# Aerospace & Defense — company-by-company sector analysis > Aerospace & Defense: The Boeing Company owns the largest revenue base; AeroVironment, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line Aerospace & Defense has outperformed S&P 500 by 10.2% over 52 weeks and 1% over 13 weeks. 13 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 13 of 27 beat the sector itself. The Boeing Company leads with revenue of $92,184 million, based on 22 of 30 comparable companies through Mar 2026. ### Is the Aerospace & Defense sector outperforming S&P 500? Aerospace & Defense has outperformed S&P 500 by 10.2% over 52 weeks and 1% over 13 weeks. 13 of 27 covered companies beat the S&P 500 on Mansfield relative strength, while 13 of 27 beat the sector itself. ### Which Aerospace & Defense company is largest by revenue? The Boeing Company leads with revenue of $92,184 million, based on 22 of 30 comparable companies through Mar 2026. ### Which Aerospace & Defense company is growing fastest? AeroVironment, Inc. has the fastest current revenue growth at 100%, across 22 of 30 comparable companies. ### Which Aerospace & Defense company has the strongest 4-Factor Sector Score? Howmet Aerospace Inc. ranks first at 70.3/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Aerospace & Defense company reports the most CAPEX? Space Exploration Technologies Corp. reports the largest latest CAPEX at $8,919 million, with 30 of 30 companies comparable. ### Which Aerospace & Defense company has the least gross debt? Rocket Lab Corporation has the lowest comparable gross debt at $139 million. The Boeing Company has the highest at $47,209 million. ### Which Aerospace & Defense company has the lowest comparable PEG? Embraer S.A. has the lowest comparable Guarded PEG at 0.51, among 14 of 30 companies that pass the metric’s comparability rules. ### How much history does this Aerospace & Defense comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength Aerospace & Defense has outperformed S&P 500 by 10.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 1%. 13 of 27 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Hexcel Corporation is the strongest against the sector itself at +27.2%. 13-week sector return versus NIFTY 500: 1.0% 52-week sector return versus NIFTY 500: 10% Stocks leading NIFTY: 13/27 Stocks leading sector: 13/27 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 30 Combined market value: ₹33.9 L Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Howmet Aerospace Inc. (HWM): 70/100 — Favorable setup; evidence 82% - Growth & earnings 25.6/35 | Capital efficiency 15.3/25 | Valuation 10.9/20 | Relative strength 18.5/20 - Exact sum: 25.6 + 15.3 + 10.9 + 18.5 = 70.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. HEICO Corporation (HEI): 69/100 — Favorable setup; evidence 86% - Growth & earnings 25.4/35 | Capital efficiency 15.8/25 | Valuation 10.4/20 | Relative strength 17.1/20 - Exact sum: 25.4 + 15.8 + 10.4 + 17.1 = 68.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 3. Woodward, Inc. (WWD): 67/100 — Favorable setup; evidence 82% - Growth & earnings 23.9/35 | Capital efficiency 15.8/25 | Valuation 9.9/20 | Relative strength 17.4/20 - Exact sum: 23.9 + 15.8 + 9.9 + 17.4 = 67 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 4. Leonardo DRS, Inc. (DRS): 67/100 — Favorable setup; evidence 82% - Growth & earnings 23.3/35 | Capital efficiency 16.1/25 | Valuation 9.4/20 | Relative strength 18.0/20 - Exact sum: 23.3 + 16.1 + 9.4 + 18 = 66.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 5. RTX Corporation (RTX): 65/100 — Favorable setup; evidence 82% - Growth & earnings 20.8/35 | Capital efficiency 11.5/25 | Valuation 15.1/20 | Relative strength 18.0/20 - Exact sum: 20.8 + 11.5 + 15.1 + 18 = 65.4 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 6. Elbit Systems Ltd. (ESLT): 62/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 22.4/35 | Capital efficiency 14.3/25 | Valuation 11.5/20 | Relative strength 13.9/20 - Exact sum: 22.4 + 14.3 + 11.5 + 13.9 = 62.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 7. General Dynamics Corporation (GD): 59/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 17.5/35 | Capital efficiency 14.7/25 | Valuation 11.1/20 | Relative strength 15.5/20 - Exact sum: 17.5 + 14.7 + 11.1 + 15.5 = 58.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 8. Lockheed Martin Corporation (LMT): 57/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 20.0/35 | Capital efficiency 11.9/25 | Valuation 11.3/20 | Relative strength 13.8/20 - Exact sum: 20 + 11.9 + 11.3 + 13.8 = 57 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 9. Hexcel Corporation (HXL): 56/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 14.9/35 | Capital efficiency 10.8/25 | Valuation 11.6/20 | Relative strength 18.5/20 - Exact sum: 14.9 + 10.8 + 11.6 + 18.5 = 55.8 - Decision use: Price leads the evidence: RS versus the benchmark is 27.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 10. GE Aerospace (GE): 56/100 — Mixed-positive evidence; evidence 86% - Growth & earnings 19.5/35 | Capital efficiency 10.8/25 | Valuation 8.2/20 | Relative strength 17.2/20 - Exact sum: 19.5 + 10.8 + 8.2 + 17.2 = 55.7 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. Curtiss-Wright Corporation (CW): 55/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 20.2/35 | Capital efficiency 15.6/25 | Valuation 6.6/20 | Relative strength 12.6/20 - Exact sum: 20.2 + 15.6 + 6.6 + 12.6 = 55 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 12. StandardAero, Inc. (SARO): 52/100 — Mixed-positive evidence; evidence 72% - Growth & earnings 19.1/35 | Capital efficiency 8.7/25 | Valuation 10.9/20 | Relative strength 13.3/20 - Exact sum: 19.1 + 8.7 + 10.9 + 13.3 = 52 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. Embraer S.A. (EMBJ): 50/100 — Mixed-positive evidence; evidence 82% - Growth & earnings 15.6/35 | Capital efficiency 7.5/25 | Valuation 14.1/20 | Relative strength 13.1/20 - Exact sum: 15.6 + 7.5 + 14.1 + 13.1 = 50.3 - Decision use: Price leads the evidence: RS versus the benchmark is 2.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation. 14. Axon Enterprise, Inc. (AXON): 47/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 20.5/35 | Capital efficiency 8.6/25 | Valuation 8.6/20 | Relative strength 8.8/20 - Exact sum: 20.5 + 8.6 + 8.6 + 8.8 = 46.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 15. L3Harris Technologies, Inc. (LHX): 46/100 — Thin evidence · provisional; evidence 57% - Growth & earnings 18.8/35 | Capital efficiency 11.6/25 | Valuation 10.7/20 | Relative strength 5.3/20 - Exact sum: 18.8 + 11.6 + 10.7 + 5.3 = 46.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. TransDigm Group Incorporated (TDG): 46/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 15.9/35 | Capital efficiency 15.6/25 | Valuation 5.5/20 | Relative strength 9.1/20 - Exact sum: 15.9 + 15.6 + 5.5 + 9.1 = 46.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 17. Rocket Lab Corporation (RKLB): 45/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 25.0/35 | Capital efficiency 8.4/25 | Valuation 10.0/20 | Relative strength 1.2/20 - Exact sum: 25 + 8.4 + 10 + 1.2 = 44.6 - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -16.5% and the one-year return is 42.6%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. 18. FTAI Aviation Ltd. (FTAI): 44/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 19.6/35 | Capital efficiency 10.7/25 | Valuation 9.7/20 | Relative strength 4.0/20 - Exact sum: 19.6 + 10.7 + 9.7 + 4 = 44 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 19. Northrop Grumman Corporation (NOC): 44/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 17.4/35 | Capital efficiency 10.7/25 | Valuation 11.5/20 | Relative strength 4.4/20 - Exact sum: 17.4 + 10.7 + 11.5 + 4.4 = 44 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. Textron Inc. (TXT): 44/100 — Thin evidence · provisional; evidence 59% - Growth & earnings 15.1/35 | Capital efficiency 11.2/25 | Valuation 11.4/20 | Relative strength 6.2/20 - Exact sum: 15.1 + 11.2 + 11.4 + 6.2 = 43.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 21. CAE Inc. (CAE): 39/100 — Mixed-negative evidence; evidence 82% - Growth & earnings 6.5/35 | Capital efficiency 11.1/25 | Valuation 14.7/20 | Relative strength 6.7/20 - Exact sum: 6.5 + 11.1 + 14.7 + 6.7 = 39 - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. 22. AeroVironment, Inc. (AVAV): 38/100 — Mixed-negative evidence; evidence 76% - Growth & earnings 17.6/35 | Capital efficiency 10.3/25 | Valuation 8.7/20 | Relative strength 1.3/20 - Exact sum: 17.6 + 10.3 + 8.7 + 1.3 = 37.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 23. Kratos Defense & Security Solutions, Inc. (KTOS): 37/100 — Mixed-negative evidence; evidence 72% - Growth & earnings 17.7/35 | Capital efficiency 9.2/25 | Valuation 8.5/20 | Relative strength 1.1/20 - Exact sum: 17.7 + 9.2 + 8.5 + 1.1 = 36.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 24. The Boeing Company (BA): 36/100 — Mixed-negative evidence; evidence 65% - Growth & earnings 15.8/35 | Capital efficiency 4.0/25 | Valuation 8.9/20 | Relative strength 7.3/20 - Exact sum: 15.8 + 4 + 8.9 + 7.3 = 36 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 25. Huntington Ingalls Industries, Inc. (HII): 34/100 — Adverse evidence; evidence 82% - Growth & earnings 13.1/35 | Capital efficiency 10.1/25 | Valuation 8.4/20 | Relative strength 2.0/20 - Exact sum: 13.1 + 10.1 + 8.4 + 2 = 33.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 26. BWX Technologies, Inc. (BWXT): 31/100 — Adverse evidence; evidence 82% - Growth & earnings 15.4/35 | Capital efficiency 9.6/25 | Valuation 4.8/20 | Relative strength 1.0/20 - Exact sum: 15.4 + 9.6 + 4.8 + 1 = 30.8 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 27. Planet Labs PBC (PL): 30/100 — Adverse evidence; evidence 65% - Growth & earnings 13.2/35 | Capital efficiency 4.3/25 | Valuation 10.0/20 | Relative strength 2.1/20 - Exact sum: 13.2 + 4.3 + 10 + 2.1 = 29.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 28. Honeywell Aerospace Inc. (HONA): 58/100 — Thin evidence · provisional; evidence 25% - Growth & earnings 17.8/35 | Capital efficiency 20.1/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 17.8 + 20.1 + 10 + 10 = 57.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. Moog Inc. (MOG-B): 54/100 — Thin evidence · provisional; evidence 37% - Growth & earnings 19.2/35 | Capital efficiency 13.7/25 | Valuation 10.8/20 | Relative strength 10.0/20 - Exact sum: 19.2 + 13.7 + 10.8 + 10 = 53.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 30. Space Exploration Technologies Corp. (SPCX): 41/100 — Thin evidence · provisional; evidence 25% - Growth & earnings 16.0/35 | Capital efficiency 5.3/25 | Valuation 10.0/20 | Relative strength 10.0/20 - Exact sum: 16 + 5.3 + 10 + 10 = 41.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Revenue Scale & Growth Durability What the numbers say: The Boeing Company is the scale leader at $92,184 million, 2% ahead of RTX Corporation. AeroVironment, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 141.2% from a $1,978 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: The Boeing Company is the scale benchmark; AeroVironment, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: The Boeing Company's growth falls below AeroVironment, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: The Boeing Company · $92,184 million | 2% versus #2 · RTX Corporation | 5/8 recent comparable periods | 22/30 companies · 524 observations Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress. ### Revenue — largest 1. The Boeing Company (BA): ₹92.2K Cr 2. RTX Corporation (RTX): ₹90.4K Cr 3. GE Aerospace (GE): ₹50.6K Cr 4. Huntington Ingalls Industries, Inc. (HII): ₹12.8K Cr 5. TransDigm Group Incorporated (TDG): ₹9.5K Cr ### Revenue growth — fastest growers 1. AeroVironment, Inc. (AVAV): 100% 2. FTAI Aviation Ltd. (FTAI): 48% 3. Rocket Lab Corporation (RKLB): 46% 4. Axon Enterprise, Inc. (AXON): 34% 5. Planet Labs PBC (PL): 34% ### 20-quarter Revenue history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.1K Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹4.7K Cr | Jun 2026 — - GE: Sep 2021 ₹18.6K Cr | Dec 2021 ₹20.3K Cr | Mar 2022 ₹12.7K Cr | Jun 2022 ₹14.1K Cr | Sep 2022 ₹14.5K Cr | Dec 2022 ₹16.8K Cr | Mar 2023 ₹14.5K Cr | Jun 2023 ₹8.8K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.5K Cr | Mar 2024 ₹9.0K Cr | Jun 2024 ₹9.1K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹10.8K Cr | Mar 2025 ₹9.9K Cr | Jun 2025 ₹11.0K Cr | Sep 2025 ₹12.2K Cr | Dec 2025 ₹12.7K Cr | Mar 2026 ₹12.4K Cr | Jun 2026 ₹13.3K Cr - RTX: Sep 2021 ₹16.2K Cr | Dec 2021 ₹17.0K Cr | Mar 2022 ₹15.7K Cr | Jun 2022 ₹16.3K Cr | Sep 2022 ₹17.0K Cr | Dec 2022 ₹18.1K Cr | Mar 2023 ₹17.2K Cr | Jun 2023 ₹18.3K Cr | Sep 2023 ₹13.5K Cr | Dec 2023 ₹19.9K Cr | Mar 2024 ₹19.3K Cr | Jun 2024 ₹19.7K Cr | Sep 2024 ₹20.1K Cr | Dec 2024 ₹21.6K Cr | Mar 2025 ₹20.3K Cr | Jun 2025 ₹21.6K Cr | Sep 2025 ₹22.5K Cr | Dec 2025 ₹24.2K Cr | Mar 2026 ₹22.1K Cr | Jun 2026 — - BA: Sep 2021 ₹15.3K Cr | Dec 2021 ₹14.8K Cr | Mar 2022 ₹14.0K Cr | Jun 2022 ₹16.7K Cr | Sep 2022 ₹16.0K Cr | Dec 2022 ₹20.0K Cr | Mar 2023 ₹17.9K Cr | Jun 2023 ₹19.8K Cr | Sep 2023 ₹18.1K Cr | Dec 2023 ₹22.0K Cr | Mar 2024 ₹16.6K Cr | Jun 2024 ₹16.9K Cr | Sep 2024 ₹17.8K Cr | Dec 2024 ₹15.2K Cr | Mar 2025 ₹19.5K Cr | Jun 2025 ₹22.7K Cr | Sep 2025 ₹23.3K Cr | Dec 2025 ₹23.9K Cr | Mar 2026 ₹22.2K Cr | Jun 2026 — - LMT: Sep 2021 ₹16.0K Cr | Dec 2021 ₹17.7K Cr | Mar 2022 ₹15.0K Cr | Jun 2022 ₹15.4K Cr | Sep 2022 ₹16.6K Cr | Dec 2022 ₹19.0K Cr | Mar 2023 ₹15.1K Cr | Jun 2023 ₹16.7K Cr | Sep 2023 ₹16.9K Cr | Dec 2023 ₹18.9K Cr | Mar 2024 ₹17.2K Cr | Jun 2024 ₹18.1K Cr | Sep 2024 ₹17.1K Cr | Dec 2024 ₹18.6K Cr | Mar 2025 ₹18.0K Cr | Jun 2025 ₹18.2K Cr | Sep 2025 ₹18.6K Cr | Dec 2025 ₹20.3K Cr | Mar 2026 ₹18.0K Cr | Jun 2026 — - HWM: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 — - GD: Sep 2021 ₹9.2K Cr | Dec 2021 ₹9.6K Cr | Mar 2022 — | Jun 2022 ₹9.4K Cr | Sep 2022 ₹9.2K Cr | Dec 2022 ₹10.0K Cr | Mar 2023 — | Jun 2023 ₹9.9K Cr | Sep 2023 ₹10.2K Cr | Dec 2023 ₹10.6K Cr | Mar 2024 ₹10.7K Cr | Jun 2024 ₹12.0K Cr | Sep 2024 ₹11.7K Cr | Dec 2024 ₹13.3K Cr | Mar 2025 ₹12.2K Cr | Jun 2025 ₹13.0K Cr | Sep 2025 ₹12.9K Cr | Dec 2025 ₹14.4K Cr | Mar 2026 — | Jun 2026 ₹13.5K Cr - NOC: Sep 2021 ₹8.7K Cr | Dec 2021 ₹8.6K Cr | Mar 2022 ₹8.8K Cr | Jun 2022 ₹8.8K Cr | Sep 2022 ₹9.0K Cr | Dec 2022 ₹10.0K Cr | Mar 2023 ₹9.3K Cr | Jun 2023 ₹9.6K Cr | Sep 2023 ₹9.8K Cr | Dec 2023 ₹10.6K Cr | Mar 2024 ₹10.1K Cr | Jun 2024 ₹10.2K Cr | Sep 2024 ₹10.0K Cr | Dec 2024 ₹10.7K Cr | Mar 2025 ₹9.5K Cr | Jun 2025 ₹10.4K Cr | Sep 2025 ₹10.4K Cr | Dec 2025 ₹11.7K Cr | Mar 2026 ₹9.9K Cr | Jun 2026 — - TDG: Sep 2021 ₹1.2K Cr | Dec 2021 — | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 — | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.2K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.1K Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹4.4K Cr | Jun 2026 — - LHX: Sep 2021 ₹4.7K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 — | Jun 2022 ₹4.1K Cr | Sep 2022 ₹4.1K Cr | Dec 2022 ₹4.6K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.7K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.2K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 — | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.1K Cr | Sep 2025 — | Dec 2025 ₹5.7K Cr | Mar 2026 ₹5.6K Cr | Jun 2026 ₹5.7K Cr - HEI: Sep 2021 ₹472 Cr | Dec 2021 ₹509 Cr | Mar 2022 ₹490 Cr | Jun 2022 ₹539 Cr | Sep 2022 ₹570 Cr | Dec 2022 ₹610 Cr | Mar 2023 ₹621 Cr | Jun 2023 ₹688 Cr | Sep 2023 ₹723 Cr | Dec 2023 ₹936 Cr | Mar 2024 ₹896 Cr | Jun 2024 ₹955 Cr | Sep 2024 ₹992 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹1.4K Cr - AXON: Sep 2021 ₹232 Cr | Dec 2021 ₹218 Cr | Mar 2022 ₹256 Cr | Jun 2022 ₹286 Cr | Sep 2022 ₹312 Cr | Dec 2022 ₹333 Cr | Mar 2023 ₹343 Cr | Jun 2023 ₹375 Cr | Sep 2023 ₹413 Cr | Dec 2023 ₹430 Cr | Mar 2024 ₹460 Cr | Jun 2024 ₹503 Cr | Sep 2024 ₹544 Cr | Dec 2024 ₹575 Cr | Mar 2025 ₹604 Cr | Jun 2025 ₹669 Cr | Sep 2025 ₹711 Cr | Dec 2025 ₹797 Cr | Mar 2026 ₹807 Cr | Jun 2026 — - ESLT: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹1.9K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - RKLB: Sep 2021 ₹5 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹63 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹55 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹68 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹105 Cr | Dec 2024 ₹132 Cr | Mar 2025 ₹123 Cr | Jun 2025 ₹144 Cr | Sep 2025 ₹155 Cr | Dec 2025 ₹180 Cr | Mar 2026 ₹200 Cr | Jun 2026 — - CW: Sep 2021 ₹621 Cr | Dec 2021 ₹662 Cr | Mar 2022 ₹559 Cr | Jun 2022 ₹609 Cr | Sep 2022 ₹631 Cr | Dec 2022 ₹758 Cr | Mar 2023 ₹631 Cr | Jun 2023 ₹704 Cr | Sep 2023 ₹724 Cr | Dec 2023 ₹786 Cr | Mar 2024 ₹713 Cr | Jun 2024 ₹785 Cr | Sep 2024 ₹799 Cr | Dec 2024 ₹824 Cr | Mar 2025 ₹806 Cr | Jun 2025 ₹877 Cr | Sep 2025 ₹869 Cr | Dec 2025 ₹947 Cr | Mar 2026 ₹914 Cr | Jun 2026 — - WWD: Sep 2021 ₹570 Cr | Dec 2021 ₹542 Cr | Mar 2022 ₹587 Cr | Jun 2022 ₹614 Cr | Sep 2022 ₹640 Cr | Dec 2022 ₹619 Cr | Mar 2023 ₹718 Cr | Jun 2023 ₹801 Cr | Sep 2023 ₹777 Cr | Dec 2023 ₹787 Cr | Mar 2024 ₹835 Cr | Jun 2024 ₹848 Cr | Sep 2024 ₹854 Cr | Dec 2024 ₹773 Cr | Mar 2025 ₹884 Cr | Jun 2025 ₹915 Cr | Sep 2025 ₹995 Cr | Dec 2025 ₹996 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - FTAI: Sep 2021 ₹94 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹92 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹230 Cr | Dec 2022 ₹274 Cr | Mar 2023 ₹293 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹291 Cr | Dec 2023 ₹313 Cr | Mar 2024 ₹327 Cr | Jun 2024 ₹444 Cr | Sep 2024 ₹466 Cr | Dec 2024 ₹499 Cr | Mar 2025 ₹502 Cr | Jun 2025 ₹676 Cr | Sep 2025 ₹667 Cr | Dec 2025 ₹662 Cr | Mar 2026 ₹831 Cr | Jun 2026 — - TXT: Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 — | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 — | Mar 2026 ₹4.2K Cr | Jun 2026 ₹3.7K Cr - BWXT: Sep 2021 ₹499 Cr | Dec 2021 ₹592 Cr | Mar 2022 ₹531 Cr | Jun 2022 ₹554 Cr | Sep 2022 ₹524 Cr | Dec 2022 ₹624 Cr | Mar 2023 ₹568 Cr | Jun 2023 ₹612 Cr | Sep 2023 ₹590 Cr | Dec 2023 ₹726 Cr | Mar 2024 ₹604 Cr | Jun 2024 ₹681 Cr | Sep 2024 ₹672 Cr | Dec 2024 ₹746 Cr | Mar 2025 ₹682 Cr | Jun 2025 ₹764 Cr | Sep 2025 ₹866 Cr | Dec 2025 ₹886 Cr | Mar 2026 ₹860 Cr | Jun 2026 — - MOG-B: Sep 2021 ₹707 Cr | Dec 2021 ₹724 Cr | Mar 2022 ₹724 Cr | Jun 2022 ₹771 Cr | Sep 2022 ₹773 Cr | Dec 2022 ₹768 Cr | Mar 2023 — | Jun 2023 ₹837 Cr | Sep 2023 ₹850 Cr | Dec 2023 ₹857 Cr | Mar 2024 ₹930 Cr | Jun 2024 ₹905 Cr | Sep 2024 ₹897 Cr | Dec 2024 ₹908 Cr | Mar 2025 ₹934 Cr | Jun 2025 ₹971 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 — | Mar 2026 ₹1.1K Cr | Jun 2026 — - DRS: Sep 2021 ₹720 Cr | Dec 2021 ₹820 Cr | Mar 2022 ₹612 Cr | Jun 2022 ₹627 Cr | Sep 2022 ₹634 Cr | Dec 2022 ₹820 Cr | Mar 2023 ₹569 Cr | Jun 2023 ₹628 Cr | Sep 2023 ₹703 Cr | Dec 2023 ₹926 Cr | Mar 2024 ₹688 Cr | Jun 2024 ₹753 Cr | Sep 2024 ₹812 Cr | Dec 2024 ₹981 Cr | Mar 2025 ₹799 Cr | Jun 2025 ₹829 Cr | Sep 2025 ₹960 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹846 Cr | Jun 2026 — - EMBJ: Sep 2021 ₹920 Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹649 Cr | Jun 2022 ₹960 Cr | Sep 2022 ₹900 Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹736 Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹897 Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - HII: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.6K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 — - KTOS: Sep 2021 ₹201 Cr | Dec 2021 ₹212 Cr | Mar 2022 ₹196 Cr | Jun 2022 ₹224 Cr | Sep 2022 ₹229 Cr | Dec 2022 ₹249 Cr | Mar 2023 ₹232 Cr | Jun 2023 ₹257 Cr | Sep 2023 — | Dec 2023 ₹275 Cr | Mar 2024 ₹277 Cr | Jun 2024 ₹300 Cr | Sep 2024 ₹276 Cr | Dec 2024 ₹283 Cr | Mar 2025 ₹303 Cr | Jun 2025 ₹352 Cr | Sep 2025 ₹348 Cr | Dec 2025 ₹345 Cr | Mar 2026 ₹371 Cr | Jun 2026 — - CAE: Sep 2021 ₹815 Cr | Dec 2021 ₹849 Cr | Mar 2022 ₹955 Cr | Jun 2022 ₹933 Cr | Sep 2022 ₹993 Cr | Dec 2022 ₹970 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.0K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - HXL: Sep 2021 ₹334 Cr | Dec 2021 ₹360 Cr | Mar 2022 ₹391 Cr | Jun 2022 ₹393 Cr | Sep 2022 ₹365 Cr | Dec 2022 ₹429 Cr | Mar 2023 ₹458 Cr | Jun 2023 ₹454 Cr | Sep 2023 ₹420 Cr | Dec 2023 ₹458 Cr | Mar 2024 ₹472 Cr | Jun 2024 ₹500 Cr | Sep 2024 ₹457 Cr | Dec 2024 ₹474 Cr | Mar 2025 ₹457 Cr | Jun 2025 ₹490 Cr | Sep 2025 ₹456 Cr | Dec 2025 ₹491 Cr | Mar 2026 ₹502 Cr | Jun 2026 — - AVAV: Sep 2021 ₹101 Cr | Dec 2021 ₹122 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹133 Cr | Sep 2022 ₹109 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹134 Cr | Jun 2023 ₹186 Cr | Sep 2023 ₹152 Cr | Dec 2023 ₹181 Cr | Mar 2024 ₹187 Cr | Jun 2024 ₹197 Cr | Sep 2024 ₹189 Cr | Dec 2024 ₹188 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹275 Cr | Sep 2025 ₹455 Cr | Dec 2025 ₹473 Cr | Mar 2026 ₹408 Cr | Jun 2026 ₹642 Cr - PL: Sep 2021 ₹25 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹53 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹59 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹61 Cr | Dec 2024 ₹61 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹87 Cr | Jun 2026 ₹94 Cr ### 20-quarter Revenue growth history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 15% | Jun 2026 — - GE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -23% | Sep 2022 -22% | Dec 2022 -17% | Mar 2023 14% | Jun 2023 -38% | Sep 2023 -36% | Dec 2023 -44% | Mar 2024 -38% | Jun 2024 3.9% | Sep 2024 5.8% | Dec 2024 14% | Mar 2025 11% | Jun 2025 21% | Sep 2025 24% | Dec 2025 18% | Mar 2026 25% | Jun 2026 21% - RTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.7% | Sep 2022 4.6% | Dec 2022 6.2% | Mar 2023 9.5% | Jun 2023 12% | Sep 2023 -21% | Dec 2023 10% | Mar 2024 12% | Jun 2024 7.7% | Sep 2024 49% | Dec 2024 8.5% | Mar 2025 5.2% | Jun 2025 9.4% | Sep 2025 12% | Dec 2025 12% | Mar 2026 8.7% | Jun 2026 — - BA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.9% | Sep 2022 4.4% | Dec 2022 35% | Mar 2023 28% | Jun 2023 18% | Sep 2023 13% | Dec 2023 10% | Mar 2024 -7.5% | Jun 2024 -15% | Sep 2024 -1.5% | Dec 2024 -31% | Mar 2025 18% | Jun 2025 35% | Sep 2025 30% | Dec 2025 57% | Mar 2026 14% | Jun 2026 — - LMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.3% | Sep 2022 3.5% | Dec 2022 7.1% | Mar 2023 1.1% | Jun 2023 8.1% | Sep 2023 1.8% | Dec 2023 -0.6% | Mar 2024 14% | Jun 2024 8.6% | Sep 2024 1.3% | Dec 2024 -1.3% | Mar 2025 4.5% | Jun 2025 0.2% | Sep 2025 8.8% | Dec 2025 9.1% | Mar 2026 0.3% | Jun 2026 — - HWM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 12% | Dec 2022 18% | Mar 2023 21% | Jun 2023 18% | Sep 2023 16% | Dec 2023 14% | Mar 2024 14% | Jun 2024 14% | Sep 2024 11% | Dec 2024 9.2% | Mar 2025 6.5% | Jun 2025 9.2% | Sep 2025 14% | Dec 2025 15% | Mar 2026 19% | Jun 2026 — - GD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -0.3% | Dec 2022 4.3% | Mar 2023 — | Jun 2023 5.2% | Sep 2023 10% | Dec 2023 6.0% | Mar 2024 — | Jun 2024 21% | Sep 2024 15% | Dec 2024 26% | Mar 2025 14% | Jun 2025 8.9% | Sep 2025 11% | Dec 2025 7.8% | Mar 2026 — | Jun 2026 3.4% - NOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.8% | Sep 2022 2.9% | Dec 2022 16% | Mar 2023 5.7% | Jun 2023 8.8% | Sep 2023 9.0% | Dec 2023 6.0% | Mar 2024 9.0% | Jun 2024 6.7% | Sep 2024 2.3% | Dec 2024 0.5% | Mar 2025 -6.6% | Jun 2025 1.3% | Sep 2025 4.3% | Dec 2025 9.6% | Mar 2026 4.4% | Jun 2026 — - TDG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 — | Jun 2023 20% | Sep 2023 25% | Dec 2023 28% | Mar 2024 — | Jun 2024 29% | Sep 2024 25% | Dec 2024 12% | Mar 2025 12% | Jun 2025 9.3% | Sep 2025 11% | Dec 2025 14% | Mar 2026 18% | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 6.8% | Jun 2026 — - LHX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -11% | Dec 2022 8.3% | Mar 2023 — | Jun 2023 14% | Sep 2023 19% | Dec 2023 17% | Mar 2024 17% | Jun 2024 13% | Sep 2024 7.7% | Dec 2024 — | Mar 2025 6.0% | Jun 2025 -3.2% | Sep 2025 — | Dec 2025 — | Mar 2026 2.3% | Jun 2026 12% - HEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 21% | Dec 2022 20% | Mar 2023 27% | Jun 2023 28% | Sep 2023 27% | Dec 2023 53% | Mar 2024 44% | Jun 2024 39% | Sep 2024 37% | Dec 2024 8.3% | Mar 2025 15% | Jun 2025 15% | Sep 2025 16% | Dec 2025 19% | Mar 2026 14% | Jun 2026 25% - AXON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 31% | Sep 2022 34% | Dec 2022 53% | Mar 2023 34% | Jun 2023 31% | Sep 2023 32% | Dec 2023 29% | Mar 2024 34% | Jun 2024 34% | Sep 2024 32% | Dec 2024 34% | Mar 2025 31% | Jun 2025 33% | Sep 2025 31% | Dec 2025 39% | Mar 2026 34% | Jun 2026 — - ESLT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.1% | Sep 2022 -1.1% | Dec 2022 0.8% | Mar 2023 3.0% | Jun 2023 12% | Sep 2023 11% | Dec 2023 8.0% | Mar 2024 12% | Jun 2024 12% | Sep 2024 14% | Dec 2024 19% | Mar 2025 22% | Jun 2025 21% | Sep 2025 12% | Dec 2025 11% | Mar 2026 15% | Jun 2026 — - RKLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 400% | Sep 2022 1,160% | Dec 2022 93% | Mar 2023 34% | Jun 2023 13% | Sep 2023 7.9% | Dec 2023 15% | Mar 2024 69% | Jun 2024 71% | Sep 2024 54% | Dec 2024 120% | Mar 2025 32% | Jun 2025 36% | Sep 2025 48% | Dec 2025 36% | Mar 2026 63% | Jun 2026 — - CW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1.9% | Sep 2022 1.6% | Dec 2022 15% | Mar 2023 13% | Jun 2023 16% | Sep 2023 15% | Dec 2023 3.7% | Mar 2024 13% | Jun 2024 12% | Sep 2024 10% | Dec 2024 4.8% | Mar 2025 13% | Jun 2025 12% | Sep 2025 8.8% | Dec 2025 15% | Mar 2026 13% | Jun 2026 — - WWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10% | Sep 2022 12% | Dec 2022 14% | Mar 2023 22% | Jun 2023 30% | Sep 2023 21% | Dec 2023 27% | Mar 2024 16% | Jun 2024 5.9% | Sep 2024 9.9% | Dec 2024 -1.8% | Mar 2025 5.9% | Jun 2025 7.9% | Sep 2025 17% | Dec 2025 29% | Mar 2026 23% | Jun 2026 — - FTAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 145% | Dec 2022 156% | Mar 2023 218% | Jun 2023 145% | Sep 2023 27% | Dec 2023 14% | Mar 2024 12% | Jun 2024 62% | Sep 2024 60% | Dec 2024 59% | Mar 2025 54% | Jun 2025 52% | Sep 2025 43% | Dec 2025 33% | Mar 2026 66% | Jun 2026 — - TXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -1.2% | Dec 2022 2.9% | Mar 2023 — | Jun 2023 0.8% | Sep 2023 8.6% | Dec 2023 26% | Mar 2024 — | Jun 2024 17% | Sep 2024 0.1% | Dec 2024 -7.2% | Mar 2025 5.5% | Jun 2025 5.4% | Sep 2025 5.1% | Dec 2025 — | Mar 2026 26% | Jun 2026 -0.6% - BWXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.7% | Sep 2022 5.0% | Dec 2022 5.4% | Mar 2023 7.0% | Jun 2023 10% | Sep 2023 13% | Dec 2023 16% | Mar 2024 6.3% | Jun 2024 11% | Sep 2024 14% | Dec 2024 2.8% | Mar 2025 13% | Jun 2025 12% | Sep 2025 29% | Dec 2025 19% | Mar 2026 26% | Jun 2026 — - MOG-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 9.3% | Dec 2022 6.1% | Mar 2023 — | Jun 2023 8.6% | Sep 2023 10.0% | Dec 2023 12% | Mar 2024 — | Jun 2024 8.1% | Sep 2024 5.5% | Dec 2024 6.0% | Mar 2025 0.4% | Jun 2025 7.3% | Sep 2025 16% | Dec 2025 — | Mar 2026 18% | Jun 2026 — - DRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -4.7% | Sep 2022 -12% | Dec 2022 0.0% | Mar 2023 -7.0% | Jun 2023 0.2% | Sep 2023 11% | Dec 2023 13% | Mar 2024 21% | Jun 2024 20% | Sep 2024 16% | Dec 2024 5.9% | Mar 2025 16% | Jun 2025 10% | Sep 2025 18% | Dec 2025 8.1% | Mar 2026 5.9% | Jun 2026 — - EMBJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -19% | Sep 2022 -2.2% | Dec 2022 53% | Mar 2023 13% | Jun 2023 38% | Sep 2023 39% | Dec 2023 0.7% | Mar 2024 22% | Jun 2024 13% | Sep 2024 38% | Dec 2024 15% | Mar 2025 23% | Jun 2025 22% | Sep 2025 19% | Dec 2025 15% | Mar 2026 31% | Jun 2026 — - HII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 12% | Dec 2022 5.0% | Mar 2023 3.8% | Jun 2023 4.7% | Sep 2023 7.2% | Dec 2023 13% | Mar 2024 4.9% | Jun 2024 6.8% | Sep 2024 -2.4% | Dec 2024 -5.5% | Mar 2025 -2.5% | Jun 2025 3.5% | Sep 2025 16% | Dec 2025 16% | Mar 2026 13% | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.6% | Jun 2024 16% | Sep 2024 13% | Dec 2024 22% | Mar 2025 16% | Jun 2025 14% | Sep 2025 20% | Dec 2025 13% | Mar 2026 13% | Jun 2026 — - KTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 9.3% | Sep 2022 14% | Dec 2022 17% | Mar 2023 18% | Jun 2023 15% | Sep 2023 — | Dec 2023 10% | Mar 2024 19% | Jun 2024 17% | Sep 2024 — | Dec 2024 2.9% | Mar 2025 9.4% | Jun 2025 17% | Sep 2025 26% | Dec 2025 22% | Mar 2026 22% | Jun 2026 — - CAE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 24% | Sep 2022 22% | Dec 2022 14% | Mar 2023 25% | Jun 2023 8.5% | Sep 2023 5.7% | Dec 2023 13% | Mar 2024 -5.9% | Jun 2024 6.0% | Sep 2024 8.3% | Dec 2024 12% | Mar 2025 13% | Jun 2025 2.4% | Sep 2025 8.8% | Dec 2025 2.4% | Mar 2026 4.1% | Jun 2026 — - HXL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 9.3% | Dec 2022 19% | Mar 2023 17% | Jun 2023 16% | Sep 2023 15% | Dec 2023 6.8% | Mar 2024 3.1% | Jun 2024 10% | Sep 2024 8.8% | Dec 2024 3.5% | Mar 2025 -3.2% | Jun 2025 -2.0% | Sep 2025 -0.2% | Dec 2025 3.6% | Mar 2026 9.9% | Jun 2026 — - AVAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 7.9% | Dec 2022 -8.2% | Mar 2023 49% | Jun 2023 40% | Sep 2023 39% | Dec 2023 62% | Mar 2024 40% | Jun 2024 5.9% | Sep 2024 24% | Dec 2024 3.9% | Mar 2025 -10% | Jun 2025 40% | Sep 2025 141% | Dec 2025 152% | Mar 2026 143% | Jun 2026 133% - PL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 92% | Dec 2022 56% | Mar 2023 43% | Jun 2023 33% | Sep 2023 13% | Dec 2023 10% | Mar 2024 11% | Jun 2024 13% | Sep 2024 13% | Dec 2024 11% | Mar 2025 5.1% | Jun 2025 10% | Sep 2025 20% | Dec 2025 33% | Mar 2026 40% | Jun 2026 42% ## Operating Economics & Margin Trend What the numbers say: TransDigm Group Incorporated leads opm at 46.3%; Rocket Lab Corporation leads margin change at +20.4 percentage points. Investor read: TransDigm Group Incorporated sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current margin change signal. Evidence: TransDigm Group Incorporated · 46.3% | 42% versus #2 · Howmet Aerospace Inc. | 6/8 recent comparable periods | 30/30 companies · 524 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. TransDigm Group Incorporated (TDG): 46% 2. Howmet Aerospace Inc. (HWM): 33% 3. HEICO Corporation (HEI): 26% 4. FTAI Aviation Ltd. (FTAI): 21% 5. Honeywell Aerospace Inc. (HONA): 20% ### Margin change — fastest expanders 1. Rocket Lab Corporation (RKLB): +20.4 pp 2. Howmet Aerospace Inc. (HWM): +7.2 pp 3. Axon Enterprise, Inc. (AXON): +5.1 pp 4. AeroVironment, Inc. (AVAV): +3.9 pp 5. Northrop Grumman Corporation (NOC): +3.9 pp ### 20-quarter OPM history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.7% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -41% | Jun 2026 — - GE: Sep 2021 6.0% | Dec 2021 6.9% | Mar 2022 -7.5% | Jun 2022 3.7% | Sep 2022 -0.9% | Dec 2022 0.7% | Mar 2023 2.0% | Jun 2023 12% | Sep 2023 13% | Dec 2023 7.7% | Mar 2024 12% | Jun 2024 17% | Sep 2024 9.3% | Dec 2024 19% | Mar 2025 20% | Jun 2025 19% | Sep 2025 19% | Dec 2025 18% | Mar 2026 18% | Jun 2026 19% - RTX: Sep 2021 8.3% | Dec 2021 7.7% | Mar 2022 6.9% | Jun 2022 8.3% | Sep 2022 9.0% | Dec 2022 8.2% | Mar 2023 9.8% | Jun 2023 8.2% | Sep 2023 -10% | Dec 2023 8.9% | Mar 2024 9.7% | Jun 2024 2.7% | Sep 2024 10% | Dec 2024 9.8% | Mar 2025 10% | Jun 2025 9.9% | Sep 2025 11% | Dec 2025 11% | Mar 2026 12% | Jun 2026 — - BA: Sep 2021 2.2% | Dec 2021 -28% | Mar 2022 -8.3% | Jun 2022 4.7% | Sep 2022 -18% | Dec 2022 -1.7% | Mar 2023 -0.8% | Jun 2023 -0.5% | Sep 2023 -4.5% | Dec 2023 1.3% | Mar 2024 -0.5% | Jun 2024 -6.5% | Sep 2024 -32% | Dec 2024 -25% | Mar 2025 2.4% | Jun 2025 -0.8% | Sep 2025 -21% | Dec 2025 37% | Mar 2026 2.0% | Jun 2026 — - LMT: Sep 2021 14% | Dec 2021 14% | Mar 2022 13% | Jun 2022 13% | Sep 2022 13% | Dec 2022 12% | Mar 2023 14% | Jun 2023 13% | Sep 2023 12% | Dec 2023 12% | Mar 2024 12% | Jun 2024 12% | Sep 2024 13% | Dec 2024 3.7% | Mar 2025 13% | Jun 2025 4.1% | Sep 2025 12% | Dec 2025 12% | Mar 2026 11% | Jun 2026 — - HWM: Sep 2021 16% | Dec 2021 11% | Mar 2022 17% | Jun 2022 17% | Sep 2022 16% | Dec 2022 15% | Mar 2023 18% | Jun 2023 17% | Sep 2023 19% | Dec 2023 19% | Mar 2024 20% | Jun 2024 21% | Sep 2024 23% | Dec 2024 24% | Mar 2025 25% | Jun 2025 25% | Sep 2025 26% | Dec 2025 23% | Mar 2026 33% | Jun 2026 — - GD: Sep 2021 10% | Dec 2021 11% | Mar 2022 — | Jun 2022 9.7% | Sep 2022 11% | Dec 2022 11% | Mar 2023 — | Jun 2023 9.5% | Sep 2023 9.5% | Dec 2023 10% | Mar 2024 9.7% | Jun 2024 9.7% | Sep 2024 10% | Dec 2024 11% | Mar 2025 10% | Jun 2025 10% | Sep 2025 10% | Dec 2025 10% | Mar 2026 — | Jun 2026 11% - NOC: Sep 2021 12% | Dec 2021 8.6% | Mar 2022 10% | Jun 2022 11% | Sep 2022 9.4% | Dec 2022 9.0% | Mar 2023 10% | Jun 2023 10% | Sep 2023 10% | Dec 2023 -3.7% | Mar 2024 11% | Jun 2024 11% | Sep 2024 11% | Dec 2024 10% | Mar 2025 6.1% | Jun 2025 14% | Sep 2025 12% | Dec 2025 11% | Mar 2026 10% | Jun 2026 — - TDG: Sep 2021 37% | Dec 2021 — | Mar 2022 38% | Jun 2022 39% | Sep 2022 43% | Dec 2022 42% | Mar 2023 — | Jun 2023 44% | Sep 2023 45% | Dec 2023 44% | Mar 2024 45% | Jun 2024 46% | Sep 2024 43% | Dec 2024 49% | Mar 2025 46% | Jun 2025 46% | Sep 2025 48% | Dec 2025 46% | Mar 2026 46% | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 25% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 20% | Jun 2026 — - LHX: Sep 2021 12% | Dec 2021 13% | Mar 2022 — | Jun 2022 12% | Sep 2022 12% | Dec 2022 11% | Mar 2023 8.8% | Jun 2023 8.5% | Sep 2023 9.7% | Dec 2023 9.9% | Mar 2024 7.3% | Jun 2024 9.0% | Sep 2024 9.4% | Dec 2024 — | Mar 2025 11% | Jun 2025 10% | Sep 2025 — | Dec 2025 11% | Mar 2026 8.5% | Jun 2026 11% - HEI: Sep 2021 21% | Dec 2021 23% | Mar 2022 20% | Jun 2022 23% | Sep 2022 23% | Dec 2022 24% | Mar 2023 21% | Jun 2023 23% | Sep 2023 21% | Dec 2023 20% | Mar 2024 20% | Jun 2024 22% | Sep 2024 22% | Dec 2024 22% | Mar 2025 22% | Jun 2025 23% | Sep 2025 23% | Dec 2025 23% | Mar 2026 22% | Jun 2026 26% - AXON: Sep 2021 1.2% | Dec 2021 -12% | Mar 2022 6.7% | Jun 2022 7.5% | Sep 2022 10% | Dec 2022 6.7% | Mar 2023 4.8% | Jun 2023 11% | Sep 2023 14% | Dec 2023 9.9% | Mar 2024 3.6% | Jun 2024 6.7% | Sep 2024 4.4% | Dec 2024 -2.7% | Mar 2025 -1.5% | Jun 2025 -0.2% | Sep 2025 -0.3% | Dec 2025 -6.3% | Mar 2026 3.6% | Jun 2026 — - ESLT: Sep 2021 8.1% | Dec 2021 7.2% | Mar 2022 4.3% | Jun 2022 8.8% | Sep 2022 5.4% | Dec 2022 8.0% | Mar 2023 6.7% | Jun 2023 7.0% | Sep 2023 7.1% | Dec 2023 4.2% | Mar 2024 6.8% | Jun 2024 7.2% | Sep 2024 7.3% | Dec 2024 7.3% | Mar 2025 7.9% | Jun 2025 8.0% | Sep 2025 8.9% | Dec 2025 9.0% | Mar 2026 9.4% | Jun 2026 — - RKLB: Sep 2021 -989% | Dec 2021 -89% | Mar 2022 -81% | Jun 2022 -60% | Sep 2022 -51% | Dec 2022 -72% | Mar 2023 -84% | Jun 2023 -73% | Sep 2023 -57% | Dec 2023 -80% | Mar 2024 -46% | Jun 2024 -41% | Sep 2024 -50% | Dec 2024 -39% | Mar 2025 -48% | Jun 2025 -41% | Sep 2025 -38% | Dec 2025 -28% | Mar 2026 -28% | Jun 2026 — - CW: Sep 2021 16% | Dec 2021 15% | Mar 2022 11% | Jun 2022 16% | Sep 2022 17% | Dec 2022 21% | Mar 2023 13% | Jun 2023 16% | Sep 2023 18% | Dec 2023 20% | Mar 2024 14% | Jun 2024 16% | Sep 2024 18% | Dec 2024 19% | Mar 2025 16% | Jun 2025 18% | Sep 2025 19% | Dec 2025 19% | Mar 2026 