Elbit Systems Valuation Multiples

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.

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.

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.

Airbus is a global aerospace and defense firm that designs, develops, and manufactures commercial and military jets and helicopters, as well as space launch vehicles and satellites. The company operates three divisions: commercial, defense and space, and helicopters. Commercial offers multiple configurations of aircraft ranging from the narrow-body (120-200 seats) A220 and A320 series to the much larger A330 and A350 wide-body models. The defense and space segment supplies governments with military hardware, including transport aircraft, aerial tankers, and the Eurofighter Typhoon multirole jet. The helicopter division manufactures turbine helicopters for the civil and public markets.

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.

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, mainly 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.

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.

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.

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.

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.

Howmet Aerospace Inc offers engineered solutions for the aerospace and transportation industries. The company's products and solutions include investment castings for jet engines and industrial gas turbines; seamless rolled rings for jet engines; fastening systems for aerospace, industrial and commercial transportation applications; forged jet engine components (e.g., jet engine disks); machined and forged aircraft parts; and forged aluminum commercial vehicle wheels, all of which are sold directly to customers or through distributors. It has four reportable segments: Engine Products, which derives key revenue, Fastening Systems, Engineered Structures, and Forged Wheels. Geographically, the company derives maximum revenue from the USA, followed by France, Japan, Germany, and other markets.

Mitsubishi Heavy Industries Ltd is engaged in the manufacturing and sale of ships, industrial machinery, and aircraft. The segments of the company are Energy; Plants and Infrastructure Systems; Logistics, Thermal and Drive Systems; and Aircraft, Defense, and Space. The company earns maximum revenue from the energy segment, which handles clean gas, steam power systems, nuclear power systems, compressors, and marine machinery. The Plants and Infrastructure Systems segment of the company deals with commercial ships, engineering, machine tools, and machinery systems; Logistics, Thermal, and Drive Systems provide material handling systems, engines, HVAC systems, and automotive air-conditioners; and the Aircraft, Defense, and Space cover commercial aircraft, defense aircraft, and others. The group also develops nuclear reactor technology and associated engineering capabilities. Its United States advanced pressurised water reactor design was selected for the proposed Comanche Peak expansion in Texas. A subsidiary participated in the development joint venture with Luminant, separately from the existing operating nuclear units.

Rheinmetall is an international defense group supplying military vehicles, weapons and ammunition, air-defense systems, digital military solutions and naval platforms. Following the classification of power systems as discontinued operations in December 2025, all continuing-operation sales are generated by defense activities. The group reports through five segments: vehicle systems; weapons and ammunition; air defense; digital systems; and naval systems. The portfolio spans combat, support and logistics vehicles; weapons, ammunition and propellants; ground-based air and drone defense; military communications, soldier systems, aviation and simulation; and military surface vessels, maintenance and autonomous maritime systems.

Larsen & Toubro Ltd is a technology, engineering, manufacturing, and financial services conglomerate operating globally. It enters into contracts to construct various facilities, develop solutions for offshore and onshore hydrocarbon projects, serve power plants, build ships, and perform other engineering projects. Its integrated capabilities help customers throughout the entire value chain, from design to delivering a project. The company's operating segments are: Infrastructure projects, Energy projects, Hi-Tech Manufacturing, IT & Technology services, Financial services, Development projects, and other segments. A majority of its revenue is generated from the Infrastructure projects segment. Geographically, the group generates maximum revenue from its operations in India.

Thales is a French aerospace and defense industrial and one of Europe’s largest defense contractors. The company has three segments: defense and security provides sensors, mission systems, communications, and control systems to European and export defense customers; aerospace sells avionics and satellites to the civil, defense, and governmental markets; and digital identity and security provides biometric, data, and identity security solutions, payments services, and the manufacturing of SIM cards.

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 also adapts civilian aircraft for military use and provides military and commercial training services, and maintains the US Federal Aviation Administration's communications infrastructure.

