Defense Contractor Market Share by Company
Track the world's defense contractors — primes, specialists, and the new wave of defense-tech disruptors. Explore spending by country, major procurement programs, and the technologies (drones, autonomy, hypersonics, AI) that are reshaping how nations project power.
The Defense sector on Sterling tracks 36 companies, led by Lockheed Martin (8.7%), RTX Corporation (5%), Northrop Grumman (5%) by market share.
Defense market share by company (2024)
| # | Company | Market share |
|---|---|---|
| 1 | FY2024 revenue $71.04B; SIPRI Top 100 #1 globally | 8.7% |
| 2 | FY2024 defense-segment estimate ~$40.5B (Raytheon defense + ~50% other) | 5% |
| 3 | FY2024 revenue $41.03B; ~95% defense | 5% |
| 4 | FY2024 defense + IT services portion ($47.7B less Gulfstream ~$10B) | 4.6% |
| 5 | BAE SystemsBAESF FY2024 revenue £26.3B (~$33B at avg FX) | 4% |
| 6 | FY2024 BDS segment $23.9B (Boeing parent total $66.5B) | 2.9% |
| 7 | L3HarrisLHX FY2024 revenue $21.3B | 2.6% |
| 8 | ThalesTHLLY FY2024 Defense & Security segment ~€15B (~$16.5B); civilian revenue excluded | 2% |
| 9 | LeonardoFINMY FY2024 defense + security portion of €17.8B | 1.8% |
| 10 | FY2024 D&S segment €11.7B (~$12.5B) | 1.4% |
| 11 | LeidosLDOS FY2024 defense services portion (~70% of $16.7B) | 1.4% |
| 12 | HIIHII FY2024 revenue $11.5B (100% defense shipbuilding) | 1.4% |
| 13 | Mitsubishi HeavyMHVYF FY2024 defense segment ~¥1.2T (~$8B); MHI total ¥4.7T | 1% |
| 14 | FY2024 revenue $11.0B (~98% federal) | 1.3% |
| 15 | FY2024 revenue $7.7B | 0.9% |
| 16 | RheinmetallRNMBY FY2024 revenue €9.75B (~$10.4B) | 1.2% |
| 17 | IAIIAI FY2024 revenue $5.2B | 0.6% |
| 18 | Hyundai Rotem064350.KS FY2024 defense portion ~₩4.9T (~$3.5B); rail segment excluded | 0.4% |
| 19 | PalantirPLTR FY2024 government revenue ~$1.45B (50% of $2.87B total) | 0.2% |
| 20 | AndurilANDURIL FY2024 revenue ~$1.5B estimated; private | 0.2% |
| 21 | Kratos DefenseKTOS FY2024 revenue $1.13B | 0.1% |
| 22 | AeroVironmentAVAV FY2025 revenue $716M (year ending Apr 2025); pre-BlueHalo acquisition close | 0.1% |
| 23 | IridiumIRDM FY2024 revenue $791M; ~25% government | 0.1% |
| 24 | Shield AISHIELD-AI FY2024 revenue ~$350M estimated; private | 0.04% |
| 25 | SaronicSARONIC FY2024 revenue ~$150M estimated; private; ramping fast | 0.02% |
| 26 | HelsingHELSING FY2024 revenue ~€300M estimated; private; HX-2 deployments + AI software | 0.04% |
| 27 | SkydioSKYDIO FY2024 revenue ~$250M estimated; private | 0.03% |
| 28 | True AnomalyTRUE-ANOMALY FY2024 revenue ~$80M estimated; pre-revenue/early commercial | 0.01% |
| 29 | Others (incl. Russian/Chinese primes) Includes AVIC, NORINCO, CASIC, Rostec (sanctioned/uninvestable), Almaz-Antey, plus mid-tier US/EU/Asia primes outside top 28; balanced to global market ~$815B | 53.3% |
Defense Sector Segments
Primes & Market
The top defense contractors by revenue (US primes, European primes, and the Asia-Pacific giants) plus public-market and M&A activity.
Lockheed Martin
World's largest defense contractor; F-35, F-22, THAAD, PAC-3, $176B backlog.
RTX Corporation
Patriot, AMRAAM, Tomahawk, F-35 engines; $221B backlog (incl. commercial aero).
Northrop Grumman
B-21 Raider, Sentinel ICBM, GBI/NGI missile defense, classified space.
General Dynamics
Virginia + Columbia subs, Abrams, Stryker, ammunition, Gulfstream.
Boeing Defense
Boeing Defense ($24B); won F-47 NGAD Mar 2025; KC-46, P-8 Poseidon.
