The Global Defense Industry in One Chart
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Key Takeaways
- This graphic breaks down the biggest publicly-traded defense companies by market capitalization, as of May 20, 2025
- 16 are located in the U.S., while 17 are based in Europe
Defense companies play an important role in shaping global security, supplying everything from fighter jets and missiles to advanced cyber systems.
In 2025, the valuations of major defense contractors have surged to record levels due to ongoing armed conflicts and rising tensions within NATO.
To identify the industries leaders, we break down the biggest defense companies in one chart, based on May 20, 2025 market capitalizations.
Data & Discussion
The numbers we used to create this treemap chart are listed below. Figures come from companiesmarketcap.com.
Note that in the graphic, companies below a minimum legible size have been rolled into “Other” categories.
| Rank | Name | Country | Market Cap |
|---|---|---|---|
| 1 | RTX |  U.S. |
$183,266,000,000 |
| 2 | Honeywell | U.S. |
$144,771,000,000 |
| 3 | Safran |  France |
$123,607,000,000 |
| 4 | Lockheed Martin | U.S. |
$111,483,000,000 |
| 5 | Rheinmetall |  Germany |
$89,518,329,418 |
| 6 | General Dynamics | U.S. |
$75,572,264,960 |
| 7 | BAE Systems |  UK |
$70,564,187,244 |
| 8 | Northrop Grumman | U.S. |
$68,596,084,736 |
| 9 | Thales | France |
$58,955,148,760 |
| 10 | L3Harris Technologies | U.S. |
$43,150,876,672 |
| 11 | Hindustan Aeronautics |  India |
$37,942,824,678 |
| 12 | Leonardo |  Italy |
$33,176,978,764 |
| 13 | Bharat Electronics | India |
$31,099,260,036 |
| 14 | Kongsberg Gruppen |  Norway |
$28,884,905,211 |
| 15 | Dassault Aviation | France |
$27,114,808,696 |
| 16 | SAAB AB |  Sweden |
$25,223,915,745 |
| 17 | Elbit Systems |  Israel |
$18,196,529,152 |
| 18 | Aselsan |  Turkey |
$15,544,538,007 |
| 19 | Leonardo DRS | U.S. |
$11,051,675,648 |
| 20 | Hensoldt | Germany |
$10,015,730,374 |
| 21 | Huntington Ingalls Industries | U.S. |
$8,947,299,328 |
| 22 | AeroVironment | U.S. |
$7,727,191,040 |
| 23 | Bharat Dynamics | India |
$7,708,044,319 |
| 24 | Indra Sistemas |  Spain |
$6,592,652,413 |
| 25 | LIG Nex1 |  S. Korea |
$6,340,808,805 |
| 26 | H&K AG | Germany |
$6,134,213,802 |
| 27 | Hanwha Systems | S. Korea |
$6,010,522,454 |
| 28 | Kratos Defense &Security Solutions | U.S. |
$5,478,441,984 |
| 29 | QinetiQ | UK |
$3,198,837,952 |
| 30 | Mercury Systems | U.S. |
$2,871,227,648 |
| 31 | VSE Corporation | U.S. |
$2,713,311,488 |
| 32 | NextVision Stabilized Systems | Israel |
$2,251,239,069 |
| 33 | V2X | U.S. |
$1,531,628,672 |
| 34 | MilDef Group | Sweden |
$1,144,822,357 |
| 35 | DroneShield |  Australia |
$684,961,926 |
| 36 | Avon Protection | UK |
$621,677,745 |
| 37 | Red Cat Holdings | U.S. |
$616,405,696 |
| 38 | Sturm, Ruger & Co | U.S. |
$604,919,744 |
| 39 | TAT Technologies | Israel |
$360,267,360 |
| 40 | Lubawa |  Poland |
$344,283,596 |
| 41 | AMMO | U.S. |
$214,950,160 |
| 42 | Civitanavi Systems | Italy |
$203,943,037 |
| 43 | NSE SA | France |
$143,270,537 |
| 44 | VEEM Ltd | Australia |
$82,975,348 |
American companies account for over half of the total market cap shown in this graphic ($743 billion vs. $1.3 trillion), a byproduct of having the world’s largest military budget.
The World’s Three Biggest Defense Companies
The most valuable company in this list is RTX (NYSE: RTX) , which formed in 2020 through the merger of Raytheon Company and United Technologies Corporation.
RTX is renowned for its advanced missile systems, aircraft engines, and aerospace components. It was recently awarded a $1.2 billion contract to supply Germany with Patriot air and missile defense systems.
The next biggest defense company is Honeywell (NASDAQ: HON), which is a diversified manufacturing company. In 2026, Honeywell will be splitting up into three separate businesses spanning automation, aerospace, and advanced materials.
In October 2024, Honeywell was awarded a $103 million contract by the U.S. Army to develop a next-gen radar system.
Rounding out the top three is France’s Safran (EPA: SAF), the most valuable defense company outside the United States.
Safran specializes in aircraft engines and components, as well as advanced navigation systems. In April 2025, Safran announced the grand opening of its new U.S. headquarters in Virginia, establishing a strategic hub to enhance support for American defense and space initiatives.
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