18% | Jun 2026 — - WWD: Sep 2021 12% | Dec 2021 6.4% | Mar 2022 9.7% | Jun 2022 9.0% | Sep 2022 9.2% | Dec 2022 5.5% | Mar 2023 5.6% | Jun 2023 13% | Sep 2023 12% | Dec 2023 13% | Mar 2024 14% | Jun 2024 14% | Sep 2024 11% | Dec 2024 12% | Mar 2025 14% | Jun 2025 13% | Sep 2025 15% | Dec 2025 16% | Mar 2026 15% | Jun 2026 — - FTAI: Sep 2021 39% | Dec 2021 -4.4% | Mar 2022 -164% | Jun 2022 27% | Sep 2022 27% | Dec 2022 24% | Mar 2023 25% | Jun 2023 35% | Sep 2023 29% | Dec 2023 28% | Mar 2024 28% | Jun 2024 -37% | Sep 2024 32% | Dec 2024 28% | Mar 2025 30% | Jun 2025 31% | Sep 2025 30% | Dec 2025 27% | Mar 2026 21% | Jun 2026 — - TXT: Sep 2021 6.7% | Dec 2021 7.1% | Mar 2022 7.2% | Jun 2022 6.8% | Sep 2022 7.4% | Dec 2022 7.4% | Mar 2023 — | Jun 2023 6.2% | Sep 2023 8.4% | Dec 2023 5.0% | Mar 2024 6.1% | Jun 2024 8.0% | Sep 2024 6.2% | Dec 2024 2.5% | Mar 2025 6.2% | Jun 2025 7.1% | Sep 2025 7.7% | Dec 2025 — | Mar 2026 6.0% | Jun 2026 6.3% - BWXT: Sep 2021 15% | Dec 2021 16% | Mar 2022 12% | Jun 2022 15% | Sep 2022 12% | Dec 2022 15% | Mar 2023 13% | Jun 2023 12% | Sep 2023 12% | Dec 2023 15% | Mar 2024 13% | Jun 2024 13% | Sep 2024 12% | Dec 2024 10% | Mar 2025 12% | Jun 2025 11% | Sep 2025 11% | Dec 2025 8.3% | Mar 2026 9.9% | Jun 2026 — - MOG-B: Sep 2021 8.0% | Dec 2021 7.1% | Mar 2022 7.4% | Jun 2022 6.1% | Sep 2022 8.9% | Dec 2022 8.4% | Mar 2023 — | Jun 2023 8.5% | Sep 2023 8.0% | Dec 2023 9.3% | Mar 2024 10% | Jun 2024 9.8% | Sep 2024 8.1% | Dec 2024 10% | Mar 2025 9.8% | Jun 2025 9.9% | Sep 2025 11% | Dec 2025 — | Mar 2026 11% | Jun 2026 — - DRS: Sep 2021 7.4% | Dec 2021 9.9% | Mar 2022 9.2% | Jun 2022 6.7% | Sep 2022 59% | Dec 2022 11% | Mar 2023 4.4% | Jun 2023 6.7% | Sep 2023 8.4% | Dec 2023 11% | Mar 2024 6.3% | Jun 2024 7.3% | Sep 2024 9.2% | Dec 2024 12% | Mar 2025 7.4% | Jun 2025 8.4% | Sep 2025 9.7% | Dec 2025 12% | Mar 2026 9.1% | Jun 2026 — - EMBJ: Sep 2021 -3.5% | Dec 2021 4.7% | Mar 2022 -20% | Jun 2022 -65% | Sep 2022 -6.8% | Dec 2022 7.1% | Mar 2023 -16% | Jun 2023 5.5% | Sep 2023 1.3% | Dec 2023 11% | Mar 2024 -0.4% | Jun 2024 8.6% | Sep 2024 13% | Dec 2024 11% | Mar 2025 4.6% | Jun 2025 9.9% | Sep 2025 4.6% | Dec 2025 8.2% | Mar 2026 5.6% | Jun 2026 — - HII: Sep 2021 5.0% | Dec 2021 4.5% | Mar 2022 5.4% | Jun 2022 7.2% | Sep 2022 5.0% | Dec 2022 3.7% | Mar 2023 5.3% | Jun 2023 5.6% | Sep 2023 6.1% | Dec 2023 9.8% | Mar 2024 5.5% | Jun 2024 6.3% | Sep 2024 3.0% | Dec 2024 3.7% | Mar 2025 5.9% | Jun 2025 5.3% | Sep 2025 5.0% | Dec 2025 4.9% | Mar 2026 5.0% | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 7.7% | Jun 2023 8.1% | Sep 2023 6.8% | Dec 2023 6.9% | Mar 2024 8.5% | Jun 2024 7.8% | Sep 2024 7.9% | Dec 2024 6.7% | Mar 2025 9.0% | Jun 2025 8.9% | Sep 2025 9.2% | Dec 2025 9.3% | Mar 2026 8.8% | Jun 2026 — - KTOS: Sep 2021 5.2% | Dec 2021 4.3% | Mar 2022 -0.6% | Jun 2022 -0.8% | Sep 2022 -1.6% | Dec 2022 1.6% | Mar 2023 0.2% | Jun 2023 2.6% | Sep 2023 — | Dec 2023 4.4% | Mar 2024 2.5% | Jun 2024 4.2% | Sep 2024 2.4% | Dec 2024 1.1% | Mar 2025 2.2% | Jun 2025 1.1% | Sep 2025 2.0% | Dec 2025 2.4% | Mar 2026 1.3% | Jun 2026 — - CAE: Sep 2021 4.8% | Dec 2021 7.7% | Mar 2022 9.8% | Jun 2022 4.2% | Sep 2022 10% | Dec 2022 15% | Mar 2023 15% | Jun 2023 13% | Sep 2023 9.3% | Dec 2023 11% | Mar 2024 3.1% | Jun 2024 10% | Sep 2024 10% | Dec 2024 22% | Mar 2025 21% | Jun 2025 12% | Sep 2025 13% | Dec 2025 16% | Mar 2026 13% | Jun 2026 — - HXL: Sep 2021 6.8% | Dec 2021 6.4% | Mar 2022 7.7% | Jun 2022 16% | Sep 2022 11% | Dec 2022 9.4% | Mar 2023 14% | Jun 2023 14% | Sep 2023 10% | Dec 2023 10% | Mar 2024 11% | Jun 2024 14% | Sep 2024 12% | Dec 2024 1.9% | Mar 2025 9.7% | Jun 2025 6.1% | Sep 2025 7.9% | Dec 2025 13% | Mar 2026 12% | Jun 2026 — - AVAV: Sep 2021 -12% | Dec 2021 2.7% | Mar 2022 -16% | Jun 2022 9.8% | Sep 2022 -3.0% | Dec 2022 -13% | Mar 2023 3.4% | Jun 2023 -89% | Sep 2023 17% | Dec 2023 14% | Mar 2024 7.7% | Jun 2024 3.0% | Sep 2024 12% | Dec 2024 3.7% | Mar 2025 -1.8% | Jun 2025 5.0% | Sep 2025 -15% | Dec 2025 -6.4% | Mar 2026 -66% | Jun 2026 8.9% - PL: Sep 2021 -88% | Dec 2021 -89% | Mar 2022 -154% | Jun 2022 -119% | Sep 2022 -88% | Dec 2022 -86% | Mar 2023 -81% | Jun 2023 -85% | Sep 2023 -81% | Dec 2023 -86% | Mar 2024 -58% | Jun 2024 -57% | Sep 2024 -65% | Dec 2024 -37% | Mar 2025 -32% | Jun 2025 -34% | Sep 2025 -25% | Dec 2025 -23% | Mar 2026 -42% | Jun 2026 -37% ### 20-quarter Margin change history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −42.1 pp | Jun 2026 — - GE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 −6.9 pp | Dec 2022 −6.2 pp | Mar 2023 +9.5 pp | Jun 2023 +7.9 pp | Sep 2023 +13.9 pp | Dec 2023 +7.0 pp | Mar 2024 +9.5 pp | Jun 2024 +5.5 pp | Sep 2024 −3.7 pp | Dec 2024 +10.8 pp | Mar 2025 +8.2 pp | Jun 2025 +1.5 pp | Sep 2025 +9.2 pp | Dec 2025 −0.4 pp | Mar 2026 −1.4 pp | Jun 2026 +0.3 pp - RTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 +0.7 pp | Dec 2022 +0.5 pp | Mar 2023 +2.9 pp | Jun 2023 −0.1 pp | Sep 2023 −19.4 pp | Dec 2023 +0.7 pp | Mar 2024 −0.1 pp | Jun 2024 −5.5 pp | Sep 2024 +20.5 pp | Dec 2024 +0.9 pp | Mar 2025 +0.3 pp | Jun 2025 +7.2 pp | Sep 2025 +1.1 pp | Dec 2025 +0.9 pp | Mar 2026 +1.6 pp | Jun 2026 — - BA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.3 pp | Sep 2022 −19.7 pp | Dec 2022 +26.3 pp | Mar 2023 +7.5 pp | Jun 2023 −5.2 pp | Sep 2023 +13.0 pp | Dec 2023 +3.0 pp | Mar 2024 +0.3 pp | Jun 2024 −6.0 pp | Sep 2024 −27.8 pp | Dec 2024 −26.0 pp | Mar 2025 +2.9 pp | Jun 2025 +5.7 pp | Sep 2025 +11.8 pp | Dec 2025 +61.4 pp | Mar 2026 −0.4 pp | Jun 2026 — - LMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −1.3 pp | Dec 2022 −1.7 pp | Mar 2023 +0.6 pp | Jun 2023 +0.1 pp | Sep 2023 −0.9 pp | Dec 2023 0.0 pp | Mar 2024 −1.7 pp | Jun 2024 −0.9 pp | Sep 2024 +0.4 pp | Dec 2024 −8.4 pp | Mar 2025 +1.4 pp | Jun 2025 −7.8 pp | Sep 2025 −0.2 pp | Dec 2025 +7.8 pp | Mar 2026 −1.8 pp | Jun 2026 — - HWM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 pp | Sep 2022 −0.1 pp | Dec 2022 +3.1 pp | Mar 2023 +0.4 pp | Jun 2023 0.0 pp | Sep 2023 +2.6 pp | Dec 2023 +4.3 pp | Mar 2024 +2.4 pp | Jun 2024 +3.9 pp | Sep 2024 +4.4 pp | Dec 2024 +4.7 pp | Mar 2025 +5.2 pp | Jun 2025 +4.2 pp | Sep 2025 +3.0 pp | Dec 2025 −0.9 pp | Mar 2026 +7.2 pp | Jun 2026 — - GD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −0.3 pp | Mar 2023 — | Jun 2023 −0.2 pp | Sep 2023 −1.1 pp | Dec 2023 −1.0 pp | Mar 2024 — | Jun 2024 +0.2 pp | Sep 2024 +0.6 pp | Dec 2024 +0.7 pp | Mar 2025 +0.7 pp | Jun 2025 +0.3 pp | Sep 2025 +0.2 pp | Dec 2025 −0.6 pp | Mar 2026 — | Jun 2026 +0.5 pp - NOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.6 pp | Sep 2022 −2.6 pp | Dec 2022 +0.4 pp | Mar 2023 0.0 pp | Jun 2023 −0.7 pp | Sep 2023 +1.0 pp | Dec 2023 −12.7 pp | Mar 2024 +0.4 pp | Jun 2024 +0.6 pp | Sep 2024 +0.8 pp | Dec 2024 +13.9 pp | Mar 2025 −4.5 pp | Jun 2025 +3.1 pp | Sep 2025 +0.7 pp | Dec 2025 +0.7 pp | Mar 2026 +3.9 pp | Jun 2026 — - TDG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.1 pp | Dec 2022 — | Mar 2023 — | Jun 2023 +4.5 pp | Sep 2023 +2.1 pp | Dec 2023 +1.8 pp | Mar 2024 — | Jun 2024 +1.9 pp | Sep 2024 −1.8 pp | Dec 2024 +4.6 pp | Mar 2025 +0.9 pp | Jun 2025 +0.8 pp | Sep 2025 +4.5 pp | Dec 2025 −3.0 pp | Mar 2026 +0.2 pp | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 −4.3 pp | Jun 2026 — - LHX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −1.8 pp | Mar 2023 — | Jun 2023 −3.6 pp | Sep 2023 −2.0 pp | Dec 2023 −1.1 pp | Mar 2024 −1.5 pp | Jun 2024 +0.5 pp | Sep 2024 −0.3 pp | Dec 2024 — | Mar 2025 +3.7 pp | Jun 2025 +1.2 pp | Sep 2025 — | Dec 2025 — | Mar 2026 −2.5 pp | Jun 2026 +1.2 pp - HEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +1.4 pp | Mar 2023 +0.6 pp | Jun 2023 0.0 pp | Sep 2023 −1.9 pp | Dec 2023 −3.8 pp | Mar 2024 −0.7 pp | Jun 2024 −0.9 pp | Sep 2024 +1.1 pp | Dec 2024 +1.4 pp | Mar 2025 +1.9 pp | Jun 2025 +0.7 pp | Sep 2025 +1.3 pp | Dec 2025 +1.5 pp | Mar 2026 +0.1 pp | Jun 2026 +2.9 pp - AXON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +50.3 pp | Sep 2022 +9.1 pp | Dec 2022 +19.1 pp | Mar 2023 −1.9 pp | Jun 2023 +3.2 pp | Sep 2023 +3.6 pp | Dec 2023 +3.2 pp | Mar 2024 −1.2 pp | Jun 2024 −4.0 pp | Sep 2024 −9.5 pp | Dec 2024 −12.6 pp | Mar 2025 −5.1 pp | Jun 2025 −6.9 pp | Sep 2025 −4.7 pp | Dec 2025 −3.6 pp | Mar 2026 +5.1 pp | Jun 2026 — - ESLT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.2 pp | Sep 2022 −2.7 pp | Dec 2022 +0.8 pp | Mar 2023 +2.4 pp | Jun 2023 −1.8 pp | Sep 2023 +1.7 pp | Dec 2023 −3.8 pp | Mar 2024 +0.1 pp | Jun 2024 +0.2 pp | Sep 2024 +0.2 pp | Dec 2024 +3.1 pp | Mar 2025 +1.1 pp | Jun 2025 +0.8 pp | Sep 2025 +1.6 pp | Dec 2025 +1.7 pp | Mar 2026 +1.5 pp | Jun 2026 — - RKLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +56.6 pp | Sep 2022 +938.3 pp | Dec 2022 +16.6 pp | Mar 2023 −3.2 pp | Jun 2023 −13.0 pp | Sep 2023 −6.6 pp | Dec 2023 −7.9 pp | Mar 2024 +37.4 pp | Jun 2024 +32.1 pp | Sep 2024 +7.9 pp | Dec 2024 +40.9 pp | Mar 2025 −1.9 pp | Jun 2025 −0.6 pp | Sep 2025 +11.5 pp | Dec 2025 +10.5 pp | Mar 2026 +20.4 pp | Jun 2026 — - CW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.9 pp | Sep 2022 +1.4 pp | Dec 2022 +5.7 pp | Mar 2023 +1.7 pp | Jun 2023 −0.1 pp | Sep 2023 +1.2 pp | Dec 2023 −0.4 pp | Mar 2024 +1.5 pp | Jun 2024 +0.4 pp | Sep 2024 −0.2 pp | Dec 2024 −1.6 pp | Mar 2025 +2.0 pp | Jun 2025 +1.4 pp | Sep 2025 +1.0 pp | Dec 2025 +0.4 pp | Mar 2026 +1.5 pp | Jun 2026 — - WWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 −2.7 pp | Dec 2022 −0.9 pp | Mar 2023 −4.1 pp | Jun 2023 +4.0 pp | Sep 2023 +2.6 pp | Dec 2023 +7.1 pp | Mar 2024 +8.3 pp | Jun 2024 +0.9 pp | Sep 2024 −0.6 pp | Dec 2024 −1.0 pp | Mar 2025 −0.4 pp | Jun 2025 −0.9 pp | Sep 2025 +3.9 pp | Dec 2025 +4.4 pp | Mar 2026 +1.2 pp | Jun 2026 — - FTAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +21.0 pp | Sep 2022 −12.3 pp | Dec 2022 +28.0 pp | Mar 2023 +188.3 pp | Jun 2023 +7.4 pp | Sep 2023 +2.4 pp | Dec 2023 +4.5 pp | Mar 2024 +3.8 pp | Jun 2024 −71.4 pp | Sep 2024 +2.9 pp | Dec 2024 −0.1 pp | Mar 2025 +1.7 pp | Jun 2025 +67.8 pp | Sep 2025 −1.9 pp | Dec 2025 −1.0 pp | Mar 2026 −9.6 pp | Jun 2026 — - TXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +0.3 pp | Mar 2023 — | Jun 2023 −0.6 pp | Sep 2023 +1.0 pp | Dec 2023 −2.4 pp | Mar 2024 — | Jun 2024 +1.8 pp | Sep 2024 −2.2 pp | Dec 2024 −2.5 pp | Mar 2025 +0.1 pp | Jun 2025 −0.9 pp | Sep 2025 +1.5 pp | Dec 2025 — | Mar 2026 −0.2 pp | Jun 2026 −0.8 pp - BWXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.9 pp | Sep 2022 −3.0 pp | Dec 2022 −1.5 pp | Mar 2023 +1.3 pp | Jun 2023 −3.0 pp | Sep 2023 −0.1 pp | Dec 2023 +0.8 pp | Mar 2024 +0.1 pp | Jun 2024 +0.7 pp | Sep 2024 −0.2 pp | Dec 2024 −5.0 pp | Mar 2025 −1.5 pp | Jun 2025 −1.8 pp | Sep 2025 −1.5 pp | Dec 2025 −2.0 pp | Mar 2026 −1.8 pp | Jun 2026 — - MOG-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.9 pp | Dec 2022 +1.3 pp | Mar 2023 — | Jun 2023 +2.4 pp | Sep 2023 −0.9 pp | Dec 2023 +0.9 pp | Mar 2024 — | Jun 2024 +1.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.7 pp | Mar 2025 −0.6 pp | Jun 2025 +0.1 pp | Sep 2025 +2.5 pp | Dec 2025 — | Mar 2026 +1.0 pp | Jun 2026 — - DRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.1 pp | Sep 2022 +51.9 pp | Dec 2022 +0.7 pp | Mar 2023 −4.8 pp | Jun 2023 0.0 pp | Sep 2023 −50.9 pp | Dec 2023 +0.7 pp | Mar 2024 +1.9 pp | Jun 2024 +0.6 pp | Sep 2024 +0.8 pp | Dec 2024 +0.9 pp | Mar 2025 +1.1 pp | Jun 2025 +1.1 pp | Sep 2025 +0.5 pp | Dec 2025 −0.3 pp | Mar 2026 +1.7 pp | Jun 2026 — - EMBJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −77.0 pp | Sep 2022 −3.3 pp | Dec 2022 +2.4 pp | Mar 2023 +3.7 pp | Jun 2023 +70.0 pp | Sep 2023 +8.1 pp | Dec 2023 +3.4 pp | Mar 2024 +15.6 pp | Jun 2024 +3.1 pp | Sep 2024 +11.8 pp | Dec 2024 +0.7 pp | Mar 2025 +5.0 pp | Jun 2025 +1.3 pp | Sep 2025 −8.5 pp | Dec 2025 −3.0 pp | Mar 2026 +1.0 pp | Jun 2026 — - HII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.5 pp | Sep 2022 0.0 pp | Dec 2022 −0.8 pp | Mar 2023 −0.1 pp | Jun 2023 −1.6 pp | Sep 2023 +1.1 pp | Dec 2023 +6.1 pp | Mar 2024 +0.2 pp | Jun 2024 +0.7 pp | Sep 2024 −3.1 pp | Dec 2024 −6.1 pp | Mar 2025 +0.4 pp | Jun 2025 −1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.2 pp | Mar 2026 −0.9 pp | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +0.8 pp | Jun 2024 −0.3 pp | Sep 2024 +1.1 pp | Dec 2024 −0.2 pp | Mar 2025 +0.5 pp | Jun 2025 +1.1 pp | Sep 2025 +1.3 pp | Dec 2025 +2.6 pp | Mar 2026 −0.2 pp | Jun 2026 — - KTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −2.4 pp | Sep 2022 −6.8 pp | Dec 2022 −2.7 pp | Mar 2023 +0.8 pp | Jun 2023 +3.4 pp | Sep 2023 — | Dec 2023 +2.8 pp | Mar 2024 +2.3 pp | Jun 2024 +1.6 pp | Sep 2024 — | Dec 2024 −3.3 pp | Mar 2025 −0.3 pp | Jun 2025 −3.1 pp | Sep 2025 −0.4 pp | Dec 2025 +1.3 pp | Mar 2026 −0.9 pp | Jun 2026 — - CAE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.3 pp | Sep 2022 +5.5 pp | Dec 2022 +7.0 pp | Mar 2023 +5.1 pp | Jun 2023 +8.5 pp | Sep 2023 −1.0 pp | Dec 2023 −3.6 pp | Mar 2024 −11.8 pp | Jun 2024 −2.6 pp | Sep 2024 +1.1 pp | Dec 2024 +10.4 pp | Mar 2025 +17.4 pp | Jun 2025 +2.1 pp | Sep 2025 +2.2 pp | Dec 2025 −5.9 pp | Mar 2026 −7.6 pp | Jun 2026 — - HXL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +11.1 pp | Sep 2022 +4.4 pp | Dec 2022 +3.0 pp | Mar 2023 +6.0 pp | Jun 2023 −2.7 pp | Sep 2023 −0.8 pp | Dec 2023 +1.0 pp | Mar 2024 −2.5 pp | Jun 2024 +0.8 pp | Sep 2024 +1.1 pp | Dec 2024 −8.5 pp | Mar 2025 −1.5 pp | Jun 2025 −8.2 pp | Sep 2025 −3.6 pp | Dec 2025 +10.6 pp | Mar 2026 +1.8 pp | Jun 2026 — - AVAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.0 pp | Dec 2022 −15.5 pp | Mar 2023 +19.1 pp | Jun 2023 −98.9 pp | Sep 2023 +20.3 pp | Dec 2023 +26.7 pp | Mar 2024 +4.3 pp | Jun 2024 +92.1 pp | Sep 2024 −5.1 pp | Dec 2024 −10.2 pp | Mar 2025 −9.5 pp | Jun 2025 +2.0 pp | Sep 2025 −27.4 pp | Dec 2025 −10.1 pp | Mar 2026 −64.0 pp | Jun 2026 +3.9 pp - PL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +3.5 pp | Mar 2023 +73.4 pp | Jun 2023 +34.1 pp | Sep 2023 +7.5 pp | Dec 2023 −0.6 pp | Mar 2024 +23.0 pp | Jun 2024 +27.6 pp | Sep 2024 +15.7 pp | Dec 2024 +49.5 pp | Mar 2025 +26.1 pp | Jun 2025 +22.8 pp | Sep 2025 +40.3 pp | Dec 2025 +14.3 pp | Mar 2026 −10.0 pp | Jun 2026 −2.7 pp ## Profit Scale & Acceleration What the numbers say: GE Aerospace leads with $8,974 million of TTM profit, 18.1% above RTX Corporation. FTAI Aviation Ltd. shows ≥100% on the scoring scale (667.1% uncapped) growth from a $537 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: GE Aerospace sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: GE Aerospace · $8,974 million | 18.1% versus #2 · RTX Corporation | 7/8 recent comparable periods | 22/30 companies · 524 observations Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank. ### Net profit — largest 1. GE Aerospace (GE): ₹9.0K Cr 2. RTX Corporation (RTX): ₹7.6K Cr 3. The Boeing Company (BA): ₹2.3K Cr 4. TransDigm Group Incorporated (TDG): ₹2.1K Cr 5. Howmet Aerospace Inc. (HWM): ₹1.7K Cr ### Profit growth — fastest growers 1. FTAI Aviation Ltd. (FTAI): 100% 2. StandardAero, Inc. (SARO): 100% 3. Leonardo DRS, Inc. (DRS): 74% 4. Elbit Systems Ltd. (ESLT): 67% 5. RTX Corporation (RTX): 55% ### 20-quarter Net profit history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-528 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹-4.3K Cr | Jun 2026 — - GE: Sep 2021 ₹582 Cr | Dec 2021 ₹-3.5K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹-1.1K Cr | Sep 2022 ₹-245 Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹307 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.4K Cr - RTX: Sep 2021 ₹1.5K Cr | Dec 2021 ₹771 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹-933 Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹175 Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 — - BA: Sep 2021 ₹-132 Cr | Dec 2021 ₹-4.2K Cr | Mar 2022 ₹-1.2K Cr | Jun 2022 ₹160 Cr | Sep 2022 ₹-3.3K Cr | Dec 2022 ₹-663 Cr | Mar 2023 ₹-425 Cr | Jun 2023 ₹-149 Cr | Sep 2023 ₹-1.6K Cr | Dec 2023 ₹-30 Cr | Mar 2024 ₹-355 Cr | Jun 2024 ₹-1.4K Cr | Sep 2024 ₹-6.2K Cr | Dec 2024 ₹-3.9K Cr | Mar 2025 ₹-31 Cr | Jun 2025 ₹-612 Cr | Sep 2025 ₹-5.3K Cr | Dec 2025 ₹8.2K Cr | Mar 2026 ₹-7 Cr | Jun 2026 — - LMT: Sep 2021 ₹614 Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹309 Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹527 Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹342 Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - HWM: Sep 2021 ₹27 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹147 Cr | Sep 2022 ₹80 Cr | Dec 2022 ₹111 Cr | Mar 2023 ₹148 Cr | Jun 2023 ₹193 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹236 Cr | Mar 2024 ₹243 Cr | Jun 2024 ₹266 Cr | Sep 2024 ₹332 Cr | Dec 2024 ₹314 Cr | Mar 2025 ₹344 Cr | Jun 2025 ₹407 Cr | Sep 2025 ₹385 Cr | Dec 2025 ₹372 Cr | Mar 2026 ₹580 Cr | Jun 2026 — - GD: Sep 2021 ₹737 Cr | Dec 2021 ₹860 Cr | Mar 2022 — | Jun 2022 ₹730 Cr | Sep 2022 ₹766 Cr | Dec 2022 ₹902 Cr | Mar 2023 — | Jun 2023 ₹730 Cr | Sep 2023 ₹744 Cr | Dec 2023 ₹836 Cr | Mar 2024 ₹799 Cr | Jun 2024 ₹905 Cr | Sep 2024 ₹930 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹994 Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 — | Jun 2026 ₹1.1K Cr - NOC: Sep 2021 ₹1.1K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹955 Cr | Jun 2022 ₹946 Cr | Sep 2022 ₹915 Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹842 Cr | Jun 2023 ₹812 Cr | Sep 2023 ₹937 Cr | Dec 2023 ₹-535 Cr | Mar 2024 ₹944 Cr | Jun 2024 ₹940 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹481 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹875 Cr | Jun 2026 — - TDG: Sep 2021 ₹317 