Research · refreshed nightly · August 17, 2026
Top Defense Tech Companies (October 2026)
Defense technology companies.
Defense went from peace-dividend neglect to procurement surge, and growth among the top defense tech companies now shows up well beyond the famous primes. HEICO, a $38B name compounding 21% a year on both headline and per-share measures, leads at an MGI of 72, ahead of Rheinmetall at 71. Norway's Kitron at 69 and Sweden's MilDef at 67 carry the Nordic end.
Twenty-one companies and a median MGI of 56 make this a deep theme rather than a two-name story. The mix is the striking part: Palantir at $351B sits in the same top ten as $679M MilDef, and most of the top ten shows the scale-economics profile, where margins improve as volumes build. Every company links to a full citation-backed analysis.
50companies qualify
56median MGI
2joined this week
The ranking
Sorted by MGI
1
Goodwin PLCGDWN.GB🇬🇧
Revenue +13%/yr · +13%/yr per share · scale economics
G 76V 58O 79Cap $2.1B
MGI
76
MVI
58
MTI
29
MOI
79
Cap
$2.1B
Growth
+15%2
HEICO CorporationHEI🇺🇸
Revenue +21%/yr · +21%/yr per share · scale economics
G 72V 51O 72Cap $45.0B
MGI
72
MVI
51
MTI
28
MOI
72
Cap
$45.0B
Growth
+25%3
Frequentis AGFQT.AT🇦🇹
Revenue +15%/yr · +15%/yr per share · asset light
G 71V 72O 80Cap $994M
MGI
71
MVI
72
MTI
35
MOI
80
Cap
$994M
Growth
+21%4
RENK Group AGR3NK.DE🇩🇪
Revenue +15%/yr · +252%/yr per share · asset light
G 68V 59O 72Cap $5.4B
MGI
68
MVI
59
MTI
34
MOI
72
Cap
$5.4B
Growth
+4%5
Exosens S.A.EXENS.FR🇫🇷
Revenue +20%/yr · +1%/yr per share · asset light
G 68V 54O 70Cap $3.7B
MGI
68
MVI
54
MTI
44
MOI
70
Cap
$3.7B
Growth
-18%6
M-tron Industries, Inc.MPTI🇺🇸
Revenue +17%/yr · +10%/yr per share · scale economics
G 67V 55O 69Cap $406.8M
MGI
67
MVI
55
MTI
42
MOI
69
Cap
$406.8M
Growth
+15%7
Saab ABSAAB.B.SE🇸🇪
Revenue +18%/yr · +17%/yr per share · scale economics
G 67V 56O 69Cap $32.4B
MGI
67
MVI
56
MTI
38
MOI
69
Cap
$32.4B
Growth
+61%8
Safran SASAF.FR🇫🇷
Revenue +17%/yr · +19%/yr per share · scale economics
G 67V 49O 67Cap $169.6B
MGI
67
MVI
49
MTI
38
MOI
67
Cap
$169.6B
Growth
+13%9
Indra Sistemas, S.A.IDR.ES🇪🇸
Revenue +13%/yr · +15%/yr per share · asset light
G 67V 58O 70Cap $11.4B
MGI
67
MVI
58
MTI
38
MOI
70
Cap
$11.4B
Growth
-47%10
MACOM Technology Solutions Holdings, Inc.MTSI🇺🇸
Revenue +13%/yr · +12%/yr per share · asset light
G 66V 39O 61Cap $24.4B
MGI
66
MVI
39
MTI
48
MOI
61
Cap
$24.4B
Growth
+23%11
Rheinmetall AGRHM.DE🇩🇪
Revenue +13%/yr · +11%/yr per share · asset light
G 66V 57O 70Cap $59.2B
MGI
66
MVI
57
MTI
35
MOI
70
Cap
$59.2B
Growth
-16%12
Carpenter Technology CorporationCRS🇺🇸
Revenue +15%/yr · +14%/yr per share · scale economics
G 65V 38O 60Cap $28.8B
MGI
65
MVI
38
MTI
33
MOI
60
Cap
$28.8B
Growth
+4%13
INVISIO ABIVSO.DK🇩🇰