Saab supplies products and services for military, defense, and civil security. The company operates in four segments: aeronautics, dynamics, surveillance, and Kockums. Aeronautics involves the manufacturing and support of defense and commercial aerial systems. Dynamics produces combat weapons and defense training and management systems. Surveillance supplies security services, and creates traffic management technology and aviation parts. Kockums offers solutions for naval missions. Over three fourths of Saab’s sales are from the defense sector. The company sells to multiple geographic regions, but over half of its sales come from Europe.

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.

Hindustan Aeronautics Ltd operates in the aerospace and defense sector. The company is engaged in the design, manufacturing, and development of products like aircraft, helicopters, systems and accessories, power plants, avionics, materials like castings, rolled rings, rubber products, and aerospace which include structures, tanks, and cryogenic engines. Geographically the company derives revenue from India and other countries, of which a majority of revenue is generated from India.

Leonardo is an Italian aerospace, defence and security group headquartered in Rome and listed on Borsa Italiana, with the Italian Ministry of Economy and Finance as its largest shareholder at about 30%. It was founded in 1948 and traded as Finmeccanica until it took its present name in 2017. The group is organised in helicopters, aircraft, aerostructures, electronics, cyber security and, since 2025, land armaments after the purchase of Iveco Defence Vehicles. It operates through subsidiaries such as Leonardo DRS in the United States, and through joint ventures and holdings including MBDA, ATR, Telespazio, Thales Alenia Space, Avio and Hensoldt. Leonardo reported revenue of EUR 19.5 billion and net profit of EUR 1.33 billion in 2025, with about 62,800 employees. It buys bolt-on technology businesses in cyber, radar and unmanned systems and sells non-core units.

Aselsan Elektronik Sanayi Ve Ticaret AS provides defense technologies to the Turkish armed forces. Additionally, it exports systems and solutions to clients in other countries and has taken on civil projects. Its products may help with communications, radars, sensing, or other defense systems to enhance proficiencies within the industrials sector. Marketing efforts may be geared toward a specific customer or specific segment in the market, and plans are implemented to showcase product capabilities.

Teledyne Technologies Inc provides enabling technologies to sense, analyze and distribute information for industrial growth markets that require advanced technology and high reliability. The firm operates in four segments: Digital Imaging, Instrumentation, Aerospace and Defense Electronics, and Engineered Systems. The Digital Imaging segment, that derives maximum revenue, includes high-performance sensors, cameras and systems, within the visible, infrared and X-ray spectra for use in industrial, government and medical applications, as well as MEMS and high-performance, high-reliability semiconductors including analog-to-digital and digital-to-analog converters. Geographically, the company operates in United States, Europe, Asia, and All other.

Hanwha Aerospace is a South Korean defence and aerospace company headquartered in Seoul and listed on the Korea Exchange, and it is the largest defence firm in the country. Established in 1977 as Samsung Precision Industry, it passed to Hanwha Group in 2014 and took its present name in 2018. It manufactures aircraft and rocket engines, marine gas turbines, self-propelled howitzers and other military vehicles, missiles, precision-guided munitions and space launch components. Customers are the South Korean armed forces and foreign governments, and revenue comes mainly from defence contracts, engine and component sales and maintenance work. It is a core member of Hanwha Group, whose affiliates also include Hanwha Systems and Hanwha Ocean. Together with those affiliates Hanwha Aerospace built a 15.89% stake in Korea Aerospace Industries during 2026, becoming its second-largest shareholder, after resolving in May 2026 to commit KRW 500 billion to purchases of KAI shares. The chief executive is Son Jae-il.

