutions, and command-and-control software for distributed robotic operations. Its key software and AI systems include: i) STYX AI Command & Control System, ii) MINAS Autonomy and Collaboration AI and iii) TRIDENT Embedded Drone Operating System. The company generates revenue through software license sales. | $9 | -- | $125M | $100M | ||||
| SoundThinking Inc is a public safety technology company that combines transformative solutions and strategic advisory services for law enforcement and civic leadership. Its flagship SafetySmart platform includes ShotSpotter, the acoustic gunshot detection system, CrimeTracer, the foremost law enforcement search engine, CaseBuilder, a one-stop investigation management system, and ResourceRouter, software that directs patrol and community anti-violence resources to help maximize their impact. | $8 | +33% | $109M | $108M | ||||
| Coda Octopus Group Inc develops underwater technologies and equipment for imaging, mapping defense, and survey applications. The company operates in three distinct business segments: the Marine Technology business, Acoustic Sensors and Material Business and the Defense Engineering Services Business. Its geographical segments are the Americas, Europe, Australia/Asia, and the Middle East/Africa. The majority of revenue is derived from the Products segment. | $9 | -1% | $98M | $66M | ||||
| Byrna Technologies Inc is a designer, manufacturer, retailer, and distributor of technological solutions for security situations that do not require the use of lethal force. The company generates its revenue from the United States, South Africa, Europe, South America, Asia, and Canada. | $4 | -79% | $90M | $82M | ||||
| Wrap Technologies Inc is a public safety technology and services company that delivers safe and effective policing solutions to law enforcement and security personnel worldwide. The firm develops policing solutions to law enforcement and security personnel. Its BolaWRAP 150 Remote Restraint device is a patented, hand-held tool that discharges a Kevlar cord to restrain noncompliant individuals from a range of 10-25 feet. The group operates in the Americas, Europe, the Middle East, Africa and the Asia Pacific. | $1 | -43% | $83M | $78M | ||||
| Optex Systems Holdings Inc manufactures optical sighting systems and assemblies for the U.S. Department of Defense, foreign military applications, and commercial markets. Its products are installed on a variety of United States military land vehicles, such as the Abrams and Bradley fighting vehicles, light armored and security vehicles, and have been selected for installation on the Stryker family of vehicles. The company's operating segment includes Optex Systems Richardson, Applied Optics Center Dallas, and others. It generates maximum revenue from the Optex Systems Richardson segment. Some of its products include M17 Day/Thermal Periscope; DDAN / M36 Sights; Laser Protected Periscopes; Muzzle Reference Sensor, and others. | $9 | -40% | $60M | $56M | ||||
| Safe Pro Group Inc operates to acquire security and protection products. Its emphasis is on the development of a cloud-based ecosystem for analyzing drone imagery and data utilizing proprietary artificial intelligence (AI), machine learning, deep learning, and applied computer vision software for hyper-scalable processing, analysis, and reporting. The company operated in three reportable business segments which consisted of: the business of Safe-Pro USA, the business of Airborne Response, and the business of Safe Pro AI. Key revenue is generated from Airborne Response. | $3 | -44% | $59M | $49M | ||||
| Castellum Inc is engaged in providing information technology services. The company provides financial services, healthcare, and other users of large data applications with services that include intelligence analysis, software development, software engineering, program management, strategic and mission planning, information assurance, cybersecurity and policy support, data analytics, and MBSE. In addition to constantly innovating and enhancing organic capabilities, Castellum is acquiring technology companies in the areas of cybersecurity, information technology, electronic warfare, information warfare, and information operations with businesses in the defense, federal, civilian, and commercial markets. | $0 | -- | $43M | $28M | ||||
| VirTra Inc is a U.S.-based company that is engaged in the sale and development of the judgmental use of force training simulators and firearms training simulators for law enforcement, military, and commercial uses. It sells simulators and related products across the globe through a direct sales force and international distribution partners. The services provided by the company include installation, training, limited warranties, service agreements, and related support. The company sells and supports the use of force training and marksmanship firearms training systems and accessories for law enforcement, military, or civilian use. Company's The product lany includes simulators, upgrade components, scenarios, scenario software, recoil kits, Threat Fire, and other accessories. | $3 | -47% | $30M | $27M | ||||
| MIND Technology Inc provides technology and solutions for exploration, survey, and defense applications in oceanographic, hydrographic, defense, seismic, and security industries. The company operates in segments namely, Seamap Marine Products and Klein Marine Products helps manufacture and sell specialized, high-performance sonar and seismic equipment. The company generates more revenue from Seamap Marine Products. The company's geographical segments include the United States; China, Norway; Turkey; Singapore; and Canada & Other. | $3 | -63% | $28M | $13M | ||||
| CyberCatch Holdings Inc developed an AI-enabled, patented, continuous cybersecurity compliance and risk mitigation SaaS solution and serves business customers in the United States and Canada. The company operates in one reportable segment, cybersecurity solutions, and derives revenue mainly from subscriptions to its cloud-based cybersecurity software. Its solutions include multiple Compliance Manager offerings, Pen-Test, Incident Response Advisory, AI and cybersecurity awareness training, CyberSavvyIQ, and Cyber Incident Simulator. It serves the Defense, Healthcare, Non-Bank Financial Services, Manufacturing, K-12, Public, SMB, and Enterprise segments. | $1 | -5% | $24M | $24M | ||||
| 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 | -64% | $9M | $7M | ||||
| Canoo was an American electric vehicle company that developed a modular, skateboard-style EV platform and vehicles built on it. Its products included the Lifestyle Vehicle van, the multi-purpose delivery vehicle for commercial fleets and a pickup truck concept. The company targeted fleet operators, delivery businesses, government customers and consumers, and planned to earn revenue from vehicle sales. Canoo was headquartered in Torrance, California, with engineering in Michigan and production in Texas. It became a Nasdaq-listed company in December 2020 through a merger with Hennessy Capital Acquisition Corp. IV and was led later by chairman and chief executive Tony Aquila. It filed for Chapter 7 bankruptcy in January 2025. | -- | -- | $16K | $16K | ||||
| Median | $34 | -4% | $2B | $2.1B | 3.2x | 14.4x |
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