Revenue +26%/yr · +26%/yr per share · asset light
G 65V 53O 66Cap $1.4B
MGI
65
MVI
53
MTI
31
MOI
66
Cap
$1.4B
Growth
+53%14
LB
Lubawa S.A.LBW.PL🇵🇱
Revenue +19%/yr · +19%/yr per share · scale economics
G 65V 68O 71Cap $351.2M
MGI
65
MVI
68
MTI
33
MOI
71
Cap
$351.2M
Growth
+19%15
Arxis, Inc.ARXS🇺🇸
Revenue +61%/yr · +61%/yr per share · asset light
G 65V 46O 63Cap $21.6B
MGI
65
MVI
46
MTI
36
MOI
63
Cap
$21.6B
Growth
+61%16
Firan Technology Group CorporationFTG.CA🇨🇦
Revenue +20%/yr · +20%/yr per share · scale economics
G 64V 53O 65Cap $458M
MGI
64
MVI
53
MTI
38
MOI
65
Cap
$458M
Growth
+23%17
Palantir Technologies Inc.PLTR🇺🇸
Revenue +32%/yr · +24%/yr per share · asset light
G 61V 40O 56Cap $418.2B
MGI
61
MVI
40
MTI
42
MOI
56
Cap
$418.2B
Growth
+85%18
Woodward, Inc.WWD🇺🇸
Revenue +13%/yr · +15%/yr per share · scale economics
G 60V 45O 58Cap $23.5B
MGI
60
MVI
45
MTI
41
MOI
58
Cap
$23.5B
Growth
+13%19
Taylor Devices, Inc.TAYD🇺🇸
Revenue +12%/yr · +14%/yr per share · scale economics
G 60V 55O 61Cap $178.2M
MGI
60
MVI
55
MTI
42
MOI
61
Cap
$178.2M
Growth
+6%20
Kitron ASAKIT.NO🇳🇴
Revenue +21%/yr · +18%/yr per share · scale economics
G 60V 60O 63Cap $1.9B
MGI
60
MVI
60
MTI
48
MOI
63
Cap
$1.9B
Growth
+80%21
NORBIT ASANORBT.NO🇳🇴
Revenue +29%/yr · +52%/yr per share · asset light
G 59V 60O 62Cap $1.2B
MGI
59
MVI
60
MTI
45
MOI
62
Cap
$1.2B
Growth
+29%22
Concurrent Technologies PlcCNC.GB🇬🇧
Revenue +17%/yr · +12%/yr per share · asset light
G 58V 54O 59Cap $284.6M
MGI
58
MVI
54
MTI
37
MOI
59
Cap
$284.6M
Growth
+14%23
Axon Enterprise, Inc.AXON🇺🇸
Revenue +30%/yr · +25%/yr per share · asset light
G 58V 44O 55Cap $47.7B
MGI
58
MVI
44
MTI
43
MOI
55
Cap
$47.7B
Growth
+35%24
Bittium OyjBITTI.FI🇫🇮
Revenue +9%/yr · +9%/yr per share · asset light
G 57V 44O 55Cap $1.3B
MGI
57
MVI
44
MTI
44
MOI
55
Cap
$1.3B
Growth
+9%25
RBC Bearings Inc.RBC🇺🇸
Revenue +21%/yr · +17%/yr per share · scale economics
G 56V 49O 56Cap $18.9B
MGI
56
MVI
49
MTI
30
MOI
56
Cap
$18.9B
Growth
+19%26
Planet Labs PBCPL🇺🇸
Revenue +22%/yr · -18%/yr per share · asset light
G 56V 44O 54Cap $8.8B
MGI
56
MVI
44
MTI
44
MOI
54
Cap
$8.8B
Growth
+42%27
Rolls-Royce Holdings plcRR.GB🇬🇧
Revenue +16%/yr · +15%/yr per share · scale economics
G 56V 47O 54Cap $168.3B
MGI
56
MVI
47
MTI
43
MOI
54
Cap
$168.3B
Growth
+12%28
Intercede Group plcIGP.GB🇬🇧
Revenue +10%/yr · +9%/yr per share · asset light
G 56V 55O 57Cap $95.9M
MGI
56
MVI
55
MTI
47
MOI
57
Cap
$95.9M
Growth
-11%29
MTU Aero Engines AGMTX.DE🇩🇪
Revenue +17%/yr · +17%/yr per share · scale economics
G 55V 53O 56Cap $23.3B
MGI
55
MVI
53
MTI
43
MOI
56
Cap
$23.3B
Growth
+18%30
HENSOLDT AGHAG.DE🇩🇪
Revenue +13%/yr · +10%/yr per share · scale economics
G 54V 53O 55Cap $12.9B
MGI
54
MVI
53
MTI
42
MOI
55
Cap
$12.9B
Growth
+26%31
Filtronic plcFTC.GB🇬🇧
Revenue +28%/yr · +23%/yr per share · asset light