Kongsberg Gruppen is an international technology company that supplies products and services to the defense, maritime, oil, gas, and aerospace industries. The company is divided into two business segments: the maritime segment and defense and aerospace systems. Maritime, which earns most of the firm's revenue, creates navigation, automation, monitoring, and positioning products for commercial ships and offshore industry. The defense and aerospace segment provides defense and space-related products and systems. Outside of the two main segments, the firm operates Kongsberg Digital, which produces digital solutions for oil, gas, wind, and merchant marine markets. Products are delivered globally, with North America accounting for about one third of total revenue.

AVIC Chengdu Aircraft Co Ltd is engaged in the research and production of complete aviation weapons and equipment and their accessories and mainly focuses on the aviation industry.

Bharat Electronics Ltd is an aerospace and defense company predominantly owned by the Indian government. It manufactures a wide range of specialized electronics and equipment for defense and civilian use. Its investments are made in research and development to meet the ever-changing needs of customers and to test products in its pipeline. Its product portfolio includes unmanned systems, land-based radars, batteries, weapon systems, fuzes, simulators, and jammers, among others. It also provides cybersecurity and software products. A majority of the company's revenue is derived from the defense sector. Geographically, the company's key revenue is derived from India, and it also has international customers from countries like the United Kingdom, Israel, and others.

Dassault Aviation, controlled by the French Dassault Group, designs, builds, and maintains military fighter jets and is one of the largest manufacturers of business jets. It holds a 26.6% stake in defense electronics group Thales, whose earnings contribution accounts for roughly half of Dassault's adjusted net income. In 2025, Dassault Aviation generated EUR 7.4 billion in revenue with over 15,000 employees. About 63% of revenue comes from defense aircraft and services, while Falcon business jets generate the remaining 37%.

ST Engineering is a Singaporean government-linked commercial and defense engineering group. Its key businesses include aircraft maintenance, repair, and overhaul services, in which it is the world’s largest independent third-party provider. The company’s fastest-growing activities involve applications to defense and smart city solutions where it provides tolling solutions, traffic control systems, command-and-control dashboards, cybersecurity tools, and other related components. Around two-thirds of the company’s revenue comes from commercial clients, while the remainder is defense.

Makes industrial explosives, detonators and initiating systems for coal and metal mining and infrastructure customers, and supplies defence products such as rocket motors, warheads, bombs and ammunition. One of the largest explosives makers in the world by capacity, with plants in India and abroad. Headquartered in Nagpur.

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.

CSG NV is a defence group in terms of medium, large- and small-calibre ammunition sales based in Prague, Czech Republic, operating in Europe, the United States and in other regions including Asia Pacific. The company's business is divided into two segments: CSG Defence Systems and CSG Ammo.

Embraer SA based in Sao Paulo, Brazil, manufacturer of jets. Its focus is to achieve customer satisfaction with and services addressing the commercial airline, executive jets, and defense and security markets. It has developed a customer-centric technology-driven portfolio of commercial aviation products and services that allows it to build long-term relationships with clients in the commercial aviation, executive jets, and defense and security markets. It operates through the various segments namely Commercial Aviation, Defense and Security, Executive Aviation, Service and Support, and Other Segments. The company generates maximum revenue from the Commercial Aviation segment.

Indra Sistemas SA is a Spain-based provider of information technology offerings for finance, insurance, public administration, airports, defense, healthcare, media, telecom, security, energy, and infrastructure end markets. Its product capabilities include analytics, cloud computing, enterprise resource planning, networks and communications, electoral processes, bus technology, subway technology, and sustainability solutions. The firm generates revenue in Europe, Africa, the Middle East, the Americas, and Asia-Pacific.

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.

Moog Inc. manufactures precision motion and fluid control systems for aerospace, defense, and industrial markets. Its four segments are Space and Defense, Military Aircraft, Commercial Aircraft, and Industrial, with the majority of revenue from Space and Defense. The company provides components for defense vehicle platforms, missile systems, naval ships, submarines, and space launch vehicles, and spacecraft. Its products include actuation systems, motion platforms, motors, servo and proportional valves, slip rings, propulsion systems, and weapon stores management systems. it serves industries such as aerospace and defense, industrial automation, energy, marine, motorsport, simulation, and medical devices. It operates in the United States, the United Kingdom, Germany, and other regions.