BAE Systems
UK's largest; Astute/Dreadnought subs, Type 26 frigates, GCAP partner.
Domains
How $870B+ of US DoD spending splits across Air, Sea, Land, Space, Cyber, and Nuclear, plus equipment fleet and munition production.
Lockheed Martin
Air dominance: F-35, F-22, JASSM, THAAD, plus Sikorsky helicopters.
Huntington Ingalls Industries
Sea: largest US shipbuilder: Virginia, Columbia, DDG-51, Ford-class CVN.
General Dynamics
Land + Sea: Abrams + Stryker; Electric Boat sub yard.
Northrop Grumman
Air + Nuclear: B-21 strategic bomber, Sentinel ICBM (Nunn-McCurdy review).
Programs
The major MDAPs: what they cost, who's prime, and how cost growth + Foreign Military Sales pipelines are reshaping the procurement queue.
Lockheed Martin
F-35 ($2T lifecycle), THAAD, PAC-3, AGM-158 JASSM/LRASM, T-50/F-50 trainer bid.
Boeing Defense
F-47 NGAD prime (won Mar 2025); KC-46 + T-7A fixed-price losses.
Northrop Grumman
B-21 production ramp; Sentinel ICBM in 47% cost-growth restructure.
General Dynamics
Columbia SSBN first-of-class delivery slipped to 2027.
Defense Tech
$45B+ raised since 2020. The new wave: Anduril, Shield AI, Saronic, Helsing, Skydio, Palantir: autonomous systems + AI software disrupting incumbents.
Anduril
$60B+ valuation; CCA Increment 1 winner; Lattice + Bolt + Roadrunner + Fury.
Palantir Technologies
$300B+ market cap; TITAN ($618M), Project Maven, JADC2, AIP platform.
Shield AI
Hivemind autonomous flight; V-BAT VTOL UAS; VENOM-AFT F-16 autonomy.
Saronic
Autonomous USVs; $4B Series C Aug 2025; Replicator + Port Alpha shipyard.
Helsing
European AI defense; €5.4B valuation; HX-2 strike drone deployed Ukraine.
AeroVironment
Switchblade 300/600; acquired BlueHalo $4.1B (space + directed energy).
Geopolitics
$2.72T global spending in 2024 (+9.4%). NATO at 18 of 32 members above 2% GDP. Active conflicts driving demand: Ukraine, Gaza, Sudan, Red Sea.
Rheinmetall
European rearmament play; 155mm shells 70K → 700K target by 2027; stock 5x'd.
Hyundai Rotem
K2 tank export winner; Polish $13B contract; export-led growth.
Mitsubishi Heavy
Japan's defense budget 2x'd 2022-2027; GCAP partner; F-X program.
Israel Aerospace Industries
Combat-tested portfolio; Arrow 3 Germany €4B; multi-front war demand.
Prime Contractor Quarterly Revenue
Global Defense Spending
US DoD Budget by Domain
Defense Tech VC Funding by Year
Companies in the Defense sector (36)
- Lockheed Martin
- RTX Corporation
- Northrop Grumman
- General Dynamics
- Boeing
- L3Harris Technologies
- Huntington Ingalls Industries
- Leidos
- Booz Allen Hamilton
- CACI International
- Palantir Technologies
- Anduril Industries
- Shield AI
- Kratos Defense
- AeroVironment
- BAE Systems
- Rheinmetall
- Airbus
- Thales Group
- Leonardo
- Mitsubishi Heavy Industries
- Hyundai Rotem
- Israel Aerospace Industries
- Saronic Technologies
- Helsing
- Iridium Communications
- Skydio
- True Anomaly
- GE Aerospace
- TransDigm Group
- Textron
- Howmet Aerospace
- Teledyne Technologies
- Motorola Solutions
- Axon Enterprise
- Honeywell Aerospace
Related sectors
Frequently asked questions
What is the Defense sector?
Track the world's defense contractors — primes, specialists, and the new wave of defense-tech disruptors. Explore spending by country, major procurement programs, and the technologies (drones, autonomy, hypersonics, AI) that are reshaping how nations project power.
Which companies lead the Defense sector?
Sterling tracks 36 companies in Defense, led by Lockheed Martin (9%), RTX Corporation (5%), Northrop Grumman (5%), General Dynamics (5%), BAE Systems (4%) and Boeing Defense (3%).
How can I invest in the Defense sector?
Publicly traded names in Defense include Lockheed Martin (LMT), RTX Corporation (RTX), Northrop Grumman (NOC), General Dynamics (GD) and Boeing Defense (BA). Compare them side by side on Sterling. Data last updated June 11, 2026.