G 54V 52O 54Cap $763.7M
MGI
54
MVI
52
MTI
62
MOI
54
Cap
$763.7M
Growth
+121%32
Kromek Group plcKMK.GB🇬🇧
Revenue +25%/yr · +10%/yr per share · asset light
G 53V 65O 56Cap $65.3M
MGI
53
MVI
65
MTI
45
MOI
56
Cap
$65.3M
Growth
+12%33
Graham Corp.GHM🇺🇸
Revenue +19%/yr · +17%/yr per share · scale economics
G 53V 42O 51Cap $1.4B
MGI
53
MVI
42
MTI
42
MOI
51
Cap
$1.4B
Growth
+13%34
Optex Systems Holdings, Inc.OPXS🇺🇸
Revenue +17%/yr · +21%/yr per share · scale economics
G 52V 57O 53Cap $84.1M
MGI
52
MVI
57
MTI
55
MOI
53
Cap
$84.1M
Growth
+17%35
EL
Elektrotim S.A.ELT.PL🇵🇱
Revenue +16%/yr · +16%/yr per share · scale economics
G 51V 68O 55Cap $123.1M
MGI
51
MVI
68
MTI
42
MOI
55
Cap
$123.1M
Growth
+16%36
Loar Holdings Inc.LOAR🇺🇸
Revenue +23%/yr · -98%/yr per share · asset light
G 51V 45O 50Cap $7.4B
MGI
51
MVI
45
MTI
36
MOI
50
Cap
$7.4B
Growth
+39%37
Kraken Robotics Inc.PNG.CA🇨🇦
Revenue +33%/yr · +21%/yr per share · asset light
G 49V 53O 50Cap $1.6B
MGI
49
MVI
53
MTI
42
MOI
50
Cap
$1.6B
Growth
+35%38
Haivision Systems Inc.HAI.CA🇨🇦
Revenue +9%/yr · +7%/yr per share · asset light
G 49V 68O 54Cap $89.7M
MGI
49
MVI
68
MTI
48
MOI
54
Cap
$89.7M
Growth
-5%39
CY4Gate S.p.A.CY4.IT🇮🇹
Revenue +24%/yr · +2%/yr per share · scale economics
G 48V 71O 52Cap $197.2M
MGI
48
MVI
71
MTI
62
MOI
52
Cap
$197.2M
Growth
+139%40
Oshkosh CorporationOSK🇺🇸
Revenue +43%/yr · +45%/yr per share · scale economics
G 47V 55O 49Cap $9.5B
MGI
47
MVI
55
MTI
54
MOI
49
Cap
$9.5B
Growth
+7%41
TransDigm Group IncorporatedTDG🇺🇸
Revenue +15%/yr · +16%/yr per share · asset light
G 45V 47O 44Cap $71.3B
MGI
45
MVI
47
MTI
44
MOI
44
Cap
$71.3B
Growth
+23%42
Karman Holdings Inc.KRMN🇺🇸
Revenue +28%/yr · +38%/yr per share · scale economics
G 44V 52O 44Cap $7.4B
MGI
44
MVI
52
MTI
42
MOI
44
Cap
$7.4B
Growth
+51%43
StandardAero, Inc.SARO🇺🇸
Revenue +13%/yr · +9%/yr per share · scale economics
G 44V 50O 44Cap $9.6B
MGI
44
MVI
50
MTI
42
MOI
44
Cap
$9.6B
Growth
+13%44
Amprius Technologies, Inc.AMPX🇺🇸
Revenue +109%/yr · +81%/yr per share · scale economics
G 41V 40O 39Cap $1.9B
MGI
41
MVI
40
MTI
52
MOI
39
Cap
$1.9B
Growth
+185%45
AeroVironment, Inc.AVAV🇺🇸
Revenue +35%/yr · +18%/yr per share · scale economics
G 41V 52O 41Cap $9.8B
MGI
41
MVI
52
MTI
55
MOI
41
Cap
$9.8B
Growth
+133%46
Clavister ABCLAV.SE🇸🇪
Revenue +13%/yr · -21%/yr per share · asset light
G 40V 65O 42Cap $98.8M
MGI
40
MVI
65
MTI
42
MOI
42
Cap
$98.8M
Growth
+14%47
Astronics CorporationATRO🇺🇸
Revenue +16%/yr · +12%/yr per share · scale economics
G 40V 27O 36Cap $4.6B
MGI
40
MVI
27
MTI
42
MOI
36
Cap
$4.6B
Growth
+12%48
Ondas Inc.ONDS🇺🇸
Revenue +127%/yr · +39%/yr per share · scale economics
G 35V 46O 34Cap $4.8B
MGI
35
MVI
46
MTI
52
MOI
34
Cap
$4.8B
Growth
+127%
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