Hensoldt, founded in 2017 and headquartered in Taufkirchen, Germany, completed its initial public offering on Sept. 25, 2020, on Deutsche Börse. The company specializes in defense electronics, operating across two segments: sensors and optronics, with sensors generating the majority of revenue. Hensoldt's core market is Germany, supported by production sites in France, the UK, and South Africa, while its sales footprint spans Europe, the Middle East, Asia-Pacific, North America, Africa, and Latin America.

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.

Leonardo DRS Inc is a provider of defense products and technologies that are used across land, air, sea, space, and cyber domains. The company 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.

Hanwha Systems Co Ltd is a South Korean-based company engaged in the areas of avionics and space, security and safety, and information systems services. The company operates through three segments: Defense, Information and Communications Technology (ICT), and Other. The Defense segment focuses on the manufacturing and sales of military equipment. The ICT segment provides services such as IT outsourcing. The Other segment includes manufacturing activities, new business engineering, data processing, and applied software services. It generates the majority of its revenue from the Defense segment.

Kuang-Chi Technologies Co Ltd is engaged in the research and development, production, and sales of new-generation metamaterial cutting-edge equipment products in China. The company has two segments, which include the Metamaterials business segment and the Metamaterials research and development business segment. The company generates the majority of its revenue from the Metamaterials business segment.

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.

Korea Aerospace Industries (KAI) is a South Korean aerospace and defence manufacturer headquartered in Sacheon, South Gyeongsang Province, and listed on the Korea Exchange under the code 047810. It was founded in October 1999 through the merger of the aerospace businesses of Daewoo Heavy Industries, Samsung Aerospace and Hyundai Space and Aircraft. The company designs, builds and supports fixed-wing aircraft, helicopters, satellites, simulators, unmanned aerial vehicles and space launch vehicles, including the KF-21 fighter and the Surion utility helicopter, and its main customers are the South Korean armed forces, government agencies and export buyers. Revenue comes mainly from defence programme contracts, aircraft and component sales, and maintenance services. KAI reported 2025 revenue of about KRW 3.7 trillion and employs more than 5,000 people. Its largest shareholder is the Export-Import Bank of Korea with 26.41%, followed by Hanwha Group with 15.89% and the National Pension Service with 8.75%. Subsidiaries include Korea Aviation Engineering and Maintenance Service and S&K Aerospace.

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.

LIG Defense&Aerospace Co Ltd is a comprehensive defense company that develops and manufactures weapon systems. It develops and produces weapon systems including precision-guided munitions (missiles, seekers), ISR radars (search, tracking, imaging), avionics/electronic warfare gear, C4I systems (communication terminals, combat systems), and emerging autonomous/future warfare tech for the Republic of Korea Armed Forces and exports.

Wuhan Guide Infrared Co Ltd is engaged in the research, development, production, and sale of infrared thermal imaging technology. The company’s main business includes the development of infrared focal plane detector chips, thermal imaging devices, and integrated optoelectronic systems centered on infrared imaging technology. Its activities also extend to the provision of complete equipment systems, as well as the production of traditional non-lethal munitions and information-based ammunition.

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.

Tkms Ag & Co KGaA is an international maritime industrial group. The company is a system provider in submarine and surface vessel construction, in the field of maritime electronics and security technology and in solutions in the non-military sector. Its portfolio includes the development and manufacture of conventional submarines, specialized submarines such as frigates and corvettes and specialized civilian vessels. The business activities of TKMS comprise the three operating units (i) Submarines, (ii) Surface Vessels and (iii) Atlas Electronics. The majority of the company's revenue is derived from the Submarines segment, which comprises the construction (including design, procurement, and manufacturing) of non-nuclear submarines for use in coastal and offshore areas.

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.