Cr | Dec 2021 — | Mar 2022 ₹163 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹239 Cr | Dec 2022 ₹229 Cr | Mar 2023 — | Jun 2023 ₹304 Cr | Sep 2023 ₹352 Cr | Dec 2023 ₹382 Cr | Mar 2024 ₹404 Cr | Jun 2024 ₹461 Cr | Sep 2024 ₹467 Cr | Dec 2024 ₹493 Cr | Mar 2025 ₹479 Cr | Jun 2025 ₹493 Cr | Sep 2025 ₹609 Cr | Dec 2025 ₹445 Cr | Mar 2026 ₹536 Cr | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹777 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹634 Cr | Jun 2026 — - LHX: Sep 2021 ₹413 Cr | Dec 2021 ₹479 Cr | Mar 2022 — | Jun 2022 ₹475 Cr | Sep 2022 ₹470 Cr | Dec 2022 ₹417 Cr | Mar 2023 ₹339 Cr | Jun 2023 ₹351 Cr | Sep 2023 ₹382 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹285 Cr | Jun 2024 ₹367 Cr | Sep 2024 ₹404 Cr | Dec 2024 — | Mar 2025 ₹456 Cr | Jun 2025 ₹386 Cr | Sep 2025 — | Dec 2025 ₹462 Cr | Mar 2026 ₹300 Cr | Jun 2026 ₹512 Cr - HEI: Sep 2021 ₹84 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹94 Cr | Jun 2022 ₹93 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹125 Cr | Jun 2024 ₹135 Cr | Sep 2024 ₹148 Cr | Dec 2024 ₹151 Cr | Mar 2025 ₹182 Cr | Jun 2025 ₹171 Cr | Sep 2025 ₹191 Cr | Dec 2025 ₹203 Cr | Mar 2026 ₹205 Cr | Jun 2026 ₹250 Cr - AXON: Sep 2021 ₹49 Cr | Dec 2021 ₹-14 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹51 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹29 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹57 Cr | Mar 2024 ₹133 Cr | Jun 2024 ₹41 Cr | Sep 2024 ₹67 Cr | Dec 2024 ₹135 Cr | Mar 2025 ₹88 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹169 Cr | Jun 2026 — - ESLT: Sep 2021 ₹89 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹68 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹75 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹100 Cr | Jun 2025 ₹118 Cr | Sep 2025 ₹127 Cr | Dec 2025 ₹162 Cr | Mar 2026 ₹152 Cr | Jun 2026 — - RKLB: Sep 2021 ₹-88 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹-27 Cr | Jun 2022 ₹-37 Cr | Sep 2022 ₹-35 Cr | Dec 2022 ₹-37 Cr | Mar 2023 ₹-46 Cr | Jun 2023 ₹-46 Cr | Sep 2023 ₹-41 Cr | Dec 2023 ₹-50 Cr | Mar 2024 ₹-44 Cr | Jun 2024 ₹-42 Cr | Sep 2024 ₹-52 Cr | Dec 2024 ₹-52 Cr | Mar 2025 ₹-61 Cr | Jun 2025 ₹-66 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹-53 Cr | Mar 2026 ₹-45 Cr | Jun 2026 — - CW: Sep 2021 ₹70 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹41 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹76 Cr | Jun 2024 ₹99 Cr | Sep 2024 ₹111 Cr | Dec 2024 ₹118 Cr | Mar 2025 ₹101 Cr | Jun 2025 ₹121 Cr | Sep 2025 ₹125 Cr | Dec 2025 ₹137 Cr | Mar 2026 ₹128 Cr | Jun 2026 — - WWD: Sep 2021 ₹50 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹85 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹98 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹138 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹134 Cr | Jun 2026 — - FTAI: Sep 2021 ₹47 Cr | Dec 2021 ₹-132 Cr | Mar 2022 ₹-230 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹-19 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹118 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹-220 Cr | Sep 2024 ₹86 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹102 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹138 Cr | Jun 2026 — - TXT: Sep 2021 ₹184 Cr | Dec 2021 ₹185 Cr | Mar 2022 ₹207 Cr | Jun 2022 ₹193 Cr | Sep 2022 ₹218 Cr | Dec 2022 ₹225 Cr | Mar 2023 — | Jun 2023 ₹191 Cr | Sep 2023 ₹263 Cr | Dec 2023 ₹199 Cr | Mar 2024 ₹201 Cr | Jun 2024 ₹260 Cr | Sep 2024 ₹223 Cr | Dec 2024 ₹141 Cr | Mar 2025 ₹207 Cr | Jun 2025 ₹245 Cr | Sep 2025 ₹235 Cr | Dec 2025 — | Mar 2026 ₹236 Cr | Jun 2026 ₹220 Cr - BWXT: Sep 2021 ₹60 Cr | Dec 2021 ₹117 Cr | Mar 2022 ₹59 Cr | Jun 2022 ₹75 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹60 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹94 Cr | Mar 2026 ₹91 Cr | Jun 2026 — - MOG-B: Sep 2021 ₹36 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹29 Cr | Mar 2023 — | Jun 2023 ₹43 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹48 Cr | Mar 2024 ₹60 Cr | Jun 2024 ₹56 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹66 Cr | Dec 2025 — | Mar 2026 ₹79 Cr | Jun 2026 — - DRS: Sep 2021 ₹35 Cr | Dec 2021 ₹58 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹279 Cr | Dec 2022 ₹65 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹35 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹38 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹89 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹218 Cr | Mar 2026 ₹92 Cr | Jun 2026 — - EMBJ: Sep 2021 ₹-44 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹-35 Cr | Jun 2022 ₹-149 Cr | Sep 2022 ₹-41 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹-75 Cr | Jun 2023 ₹-28 Cr | Sep 2023 ₹64 Cr | Dec 2023 ₹201 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹185 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹80 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹129 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹37 Cr | Jun 2026 — - HII: Sep 2021 ₹147 Cr | Dec 2021 ₹120 Cr | Mar 2022 ₹140 Cr | Jun 2022 ₹178 Cr | Sep 2022 ₹138 Cr | Dec 2022 ₹123 Cr | Mar 2023 ₹129 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹274 Cr | Mar 2024 ₹153 Cr | Jun 2024 ₹173 Cr | Sep 2024 ₹101 Cr | Dec 2024 ₹123 Cr | Mar 2025 ₹149 Cr | Jun 2025 ₹152 Cr | Sep 2025 ₹145 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹149 Cr | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-12 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹3 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹63 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹68 Cr | Dec 2025 ₹79 Cr | Mar 2026 ₹80 Cr | Jun 2026 — - KTOS: Sep 2021 ₹-2 Cr | Dec 2021 ₹-3 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-5 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹0 Cr | Sep 2023 — | Dec 2023 ₹3 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹12 Cr | Jun 2026 — - CAE: Sep 2021 ₹17 Cr | Dec 2021 ₹28 Cr | Mar 2022 ₹57 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹-484 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹171 Cr | Mar 2025 ₹138 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹74 Cr | Jun 2026 — - HXL: Sep 2021 ₹9 Cr | Dec 2021 ₹19 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹39 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹37 Cr | Jun 2024 ₹50 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹46 Cr | Mar 2026 ₹37 Cr | Jun 2026 — - AVAV: Sep 2021 ₹-14 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹-8 Cr | Dec 2022 ₹-7 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-160 Cr | Sep 2023 ₹22 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹-67 Cr | Dec 2025 ₹-17 Cr | Mar 2026 ₹-244 Cr | Jun 2026 ₹63 Cr - PL: Sep 2021 ₹-39 Cr | Dec 2021 ₹-42 Cr | Mar 2022 ₹-46 Cr | Jun 2022 ₹-44 Cr | Sep 2022 ₹-40 Cr | Dec 2022 ₹-40 Cr | Mar 2023 ₹-38 Cr | Jun 2023 ₹-34 Cr | Sep 2023 ₹-38 Cr | Dec 2023 ₹-38 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹-29 Cr | Sep 2024 ₹-39 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-35 Cr | Jun 2025 ₹-13 Cr | Sep 2025 ₹-23 Cr | Dec 2025 ₹-59 Cr | Mar 2026 ₹-152 Cr | Jun 2026 ₹-139 Cr ### 20-quarter Profit growth history - GE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -142% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -34% | Mar 2024 -72% | Jun 2024 5.3% | Sep 2024 452% | Dec 2024 61% | Mar 2025 13% | Jun 2025 51% | Sep 2025 28% | Dec 2025 30% | Mar 2026 -0.8% | Jun 2026 20% - RTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -5.3% | Dec 2022 90% | Mar 2023 32% | Jun 2023 1.6% | Sep 2023 -167% | Dec 2023 0.3% | Mar 2024 18% | Jun 2024 -87% | Sep 2024 — | Dec 2024 5.9% | Mar 2025 -6.8% | Jun 2025 886% | Sep 2025 31% | Dec 2025 9.8% | Mar 2026 33% | Jun 2026 — - BA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -72% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -193% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - LMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -83% | Sep 2022 190% | Dec 2022 -6.7% | Mar 2023 -2.5% | Jun 2023 444% | Sep 2023 -5.3% | Dec 2023 -2.4% | Mar 2024 -8.5% | Jun 2024 -2.4% | Sep 2024 -3.6% | Dec 2024 -72% | Mar 2025 11% | Jun 2025 -79% | Sep 2025 -0.3% | Dec 2025 155% | Mar 2026 -13% | Jun 2026 — - HWM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 99% | Sep 2022 196% | Dec 2022 44% | Mar 2023 13% | Jun 2023 31% | Sep 2023 135% | Dec 2023 113% | Mar 2024 64% | Jun 2024 38% | Sep 2024 77% | Dec 2024 33% | Mar 2025 42% | Jun 2025 53% | Sep 2025 16% | Dec 2025 18% | Mar 2026 69% | Jun 2026 — - GD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 3.9% | Dec 2022 4.9% | Mar 2023 — | Jun 2023 0.0% | Sep 2023 -2.9% | Dec 2023 -7.3% | Mar 2024 — | Jun 2024 24% | Sep 2024 25% | Dec 2024 37% | Mar 2025 24% | Jun 2025 12% | Sep 2025 14% | Dec 2025 -0.4% | Mar 2026 — | Jun 2026 11% - NOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -8.8% | Sep 2022 -14% | Dec 2022 -23% | Mar 2023 -12% | Jun 2023 -14% | Sep 2023 2.4% | Dec 2023 -126% | Mar 2024 12% | Jun 2024 16% | Sep 2024 9.5% | Dec 2024 — | Mar 2025 -49% | Jun 2025 25% | Sep 2025 7.2% | Dec 2025 13% | Mar 2026 82% | Jun 2026 — - TDG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -25% | Dec 2022 — | Mar 2023 — | Jun 2023 53% | Sep 2023 47% | Dec 2023 67% | Mar 2024 — | Jun 2024 52% | Sep 2024 33% | Dec 2024 29% | Mar 2025 19% | Jun 2025 6.9% | Sep 2025 30% | Dec 2025 -9.7% | Mar 2026 12% | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -18% | Jun 2026 — - LHX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 14% | Dec 2022 -13% | Mar 2023 — | Jun 2023 -26% | Sep 2023 -19% | Dec 2023 -70% | Mar 2024 -16% | Jun 2024 4.6% | Sep 2024 5.8% | Dec 2024 — | Mar 2025 60% | Jun 2025 5.2% | Sep 2025 — | Dec 2025 — | Mar 2026 -34% | Jun 2026 33% - HEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 18% | Mar 2023 9.6% | Jun 2023 24% | Sep 2023 22% | Dec 2023 3.6% | Mar 2024 21% | Jun 2024 17% | Sep 2024 31% | Dec 2024 32% | Mar 2025 46% | Jun 2025 27% | Sep 2025 29% | Dec 2025 34% | Mar 2026 13% | Jun 2026 46% - AXON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -76% | Dec 2022 — | Mar 2023 -18% | Jun 2023 -76% | Sep 2023 408% | Dec 2023 97% | Mar 2024 196% | Jun 2024 242% | Sep 2024 9.8% | Dec 2024 137% | Mar 2025 -34% | Jun 2025 -12% | Sep 2025 -103% | Dec 2025 -98% | Mar 2026 92% | Jun 2026 — - ESLT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.0% | Sep 2022 -39% | Dec 2022 1,580% | Mar 2023 18% | Jun 2023 -27% | Sep 2023 7.4% | Dec 2023 -68% | Mar 2024 15% | Jun 2024 25% | Sep 2024 29% | Dec 2024 219% | Mar 2025 47% | Jun 2025 59% | Sep 2025 69% | Dec 2025 88% | Mar 2026 52% | Jun 2026 — - RKLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -1,333% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - CW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 5.7% | Dec 2022 51% | Mar 2023 39% | Jun 2023 14% | Sep 2023 31% | Dec 2023 10% | Mar 2024 33% | Jun 2024 22% | Sep 2024 14% | Dec 2024 -1.7% | Mar 2025 33% | Jun 2025 22% | Sep 2025 13% | Dec 2025 16% | Mar 2026 27% | Jun 2026 — - WWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 8.0% | Dec 2022 0.0% | Mar 2023 -25% | Jun 2023 118% | Sep 2023 54% | Dec 2023 200% | Mar 2024 172% | Jun 2024 20% | Sep 2024 0.0% | Dec 2024 -3.3% | Mar 2025 11% | Jun 2025 5.9% | Sep 2025 66% | Dec 2025 54% | Mar 2026 23% | Jun 2026 — - FTAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -140% | Dec 2022 — | Mar 2023 — | Jun 2023 450% | Sep 2023 — | Dec 2023 337% | Mar 2024 38% | Jun 2024 -500% | Sep 2024 110% | Dec 2024 -14% | Mar 2025 155% | Jun 2025 — | Sep 2025 37% | Dec 2025 14% | Mar 2026 35% | Jun 2026 — - TXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 18% | Dec 2022 22% | Mar 2023 — | Jun 2023 -1.0% | Sep 2023 21% | Dec 2023 -12% | Mar 2024 — | Jun 2024 36% | Sep 2024 -15% | Dec 2024 -29% | Mar 2025 3.0% | Jun 2025 -5.8% | Sep 2025 5.4% | Dec 2025 — | Mar 2026 14% | Jun 2026 -10% - BWXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 3.3% | Dec 2022 -63% | Mar 2023 3.4% | Jun 2023 -21% | Sep 2023 -3.2% | Dec 2023 53% | Mar 2024 13% | Jun 2024 24% | Sep 2024 17% | Dec 2024 7.6% | Mar 2025 10% | Jun 2025 6.9% | Sep 2025 17% | Dec 2025 32% | Mar 2026 20% | Jun 2026 — - MOG-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 39% | Dec 2022 -17% | Mar 2023 — | Jun 2023 48% | Sep 2023 -16% | Dec 2023 66% | Mar 2024 — | Jun 2024 30% | Sep 2024 7.1% | Dec 2024 21% | Mar 2025 -8.3% | Jun 2025 7.1% | Sep 2025 47% | Dec 2025 — | Mar 2026 44% | Jun 2026 — - DRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -22% | Sep 2022 697% | Dec 2022 12% | Mar 2023 -67% | Jun 2023 40% | Sep 2023 -83% | Dec 2023 14% | Mar 2024 142% | Jun 2024 8.6% | Sep 2024 21% | Dec 2024 20% | Mar 2025 128% | Jun 2025 42% | Sep 2025 26% | Dec 2025 145% | Mar 2026 39% | Jun 2026 — - EMBJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -267% | Sep 2022 — | Dec 2022 667% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 774% | Mar 2024 — | Jun 2024 — | Sep 2024 189% | Dec 2024 -81% | Mar 2025 150% | Jun 2025 -33% | Sep 2025 -30% | Dec 2025 113% | Mar 2026 -54% | Jun 2026 — - HII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 -6.1% | Dec 2022 2.5% | Mar 2023 -7.9% | Jun 2023 -27% | Sep 2023 7.3% | Dec 2023 123% | Mar 2024 19% | Jun 2024 33% | Sep 2024 -32% | Dec 2024 -55% | Mar 2025 -2.6% | Jun 2025 -12% | Sep 2025 44% | Dec 2025 29% | Mar 2026 0.0% | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2,000% | Jun 2025 1,260% | Sep 2025 325% | Dec 2025 — | Mar 2026 27% | Jun 2026 — - KTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -500% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 33% | Mar 2025 400% | Jun 2025 -63% | Sep 2025 200% | Dec 2025 50% | Mar 2026 140% | Jun 2026 — - CAE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -91% | Sep 2022 171% | Dec 2022 186% | Mar 2023 79% | Jun 2023 1,600% | Sep 2023 33% | Dec 2023 -26% | Mar 2024 -575% | Jun 2024 -25% | Sep 2024 -9.8% | Dec 2024 190% | Mar 2025 — | Jun 2025 18% | Sep 2025 38% | Dec 2025 -35% | Mar 2026 -46% | Jun 2026 — - HXL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2,150% | Sep 2022 200% | Dec 2022 95% | Mar 2023 139% | Jun 2023 -4.4% | Sep 2023 44% | Dec 2023 -149% | Mar 2024 -14% | Jun 2024 16% | Sep 2024 2.6% | Dec 2024 — | Mar 2025 -22% | Jun 2025 -72% | Sep 2025 -48% | Dec 2025 667% | Mar 2026 28% | Jun 2026 — - AVAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -333% | Mar 2023 — | Jun 2023 -16,100% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 -4.6% | Dec 2024 -56% | Mar 2025 -114% | Jun 2025 183% | Sep 2025 -419% | Dec 2025 -313% | Mar 2026 — | Jun 2026 271% ## Capacity Spending & Returns On It What the numbers say: Space Exploration Technologies Corp. reports $8,919 million of CAPEX; Space Exploration Technologies Corp. has the highest covered intensity at 190%. Coverage is only 30 of 30 companies and 524 reported observations, so this is partial evidence—not a complete sector rank. Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation. This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns. Evidence: Space Exploration Technologies Corp. · $8,919 million | 599.5% versus #2 · The Boeing Company | 2/2 recent comparable periods | 30/30 companies · 524 observations Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns. ### CAPEX — largest spenders 1. Space Exploration Technologies Corp. (SPCX): ₹8.9K Cr 2. The Boeing Company (BA): ₹1.3K Cr 3. RTX Corporation (RTX): ₹546 Cr 4. GE Aerospace (GE): ₹335 Cr 5. Lockheed Martin Corporation (LMT): ₹318 Cr ### CAPEX intensity — highest reinvestment intensity 1. Space Exploration Technologies Corp. (SPCX): 190% 2. Planet Labs PBC (PL): 18% 3. Rocket Lab Corporation (RKLB): 14% 4. The Boeing Company (BA): 5.7% 5. Kratos Defense & Security Solutions, Inc. (KTOS): 5.4% ### 20-quarter CAPEX history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹4.1K Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹8.9K Cr | Jun 2026 — - GE: Sep 2021 ₹296 Cr | Dec 2021 ₹355 Cr | Mar 2022 ₹239 Cr | Jun 2022 ₹310 Cr | Sep 2022 ₹252 Cr | Dec 2022 ₹139 Cr | Mar 2023 ₹298 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹222 Cr | Dec 2023 ₹250 Cr | Mar 2024 ₹204 Cr | Jun 2024 ₹295 Cr | Sep 2024 ₹266 Cr | Dec 2024 ₹267 Cr | Mar 2025 ₹208 Cr | Jun 2025 ₹327 Cr | Sep 2025 ₹307 Cr | Dec 2025 ₹431 Cr | Mar 2026 ₹331 Cr | Jun 2026 ₹335 Cr - RTX: Sep 2021 ₹433 Cr | Dec 2021 ₹954 Cr | Mar 2022 ₹439 Cr | Jun 2022 ₹479 Cr | Sep 2022 ₹515 Cr | Dec 2022 ₹855 Cr | Mar 2023 ₹520 Cr | Jun 2023 ₹526 Cr | Sep 2023 ₹564 Cr | Dec 2023 ₹805 Cr | Mar 2024 ₹467 Cr | Jun 2024 ₹537 Cr | Sep 2024 ₹552 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹513 Cr | Jun 2025 ₹530 Cr | Sep 2025 ₹614 Cr | Dec 2025 ₹970 Cr | Mar 2026 ₹546 Cr | Jun 2026 — - BA: Sep 2021 ₹245 Cr | Dec 2021 ₹222 Cr | Mar 2022 ₹349 Cr | Jun 2022 ₹263 Cr | Sep 2022 ₹284 Cr | Dec 2022 ₹326 Cr | Mar 2023 ₹468 Cr | Jun 2023 ₹296 Cr | Sep 2023 ₹332 Cr | Dec 2023 ₹431 Cr | Mar 2024 ₹567 Cr | Jun 2024 ₹404 Cr | Sep 2024 ₹611 Cr | Dec 2024 ₹648 Cr | Mar 2025 ₹674 Cr | Jun 2025 ₹427 Cr | Sep 2025 ₹885 Cr | Dec 2025 ₹956 Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - LMT: Sep 2021 ₹316 Cr | Dec 2021 ₹607 Cr | Mar 2022 ₹268 Cr | Jun 2022 ₹304 Cr | Sep 2022 ₹405 Cr | Dec 2022 ₹693 Cr | Mar 2023 ₹294 Cr | Jun 2023 ₹329 Cr | Sep 2023 ₹364 Cr | Dec 2023 ₹704 Cr | Mar 2024 ₹378 Cr | Jun 2024 ₹370 Cr | Sep 2024 ₹355 Cr | Dec 2024 ₹582 Cr | Mar 2025 ₹454 Cr | Jun 2025 ₹351 Cr | Sep 2025 ₹381 Cr | Dec 2025 ₹463 Cr | Mar 2026 ₹511 Cr | Jun 2026 ₹318 Cr - HWM: Sep 2021 ₹47 Cr | Dec 2021 ₹61 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹44 