| Rank | Logo | Company | Market Cap | Country |
|---|---|---|---|---|
| 1 |  | RTX | $270.17 B | USA |
| 2 |  | Lockheed Martin | $147.51 B | USA |
| 3 |  | Honeywell | $145.58 B | USA |
| 4 |  | Safran | $141.23 B | France |
| 5 |  | Northrop Grumman | $101.92 B | USA |
| 6 |  | General Dynamics | $94.53 B | USA |
| 7 |  | BAE Systems | $90.41 B | UK |
| 8 |  | Rheinmetall | $82.85 B | Germany |
| 9 |  | L3Harris Technologies | $68.03 B | USA |
| 10 |  | Thales | $59.35 B | France |
| 11 |  | Elbit Systems | $44.42 B | Israel |
| 12 |  | Leonardo | $42.28 B | Italy |
| 13 |  | SAAB AB | $39.09 B | Sweden |
| 14 |  | Kongsberg Gruppen | $38.28 B | Norway |
| 15 |  | China State Shipbuilding Corporation (CSSC) | $37.26 B | China |
| 16 |  | Aselsan | $34.85 B | Turkey |
| 17 |  | Bharat Electronics | $33.90 B | India |
| 18 |  | Dassault Aviation | $30.63 B | France |
| 19 |  | Hindustan Aeronautics | $27.38 B | India |
| 20 |  | China National Nuclear Power | $26.38 B | China |
| 21 |  | AVIC Shenyang Aircraft Company Limited | $20.33 B | China |
| 22 |  | Hanwha Systems | $17.71 B | S. Korea |
| 23 |  | Kratos Defense & Security Solutions | $17.32 B | USA |
| 24 |  | Huntington Ingalls Industries | $16.41 B | USA |
| 25 |  | Leonardo DRS | $12.09 B | USA |
| 26 |  | NextVision Stabilized Systems | $11.07 B | Israel |
| 27 |  | Hensoldt | $10.60 B | Germany |
| 28 |  | AeroVironment | $10.55 B | USA |
| 29 |  | LIG Nex1 | $10.30 B | S. Korea |
| 30 |  | Indra Sistemas | $10.14 B | Spain |
| 31 |  | TKMS | $6.29 B | Germany |
| 32 |  | VSE Corporation | $5.11 B | USA |
| 33 |  | Bharat Dynamics | $4.96 B | India |
| 34 |  | Mercury Systems | $4.66 B | USA |
| 35 |  | QinetiQ | $3.47 B | UK |
| 36 |  | DroneShield | $2.75 B | Australia |
| 37 |  | V2X | $2.12 B | USA |
| 38 |  | Red Cat Holdings | $1.80 B | USA |
| 39 |  | Voyager Technologies | $1.60 B | USA |
| 40 |  | H&K AG (Heckler & Koch) | $1.40 B | Germany |
| 41 |  | Avon Protection | $0.69 B | UK |
| 42 |  | MilDef Group | $0.64 B | Sweden |
| 43 |  | Sturm, Ruger & Co | $0.62 B | USA |
| 44 |  | TAT Technologies | $0.61 B | Israel |
| 45 |  | Lubawa | $0.38 B | Poland |
| 46 |  | Outdoor Holding Company | $0.23 B | USA |
| 47 |  | NSE SA | $0.19 B | France |
| 48 |  | W5 Solutions AB | $95.74 M | Sweden |
| 49 |  | VEEM Ltd | $59.77 M | Australia |
