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Defense

Drones, autonomy, and the hardware of deterrence

Defense spending is rotating from exquisite, decades-long platforms toward attritable, autonomous, software-defined systems — and drones sit at the center of that shift. Recent moves toward funding deals with American drone makers have put the sector squarely in focus.

We track the manufacturers, the autonomy and ISR stacks, and the component suppliers underneath them.

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62 companies

Axon Enterprise, Inc.AXON
Market cap$40B
Conviction5 / 5
Autonomous systems
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Thales S.A.HO
Market cap$55B
Conviction5 / 5
Defense IT & servicesDefense primes
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Palantir Technologies Inc.PLTR
Market cap$282B
Conviction5 / 5
Battlefield AIVision models
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Saab ABSAAB-B
Market cap$32B
Conviction5 / 5
Defense primesISRLoitering munitions
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GE AerospaceGE
Market cap$367B
Conviction5 / 5
Aerospace componentsDefense primes
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Safran S.A.SAF
Market cap$155B
Conviction5 / 5
Aerospace componentsDefense primes
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TransDigm Group IncorporatedTDG
Market cap$69B
Conviction5 / 5
Aerospace componentsDefense primes
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General Dynamics CorporationGD
Market cap$105B
Conviction5 / 5
Defense primes
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98
Lockheed Martin CorporationLMT
Market cap$134B
Conviction5 / 5
Defense primesHypersonics
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RTX CorporationRTX
Market cap$287B
Conviction5 / 5
Defense primes
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Rheinmetall AGRNMBY
Market cap$55B
Conviction4 / 5
Defense primes
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BAE Systems plcBAESY
Market cap$77B
Conviction4 / 5
Defense primes
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85
HEICO CorporationHEI
Market cap$19B
Conviction4 / 5
Aerospace componentsDefense primes
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Howmet Aerospace Inc.HWM
Market cap$116B
Conviction4 / 5
Aerospace components
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Northrop Grumman CorporationNOC
Market cap$77B
Conviction4 / 5
Defense primesAutonomous systems
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Kongsberg Gruppen ASAKOG
Market cap$27B
Conviction4 / 5
Defense primesLoitering munitions
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Huntington Ingalls Industries, Inc.HII
Market cap$11B
Conviction4 / 5
Defense primes
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Dassault Aviation SAAM
Market cap$26B
Conviction4 / 5
Defense primesAerospace components
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Curtiss-Wright CorporationCW
Market cap$28B
Conviction4 / 5
Defense primesAerospace components
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Moog Inc.MOG.A
Market cap$12B
Conviction4 / 5
Industrial automationAerospace components
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94
L3Harris Technologies, Inc.LHX
Market cap$56B
Conviction4 / 5
Defense primesISR
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Elbit Systems Ltd.ESLT
Market cap$38B
Conviction4 / 5
Defense primesDrones & UASISR
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100
Booz Allen Hamilton Holding CorporationBAH
Market cap$8.7B
Conviction4 / 5
Defense IT & services
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Leidos Holdings, Inc.LDOS
Market cap$14B
Conviction4 / 5
Defense IT & servicesISR
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Teledyne Technologies IncorporatedTDY
Market cap$30B
Conviction4 / 5
ISR
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Hensoldt AGHAG
Market cap$10B
Conviction4 / 5
ISRDefense primes
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RENK Group AGR3NK
Market cap$5.1B
Conviction4 / 5
Defense primes
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Rolls-Royce Holdings plcRR
Market cap$156B
Conviction4 / 5
Aerospace componentsDefense primes
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78
Textron Inc.TXT
Market cap$17B
Conviction4 / 5
Defense primesAerospace components
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Applied Intuition, Inc.Private
Market cap
Conviction4 / 5
Autonomous systemsBattlefield AI
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Leonardo DRS, Inc.DRS
Market cap$13B
Conviction3 / 5
ISRDefense primes
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Kratos Defense & Security Solutions, Inc.KTOS
Market cap$8.9B
Conviction3 / 5
Drones & UASAutonomous systemsISR
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CACI International IncCACI
Market cap$11B
Conviction3 / 5
Defense IT & servicesISR
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81
AeroVironment, Inc.AVAV
Market cap$7.6B
Conviction3 / 5
Drones & UASLoitering munitionsISR
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Karman Holdings Inc.KRMN
Market cap$6.3B
Conviction3 / 5
HypersonicsAerospace components
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Quantum-Systems GmbHPrivate
Market cap
Conviction3 / 5
Drones & UASISRAutonomous systems
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Vannevar Labs, Inc.Private
Market cap
Conviction3 / 5
Battlefield AIDefense IT & services
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DroneShield LimitedDRO
Market cap$1.3B
Conviction3 / 5
Counter-UAS
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HelsingPrivate
Market cap
Conviction3 / 5
Battlefield AIAutonomous systems
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SkydioPrivate
Market cap
Conviction3 / 5
Drones & UASAutonomous systems
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Anduril Industries, Inc.Private
Market cap
Conviction3 / 5
Autonomous systemsDrones & UASCounter-UAS
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99
The Boeing CompanyBA
Market cap$165B
Conviction3 / 5
Defense primes
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Mercury Systems, Inc.MRCY
Market cap$6.2B
Conviction3 / 5
Defense primesISR
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Stark DefencePrivate
Market cap
Conviction3 / 5
Loitering munitionsAutonomous systems
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93
Ondas Inc.ONDS
Market cap$4.4B
Conviction3 / 5
Drones & UASCounter-UASISR
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Almonty Industries Inc.ALMTF
Market cap$3.8B
Conviction3 / 5
Specialty & defense metals
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Epirus, Inc.Private
Market cap
Conviction3 / 5
Directed energyCounter-UAS
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Kraken Robotics Inc.KRKNF
Market cap$1.3B
Conviction3 / 5
Autonomous maritimeISR
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Saronic Technologies, Inc.Private
Market cap
Conviction3 / 5
Autonomous maritimeAutonomous systems
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Shield AI, Inc.Private
Market cap
Conviction3 / 5
Battlefield AIAutonomous systemsDrones & UAS
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True Anomaly, Inc.Private
Market cap
Conviction3 / 5
Space defenseISR
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BigBear.ai Holdings, Inc.BBAI
Market cap$1.3B
Conviction3 / 5
Battlefield AIDefense IT & services
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Hadrian Automation, Inc.Private
Market cap
Conviction3 / 5
Aerospace components
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Mach Industries, Inc.Private
Market cap
Conviction3 / 5
Loitering munitionsCounter-UAS
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Red Cat Holdings, Inc.RCAT
Market cap$1.2B
Conviction2 / 5
Drones & UASISR
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nLIGHT, Inc.LASR
Market cap$3.9B
Conviction2 / 5
InterconnectDirected energy
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Syntec Optics Holdings, Inc.OPTX
Market cap$284M
Conviction2 / 5
Interconnect
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Unusual Machines, Inc.UMAC
Market cap$925M
Conviction2 / 5
Drones & UAS
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CastelionPrivate
Market cap
Conviction2 / 5
Hypersonics
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Electro Optic Systems Holdings LimitedPrivate
Market cap
Conviction2 / 5
Directed energyCounter-UASSpace defense
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Radiant Industries, Inc.Private
Market cap
Conviction2 / 5
Microreactors
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Draganfly Inc.DPRO
Market cap$156M
Conviction2 / 5
Drones & UASISR
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