The defence sector remains a cornerstone of government contracting and international exports. These firms hold significant market value, reflecting their scale, technological capabilities and strategic role.
We have ranked the top ten publicly listed defence companies by market capitalisation – calculated by multiplying a company’s share price by its outstanding shares – as of 17 April 2026.
Our rankings below show the leading defence firms worldwide by market capitalisation as of 17 April 2026. Each company's market cap is provided in USD (or local currency), together with its latest share price and primary country of listing.
| Rank | Company | Market cap (USD) | Share price (USD) | Country |
|---|---|---|---|---|
| 1 | RTX | $268.47bn | $199.46 | United States |
| 2 | Safran | $156.57bn | $376.97 | France |
| 3 | Honeywell | $149.76bn | $236.36 | United States |
| 4 | Lockheed Martin | $139.37bn | $604.78 | United States |
| 5 | Northrop Grumman | $95.85bn | $674.90 | United States |
| 6 | General Dynamics | $91.41bn | $337.53 | United States |
| 7 | BAE Systems | $91.40bn | $31.18 | United Kingdom |
| 8 | Rheinmetall | $83.44bn | $1,802 | Germany |
| 9 | L3Harris Technologies | $66.42bn | $355.64 | United States |
| 10 | Thales | $65.50bn | $318.74 | France |
The information on this page is based on data from public company disclosures, including stock market data and financial filings. It is provided for informational purposes only and does not constitute investment advice or a recommendation to trade. While considered accurate as of the stated date, figures may change without notice.
Global defence stocks have experienced a prolonged re-rating since 2022, driven by Russia's full-scale invasion of Ukraine and the subsequent reassessment of military preparedness across NATO member states. According to SIPRI, world military expenditure rose by 9.4% in real terms to $2,718 billion in 2024 – the highest global total ever recorded and the tenth consecutive year of increases. Separately, the International Institute for Strategic Studies (IISS) recorded global defence spending at $2.63 trillion in 2025, up 2.5% year on year, driven by great power rivalry and continued national insecurity (UK Defence Journal 24 February 2026). This structural uplift in government procurement budgets has translated directly into stronger order books, higher revenues, and expanding multiples for publicly listed defence firms.
The United States remains the single largest driver of defence spending, accounting for 37% of global military expenditure in 2024 and 66% of spending by NATO members, with a military budget of $997 billion (SIPRI, accessed 20 April 2026). However, European rearmament has provided the most dramatic market cap appreciation in percentage terms, with European allies and Canada increasing defence spending by 20% in 2025 compared to 2024, directly benefiting contractors such as Rheinmetall and BAE Systems (NATO, 26 March 2026).
Defence company valuations are uniquely sensitive to geopolitical risk because rising tensions tend to accelerate procurement timelines, increase contract values, and extend multi-year programme commitments. The ongoing war in Ukraine, instability in the Middle East – including missile inventory depletion linked to conflict involving Iran – and growing strategic competition in the Indo-Pacific have all contributed to elevated demand across the sector (Investors.com, 10 April 2026).
NATO's push for member states to meet – and in many cases exceed – the 2% GDP defence spending target has been a particularly significant tailwind for European defence firms. In 2025, for the first time since the 2014 Wales Summit commitment, all NATO allies met or exceeded the 2% of GDP threshold, with the Alliance's total defence expenditure reaching 2.77% of combined GDP (NATO, 10 April 2026). Poland, now NATO's top defence spender by GDP share, committed 4.12% of GDP to defence in 2024, while Sweden targets 3.5% by 2030 and France intends to raise spending to 3.5% of GDP, directly benefiting contractors such as Rheinmetall and BAE Systems with large European customer bases (European Parliament, accessed 20 April 2026).
A defence company's backlog – the total value of contracts signed but not yet fulfilled – is arguably the most important leading indicator of future revenue. Firms with multi-year backlogs provide investors with a degree of earnings certainty that is rare in other industries. Lockheed Martin closed 2025 with a record backlog of $194 billion, representing more than two and a half years of forward sales, underpinned by major programmes including F-35, CH-53K helicopters, and Patriot missile systems (Lockheed Martin, accessed 20 April 2026 2026). The F-35 programme alone is slated to produce a minimum of just under 3,000 aircraft across all variants, with 12 nations currently operating the platform and more expected to join (Simple Flying, 11 January 2026).
Rheinmetall reported a record order backlog of €63.8 billion at the close of 2025 – a 36% increase from €46.9 billion the prior year – driven largely by NATO rearmament demand for tanks, ammunition, and air defence systems (Rheinmetall, 11 March 2026). This came even as Rheinmetall marginally missed full-year 2025 guidance, with net profit falling to €696 million against a consensus estimate of €1.15 billion, illustrating how backlog strength can sustain elevated valuations despite near-term earnings pressure (MarketScreener, 11 March 2026).
CFD (contract for difference) trading allows you to speculate on a defence company’s price movements without owning the underlying shares. You enter a contract to exchange the difference in price from opening to closing a position. CFDs are traded on margin, and leverage amplifies both your profits and your losses.
Open and verify an account with a regulated CFD provider. Deposit funds, select the defence share CFDs you want to trade, and choose to go long or short. Use tools such as stop-loss orders to manage risk, and bear in mind that standard stop-loss orders are not guaranteed, while guaranteed stop-loss orders (GSLOs) incur a fee if activated. CFDs are traded on margin, and leverage amplifies both your profits and your losses. Consider practising on a demo account before trading with real funds.
Research each company’s financial position, order pipeline, and exposure to geopolitical events. Keep positions small, use risk management tools and avoid excessive leverage. Starting with larger, established firms may help before considering smaller companies. Past performance is not a reliable indicator of future results.
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