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹64 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹102 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹102 Cr | Sep 2025 ₹108 Cr | Dec 2025 ₹124 Cr | Mar 2026 ₹94 Cr | Jun 2026 — - GD: Sep 2021 ₹172 Cr | Dec 2021 ₹196 Cr | Mar 2022 — | Jun 2022 ₹141 Cr | Sep 2022 ₹224 Cr | Dec 2022 ₹255 Cr | Mar 2023 — | Jun 2023 ₹161 Cr | Sep 2023 ₹212 Cr | Dec 2023 ₹227 Cr | Mar 2024 ₹159 Cr | Jun 2024 ₹201 Cr | Sep 2024 ₹201 Cr | Dec 2024 ₹355 Cr | Mar 2025 ₹142 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹212 Cr | Dec 2025 ₹609 Cr | Mar 2026 — | Jun 2026 ₹203 Cr - NOC: Sep 2021 ₹247 Cr | Dec 2021 ₹733 Cr | Mar 2022 ₹244 Cr | Jun 2022 ₹263 Cr | Sep 2022 ₹296 Cr | Dec 2022 ₹632 Cr | Mar 2023 ₹309 Cr | Jun 2023 ₹304 Cr | Sep 2023 ₹359 Cr | Dec 2023 ₹803 Cr | Mar 2024 ₹270 Cr | Jun 2024 ₹320 Cr | Sep 2024 ₹361 Cr | Dec 2024 ₹816 Cr | Mar 2025 ₹256 Cr | Jun 2025 ₹231 Cr | Sep 2025 ₹301 Cr | Dec 2025 ₹662 Cr | Mar 2026 ₹167 Cr | Jun 2026 ₹302 Cr - TDG: Sep 2021 ₹20 Cr | Dec 2021 — | Mar 2022 ₹25 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹31 Cr | Mar 2023 — | Jun 2023 ₹35 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹40 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹58 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹60 Cr | Mar 2026 ₹71 Cr | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹101 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹137 Cr | Jun 2026 — - LHX: Sep 2021 ₹61 Cr | Dec 2021 ₹79 Cr | Mar 2022 — | Jun 2022 ₹55 Cr | Sep 2022 ₹62 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹71 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹148 Cr | Dec 2023 ₹137 Cr | Mar 2024 ₹115 Cr | Jun 2024 ₹97 Cr | Sep 2024 ₹78 Cr | Dec 2024 — | Mar 2025 ₹118 Cr | Jun 2025 ₹59 Cr | Sep 2025 — | Dec 2025 ₹119 Cr | Mar 2026 ₹158 Cr | Jun 2026 ₹99 Cr - HEI: Sep 2021 ₹8 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹18 Cr - AXON: Sep 2021 ₹12 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹23 Cr | Jun 2026 — - ESLT: Sep 2021 ₹45 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹45 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹81 Cr | Dec 2022 ₹17 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹60 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹97 Cr | Mar 2026 ₹71 Cr | Jun 2026 — - RKLB: Sep 2021 ₹6 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹29 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹27 Cr | Jun 2026 — - CW: Sep 2021 ₹10 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹12 Cr | Jun 2026 — - WWD: Sep 2021 ₹16 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹24 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹34 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹27 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹53 Cr | Jun 2026 — - FTAI: Sep 2021 ₹25 Cr | Dec 2021 ₹156 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹64 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹7 Cr | Jun 2026 — - TXT: Sep 2021 ₹75 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹171 Cr | Jun 2022 ₹48 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹78 Cr | Mar 2023 — | Jun 2023 ₹62 Cr | Sep 2023 ₹83 Cr | Dec 2023 ₹178 Cr | Mar 2024 ₹66 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹364 Cr | Mar 2025 ₹56 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹134 Cr | Dec 2025 — | Mar 2026 ₹383 Cr | Jun 2026 ₹133 Cr - BWXT: Sep 2021 ₹66 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹52 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹64 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹51 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹33 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹43 Cr | Jun 2026 — - MOG-B: Sep 2021 ₹31 Cr | Dec 2021 ₹40 Cr | Mar 2022 ₹37 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹33 Cr | Mar 2023 — | Jun 2023 ₹60 Cr | Sep 2023 ₹35 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹42 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹42 Cr | Dec 2025 — | Mar 2026 ₹34 Cr | Jun 2026 — - DRS: Sep 2021 ₹16 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹34 Cr | Sep 2024 ₹12 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹32 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹30 Cr | Jun 2026 — - EMBJ: Sep 2021 ₹35 Cr | Dec 2021 ₹32 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹32 Cr | Sep 2022 ₹33 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹43 Cr | Jun 2024 ₹58 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹78 Cr | Jun 2025 ₹41 Cr | Sep 2025 — | Dec 2025 ₹29 Cr | Mar 2026 ₹76 Cr | Jun 2026 — - HII: Sep 2021 ₹82 Cr | Dec 2021 ₹115 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹59 Cr | Sep 2022 ₹77 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹128 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹90 Cr | Sep 2024 ₹88 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹67 Cr | Jun 2025 ₹96 Cr | Sep 2025 ₹105 Cr | Dec 2025 ₹134 Cr | Mar 2026 ₹74 Cr | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹11 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹27 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹33 Cr | Mar 2025 ₹25 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹16 Cr | Jun 2026 — - KTOS: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹11 Cr | Sep 2023 — | Dec 2023 ₹14 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹20 Cr | Jun 2026 — - CAE: Sep 2021 ₹47 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹75 Cr | Jun 2022 ₹74 Cr | Sep 2022 ₹69 Cr | Dec 2022 ₹63 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹91 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹86 Cr | Mar 2024 ₹92 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹98 Cr | Mar 2025 ₹109 Cr | Jun 2025 ₹107 Cr | Sep 2025 ₹88 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹43 Cr | Jun 2026 — - HXL: Sep 2021 ₹6 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹57 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹25 Cr | Jun 2026 — - AVAV: Sep 2021 ₹5 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹4 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹3 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹5 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹16 Cr - PL: Sep 2021 ₹11 Cr | Dec 2021 — | Mar 2022 ₹4 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹27 Cr | Mar 2026 ₹22 Cr | Jun 2026 ₹17 Cr ### 20-quarter CAPEX intensity history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 102% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 190% | Jun 2026 — - GE: Sep 2021 1.6% | Dec 2021 1.7% | Mar 2022 1.9% | Jun 2022 2.2% | Sep 2022 1.7% | Dec 2022 0.8% | Mar 2023 2.1% | Jun 2023 1.1% | Sep 2023 2.4% | Dec 2023 2.6% | Mar 2024 2.3% | Jun 2024 3.2% | Sep 2024 2.7% | Dec 2024 2.5% | Mar 2025 2.1% | Jun 2025 3.0% | Sep 2025 2.5% | Dec 2025 3.4% | Mar 2026 2.7% | Jun 2026 2.5% - RTX: Sep 2021 2.7% | Dec 2021 5.6% | Mar 2022 2.8% | Jun 2022 2.9% | Sep 2022 3.0% | Dec 2022 4.7% | Mar 2023 3.0% | Jun 2023 2.9% | Sep 2023 4.2% | Dec 2023 4.0% | Mar 2024 2.4% | Jun 2024 2.7% | Sep 2024 2.7% | Dec 2024 4.9% | Mar 2025 2.5% | Jun 2025 2.5% | Sep 2025 2.7% | Dec 2025 4.0% | Mar 2026 2.5% | Jun 2026 — - BA: Sep 2021 1.6% | Dec 2021 1.5% | Mar 2022 2.5% | Jun 2022 1.6% | Sep 2022 1.8% | Dec 2022 1.6% | Mar 2023 2.6% | Jun 2023 1.5% | Sep 2023 1.8% | Dec 2023 2.0% | Mar 2024 3.4% | Jun 2024 2.4% | Sep 2024 3.4% | Dec 2024 4.3% | Mar 2025 3.5% | Jun 2025 1.9% | Sep 2025 3.8% | Dec 2025 4.0% | Mar 2026 5.7% | Jun 2026 — - LMT: Sep 2021 2.0% | Dec 2021 3.4% | Mar 2022 1.8% | Jun 2022 2.0% | Sep 2022 2.4% | Dec 2022 3.6% | Mar 2023 1.9% | Jun 2023 2.0% | Sep 2023 2.2% | Dec 2023 3.7% | Mar 2024 2.2% | Jun 2024 2.0% | Sep 2024 2.1% | Dec 2024 3.1% | Mar 2025 2.5% | Jun 2025 1.9% | Sep 2025 2.0% | Dec 2025 2.3% | Mar 2026 2.8% | Jun 2026 — - HWM: Sep 2021 3.7% | Dec 2021 4.7% | Mar 2022 4.7% | Jun 2022 3.2% | Sep 2022 2.9% | Dec 2022 3.0% | Mar 2023 4.0% | Jun 2023 2.5% | Sep 2023 3.6% | Dec 2023 3.2% | Mar 2024 4.5% | Jun 2024 2.9% | Sep 2024 4.5% | Dec 2024 5.4% | Mar 2025 6.1% | Jun 2025 5.0% | Sep 2025 5.2% | Dec 2025 5.7% | Mar 2026 4.1% | Jun 2026 — - GD: Sep 2021 1.9% | Dec 2021 2.0% | Mar 2022 — | Jun 2022 1.5% | Sep 2022 2.4% | Dec 2022 2.6% | Mar 2023 — | Jun 2023 1.6% | Sep 2023 2.1% | Dec 2023 2.1% | Mar 2024 1.5% | Jun 2024 1.7% | Sep 2024 1.7% | Dec 2024 2.7% | Mar 2025 1.2% | Jun 2025 1.5% | Sep 2025 1.6% | Dec 2025 4.2% | Mar 2026 — | Jun 2026 1.5% - NOC: Sep 2021 2.8% | Dec 2021 8.5% | Mar 2022 2.8% | Jun 2022 3.0% | Sep 2022 3.3% | Dec 2022 6.3% | Mar 2023 3.3% | Jun 2023 3.2% | Sep 2023 3.7% | Dec 2023 7.5% | Mar 2024 2.7% | Jun 2024 3.1% | Sep 2024 3.6% | Dec 2024 7.6% | Mar 2025 2.7% | Jun 2025 2.2% | Sep 2025 2.9% | Dec 2025 5.7% | Mar 2026 1.7% | Jun 2026 — - TDG: Sep 2021 1.6% | Dec 2021 — | Mar 2022 2.1% | Jun 2022 2.4% | Sep 2022 2.1% | Dec 2022 2.2% | Mar 2023 — | Jun 2023 2.2% | Sep 2023 2.1% | Dec 2023 2.0% | Mar 2024 2.5% | Jun 2024 2.0% | Sep 2024 1.9% | Dec 2024 2.1% | Mar 2025 2.6% | Jun 2025 2.6% | Sep 2025 2.7% | Dec 2025 2.6% | Mar 2026 2.8% | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.5% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 3.1% | Jun 2026 — - LHX: Sep 2021 1.3% | Dec 2021 1.9% | Mar 2022 — | Jun 2022 1.3% | Sep 2022 1.5% | Dec 2022 1.6% | Mar 2023 1.6% | Jun 2023 2.0% | Sep 2023 3.0% | Dec 2023 2.6% | Mar 2024 2.2% | Jun 2024 1.8% | Sep 2024 1.5% | Dec 2024 — | Mar 2025 2.1% | Jun 2025 1.1% | Sep 2025 — | Dec 2025 2.1% | Mar 2026 2.8% | Jun 2026 1.7% - HEI: Sep 2021 1.7% | Dec 2021 1.2% | Mar 2022 1.8% | Jun 2022 1.5% | Sep 2022 1.4% | Dec 2022 1.3% | Mar 2023 1.8% | Jun 2023 1.6% | Sep 2023 1.7% | Dec 2023 1.6% | Mar 2024 1.5% | Jun 2024 1.4% | Sep 2024 1.6% | Dec 2024 1.6% | Mar 2025 1.7% | Jun 2025 1.5% | Sep 2025 1.1% | Dec 2025 2.2% | Mar 2026 1.1% | Jun 2026 1.3% - AXON: Sep 2021 5.2% | Dec 2021 6.0% | Mar 2022 6.6% | Jun 2022 4.5% | Sep 2022 4.5% | Dec 2022 3.6% | Mar 2023 2.6% | Jun 2023 3.5% | Sep 2023 3.4% | Dec 2023 5.6% | Mar 2024 3.5% | Jun 2024 2.2% | Sep 2024 4.8% | Dec 2024 4.3% | Mar 2025 4.1% | Jun 2025 3.4% | Sep 2025 3.8% | Dec 2025 7.8% | Mar 2026 2.9% | Jun 2026 — - ESLT: Sep 2021 3.3% | Dec 2021 4.9% | Mar 2022 3.3% | Jun 2022 4.8% | Sep 2022 6.0% | Dec 2022 1.1% | Mar 2023 2.7% | Jun 2023 4.1% | Sep 2023 4.1% | Dec 2023 1.8% | Mar 2024 5.1% | Jun 2024 2.2% | Sep 2024 3.0% | Dec 2024 2.5% | Mar 2025 1.2% | Jun 2025 2.5% | Sep 2025 2.9% | Dec 2025 4.5% | Mar 2026 3.2% | Jun 2026 — - RKLB: Sep 2021 120% | Dec 2021 52% | Mar 2022 15% | Jun 2022 24% | Sep 2022 13% | Dec 2022 29% | Mar 2023 24% | Jun 2023 18% | Sep 2023 31% | Dec 2023 17% | Mar 2024 20% | Jun 2024 14% | Sep 2024 11% | Dec 2024 17% | Mar 2025 24% | Jun 2025 22% | Sep 2025 30% | Dec 2025 28% | Mar 2026 14% | Jun 2026 — - CW: Sep 2021 1.6% | Dec 2021 2.0% | Mar 2022 2.0% | Jun 2022 1.5% | Sep 2022 1.4% | Dec 2022 1.2% | Mar 2023 1.7% | Jun 2023 1.7% | Sep 2023 1.2% | Dec 2023 1.7% | Mar 2024 1.7% | Jun 2024 1.4% | Sep 2024 1.9% | Dec 2024 2.8% | Mar 2025 2.0% | Jun 2025 2.2% | Sep 2025 2.0% | Dec 2025 4.0% | Mar 2026 1.3% | Jun 2026 — - WWD: Sep 2021 2.8% | Dec 2021 2.4% | Mar 2022 1.9% | Jun 2022 2.1% | Sep 2022 2.5% | Dec 2022 3.9% | Mar 2023 2.8% | Jun 2023 1.6% | Sep 2023 2.4% | Dec 2023 5.3% | Mar 2024 1.7% | Jun 2024 1.9% | Sep 2024 2.8% | Dec 2024 4.4% | Mar 2025 2.0% | Jun 2025 3.0% | Sep 2025 5.2% | Dec 2025 4.4% | Mar 2026 4.9% | Jun 2026 — - FTAI: Sep 2021 27% | Dec 2021 146% | Mar 2022 60% | Jun 2022 57% | Sep 2022 8.7% | Dec 2022 1.8% | Mar 2023 0.3% | Jun 2023 0.4% | Sep 2023 0.7% | Dec 2023 0.6% | Mar 2024 0.3% | Jun 2024 0.2% | Sep 2024 0.0% | Dec 2024 1.2% | Mar 2025 0.8% | Jun 2025 1.0% | Sep 2025 0.9% | Dec 2025 1.5% | Mar 2026 0.8% | Jun 2026 — - TXT: Sep 2021 2.4% | Dec 2021 2.5% | Mar 2022 5.1% | Jun 2022 1.6% | Sep 2022 2.1% | Dec 2022 2.5% | Mar 2023 — | Jun 2023 2.1% | Sep 2023 2.4% | Dec 2023 4.6% | Mar 2024 2.1% | Jun 2024 2.1% | Sep 2024 4.1% | Dec 2024 10% | Mar 2025 1.7% | Jun 2025 2.1% | Sep 2025 3.7% | Dec 2025 — | Mar 2026 9.2% | Jun 2026 3.6% - BWXT: Sep 2021 13% | Dec 2021 13% | Mar 2022 9.8% | Jun 2022 7.8% | Sep 2022 7.6% | Dec 2022 10% | Mar 2023 5.3% | Jun 2023 6.5% | Sep 2023 5.3% | Dec 2023 7.0% | Mar 2024 5.0% | Jun 2024 4.4% | Sep 2024 6.0% | Dec 2024 7.1% | Mar 2025 4.8% | Jun 2025 4.3% | Sep 2025 5.5% | Dec 2025 7.9% | Mar 2026 5.0% | Jun 2026 — - MOG-B: Sep 2021 4.4% | Dec 2021 5.5% | Mar 2022 5.1% | Jun 2022 4.8% | Sep 2022 4.3% | Dec 2022 4.3% | Mar 2023 — | Jun 2023 7.2% | Sep 2023 4.1% | Dec 2023 4.3% | Mar 2024 4.3% | Jun 2024 3.5% | Sep 2024 4.7% | Dec 2024 3.6% | Mar 2025 4.1% | Jun 2025 3.4% | Sep 2025 4.0% | Dec 2025 — | Mar 2026 3.1% | Jun 2026 — - DRS: Sep 2021 2.2% | Dec 2021 2.0% | Mar 2022 2.1% | Jun 2022 1.4% | Sep 2022 2.1% | Dec 2022 3.7% | Mar 2023 2.6% | Jun 2023 1.9% | Sep 2023 2.1% | Dec 2023 1.9% | Mar 2024 1.5% | Jun 2024 4.5% | Sep 2024 1.5% | Dec 2024 3.0% | Mar 2025 4.0% | Jun 2025 3.4% | Sep 2025 3.1% | Dec 2025 4.6% | Mar 2026 3.5% | Jun 2026 — - EMBJ: Sep 2021 3.8% | Dec 2021 2.5% | Mar 2022 3.1% | Jun 2022 3.3% | Sep 2022 3.7% | Dec 2022 2.6% | Mar 2023 5.8% | Jun 2023 3.8% | Sep 2023 4.2% | Dec 2023 4.6% | Mar 2024 4.8% | Jun 2024 3.9% | Sep 2024 4.0% | Dec 2024 1.3% | Mar 2025 7.1% | Jun 2025 2.3% | Sep 2025 — | Dec 2025 1.1% | Mar 2026 5.3% | Jun 2026 — - HII: Sep 2021 3.5% | Dec 2021 4.3% | Mar 2022 1.7% | Jun 2022 2.2% | Sep 2022 2.9% | Dec 2022 3.7% | Mar 2023 1.6% | Jun 2023 2.4% | Sep 2023 1.9% | Dec 2023 4.0% | Mar 2024 2.7% | Jun 2024 3.0% | Sep 2024 3.2% | Dec 2024 3.8% | Mar 2025 2.5% | Jun 2025 3.1% | Sep 2025 3.3% | Dec 2025 3.9% | Mar 2026 2.4% | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.0% | Jun 2023 1.0% | Sep 2023 1.3% | Dec 2023 1.7% | Mar 2024 1.5% | Jun 2024 2.0% | Sep 2024 2.0% | Dec 2024 2.3% | Mar 2025 1.7% | Jun 2025 1.4% | Sep 2025 1.3% | Dec 2025 1.0% | Mar 2026 1.0% | Jun 2026 — - KTOS: Sep 2021 6.5% | Dec 2021 6.1% | Mar 2022 5.6% | Jun 2022 4.9% | Sep 2022 5.7% | Dec 2022 4.4% | Mar 2023 3.4% | Jun 2023 4.3% | Sep 2023 — | Dec 2023 5.1% | Mar 2024 6.1% | Jun 2024 4.3% | Sep 2024 5.4% | Dec 2024 4.9% | Mar 2025 7.6% | Jun 2025 6.0% | Sep 2025 8.0% | Dec 2025 7.0% | Mar 2026 5.4% | Jun 2026 — - CAE: Sep 2021 5.8% | Dec 2021 9.1% | Mar 2022 7.9% | Jun 2022 7.9% | Sep 2022 6.9% | Dec 2022 6.5% | Mar 2023 5.3% | Jun 2023 9.0% | Sep 2023 5.9% | Dec 2023 7.9% | Mar 2024 8.2% | Jun 2024 8.7% | Sep 2024 5.0% | Dec 2024 8.0% | Mar 2025 8.5% | Jun 2025 9.7% | Sep 2025 7.1% | Dec 2025 4.1% | Mar 2026 3.2% | Jun 2026 — - HXL: Sep 2021 1.8% | Dec 2021 3.6% | Mar 2022 5.4% | Jun 2022 4.3% | Sep 2022 5.5% | Dec 2022 4.2% | Mar 2023 3.9% | Jun 2023 13% | Sep 2023 4.8% | Dec 2023 3.1% | Mar 2024 6.1% | Jun 2024 4.6% | Sep 2024 3.7% | Dec 2024 4.0% | Mar 2025 5.7% | Jun 2025 3.1% | Sep 2025 3.1% | Dec 2025 3.7% | Mar 2026 5.0% | Jun 2026 — - AVAV: Sep 2021 5.0% | Dec 2021 6.6% | Mar 2022 4.4% | Jun 2022 3.8% | Sep 2022 4.6% | Dec 2022 1.8% | Mar 2023 2.2% | Jun 2023 2.7% | Sep 2023 2.6% | Dec 2023 3.3% | Mar 2024 2.1% | Jun 2024 4.6% | Sep 2024 2.6% | Dec 2024 2.7% | Mar 2025 2.4% | Jun 2025 3.3% | Sep 2025 5.1% | Dec 2025 2.3% | Mar 2026 3.2% | Jun 2026 2.5% - PL: Sep 2021 44% | Dec 2021 — | Mar 2022 11% | Jun 2022 7.5% | Sep 2022 8.3% | Dec 2022 4.0% | Mar 2023 1.9% | Jun 2023 11% | Sep 2023 28% | Dec 2023 13% | Mar 2024 29% | Jun 2024 17% | Sep 2024 25% | Dec 2024 13% | Mar 2025 19% | Jun 2025 12% | Sep 2025 27% | Dec 2025 33% | Mar 2026 25% | Jun 2026 18% ## Debt Load & Balance-Sheet Headroom What the numbers say: Kratos Defense & Security Solutions, Inc. has the clearest covered balance-sheet capacity with $1,279 million net cash and gross debt of $185 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information. Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt. This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods. Evidence: Rocket Lab Corporation · $139 million | 7.9% versus #2 · Leonardo DRS, Inc. | 5/8 recent comparable periods | 30/30 companies · 529 observations Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business. ### Gross debt — lowest gross debt 1. Rocket Lab Corporation (RKLB): ₹139 Cr 2. Leonardo DRS, Inc. (DRS): ₹151 Cr 3. Kratos Defense & Security Solutions, Inc. (KTOS): ₹185 Cr 4. Planet Labs PBC (PL): ₹488 Cr 5. AeroVironment, Inc. (AVAV): ₹835 Cr ### Net debt — lowest net debt 1. Kratos Defense & Security Solutions, Inc. (KTOS): ₹-1.3K Cr 2. Rocket Lab Corporation (RKLB): ₹-1.2K Cr 3. Planet Labs PBC (PL): ₹-243 Cr 4. Leonardo DRS, Inc. (DRS): ₹-177 Cr 5. Elbit Systems Ltd. (ESLT): ₹-30 Cr ### 20-quarter Gross debt history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹13.8K Cr | Dec 2024 ₹13.8K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹22.9K Cr | Dec 2025 ₹22.9K Cr | Mar 2026 ₹30.3K Cr | Jun 2026 — - GE: Sep 2021 ₹62.9K Cr | Dec 2021 ₹35.2K Cr | Mar 2022 ₹33.6K Cr | Jun 2022 ₹32.5K Cr | Sep 2022 ₹30.4K Cr | Dec 2022 ₹24.1K Cr | Mar 2023 ₹22.4K Cr | Jun 2023 ₹21.8K Cr | Sep 2023 ₹20.8K Cr | Dec 2023 ₹20.5K Cr | Mar 2024 ₹20.5K Cr | Jun 2024 ₹19.7K Cr | Sep 2024 ₹19.9K Cr | Dec 2024 ₹19.3K Cr | Mar 2025 ₹19.6K Cr | Jun 2025 ₹18.9K Cr | Sep 2025 ₹20.8K Cr | Dec 2025 ₹20.5K Cr | Mar 2026 ₹20.3K Cr | Jun 2026 ₹19.2K Cr - RTX: Sep 2021 ₹32.8K Cr | Dec 2021 ₹33.1K Cr | Mar 2022 ₹33.1K Cr | Jun 2022 ₹33.0K Cr | Sep 2022 ₹35.0K Cr | Dec 2022 ₹33.5K Cr | Mar 2023 ₹36.1K Cr | Jun 2023 ₹36.9K Cr | Sep 2023 ₹36.8K Cr | Dec 2023 ₹45.2K Cr | Mar 2024 ₹44.3K Cr | Jun 2024 ₹43.6K Cr | Sep 2024 ₹43.7K Cr | Dec 2024 ₹42.9K Cr | Mar 2025 ₹42.9K Cr | Jun 2025 ₹43.6K Cr | Sep 2025 ₹40.7K Cr | Dec 2025 ₹39.5K Cr | Mar 2026 ₹38.9K Cr | Jun 2026 — - BA: Sep 2021 ₹62.4K Cr | Dec 2021 ₹58.1K Cr | Mar 2022 ₹57.7K Cr | Jun 2022 ₹57.2K Cr | Sep 2022 ₹57.2K Cr | Dec 2022 ₹57.0K Cr | Mar 2023 ₹55.4K Cr | Jun 2023 ₹52.3K Cr | Sep 2023 ₹52.3K Cr | Dec 2023 ₹52.3K Cr | Mar 2024 ₹47.9K Cr | Jun 2024 ₹57.9K Cr | Sep 2024 ₹57.7K Cr | Dec 2024 ₹53.9K Cr | Mar 2025 ₹53.6K Cr | Jun 2025 ₹53.3K Cr | Sep 2025 ₹53.4K Cr | Dec 2025 ₹54.1K Cr | Mar 2026 ₹47.2K Cr | Jun 2026 — - LMT: Sep 2021 ₹11.7K Cr | Dec 2021 ₹11.7K Cr | Mar 2022 ₹11.6K Cr | Jun 2022 ₹11.6K Cr | Sep 2022 ₹11.5K Cr | Dec 2022 ₹15.5K Cr | Mar 2023 ₹15.6K Cr | Jun 2023 ₹17.5K Cr | Sep 2023 ₹17.4K Cr | Dec 2023 ₹17.5K Cr | Mar 2024 ₹19.4K Cr | Jun 2024 ₹19.3K Cr | Sep 2024 ₹19.3K Cr | Dec 2024 ₹20.3K Cr | Mar 2025 ₹20.3K Cr | Jun 2025 ₹21.6K Cr | Sep 2025 ₹22.2K Cr | Dec 2025 ₹21.7K Cr | Mar 2026 ₹20.7K Cr | Jun 2026 ₹20.5K Cr - HWM: Sep 2021 ₹4.3K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.4K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 — - GD: Sep 2021 ₹14.3K Cr | Dec 2021 ₹13.7K Cr | Mar 2022 — | Jun 2022 ₹11.5K Cr | Sep 2022 ₹11.5K Cr | Dec 2022 ₹11.5K Cr | Mar 2023 — | Jun 2023 ₹10.5K Cr | Sep 2023 ₹9.8K Cr | Dec 2023 ₹9.3K Cr | Mar 2024 ₹9.3K Cr | Jun 2024 ₹9.3K Cr | Sep 2024 ₹9.3K Cr | Dec 2024 ₹8.8K Cr | Mar 2025 ₹9.6K Cr | Jun 2025 ₹8.7K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹8.0K Cr | Mar 2026 — | Jun 2026 ₹8.0K Cr - NOC: Sep 2021 ₹14.1K Cr | Dec 2021 ₹14.4K Cr | Mar 2022 ₹14.5K Cr | Jun 2022 ₹14.5K Cr | Sep 2022 ₹13.5K Cr | Dec 2022 ₹13.6K Cr | Mar 2023 ₹15.6K Cr | Jun 2023 ₹15.6K Cr | Sep 2023 ₹15.5K Cr | Dec 2023 ₹15.7K Cr | Mar 2024 ₹16.6K Cr | Jun 2024 ₹16.6K Cr | Sep 2024 ₹16.5K Cr | Dec 2024 ₹16.5K Cr | Mar 2025 ₹16.0K Cr | Jun 2025 ₹17.0K Cr | Sep 2025 ₹17.0K Cr | Dec 2025 ₹17.0K Cr | Mar 2026 ₹16.3K Cr | Jun 2026 ₹16.3K Cr - TDG: Sep 2021 ₹20.0K Cr | Dec 2021 — | Mar 2022 ₹19.8K Cr | Jun 2022 ₹19.8K Cr | Sep 2022 ₹19.8K Cr | Dec 2022 ₹19.8K Cr | Mar 2023 — | Jun 2023 ₹20.9K Cr | Sep 2023 ₹19.8K Cr | Dec 2023 ₹21.9K Cr | Mar 2024 ₹22.4K Cr | Jun 2024 ₹21.9K Cr | Sep 2024 ₹24.9K Cr | Dec 2024 ₹25.0K Cr | Mar 2025 ₹25.0K Cr | Jun 2025 ₹25.0K Cr | Sep 2025 ₹30.0K Cr | Dec 2025 ₹30.0K Cr | Mar 2026 ₹32.0K Cr | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹237 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹16.1K Cr | Jun 2026 — - LHX: Sep 2021 ₹7.7K Cr | Dec 2021 ₹7.9K Cr | Mar 2022 — | Jun 2022 ₹7.8K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹7.0K Cr | Mar 2023 ₹9.8K Cr | Jun 2023 ₹9.5K Cr | Sep 2023 ₹14.3K Cr | Dec 2023 ₹13.1K Cr | Mar 2024 ₹13.7K Cr | Jun 2024 ₹13.3K Cr | Sep 2024 ₹12.9K Cr | Dec 2024 — | Mar 2025 ₹11.6K Cr | Jun 2025 ₹12.3K Cr | Sep 2025 — | Dec 2025 ₹11.7K Cr | Mar 2026 ₹10.4K Cr | Jun 2026 ₹11.4K Cr - HEI: Sep 2021 ₹387 Cr | Dec 2021 ₹236 Cr | Mar 2022 ₹237 Cr | Jun 2022 ₹266 Cr | Sep 2022 ₹246 Cr | Dec 2022 ₹290 Cr | Mar 2023 ₹783 Cr | Jun 2023 ₹755 Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 ₹2.6K Cr - AXON: Sep 2021 ₹0 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹711 Cr | Mar 2023 ₹679 Cr | Jun 2023 ₹710 Cr | Sep 2023 ₹712 Cr | Dec 2023 ₹711 Cr | Mar 2024 ₹710 Cr | Jun 2024 ₹720 Cr | Sep 2024 ₹721 Cr | Dec 2024 ₹722 Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹1.9K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 — - ESLT: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹965 Cr | Mar 2026 ₹895 Cr | Jun 2026 — - RKLB: Sep 2021 ₹125 Cr | Dec 2021 ₹128 Cr | Mar 2022 ₹149 Cr | Jun 2022 ₹148 Cr | Sep 2022 ₹149 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹153 Cr | Jun 2023 ₹163 Cr | Sep 2023 ₹162 Cr | Dec 2023 ₹177 Cr | Mar 2024 ₹477 Cr | Jun 2024 ₹474 Cr | Sep 2024 ₹470 Cr | Dec 2024 ₹468 Cr | Mar 2025 ₹490 Cr | Jun 2025 ₹498 Cr | Sep 2025 ₹517 Cr | Dec 2025 ₹254 Cr | Mar 2026 ₹139 Cr | Jun 2026 — - CW: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.5K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - WWD: Sep 2021 ₹735 Cr | Dec 2021 ₹730 Cr | Mar 2022 ₹729 Cr | Jun 2022 ₹766 Cr | Sep 2022 ₹777 Cr | Dec 2022 ₹834 Cr | Mar 2023 ₹859 Cr | Jun 2023 ₹751 Cr | Sep 2023 ₹722 Cr | Dec 2023 ₹719 Cr | Mar 2024 ₹791 Cr | Jun 2024 ₹923 Cr | Sep 2024 ₹872 Cr | Dec 2024 ₹902 Cr | Mar 2025 ₹912 Cr | Jun 2025 ₹933 Cr | Sep 2025 ₹702 Cr | Dec 2025 ₹888 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - FTAI: Sep 2021 ₹3.1K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.5K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.6K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹3.5K Cr | Jun 2026 — - TXT: Sep 2021 ₹3.8K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.8K Cr | Jun 2022 ₹3.7K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 — | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.6K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 — | Mar 2026 ₹3.9K Cr | Jun 2026 ₹3.8K Cr - BWXT: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 — - MOG-B: Sep 2021 ₹920 Cr | Dec 2021 ₹904 Cr | Mar 2022 ₹776 Cr | Jun 2022 ₹833 Cr | Sep 2022 ₹857 Cr | Dec 2022 ₹838 Cr | Mar 2023 — | Jun 2023 ₹959 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹920 Cr | Mar 2024 ₹949 Cr | Jun 2024 ₹958 Cr | Sep 2024 ₹874 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹946 Cr | Dec 2025 — | Mar 2026 ₹1.1K Cr | Jun 2026 — - DRS: Sep 2021 ₹496 Cr | Dec 2021 ₹393 Cr | Mar 2022 ₹490 Cr | Jun 2022 ₹490 Cr | Sep 2022 ₹394 Cr | Dec 2022 ₹394 Cr | Mar 2023 ₹610 Cr | Jun 2023 ₹493 Cr | Sep 2023 ₹483 Cr | Dec 2023 ₹406 Cr | Mar 2024 ₹386 Cr | Jun 2024 ₹373 Cr | Sep 2024 ₹367 Cr | Dec 2024 ₹365 Cr | Mar 2025 ₹362 Cr | Jun 2025 ₹353 Cr | Sep 2025 ₹350 Cr | Dec 2025 ₹347 Cr | Mar 2026 ₹151 Cr | Jun 2026 — - EMBJ: Sep 2021 ₹8.7K Cr | Dec 2021 ₹4.1K Cr | Mar 2022 ₹7.2K Cr | Jun 2022 ₹6.4K Cr | Sep 2022 ₹6.3K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹6.8K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹5.8K Cr | Dec 2023 ₹5.9K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹5.4K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹4.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.8K Cr | Jun 2026 — - HII: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹2.7K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.4K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.5K Cr | Jun 2026 — - KTOS: Sep 2021 ₹340 Cr | Dec 2021 ₹340 Cr | Mar 2022 ₹339 Cr | Jun 2022 ₹336 Cr | Sep 2022 ₹339 Cr | Dec 2022 ₹302 Cr | Mar 2023 ₹301 Cr | Jun 2023 ₹285 Cr | Sep 2023 — | Dec 2023 ₹289 Cr | Mar 2024 ₹226 Cr | Jun 2024 ₹225 Cr | Sep 2024 ₹221 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹283 Cr | Jun 2025 ₹279 Cr | Sep 2025 ₹134 Cr | Dec 2025 ₹146 Cr | Mar 2026 ₹185 Cr | Jun 2026 — - CAE: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.8K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.1K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.2K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 — - HXL: Sep 2021 ₹877 Cr | Dec 2021 ₹823 Cr | Mar 2022 ₹858 Cr | Jun 2022 ₹813 Cr | Sep 2022 ₹797 Cr | Dec 2022 ₹724 Cr | Mar 2023 ₹769 Cr | Jun 2023 ₹779 Cr | Sep 2023 ₹754 Cr | Dec 2023 ₹700 Cr | Mar 2024 ₹715 Cr | Jun 2024 ₹795 Cr | Sep 2024 ₹805 Cr | Dec 2024 ₹701 Cr | Mar 2025 ₹787 Cr | Jun 2025 ₹828 Cr | Sep 2025 ₹758 Cr | Dec 2025 ₹993 Cr | Mar 2026 ₹998 Cr | Jun 2026 — - AVAV: Sep 2021 ₹225 Cr | Dec 2021 ₹221 Cr | Mar 2022 ₹217 Cr | Jun 2022 ₹217 Cr | Sep 2022 ₹213 Cr | Dec 2022 ₹193 Cr | Mar 2023 ₹196 Cr | Jun 2023 ₹163 Cr | Sep 2023 ₹156 Cr | Dec 2023 ₹111 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹47 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹59 Cr | Jun 2025 ₹64 Cr | Sep 2025 ₹830 Cr | Dec 2025 ₹826 Cr | Mar 2026 ₹826 Cr | Jun 2026 ₹835 Cr - PL: Sep 2021 ₹167 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹18 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹461 Cr | Mar 2026 ₹462 Cr | Jun 2026 ₹488 Cr ### 20-quarter Net debt history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹1.6K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 — | Jun 2025 — | Sep 2025 ₹-1.9K Cr | Dec 2025 ₹-1.9K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 — - GE: Sep 2021 ₹37.9K Cr | Dec 2021 ₹7.1K Cr | Mar 2022 ₹20.8K Cr | Jun 2022 ₹12.6K Cr | Sep 2022 ₹11.5K Cr | Dec 2022 ₹640 Cr | Mar 2023 ₹10.4K Cr | Jun 2023 ₹-1.9K Cr | Sep 2023 ₹641 Cr | Dec 2023 ₹-385 Cr | Mar 2024 ₹-1.7K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹6.2K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹8.3K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹9.3K Cr | Jun 2026 ₹9.8K Cr - RTX: Sep 2021 ₹25.3K Cr | Dec 2021 ₹25.3K Cr | Mar 2022 ₹27.1K Cr | Jun 2022 ₹28.2K Cr | Sep 2022 ₹29.6K Cr | Dec 2022 ₹27.3K Cr | Mar 2023 ₹30.2K Cr | Jun 2023 ₹31.5K Cr | Sep 2023 ₹31.3K Cr | Dec 2023 ₹38.7K Cr | Mar 2024 ₹38.6K Cr | Jun 2024 ₹37.6K Cr | Sep 2024 ₹37.1K Cr | Dec 2024 ₹37.3K Cr | Mar 2025 ₹37.8K Cr | Jun 2025 ₹38.8K Cr | Sep 2025 ₹34.7K Cr | Dec 2025 ₹32.1K Cr | Mar 2026 ₹32.1K Cr | Jun 2026 — - BA: Sep 2021 ₹42.4K Cr | Dec 2021 ₹41.9K Cr | Mar 2022 ₹45.5K Cr | Jun 2022 ₹45.8K Cr | Sep 2022 ₹43.0K Cr | Dec 2022 ₹39.8K Cr | Mar 2023 ₹40.6K Cr | Jun 2023 ₹38.5K Cr | Sep 2023 ₹38.9K Cr | Dec 2023 ₹36.3K Cr | Mar 2024 ₹40.4K Cr | Jun 2024 ₹45.3K Cr | Sep 2024 ₹47.2K Cr | Dec 2024 ₹27.6K Cr | Mar 2025 ₹29.9K Cr | Jun 2025 ₹30.4K Cr | Sep 2025 ₹30.4K Cr | Dec 2025 ₹24.7K Cr | Mar 2026 ₹26.3K Cr | Jun 2026 — - LMT: Sep 2021 ₹8.9K Cr | Dec 2021 ₹8.1K Cr | Mar 2022 ₹9.8K Cr | Jun 2022 ₹9.9K Cr | Sep 2022 ₹9.1K Cr | Dec 2022 ₹13.0K Cr | Mar 2023 ₹13.2K Cr | Jun 2023 ₹13.9K Cr | Sep 2023 ₹13.8K Cr | Dec 2023 ₹16.0K Cr | Mar 2024 ₹16.6K Cr | Jun 2024 ₹16.7K Cr | Sep 2024 ₹16.2K Cr | Dec 2024 ₹17.8K Cr | Mar 2025 ₹18.5K Cr | Jun 2025 ₹20.3K Cr | Sep 2025 ₹18.7K Cr | Dec 2025 ₹17.6K Cr | Mar 2026 ₹18.8K Cr | Jun 2026 ₹16.7K Cr - HWM: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.7K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.5K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 — - GD: Sep 2021 ₹11.4K Cr | Dec 2021 ₹10.5K Cr | Mar 2022 — | Jun 2022 ₹8.6K Cr | Sep 2022 ₹9.3K Cr | Dec 2022 ₹9.0K Cr | Mar 2023 — | Jun 2023 ₹8.5K Cr | Sep 2023 ₹8.6K Cr | Dec 2023 ₹7.9K Cr | Mar 2024 ₹8.2K Cr | Jun 2024 ₹7.9K Cr | Sep 2024 ₹7.2K Cr | Dec 2024 ₹7.1K Cr | Mar 2025 ₹8.4K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.7K Cr | Mar 2026 — | Jun 2026 ₹4.4K Cr - NOC: Sep 2021 ₹10.1K Cr | Dec 2021 ₹10.8K Cr | Mar 2022 ₹12.3K Cr | Jun 2022 ₹13.3K Cr | Sep 2022 ₹11.8K Cr | Dec 2022 ₹11.1K Cr | Mar 2023 ₹13.1K Cr | Jun 2023 ₹12.2K Cr | Sep 2023 ₹13.4K Cr | Dec 2023 ₹12.6K Cr | Mar 2024 ₹13.5K Cr | Jun 2024 ₹13.3K Cr | Sep 2024 ₹13.2K Cr | Dec 2024 ₹12.1K Cr | Mar 2025 ₹14.3K Cr | Jun 2025 ₹15.1K Cr | Sep 2025 ₹15.0K Cr | Dec 2025 ₹12.6K Cr | Mar 2026 ₹14.2K Cr | Jun 2026 ₹14.0K Cr - TDG: Sep 2021 ₹15.5K Cr | Dec 2021 — | Mar 2022 ₹15.0K Cr | Jun 2022 ₹15.6K Cr | Sep 2022 ₹16.0K Cr | Dec 2022 ₹16.5K Cr | Mar 2023 — | Jun 2023 ₹17.4K Cr | Sep 2023 ₹16.7K Cr | Dec 2023 ₹17.7K Cr | Mar 2024 ₹18.1K Cr | Jun 2024 ₹18.5K Cr | Sep 2024 ₹18.6K Cr | Dec 2024 ₹22.6K Cr | Mar 2025 ₹22.6K Cr | Jun 2025 ₹22.2K Cr | Sep 2025 ₹27.2K Cr | Dec 2025 ₹27.5K Cr | Mar 2026 ₹28.1K Cr | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹-7 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹15.2K Cr | Jun 2026 — - LHX: Sep 2021 ₹5.7K Cr | Dec 2021 ₹6.7K Cr | Mar 2022 — | Jun 2022 ₹7.4K Cr | Sep 2022 ₹7.4K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹9.2K Cr | Jun 2023 ₹9.2K Cr | Sep 2023 ₹13.8K Cr | Dec 2023 ₹12.6K Cr | Mar 2024 ₹13.2K Cr | Jun 2024 ₹12.7K Cr | Sep 2024 ₹12.4K Cr | Dec 2024 — | Mar 2025 ₹11.0K Cr | Jun 2025 ₹11.7K Cr | Sep 2025 — | Dec 2025 ₹11.4K Cr | Mar 2026 ₹9.4K Cr | Jun 2026 ₹10.8K Cr - HEI: Sep 2021 ₹117 Cr | Dec 2021 ₹128 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹149 Cr | Sep 2022 ₹112 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹640 Cr | Jun 2023 ₹628 Cr | Sep 2023 ₹521 Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.2K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 ₹2.4K Cr - AXON: Sep 2021 ₹-582 Cr | Dec 2021 ₹-423 Cr | Mar 2022 ₹-444 Cr | Jun 2022 ₹-359 Cr | Sep 2022 ₹-362 Cr | Dec 2022 ₹-264 Cr | Mar 2023 ₹-414 Cr | Jun 2023 ₹-424 Cr | Sep 2023 ₹-479 Cr | Dec 2023 ₹-610 Cr | Mar 2024 ₹-354 Cr | Jun 2024 ₹-356 Cr | Sep 2024 ₹-437 Cr | Dec 2024 ₹-264 Cr | Mar 2025 ₹-320 Cr | Jun 2025 ₹-180 Cr | Sep 2025 ₹-346 Cr | Dec 2025 ₹176 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 — - ESLT: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹934 Cr | Jun 2025 ₹386 Cr | Sep 2025 ₹333 Cr | Dec 2025 ₹149 Cr | Mar 2026 ₹-30 Cr | Jun 2026 — - RKLB: Sep 2021 ₹-668 Cr | Dec 2021 ₹-563 Cr | Mar 2022 ₹-454 Cr | Jun 2022 ₹-395 Cr | Sep 2022 ₹-354 Cr | Dec 2022 ₹-319 Cr | Mar 2023 ₹-246 Cr | Jun 2023 ₹-178 Cr | Sep 2023 ₹-126 Cr | Dec 2023 ₹-68 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-23 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹62 Cr | Jun 2025 ₹-190 Cr | Sep 2025 ₹-460 Cr | Dec 2025 ₹-763 Cr | Mar 2026 ₹-1.2K Cr | Jun 2026 — - CW: Sep 2021 ₹947 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹762 Cr | Mar 2024 ₹824 Cr | Jun 2024 ₹790 Cr | Sep 2024 ₹740 Cr | Dec 2024 ₹812 Cr | Mar 2025 ₹894 Cr | Jun 2025 ₹797 Cr | Sep 2025 ₹908 Cr | Dec 2025 ₹765 Cr | Mar 2026 ₹805 Cr | Jun 2026 — - WWD: Sep 2021 ₹287 Cr | Dec 2021 ₹303 Cr | Mar 2022 ₹521 Cr | Jun 2022 ₹666 Cr | Sep 2022 ₹669 Cr | Dec 2022 ₹735 Cr | Mar 2023 ₹730 Cr | Jun 2023 ₹637 Cr | Sep 2023 ₹585 Cr | Dec 2023 ₹575 Cr | Mar 2024 ₹474 Cr | Jun 2024 ₹615 Cr | Sep 2024 ₹590 Cr | Dec 2024 ₹618 Cr | Mar 2025 ₹548 Cr | Jun 2025 ₹460 Cr | Sep 2025 ₹375 Cr | Dec 2025 ₹434 Cr | Mar 2026 ₹622 Cr | Jun 2026 — - FTAI: Sep 2021 ₹2.9K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹3.3K Cr | Jun 2022 ₹3.5K Cr | Sep 2022 ₹-16 Cr | Dec 2022 ₹2.1K Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.3K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.0K Cr | Jun 2026 — - TXT: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 — | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.7K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.2K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 — | Mar 2026 ₹1.9K Cr | Jun 2026 ₹2.2K Cr - BWXT: Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹978 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 — - MOG-B: Sep 2021 ₹829 Cr | Dec 2021 ₹804 Cr | Mar 2022 ₹671 Cr | Jun 2022 ₹713 Cr | Sep 2022 ₹763 Cr | Dec 2022 ₹736 Cr | Mar 2023 — | Jun 2023 ₹852 Cr | Sep 2023 ₹890 Cr | Dec 2023 ₹794 Cr | Mar 2024 ₹890 Cr | Jun 2024 ₹907 Cr | Sep 2024 ₹812 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹884 Cr | Dec 2025 — | Mar 2026 ₹984 Cr | Jun 2026 — - DRS: Sep 2021 ₹418 Cr | Dec 2021 ₹153 Cr | Mar 2022 ₹421 Cr | Jun 2022 ₹421 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹436 Cr | Jun 2023 ₹458 Cr | Sep 2023 ₹436 Cr | Dec 2023 ₹-61 Cr | Mar 2024 ₹226 Cr | Jun 2024 ₹224 Cr | Sep 2024 ₹169 Cr | Dec 2024 ₹-233 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹41 Cr | Dec 2025 ₹-300 Cr | Mar 2026 ₹-177 Cr | Jun 2026 — - EMBJ: Sep 2021 ₹6.2K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹5.2K Cr | Jun 2022 ₹4.6K Cr | Sep 2022 ₹4.6K Cr | Dec 2022 ₹963 Cr | Mar 2023 ₹4.7K Cr | Jun 2023 ₹5.0K Cr | Sep 2023 ₹4.2K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.9K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹400 Cr | Mar 2025 ₹807 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹693 Cr | Jun 2026 — - HII: Sep 2021 ₹3.0K Cr | Dec 2021 ₹2.9K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹2.7K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.6K Cr | Dec 2023 ₹2.2K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.6K Cr | Dec 2025 ₹2.3K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 — | Jun 2023 — | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.3K Cr | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 — - KTOS: Sep 2021 ₹-30 Cr | Dec 2021 ₹-9 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹194 Cr | Sep 2022 ₹214 Cr | Dec 2022 ₹221 Cr | Mar 2023 ₹254 Cr | Jun 2023 ₹237 Cr | Sep 2023 — | Dec 2023 ₹247 Cr | Mar 2024 ₹-113 Cr | Jun 2024 ₹-83 Cr | Sep 2024 ₹-81 Cr | Dec 2024 ₹-47 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹-505 Cr | Sep 2025 ₹-432 Cr | Dec 2025 ₹-415 Cr | Mar 2026 ₹-1.3K Cr | Jun 2026 — - CAE: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹3.1K Cr | Dec 2024 ₹3.4K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.2K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹2.8K Cr | Mar 2026 ₹2.7K Cr | Jun 2026 — - HXL: Sep 2021 ₹771 Cr | Dec 2021 ₹695 Cr | Mar 2022 ₹745 Cr | Jun 2022 ₹714 Cr | Sep 2022 ₹706 Cr | Dec 2022 ₹612 Cr | Mar 2023 ₹663 Cr | Jun 2023 ₹675 Cr | Sep 2023 ₹656 Cr | Dec 2023 ₹473 Cr | Mar 2024 ₹629 Cr | Jun 2024 ₹720 Cr | Sep 2024 ₹707 Cr | Dec 2024 ₹576 Cr | Mar 2025 ₹698 Cr | Jun 2025 ₹751 Cr | Sep 2025 ₹667 Cr | Dec 2025 ₹922 Cr | Mar 2026 ₹944 Cr | Jun 2026 — - AVAV: Sep 2021 ₹113 Cr | Dec 2021 ₹110 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹107 Cr | Dec 2022 ₹92 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹30 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹-38 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹-34 Cr | Dec 2024 ₹-19 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹238 Cr | Mar 2026 ₹239 Cr | Jun 2026 ₹203 Cr - PL: Sep 2021 ₹96 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-491 Cr | Jun 2022 ₹-475 Cr | Sep 2022 ₹-450 Cr | Dec 2022 ₹-407 Cr | Mar 2023 ₹-387 Cr | Jun 2023 ₹-350 Cr | Sep 2023 ₹-342 Cr | Dec 2023 ₹-290 Cr | Mar 2024 ₹-274 Cr | Jun 2024 ₹-253 Cr | Sep 2024 ₹-225 Cr | Dec 2024 ₹-219 Cr | Mar 2025 ₹-200 Cr | Jun 2025 ₹-206 Cr | Sep 2025 ₹-254 Cr | Dec 2025 ₹-216 Cr | Mar 2026 ₹-178 Cr | Jun 2026 ₹-243 Cr ## Return On Capital Employed What the numbers say: Honeywell Aerospace Inc. leads ROCE at 14.4%, 6.9 percentage points above Howmet Aerospace Inc.. Lockheed Martin Corporation has the strongest latest improvement at +4.