Aerospace & defence
30 companies · $477B combined revenue · $48.0B operating profit
The typical US-listed aerospace & defence company grew revenue 15.8% and earnings 14.8% in its latest year, at a 8.9% operating margin, and 4 of 29 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.
Growth engines: the 4 Cylinders
All four working: 10% of companiesA company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.
- Sales growth · Revenue up 10% or more69%
- Operating leverage · Operating income growing faster than a growing revenue64%
- Margin expansion · Operating margin up 1 point or more46%
- Debt reduction · Debt down 5% or more, or net cash52%
Combined revenue · 30 companies reporting in US dollars
Combined operating margin
All 30 companies
| Median | – | 15.8% | 14.8% | 8.9% | 7.4% | 0.48x |
| RTXRTX | $88.6B | 9.7%▼ | 41%▲ | 10.5%▲ | 8.3%▲ | 0.53x▼ |
| BABoeing | $89.5B | 34.5%▲ | – | 4.8%▼ | 7.1%▼ | 11x▼ |
| LMTLockheed Martin | $75.0B | 5.6%▼ | -6%▼ | 10.3%▲ | 21.2%▲ | 3.23x▼ |
| GDGeneral Dynamics | $52.5B | 10.1%▼ | 11.3%▼ | 10.2%▲ | 13.2%▲ | 0.31x▲ |
| NOCNorthrop Grumman | $42.0B | 2.2%▼ | 0.2%▼ | 10.8%▲ | 12%▲ | 0.94x▼ |
| HONHoneywell International | $37.4B | 7.8%▼ | -17.1%▼ | 21.7%▲ | 16.2%▲ | 2.49x▼ |
| TDGTransDigm | $8.8B | 11.2%▼ | 21%▲ | 47.2%▲ | 20.1%▲ | – |
| GRMNGarmin | $7.2B | 15.1%▼ | 17.9%▲ | 25.9%▲ | 20.2%▲ | – |
| HEIHEICO | $4.5B | 16.3%▲ | 34.3%▲ | 22.7%▲ | 13.3%▲ | 0.50x▼ |
| RKLBRocket Lab | $602M | 38%▲ | – | -38%▼ | -11.5%▼ | 0.00x▲ |
| ESLTElbit Systems | $7.9B | 16.3%▲ | 66.4%▲ | 8.5%▼ | 10%▲ | 0.02x▲ |
| AXONAXON Enterprise | $2.8B | 33.5%▲ | -66.9%▼ | -2.2%▼ | -1.1%▼ | 0.56x▼ |
| TDYTeledyne Technologies | $6.1B | 7.9%▼ | 9.2%▼ | 18.8%▲ | 8.6%▲ | 0.24x▲ |
| EMBJEmbraer | $7.6B | 18.5%▲ | 1.2%▼ | 8%▼ | 7.4% | – |
| TXTTextron | $14.8B | 8%▼ | 11.8%▼ | – | – | – |
| HIIHuntington Ingalls Industries | $12.5B | 8.2%▼ | 10%▼ | 5.3%▼ | 6.8%▼ | 0.53x▼ |
| DRSLeonardo DRS | $3.6B | 12.8%▼ | 30.5%▲ | 9.5%▲ | 10.7%▲ | 0.14x▲ |
| KTOSKratos Defense & Security Solutions | $1.3B | 18.5%▲ | 35%▲ | 1.9%▼ | 1.2%▼ | 0.00x▲ |
| SAROStandardAero | $6.1B | 15.8% | 2428%▲ | 9.1%▲ | 10.5%▲ | 0.83x▼ |
| AVAVAeroVironment | $2.0B | 141%▲ | -708%▼ | -15.7%▼ | -5.9%▼ | 0.17x▲ |
| LOARLoar | $496M | 23.2%▲ | 225%▲ | 21.4%▲ | 5.4%▼ | 0.61x▼ |
| JOBYJoby Aviation | $53M | 39183%▲ | – | -1347%▼ | -41.5%▼ | 0.00x▲ |
| BETABETA Technologies | $36M | 136%▲ | – | -1046%▼ | -18.4%▼ | 0.10x▲ |
| KRMNKarman | $472M | 36.6%▲ | 36.7%▲ | 15.5%▲ | 7.2%▼ | 1.30x▼ |
| AIRAAR | $3.3B | 19%▲ | 1402%▲ | 9.6%▲ | 11.6%▲ | 0.52x▼ |
| ACHRArcher Aviation | $0M | – | – | -243100%▼ | -30.9%▼ | 0.04x▲ |
| FLYFirefly Aerospace | $160M | 163%▲ | – | -163%▼ | -16.2%▼ | 0.24x▲ |
| ATROAstronics | $862M | 8.4%▼ | – | 8.9% | 13.5%▲ | 2.39x▼ |
| DCODucommun | $825M | 4.9%▼ | -272%▼ | -4.3%▼ | -3.5%▼ | 0.46x▲ |
| RDWRedwire | $335M | 10.3%▼ | – | -68.5%▼ | -17.8%▼ | 0.08x▲ |
▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).