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability. Investor read: Honeywell Aerospace Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roce change signal. Evidence: Honeywell Aerospace Inc. · 14.4% | 92% versus #2 · Howmet Aerospace Inc. | Not enough history | 30/30 companies · 521 observations Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability. ### ROCE — highest 1. Honeywell Aerospace Inc. (HONA): 14% 2. Howmet Aerospace Inc. (HWM): 7.5% 3. Lockheed Martin Corporation (LMT): 6.8% 4. TransDigm Group Incorporated (TDG): 5.5% 5. Leonardo DRS, Inc. (DRS): 5.0% ### ROCE change — fastest improvers 1. Lockheed Martin Corporation (LMT): +4.7 pp 2. Rocket Lab Corporation (RKLB): +3.0 pp 3. Honeywell Aerospace Inc. (HONA): +2.1 pp 4. Howmet Aerospace Inc. (HWM): +2.0 pp 5. Woodward, Inc. (WWD): +1.2 pp ### 20-quarter ROCE history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 -5.0% | Jun 2026 — - GE: Sep 2021 0.6% | Dec 2021 0.8% | Mar 2022 -0.6% | Jun 2022 0.3% | Sep 2022 -0.1% | Dec 2022 0.1% | Mar 2023 0.2% | Jun 2023 0.8% | Sep 2023 1.0% | Dec 2023 0.5% | Mar 2024 0.9% | Jun 2024 1.5% | Sep 2024 0.9% | Dec 2024 1.7% | Mar 2025 1.9% | Jun 2025 2.3% | Sep 2025 2.5% | Dec 2025 2.6% | Mar 2026 2.6% | Jun 2026 2.9% - RTX: Sep 2021 1.1% | Dec 2021 1.0% | Mar 2022 0.9% | Jun 2022 1.1% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 1.4% | Jun 2023 1.2% | Sep 2023 -1.2% | Dec 2023 1.5% | Mar 2024 1.6% | Jun 2024 0.5% | Sep 2024 1.8% | Dec 2024 1.9% | Mar 2025 1.8% | Jun 2025 1.9% | Sep 2025 2.2% | Dec 2025 2.3% | Mar 2026 2.3% | Jun 2026 — - BA: Sep 2021 0.5% | Dec 2021 -6.8% | Mar 2022 -2.0% | Jun 2022 1.4% | Sep 2022 -5.1% | Dec 2022 -0.7% | Mar 2023 -0.3% | Jun 2023 -0.2% | Sep 2023 -1.8% | Dec 2023 0.6% | Mar 2024 -0.2% | Jun 2024 -2.5% | Sep 2024 -14% | Dec 2024 -7.5% | Mar 2025 1.0% | Jun 2025 -0.4% | Sep 2025 -11% | Dec 2025 15% | Mar 2026 0.8% | Jun 2026 — - LMT: Sep 2021 6.3% | Dec 2021 6.7% | Mar 2022 5.4% | Jun 2022 5.4% | Sep 2022 6.0% | Dec 2022 6.2% | Mar 2023 5.6% | Jun 2023 5.7% | Sep 2023 5.4% | Dec 2023 6.3% | Mar 2024 5.4% | Jun 2024 5.7% | Sep 2024 5.5% | Dec 2024 1.9% | Mar 2025 6.5% | Jun 2025 2.1% | Sep 2025 6.1% | Dec 2025 6.4% | Mar 2026 5.7% | Jun 2026 6.8% - HWM: Sep 2021 2.2% | Dec 2021 1.6% | Mar 2022 2.5% | Jun 2022 2.7% | Sep 2022 2.6% | Dec 2022 2.5% | Mar 2023 3.2% | Jun 2023 3.2% | Sep 2023 3.6% | Dec 2023 3.7% | Mar 2024 4.2% | Jun 2024 4.6% | Sep 2024 4.7% | Dec 2024 5.1% | Mar 2025 5.5% | Jun 2025 5.9% | Sep 2025 5.8% | Dec 2025 5.3% | Mar 2026 7.5% | Jun 2026 — - GD: Sep 2021 — | Dec 2021 3.0% | Mar 2022 — | Jun 2022 2.5% | Sep 2022 2.7% | Dec 2022 3.0% | Mar 2023 — | Jun 2023 2.6% | Sep 2023 2.6% | Dec 2023 2.9% | Mar 2024 2.8% | Jun 2024 3.1% | Sep 2024 3.1% | Dec 2024 3.7% | Mar 2025 3.3% | Jun 2025 3.4% | Sep 2025 3.5% | Dec 2025 3.7% | Mar 2026 — | Jun 2026 3.6% - NOC: Sep 2021 3.1% | Dec 2021 2.2% | Mar 2022 2.7% | Jun 2022 2.9% | Sep 2022 2.6% | Dec 2022 2.8% | Mar 2023 2.8% | Jun 2023 2.9% | Sep 2023 3.1% | Dec 2023 -1.2% | Mar 2024 3.1% | Jun 2024 3.2% | Sep 2024 3.2% | Dec 2024 3.1% | Mar 2025 1.7% | Jun 2025 4.0% | Sep 2025 3.5% | Dec 2025 3.5% | Mar 2026 2.8% | Jun 2026 3.0% - TDG: Sep 2021 3.1% | Dec 2021 — | Mar 2022 2.6% | Jun 2022 3.0% | Sep 2022 3.4% | Dec 2022 3.4% | Mar 2023 — | Jun 2023 4.0% | Sep 2023 4.4% | Dec 2023 4.4% | Mar 2024 4.7% | Jun 2024 4.9% | Sep 2024 5.0% | Dec 2024 5.1% | Mar 2025 5.1% | Jun 2025 5.1% | Sep 2025 5.8% | Dec 2025 5.2% | Mar 2026 5.5% | Jun 2026 — - HONA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 14% | Jun 2026 — - LHX: Sep 2021 — | Dec 2021 1.7% | Mar 2022 — | Jun 2022 1.6% | Sep 2022 1.6% | Dec 2022 1.7% | Mar 2023 1.3% | Jun 2023 1.4% | Sep 2023 1.6% | Dec 2023 1.7% | Mar 2024 1.2% | Jun 2024 1.5% | Sep 2024 1.5% | Dec 2024 — | Mar 2025 1.8% | Jun 2025 1.6% | Sep 2025 — | Dec 2025 1.8% | Mar 2026 1.4% | Jun 2026 2.0% - HEI: Sep 2021 — | Dec 2021 3.5% | Mar 2022 3.0% | Jun 2022 3.7% | Sep 2022 3.9% | Dec 2022 4.3% | Mar 2023 3.4% | Jun 2023 4.0% | Sep 2023 3.5% | Dec 2023 3.7% | Mar 2024 3.3% | Jun 2024 3.7% | Sep 2024 3.7% | Dec 2024 3.2% | Mar 2025 3.2% | Jun 2025 3.5% | Sep 2025 3.6% | Dec 2025 3.8% | Mar 2026 3.4% | Jun 2026 4.3% - AXON: Sep 2021 0.3% | Dec 2021 -2.3% | Mar 2022 1.4% | Jun 2022 1.6% | Sep 2022 2.3% | Dec 2022 1.3% | Mar 2023 0.9% | Jun 2023 2.0% | Sep 2023 2.8% | Dec 2023 1.7% | Mar 2024 0.6% | Jun 2024 1.2% | Sep 2024 0.8% | Dec 2024 -0.6% | Mar 2025 -0.2% | Jun 2025 0.0% | Sep 2025 -0.1% | Dec 2025 -1.2% | Mar 2026 0.6% | Jun 2026 — - ESLT: Sep 2021 2.1% | Dec 2021 2.2% | Mar 2022 1.2% | Jun 2022 4.7% | Sep 2022 1.4% | Dec 2022 2.4% | Mar 2023 1.8% | Jun 2023 2.1% | Sep 2023 2.2% | Dec 2023 1.4% | Mar 2024 2.1% | Jun 2024 2.4% | Sep 2024 2.5% | Dec 2024 2.7% | Mar 2025 2.7% | Jun 2025 2.7% | Sep 2025 2.9% | Dec 2025 3.1% | Mar 2026 3.1% | Jun 2026 — - RKLB: Sep 2021 -10% | Dec 2021 -4.8% | Mar 2022 -5.5% | Jun 2022 -5.6% | Sep 2022 -3.7% | Dec 2022 -4.4% | Mar 2023 -5.5% | Jun 2023 -5.9% | Sep 2023 -5.2% | Dec 2023 -6.2% | Mar 2024 -4.9% | Jun 2024 -5.4% | Sep 2024 -6.8% | Dec 2024 -6.6% | Mar 2025 -6.4% | Jun 2025 -5.7% | Sep 2025 -4.4% | Dec 2025 -3.6% | Mar 2026 -3.4% | Jun 2026 — - CW: Sep 2021 3.0% | Dec 2021 3.0% | Mar 2022 1.9% | Jun 2022 2.9% | Sep 2022 3.2% | Dec 2022 4.6% | Mar 2023 2.3% | Jun 2023 3.2% | Sep 2023 3.7% | Dec 2023 4.4% | Mar 2024 2.7% | Jun 2024 3.4% | Sep 2024 3.8% | Dec 2024 4.0% | Mar 2025 3.3% | Jun 2025 3.9% | Sep 2025 4.2% | Dec 2025 4.7% | Mar 2026 4.0% | Jun 2026 — - WWD: Sep 2021 1.9% | Dec 2021 0.9% | Mar 2022 1.6% | Jun 2022 1.6% | Sep 2022 1.7% | Dec 2022 1.0% | Mar 2023 1.2% | Jun 2023 3.1% | Sep 2023 2.7% | Dec 2023 2.9% | Mar 2024 3.3% | Jun 2024 3.4% | Sep 2024 2.8% | Dec 2024 2.6% | Mar 2025 3.3% | Jun 2025 3.4% | Sep 2025 4.2% | Dec 2025 4.5% | Mar 2026 4.5% | Jun 2026 — - FTAI: Sep 2021 0.9% | Dec 2021 -0.1% | Mar 2022 -3.7% | Jun 2022 0.8% | Sep 2022 1.9% | Dec 2022 1.8% | Mar 2023 2.1% | Jun 2023 2.7% | Sep 2023 3.8% | Dec 2023 3.4% | Mar 2024 3.5% | Jun 2024 -5.6% | Sep 2024 4.9% | Dec 2024 4.3% | Mar 2025 4.4% | Jun 2025 6.0% | Sep 2025 5.4% | Dec 2025 4.7% | Mar 2026 4.4% | Jun 2026 — - TXT: Sep 2021 — | Dec 2021 1.8% | Mar 2022 1.9% | Jun 2022 1.6% | Sep 2022 1.9% | Dec 2022 1.9% | Mar 2023 — | Jun 2023 1.5% | Sep 2023 2.4% | Dec 2023 1.6% | Mar 2024 1.6% | Jun 2024 2.3% | Sep 2024 1.8% | Dec 2024 0.7% | Mar 2025 1.7% | Jun 2025 2.1% | Sep 2025 2.2% | Dec 2025 — | Mar 2026 1.9% | Jun 2026 1.8% - BWXT: Sep 2021 4.0% | Dec 2021 5.0% | Mar 2022 3.1% | Jun 2022 4.1% | Sep 2022 3.0% | Dec 2022 4.2% | Mar 2023 3.3% | Jun 2023 3.2% | Sep 2023 3.1% | Dec 2023 4.8% | Mar 2024 3.3% | Jun 2024 3.6% | Sep 2024 3.3% | Dec 2024 3.2% | Mar 2025 3.2% | Jun 2025 3.0% | Sep 2025 3.3% | Dec 2025 2.5% | Mar 2026 2.7% | Jun 2026 — - MOG-B: Sep 2021 — | Dec 2021 2.0% | Mar 2022 2.1% | Jun 2022 1.8% | Sep 2022 2.6% | Dec 2022 2.5% | Mar 2023 — | Jun 2023 2.6% | Sep 2023 2.4% | Dec 2023 2.8% | Mar 2024 3.3% | Jun 2024 2.9% | Sep 2024 2.5% | Dec 2024 2.9% | Mar 2025 2.9% | Jun 2025 3.0% | Sep 2025 3.5% | Dec 2025 — | Mar 2026 3.5% | Jun 2026 — - DRS: Sep 2021 3.3% | Dec 2021 6.8% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 16% | Dec 2022 6.6% | Mar 2023 2.3% | Jun 2023 3.9% | Sep 2023 2.2% | Dec 2023 3.8% | Mar 2024 3.0% | Jun 2024 3.8% | Sep 2024 2.6% | Dec 2024 4.1% | Mar 2025 4.1% | Jun 2025 4.8% | Sep 2025 3.0% | Dec 2025 4.0% | Mar 2026 5.0% | Jun 2026 — - EMBJ: Sep 2021 -0.4% | Dec 2021 0.8% | Mar 2022 -1.7% | Jun 2022 -8.5% | Sep 2022 -0.9% | Dec 2022 2.0% | Mar 2023 -1.7% | Jun 2023 1.1% | Sep 2023 0.2% | Dec 2023 3.0% | Mar 2024 -0.1% | Jun 2024 1.9% | Sep 2024 3.2% | Dec 2024 3.6% | Mar 2025 0.7% | Jun 2025 2.5% | Sep 2025 1.2% | Dec 2025 2.8% | Mar 2026 1.1% | Jun 2026 — - HII: Sep 2021 1.7% | Dec 2021 1.7% | Mar 2022 2.0% | Jun 2022 2.7% | Sep 2022 1.7% | Dec 2022 1.3% | Mar 2023 1.7% | Jun 2023 1.9% | Sep 2023 2.2% | Dec 2023 3.9% | Mar 2024 1.9% | Jun 2024 2.4% | Sep 2024 1.1% | Dec 2024 1.3% | Mar 2025 1.8% | Jun 2025 1.9% | Sep 2025 1.9% | Dec 2025 1.8% | Mar 2026 1.6% | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 — | Jun 2023 — | Sep 2023 1.6% | Dec 2023 1.7% | Mar 2024 4.4% | Jun 2024 4.4% | Sep 2024 2.0% | Dec 2024 2.0% | Mar 2025 2.6% | Jun 2025 2.7% | Sep 2025 2.7% | Dec 2025 2.9% | Mar 2026 2.8% | Jun 2026 — - KTOS: Sep 2021 0.8% | Dec 2021 0.7% | Mar 2022 -0.1% | Jun 2022 -0.1% | Sep 2022 -0.3% | Dec 2022 0.3% | Mar 2023 0.0% | Jun 2023 0.5% | Sep 2023 — | Dec 2023 0.9% | Mar 2024 0.5% | Jun 2024 0.8% | Sep 2024 0.4% | Dec 2024 0.2% | Mar 2025 0.4% | Jun 2025 0.2% | Sep 2025 0.4% | Dec 2025 0.4% | Mar 2026 0.2% | Jun 2026 — - CAE: Sep 2021 0.6% | Dec 2021 1.0% | Mar 2022 1.4% | Jun 2022 0.6% | Sep 2022 1.3% | Dec 2022 1.8% | Mar 2023 2.3% | Jun 2023 1.6% | Sep 2023 1.2% | Dec 2023 1.5% | Mar 2024 0.4% | Jun 2024 1.4% | Sep 2024 1.5% | Dec 2024 3.2% | Mar 2025 3.3% | Jun 2025 1.6% | Sep 2025 1.9% | Dec 2025 2.3% | Mar 2026 2.0% | Jun 2026 — - HXL: Sep 2021 0.8% | Dec 2021 0.9% | Mar 2022 1.1% | Jun 2022 2.4% | Sep 2022 1.6% | Dec 2022 1.6% | Mar 2023 2.4% | Jun 2023 2.4% | Sep 2023 1.7% | Dec 2023 1.9% | Mar 2024 2.1% | Jun 2024 2.8% | Sep 2024 2.0% | Dec 2024 0.4% | Mar 2025 1.8% | Jun 2025 1.2% | Sep 2025 1.4% | Dec 2025 2.6% | Mar 2026 2.4% | Jun 2026 — - AVAV: Sep 2021 — | Dec 2021 0.5% | Mar 2022 -2.1% | Jun 2022 1.6% | Sep 2022 -0.4% | Dec 2022 -1.8% | Mar 2023 0.6% | Jun 2023 -22% | Sep 2023 3.5% | Dec 2023 3.0% | Mar 2024 1.7% | Jun 2024 0.8% | Sep 2024 2.9% | Dec 2024 0.8% | Mar 2025 -0.3% | Jun 2025 1.5% | Sep 2025 -2.2% | Dec 2025 -1.0% | Mar 2026 -9.0% | Jun 2026 1.8% - PL: Sep 2021 — | Dec 2021 -9.0% | Mar 2022 -19% | Jun 2022 -23% | Sep 2022 -9.1% | Dec 2022 -8.7% | Mar 2023 -6.5% | Jun 2023 -7.0% | Sep 2023 -6.9% | Dec 2023 -7.8% | Mar 2024 -5.7% | Jun 2024 -6.0% | Sep 2024 -7.0% | Dec 2024 -4.2% | Mar 2025 -3.7% | Jun 2025 -4.3% | Sep 2025 -3.6% | Dec 2025 -2.6% | Mar 2026 -6.2% | Jun 2026 -4.8% ### 20-quarter ROCE change history - SPCX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.0 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 — - GE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −0.7 pp | Mar 2023 +0.8 pp | Jun 2023 +0.5 pp | Sep 2023 +1.1 pp | Dec 2023 +0.4 pp | Mar 2024 +0.7 pp | Jun 2024 +0.7 pp | Sep 2024 −0.1 pp | Dec 2024 +1.2 pp | Mar 2025 +1.0 pp | Jun 2025 +0.8 pp | Sep 2025 +1.6 pp | Dec 2025 +0.9 pp | Mar 2026 +0.7 pp | Jun 2026 +0.6 pp - RTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.1 pp | Dec 2022 +0.2 pp | Mar 2023 +0.5 pp | Jun 2023 +0.1 pp | Sep 2023 −2.4 pp | Dec 2023 +0.3 pp | Mar 2024 +0.2 pp | Jun 2024 −0.7 pp | Sep 2024 +3.0 pp | Dec 2024 +0.4 pp | Mar 2025 +0.2 pp | Jun 2025 +1.4 pp | Sep 2025 +0.4 pp | Dec 2025 +0.4 pp | Mar 2026 +0.5 pp | Jun 2026 — - BA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.6 pp | Dec 2022 +6.1 pp | Mar 2023 +1.7 pp | Jun 2023 −1.6 pp | Sep 2023 +3.3 pp | Dec 2023 +1.3 pp | Mar 2024 +0.1 pp | Jun 2024 −2.3 pp | Sep 2024 −12.3 pp | Dec 2024 −8.1 pp | Mar 2025 +1.2 pp | Jun 2025 +2.1 pp | Sep 2025 +3.1 pp | Dec 2025 +22.2 pp | Mar 2026 −0.2 pp | Jun 2026 — - LMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −0.5 pp | Mar 2023 +0.2 pp | Jun 2023 +0.3 pp | Sep 2023 −0.6 pp | Dec 2023 +0.1 pp | Mar 2024 −0.2 pp | Jun 2024 0.0 pp | Sep 2024 +0.1 pp | Dec 2024 −4.4 pp | Mar 2025 +1.1 pp | Jun 2025 −3.6 pp | Sep 2025 +0.6 pp | Dec 2025 +4.5 pp | Mar 2026 −0.8 pp | Jun 2026 +4.7 pp - HWM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 +0.9 pp | Mar 2023 +0.7 pp | Jun 2023 +0.5 pp | Sep 2023 +1.0 pp | Dec 2023 +1.2 pp | Mar 2024 +1.0 pp | Jun 2024 +1.4 pp | Sep 2024 +1.1 pp | Dec 2024 +1.4 pp | Mar 2025 +1.3 pp | Jun 2025 +1.3 pp | Sep 2025 +1.1 pp | Dec 2025 +0.2 pp | Mar 2026 +2.0 pp | Jun 2026 — - GD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 +0.1 pp | Sep 2023 −0.1 pp | Dec 2023 −0.1 pp | Mar 2024 — | Jun 2024 +0.5 pp | Sep 2024 +0.5 pp | Dec 2024 +0.8 pp | Mar 2025 +0.5 pp | Jun 2025 +0.3 pp | Sep 2025 +0.4 pp | Dec 2025 0.0 pp | Mar 2026 — | Jun 2026 +0.2 pp - NOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +0.6 pp | Mar 2023 +0.1 pp | Jun 2023 0.0 pp | Sep 2023 +0.5 pp | Dec 2023 −4.0 pp | Mar 2024 +0.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +4.3 pp | Mar 2025 −1.4 pp | Jun 2025 +0.8 pp | Sep 2025 +0.3 pp | Dec 2025 +0.4 pp | Mar 2026 +1.1 pp | Jun 2026 −1.0 pp - TDG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.3 pp | Dec 2022 — | Mar 2023 — | Jun 2023 +1.0 pp | Sep 2023 +1.0 pp | Dec 2023 +1.0 pp | Mar 2024 — | Jun 2024 +0.9 pp | Sep 2024 +0.6 pp | Dec 2024 +0.7 pp | Mar 2025 +0.4 pp | Jun 2025 +0.2 pp | Sep 2025 +0.8 pp | Dec 2025 +0.1 pp | Mar 2026 +0.4 pp | Jun 2026 — - LHX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.0 pp | Mar 2023 — | Jun 2023 −0.2 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 −0.1 pp | Jun 2024 +0.1 pp | Sep 2024 −0.1 pp | Dec 2024 — | Mar 2025 +0.6 pp | Jun 2025 +0.1 pp | Sep 2025 — | Dec 2025 — | Mar 2026 −0.4 pp | Jun 2026 +0.4 pp - HEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.8 pp | Mar 2023 +0.4 pp | Jun 2023 +0.3 pp | Sep 2023 −0.4 pp | Dec 2023 −0.6 pp | Mar 2024 −0.1 pp | Jun 2024 −0.3 pp | Sep 2024 +0.2 pp | Dec 2024 −0.5 pp | Mar 2025 −0.1 pp | Jun 2025 −0.2 pp | Sep 2025 −0.1 pp | Dec 2025 +0.6 pp | Mar 2026 +0.2 pp | Jun 2026 +0.8 pp - AXON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +3.6 pp | Mar 2023 −0.5 pp | Jun 2023 +0.4 pp | Sep 2023 +0.5 pp | Dec 2023 +0.4 pp | Mar 2024 −0.3 pp | Jun 2024 −0.8 pp | Sep 2024 −2.0 pp | Dec 2024 −2.3 pp | Mar 2025 −0.8 pp | Jun 2025 −1.2 pp | Sep 2025 −0.9 pp | Dec 2025 −0.6 pp | Mar 2026 +0.8 pp | Jun 2026 — - ESLT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 +0.2 pp | Mar 2023 +0.6 pp | Jun 2023 −2.6 pp | Sep 2023 +0.8 pp | Dec 2023 −1.0 pp | Mar 2024 +0.3 pp | Jun 2024 +0.3 pp | Sep 2024 +0.3 pp | Dec 2024 +1.3 pp | Mar 2025 +0.6 pp | Jun 2025 +0.3 pp | Sep 2025 +0.4 pp | Dec 2025 +0.4 pp | Mar 2026 +0.4 pp | Jun 2026 — - RKLB: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.6 pp | Dec 2022 +0.4 pp | Mar 2023 0.0 pp | Jun 2023 −0.3 pp | Sep 2023 −1.5 pp | Dec 2023 −1.8 pp | Mar 2024 +0.6 pp | Jun 2024 +0.5 pp | Sep 2024 −1.6 pp | Dec 2024 −0.4 pp | Mar 2025 −1.5 pp | Jun 2025 −0.3 pp | Sep 2025 +2.4 pp | Dec 2025 +3.0 pp | Mar 2026 +3.0 pp | Jun 2026 — - CW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 +1.6 pp | Mar 2023 +0.4 pp | Jun 2023 +0.3 pp | Sep 2023 +0.5 pp | Dec 2023 −0.2 pp | Mar 2024 +0.4 pp | Jun 2024 +0.2 pp | Sep 2024 +0.1 pp | Dec 2024 −0.4 pp | Mar 2025 +0.6 pp | Jun 2025 +0.5 pp | Sep 2025 +0.4 pp | Dec 2025 +0.7 pp | Mar 2026 +0.7 pp | Jun 2026 — - WWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.1 pp | Mar 2023 −0.4 pp | Jun 2023 +1.5 pp | Sep 2023 +1.0 pp | Dec 2023 +1.9 pp | Mar 2024 +2.1 pp | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 −0.3 pp | Mar 2025 0.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.4 pp | Dec 2025 +1.9 pp | Mar 2026 +1.2 pp | Jun 2026 — - FTAI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 +1.9 pp | Mar 2023 +5.8 pp | Jun 2023 +1.9 pp | Sep 2023 +1.9 pp | Dec 2023 +1.6 pp | Mar 2024 +1.4 pp | Jun 2024 −8.3 pp | Sep 2024 +1.1 pp | Dec 2024 +0.9 pp | Mar 2025 +0.9 pp | Jun 2025 +11.6 pp | Sep 2025 +0.5 pp | Dec 2025 +0.4 pp | Mar 2026 0.0 pp | Jun 2026 — - TXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.1 pp | Mar 2023 — | Jun 2023 −0.1 pp | Sep 2023 +0.5 pp | Dec 2023 −0.3 pp | Mar 2024 — | Jun 2024 +0.8 pp | Sep 2024 −0.6 pp | Dec 2024 −0.9 pp | Mar 2025 +0.1 pp | Jun 2025 −0.2 pp | Sep 2025 +0.4 pp | Dec 2025 — | Mar 2026 +0.2 pp | Jun 2026 −0.3 pp - BWXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.0 pp | Dec 2022 −0.8 pp | Mar 2023 +0.2 pp | Jun 2023 −0.9 pp | Sep 2023 +0.1 pp | Dec 2023 +0.6 pp | Mar 2024 0.0 pp | Jun 2024 +0.4 pp | Sep 2024 +0.2 pp | Dec 2024 −1.6 pp | Mar 2025 −0.1 pp | Jun 2025 −0.6 pp | Sep 2025 0.0 pp | Dec 2025 −0.7 pp | Mar 2026 −0.5 pp | Jun 2026 — - MOG-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.5 pp | Mar 2023 — | Jun 2023 +0.8 pp | Sep 2023 −0.2 pp | Dec 2023 +0.3 pp | Mar 2024 — | Jun 2024 +0.3 pp | Sep 2024 +0.1 pp | Dec 2024 +0.1 pp | Mar 2025 −0.4 pp | Jun 2025 +0.1 pp | Sep 2025 +1.0 pp | Dec 2025 — | Mar 2026 +0.6 pp | Jun 2026 — - DRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +12.7 pp | Dec 2022 −0.2 pp | Mar 2023 +2.3 pp | Jun 2023 +3.9 pp | Sep 2023 −13.8 pp | Dec 2023 −2.8 pp | Mar 2024 +0.7 pp | Jun 2024 −0.1 pp | Sep 2024 +0.4 pp | Dec 2024 +0.3 pp | Mar 2025 +1.1 pp | Jun 2025 +1.0 pp | Sep 2025 +0.4 pp | Dec 2025 −0.1 pp | Mar 2026 +0.9 pp | Jun 2026 — - EMBJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 +1.2 pp | Mar 2023 0.0 pp | Jun 2023 +9.6 pp | Sep 2023 +1.1 pp | Dec 2023 +1.0 pp | Mar 2024 +1.6 pp | Jun 2024 +0.8 pp | Sep 2024 +3.0 pp | Dec 2024 +0.6 pp | Mar 2025 +0.8 pp | Jun 2025 +0.6 pp | Sep 2025 −2.0 pp | Dec 2025 −0.8 pp | Mar 2026 +0.4 pp | Jun 2026 — - HII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 −0.4 pp | Mar 2023 −0.3 pp | Jun 2023 −0.8 pp | Sep 2023 +0.5 pp | Dec 2023 +2.6 pp | Mar 2024 +0.2 pp | Jun 2024 +0.5 pp | Sep 2024 −1.1 pp | Dec 2024 −2.6 pp | Mar 2025 −0.1 pp | Jun 2025 −0.5 pp | Sep 2025 +0.8 pp | Dec 2025 +0.5 pp | Mar 2026 −0.2 pp | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 +1.7 pp | Mar 2024 — | Jun 2024 — | Sep 2024 +0.4 pp | Dec 2024 +0.3 pp | Mar 2025 −1.8 pp | Jun 2025 −1.7 pp | Sep 2025 +0.7 pp | Dec 2025 +0.9 pp | Mar 2026 +0.2 pp | Jun 2026 — - KTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.1 pp | Dec 2022 −0.4 pp | Mar 2023 +0.1 pp | Jun 2023 +0.6 pp | Sep 2023 — | Dec 2023 +0.6 pp | Mar 2024 +0.5 pp | Jun 2024 +0.3 pp | Sep 2024 — | Dec 2024 −0.7 pp | Mar 2025 −0.1 pp | Jun 2025 −0.6 pp | Sep 2025 0.0 pp | Dec 2025 +0.2 pp | Mar 2026 −0.2 pp | Jun 2026 — - CAE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +0.8 pp | Mar 2023 +0.9 pp | Jun 2023 +1.0 pp | Sep 2023 −0.1 pp | Dec 2023 −0.3 pp | Mar 2024 −1.9 pp | Jun 2024 −0.2 pp | Sep 2024 +0.3 pp | Dec 2024 +1.7 pp | Mar 2025 +2.9 pp | Jun 2025 +0.2 pp | Sep 2025 +0.4 pp | Dec 2025 −0.9 pp | Mar 2026 −1.3 pp | Jun 2026 — - HXL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +0.7 pp | Mar 2023 +1.3 pp | Jun 2023 0.0 pp | Sep 2023 +0.1 pp | Dec 2023 +0.3 pp | Mar 2024 −0.3 pp | Jun 2024 +0.4 pp | Sep 2024 +0.3 pp | Dec 2024 −1.5 pp | Mar 2025 −0.3 pp | Jun 2025 −1.6 pp | Sep 2025 −0.6 pp | Dec 2025 +2.2 pp | Mar 2026 +0.6 pp | Jun 2026 — - AVAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −2.3 pp | Mar 2023 +2.7 pp | Jun 2023 −23.5 pp | Sep 2023 +3.9 pp | Dec 2023 +4.8 pp | Mar 2024 +1.1 pp | Jun 2024 +22.7 pp | Sep 2024 −0.6 pp | Dec 2024 −2.2 pp | Mar 2025 −2.0 pp | Jun 2025 +0.7 pp | Sep 2025 −5.1 pp | Dec 2025 −1.8 pp | Mar 2026 −8.7 pp | Jun 2026 +0.3 pp - PL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +0.3 pp | Mar 2023 +12.5 pp | Jun 2023 +16.2 pp | Sep 2023 +2.2 pp | Dec 2023 +0.9 pp | Mar 2024 +0.8 pp | Jun 2024 +1.0 pp | Sep 2024 −0.1 pp | Dec 2024 +3.6 pp | Mar 2025 +2.0 pp | Jun 2025 +1.7 pp | Sep 2025 +3.4 pp | Dec 2025 +1.6 pp | Mar 2026 −2.5 pp | Jun 2026 −0.5 pp ## Valuation Against Growth & Quality What the numbers say: Embraer S.A. has the lowest comparable Guarded PEG at 0.51×, 20.3% below RTX Corporation. Only 14 of 30 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/e signal. Evidence: Embraer S.A. · 0.51× | 20.3% versus #2 · RTX Corporation | 0/8 recent comparable periods | 14/30 companies · 109 observations Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction. ### Guarded PEG — lowest PEG 1. Embraer S.A. (EMBJ): 0.5 2. RTX Corporation (RTX): 0.6 3. CAE Inc. (CAE): 0.7 4. Elbit Systems Ltd. (ESLT): 1.2 5. Hexcel Corporation (HXL): 1.3 ### P/E — lowest P/E 1. Northrop Grumman Corporation (NOC): 16.2 2. Textron Inc. (TXT): 16.8 3. Lockheed Martin Corporation (LMT): 18.7 4. General Dynamics Corporation (GD): 22.0 5. Huntington Ingalls Industries, Inc. (HII): 24.7 ### 20-quarter Guarded PEG history - GE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.6 | Sep 2025 1.3 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 2.1 - RTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.8 | Jun 2023 1.0 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.6 | Mar 2025 1.2 | Jun 2025 — | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.6 | Jun 2026 — - LMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - HWM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.6 | Jun 2023 1.0 | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 0.9 | Jun 2025 1.1 | Sep 2025 1.5 | Dec 2025 1.8 | Mar 2026 1.3 | Jun 2026 — - GD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.7 | Jun 2025 0.8 | Sep 2025 0.9 | Dec 2025 1.6 | Mar 2026 — | Jun 2026 — - NOC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.8 | Jun 2026 — - TDG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.7 | Jun 2025 3.1 | Sep 2025 1.6 | Dec 2025 4.4 | Mar 2026 4.4 | Jun 2026 — - HEI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 5.0 | Sep 2023 3.8 | Dec 2023 3.9 | Mar 2024 3.2 | Jun 2024 4.0 | Sep 2024 3.8 | Dec 2024 2.6 | Mar 2025 1.9 | Jun 2025 1.7 | Sep 2025 2.1 | Dec 2025 1.9 | Mar 2026 2.6 | Jun 2026 1.6 - AXON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.8 | Dec 2023 7.8 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 6.4 | Jun 2025 34.0 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - ESLT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.4 | Jun 2023 2.6 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.7 | Mar 2025 0.9 | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 1.2 | Jun 2026 — - CW: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.7 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.7 | Dec 2024 2.3 | Mar 2025 1.8 | Jun 2025 2.5 | Sep 2025 2.8 | Dec 2025 2.0 | Mar 2026 2.3 | Jun 2026 — - WWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.3 | Sep 2023 0.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 1.2 | Mar 2025 4.4 | Jun 2025 — | Sep 2025 3.0 | Dec 2025 1.6 | Mar 2026 1.7 | Jun 2026 — - BWXT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 7.0 | Jun 2024 1.7 | Sep 2024 1.5 | Dec 2024 2.6 | Mar 2025 2.4 | Jun 2025 4.7 | Sep 2025 5.4 | Dec 2025 3.0 | Mar 2026 2.9 | Jun 2026 — - MOG-B: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 2.9 | Jun 2025 — | Sep 2025 1.8 | Dec 2025 — | Mar 2026 — | Jun 2026 — - DRS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.6 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 1.1 | Mar 2026 1.8 | Jun 2026 — - EMBJ: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - HII: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 2.3 | Jun 2023 — | Sep 2023 — | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.3 | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.2 | Mar 2026 2.3 | Jun 2026 — - KTOS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 32.9 | Mar 2026 13.8 | Jun 2026 — - CAE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.9 | Jun 2023 — | Sep 2023 — | Dec 2023 0.7 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - HXL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ### 20-quarter P/E history - GE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 53.8 | Mar 2023 10.0 | Jun 2023 10.1 | Sep 2023 10.0 | Dec 2023 12.2 | Mar 2024 43.8 | Jun 2024 36.0 | Sep 2024 32.6 | Dec 2024 27.8 | Mar 2025 31.6 | Jun 2025 36.6 | Sep 2025 40.1 | Dec 2025 37.8 | Mar 2026 34.9 | Jun 2026 43.9 - RTX: Sep 2021 38.9 | Dec 2021 33.6 | Mar 2022 35.5 | Jun 2022 32.1 | Sep 2022 27.3 | Dec 2022 28.8 | Mar 2023 26.1 | Jun 2023 26.0 | Sep 2023 33.5 | Dec 2023 37.7 | Mar 2024 38.3 | Jun 2024 58.0 | Sep 2024 34.6 | Dec 2024 32.6 | Mar 2025 38.8 | Jun 2025 32.1 | Sep 2025 34.4 | Dec 2025 37.0 | Mar 2026 36.2 | Jun 2026 — - BA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 87.6 | Mar 2026 96.6 | Jun 2026 — - LMT: Sep 2021 16.1 | Dec 2021 15.6 | Mar 2022 20.0 | Jun 2022 24.3 | Sep 2022 19.0 | Dec 2022 22.5 | Mar 2023 21.7 | Jun 2023 16.8 | Sep 2023 15.1 | Dec 2023 16.5 | Mar 2024 16.6 | Jun 2024 17.0 | Sep 2024 21.1 | Dec 2024 21.8 | Mar 2025 19.1 | Jun 2025 25.8 | Sep 2025 27.2 | Dec 2025 22.5 | Mar 2026 29.8 | Jun 2026 18.7 - HWM: Sep 2021 48.0 | Dec 2021 54.0 | Mar 2022 49.9 | Jun 2022 34.9 | Sep 2022 30.0 | Dec 2022 35.5 | Mar 2023 36.8 | Jun 2023 39.3 | Sep 2023 30.4 | Dec 2023 29.6 | Mar 2024 33.1 | Jun 2024 34.4 | Sep 2024 38.3 | Dec 2024 38.9 | Mar 2025 42.3 | Jun 2025 54.4 | Sep 2025 55.1 | Dec 2025 55.3 | Mar 2026 53.5 | Jun 2026 — - GD: Sep 2021 — | Dec 2021 17.0 | Mar 2022 — | Jun 2022 20.8 | Sep 2022 18.9 | Dec 2022 17.7 | Mar 2023 — | Jun 2023 18.7 | Sep 2023 17.7 | Dec 2023 18.5 | Mar 2024 23.0 | Jun 2024 22.6 | Sep 2024 22.9 | Dec 2024 19.3 | Mar 2025 18.7 | Jun 2025 19.5 | Sep 2025 21.4 | Dec 2025 21.8 | Mar 2026 — | Jun 2026 22.0 - NOC: Sep 2021 12.7 | Dec 2021 8.9 | Mar 2022 12.3 | Jun 2022 13.3 | Sep 2022 13.4 | Dec 2022 17.3 | Mar 2023 14.9 | Jun 2023 15.1 | Sep 2023 14.4 | Dec 2023 34.6 | Mar 2024 33.5 | Jun 2024 28.5 | Sep 2024 32.7 | Dec 2024 16.6 | Mar 2025 20.2 | Jun 2025 18.4 | Sep 2025 21.9 | Dec 2025 19.6 | Mar 2026 21.4 | Jun 2026 16.2 - TDG: Sep 2021 60.0 | Dec 2021 — | Mar 2022 49.8 | Jun 2022 46.4 | Sep 2022 41.5 | Dec 2022 42.6 | Mar 2023 — | Jun 2023 44.1 | Sep 2023 47.6 | Dec 2023 42.9 | Mar 2024 48.9 | Jun 2024 47.3 | Sep 2024 55.7 | Dec 2024 45.5 | Mar 2025 46.5 | Jun 2025 49.8 | Sep 2025 41.1 | Dec 2025 42.1 | Mar 2026 35.6 | Jun 2026 — - LHX: Sep 2021 — | Dec 2021 29.0 | Mar 2022 — | Jun 2022 27.2 | Sep 2022 25.1 | Dec 2022 37.9 | Mar 2023 41.0 | Jun 2023 46.6 | Sep 2023 22.4 | Dec 2023 32.7 | Mar 2024 34.6 | Jun 2024 35.9 | Sep 2024 37.1 | Dec 2024 — | Mar 2025 26.7 | Jun 2025 21.7 | Sep 2025 — | Dec 2025 32.0 | Mar 2026 30.6 | Jun 2026 33.5 - HEI: Sep 2021 — | Dec 2021 63.1 | Mar 2022 58.8 | Jun 2022 58.1 | Sep 2022 63.9 | Dec 2022 63.8 | Mar 2023 66.0 | Jun 2023 61.8 | Sep 2023 61.3 | Dec 2023 54.4 | Mar 2024 58.7 | Jun 2024 65.2 | Sep 2024 70.8 | Dec 2024 66.7 | Mar 2025 59.1 | Jun 2025 58.6 | Sep 2025 71.5 | Dec 2025 64.9 | Mar 2026 65.4 | Jun 2026 48.2 - AXON: Sep 2021 — | Dec 2021 — | Mar 2022 264.9 | Jun 2022 47.8 | Sep 2022 79.8 | Dec 2022 81.7 | Mar 2023 119.0 | Jun 2023 145.6 | Sep 2023 100.5 | Dec 2023 110.9 | Mar 2024 90.7 | Jun 2024 77.0 | Sep 2024 103.3 | Dec 2024 123.8 | Mar 2025 127.0 | Jun 2025 204.4 | Sep 2025 227.1 | Dec 2025 376.1 | Mar 2026 170.6 | Jun 2026 — - ESLT: Sep 2021 19.2 | Dec 2021 28.1 | Mar 2022 38.3 | Jun 2022 43.5 | Sep 2022 42.7 | Dec 2022 26.5 | Mar 2023 26.6 | Jun 2023 35.0 | Sep 2023 32.6 | Dec 2023 44.2 | Mar 2024 41.4 | Jun 2024 32.5 | Sep 2024 34.2 | Dec 2024 35.9 | Mar 2025 48.7 | Jun 2025 51.0 | Sep 2025 51.8 | Dec 2025 50.7 | Mar 2026 68.8 | Jun 2026 — - CW: Sep 2021 21.2 | Dec 2021 21.4 | Mar 2022 24.3 | Jun 2022 20.3 | Sep 2022 20.7 | Dec 2022 21.9 | Mar 2023 21.9 | Jun 2023 22.1 | Sep 2023 22.0 | Dec 2023 24.2 | Mar 2024 26.4 | Jun 2024 26.6 | Sep 2024 31.1 | Dec 2024 33.6 | Mar 2025 28.2 | Jun 2025 41.2 | Sep 2025 44.3 | Dec 2025 42.8 | Mar 2026 49.9 | Jun 2026 — - WWD: Sep 2021 35.6 | Dec 2021 36.4 | Mar 2022 46.1 | Jun 2022 35.4 | Sep 2022 29.6 | Dec 2022 35.1 | Mar 2023 37.6 | Jun 2023 35.8 | Sep 2023 32.9 | Dec 2023 28.7 | Mar 2024 26.9 | Jun 2024 29.2 | Sep 2024 28.5 | Dec 2024 28.3 | Mar 2025 29.9 | Jun 2025 39.3 | Sep 2025 35.2 | Dec 2025 41.0 | Mar 2026 46.0 | Jun 2026 — - FTAI: Sep 2021 0.1 | Dec 2021 — | Mar 2022 0.1 | Jun 2022 0.0 | Sep 2022 — | Dec 2022 — | Mar 2023 39.9 | Jun 2023 41.1 | Sep 2023 29.4 | Dec 2023 22.0 | Mar 2024 30.7 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 528.7 | Jun 2025 28.5 | Sep 2025 38.1 | Dec 2025 42.8 | Mar 2026 48.6 | Jun 2026 — - TXT: Sep 2021 — | Dec 2021 20.9 | Mar 2022 23.4 | Jun 2022 21.3 | Sep 2022 16.8 | Dec 2022 15.1 | Mar 2023 — | Jun 2023 17.4 | Sep 2023 15.6 | Dec 2023 17.6 | Mar 2024 20.5 | Jun 2024 18.1 | Sep 2024 19.2 | Dec 2024 17.8 | Mar 2025 16.5 | Jun 2025 18.2 | Sep 2025 18.4 | Dec 2025 — | Mar 2026 17.0 | Jun 2026 16.8 - BWXT: Sep 2021 20.2 | Dec 2021 14.8 | Mar 2022 17.1 | Jun 2022 16.4 | Sep 2022 14.9 | Dec 2022 22.3 | Mar 2023 24.0 | Jun 2023 29.2 | Sep 2023 30.7 | Dec 2023 28.6 | Mar 2024 37.1 | Jun 2024 32.5 | Sep 2024 36.0 | Dec 2024 36.3 | Mar 2025 31.4 | Jun 2025 45.0 | Sep 2025 55.4 | Dec 2025 48.3 | Mar 2026 54.7 | Jun 2026 — - MOG-B: Sep 2021 — | Dec 2021 16.1 | Mar 2022 15.8 | Jun 2022 19.7 | Sep 2022 16.1 | Dec 2022 14.6 | Mar 2023 — | Jun 2023 19.1 | Sep 2023 21.6 | Dec 2023 27.0 | Mar 2024 27.1 | Jun 2024 26.5 | Sep 2024 31.1 | Dec 2024 29.3 | Mar 2025 26.3 | Jun 2025 27.1 | Sep 2025 27.9 | Dec 2025 — | Mar 2026 31.0 | Jun 2026 — - DRS: Sep 2021 — | Dec 2021 12.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 6.8 | Mar 2023 — | Jun 2023 9.8 | Sep 2023 26.9 | Dec 2023 31.3 | Mar 2024 31.4 | Jun 2024 35.8 | Sep 2024 29.7 | Dec 2024 40.4 | Mar 2025 37.4 | Jun 2025 50.0 | Sep 2025 46.3 | Dec 2025 33.1 | Mar 2026 41.6 | Jun 2026 — - EMBJ: Sep 2021 — | Dec 2021 — | Mar 2022 207.1 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 20.9 | Mar 2024 18.6 | Jun 2024 12.4 | Sep 2024 12.9 | Dec 2024 18.9 | Mar 2025 26.0 | Jun 2025 34.1 | Sep 2025 35.6 | Dec 2025 59.5 | Mar 2026 54.9 | Jun 2026 — - HII: Sep 2021 11.6 | Dec 2021 13.8 | Mar 2022 15.0 | Jun 2022 14.9 | Sep 2022 15.4 | Dec 2022 16.0 | Mar 2023 14.6 | Jun 2023 17.5 | Sep 2023 15.4 | Dec 2023 15.2 | Mar 2024 16.4 | Jun 2024 13.1 | Sep 2024 14.9 | Dec 2024 13.5 | Mar 2025 14.7 | Jun 2025 18.1 | Sep 2025 19.9 | Dec 2025 22.1 | Mar 2026 24.7 | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 619.0 | Mar 2025 115.8 | Jun 2025 77.2 | Sep 2025 49.6 | Dec 2025 34.6 | Mar 2026 29.4 | Jun 2026 — - KTOS: Sep 2021 36.7 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 285.9 | Sep 2024 232.9 | Dec 2024 241.1 | Mar 2025 236.0 | Jun 2025 458.4 | Sep 2025 663.7 | Dec 2025 597.7 | Mar 2026 423.2 | Jun 2026 — - CAE: Sep 2021 84.1 | Dec 2021 91.2 | Mar 2022 72.3 | Jun 2022 105.7 | Sep 2022 53.0 | Dec 2022 46.8 | Mar 2023 44.3 | Jun 2023 34.1 | Sep 2023 35.2 | Dec 2023 34.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 27.9 | Jun 2025 30.9 | Sep 2025 30.3 | Dec 2025 35.7 | Mar 2026 37.3 | Jun 2026 — - HXL: Sep 2021 — | Dec 2021 272.6 | Mar 2022 104.3 | Jun 2022 48.9 | Sep 2022 40.7 | Dec 2022 39.5 | Mar 2023 38.6 | Jun 2023 43.7 | Sep 2023 34.7 | Dec 2023 59.5 | Mar 2024 62.3 | Jun 2024 49.2 | Sep 2024 47.2 | Dec 2024 39.4 | Mar 2025 36.3 | Jun 2025 52.3 | Sep 2025 73.8 | Dec 2025 53.9 | Mar 2026 53.2 | Jun 2026 — - AVAV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1,732.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 73.3 | Sep 2024 81.6 | Dec 2024 127.0 | Mar 2025 152.9 | Jun 2025 97.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — ## Enterprise Value & Book Value What the numbers say: Textron Inc. leads both ev/ebitda at 12.2× and p/bv at 1.91×. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Textron Inc. · 12.2× | 0.8% versus #2 · Lockheed Martin Corporation | 0/8 recent comparable periods | 26/30 companies · 443 observations Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts. ### EV/EBITDA — lowest EV/EBITDA 1. Textron Inc. (TXT): 12.2 2. Lockheed Martin Corporation (LMT): 12.3 3. Northrop Grumman Corporation (NOC): 14.1 4. StandardAero, Inc. (SARO): 14.5 5. CAE Inc. (CAE): 14.8 ### P/BV — lowest P/BV 1. Textron Inc. (TXT): 1.9 2. CAE Inc. (CAE): 2.2 3. AeroVironment, Inc. (AVAV): 2.2 4. Huntington Ingalls Industries, Inc. (HII): 2.9 5. StandardAero, Inc. (SARO): 3.2 ### 20-quarter EV/EBITDA history - GE: Sep 2021 2.2 | Dec 2021 21.4 | Mar 2022 14.3 | Jun 2022 10.1 | Sep 2022 12.6 | Dec 2022 16.1 | Mar 2023 80.9 | Jun 2023 57.4 | Sep 2023 35.0 | Dec 2023 22.5 | Mar 2024 28.4 | Jun 2024 31.1 | Sep 2024 36.7 | Dec 2024 27.7 | Mar 2025 27.9 | Jun 2025 33.4 | Sep 2025 34.4 | Dec 2025 33.9 | Mar 2026 30.2 | Jun 2026 37.6 - RTX: Sep 2021 18.7 | Dec 2021 16.0 | Mar 2022 18.6 | Jun 2022 18.3 | Sep 2022 16.0 | Dec 2022 18.4 | Mar 2023 17.2 | Jun 2023 17.0 | Sep 2023 18.3 | Dec 2023 19.6 | Mar 2024 21.3 | Jun 2024 24.5 | Sep 2024 19.1 | Dec 2024 17.7 | Mar 2025 19.6 | Jun 2025 18.6 | Sep 2025 19.8 | Dec 2025 20.5 | Mar 2026 20.7 | Jun 2026 — - BA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 321.8 | Dec 2023 179.4 | Mar 2024 139.8 | Jun 2024 1,210.3 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 31.3 | Mar 2026 28.9 | Jun 2026 — - LMT: Sep 2021 10.2 | Dec 2021 10.0 | Mar 2022 12.7 | Jun 2022 12.0 | Sep 2022 11.9 | Dec 2022 14.0 | Mar 2023 13.6 | Jun 2023 12.9 | Sep 2023 11.7 | Dec 2023 12.7 | Mar 2024 12.6 | Jun 2024 12.8 | Sep 2024 15.2 | Dec 2024 15.3 | Mar 2025 13.5 | Jun 2025 16.8 | Sep 2025 16.8 | Dec 2025 13.6 | Mar 2026 17.6 | Jun 2026 12.3 - HWM: Sep 2021 15.5 | Dec 2021 16.7 | Mar 2022 17.8 | Jun 2022 15.4 | Sep 2022 14.9 | Dec 2022 16.6 | Mar 2023 16.9 | Jun 2023 18.6 | Sep 2023 16.4 | Dec 2023 17.2 | Mar 2024 20.0 | Jun 2024 20.7 | Sep 2024 24.5 | Dec 2024 24.7 | Mar 2025 27.1 | Jun 2025 36.1 | Sep 2025 35.8 | Dec 2025 36.4 | Mar 2026 36.5 | Jun 2026 — - GD: Sep 2021 — | Dec 2021 12.8 | Mar 2022 — | Jun 2022 15.1 | Sep 2022 14.1 | Dec 2022 13.3 | Mar 2023 — | Jun 2023 13.8 | Sep 2023 13.2 | Dec 2023 13.5 | Mar 2024 16.5 | Jun 2024 16.2 | Sep 2024 16.2 | Dec 2024 13.8 | Mar 2025 13.6 | Jun 2025 14.0 | Sep 2025 15.2 | Dec 2025 15.4 | Mar 2026 — | Jun 2026 15.3 - NOC: Sep 2021 9.2 | Dec 2021 10.4 | Mar 2022 16.5 | Jun 2022 17.8 | Sep 2022 17.8 | Dec 2022 19.1 | Mar 2023 16.7 | Jun 2023 16.3 | Sep 2023 15.5 | Dec 2023 21.4 | Mar 2024 21.1 | Jun 2024 18.7 | Sep 2024 21.3 | Dec 2024 14.0 | Mar 2025 16.7 | Jun 2025 15.4 | Sep 2025 17.6 | Dec 2025 15.6 | Mar 2026 17.3 | Jun 2026 14.1 - TDG: Sep 2021 25.6 | Dec 2021 — | Mar 2022 24.0 | Jun 2022 23.5 | Sep 2022 19.2 | Dec 2022 19.5 | Mar 2023 — | Jun 2023 20.8 | Sep 2023 22.2 | Dec 2023 21.8 | Mar 2024 24.3 | Jun 2024 24.2 | Sep 2024 25.7 | Dec 2024 23.5 | Mar 2025 23.9 | Jun 2025 24.7 | Sep 2025 22.4 | Dec 2025 22.0 | Mar 2026 19.1 | Jun 2026 — - LHX: Sep 2021 — | Dec 2021 18.1 | Mar 2022 — | Jun 2022 18.9 | Sep 2022 18.4 | Dec 2022 22.3 | Mar 2023 25.4 | Jun 2023 26.5 | Sep 2023 26.4 | Dec 2023 20.3 | Mar 2024 30.1 | Jun 2024 17.5 | Sep 2024 17.9 | Dec 2024 — | Mar 2025 15.9 | Jun 2025 14.7 | Sep 2025 — | Dec 2025 18.8 | Mar 2026 19.9 | Jun 2026 21.9 - HEI: Sep 2021 — | Dec 2021 39.7 | Mar 2022 37.5 | Jun 2022 37.1 | Sep 2022 39.1 | Dec 2022 38.3 | Mar 2023 38.9 | Jun 2023 36.1 | Sep 2023 36.0 | Dec 2023 32.6 | Mar 2024 33.5 | Jun 2024 35.3 | Sep 2024 37.0 | Dec 2024 36.5 | Mar 2025 34.2 | Jun 2025 34.2 | Sep 2025 42.0 | Dec 2025 38.5 | Mar 2026 39.1 | Jun 2026 29.9 - AXON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 171.6 | Sep 2022 117.4 | Dec 2022 99.9 | Mar 2023 137.6 | Jun 2023 102.8 | Sep 2023 87.3 | Dec 2023 107.0 | Mar 2024 121.9 | Jun 2024 115.3 | Sep 2024 186.0 | Dec 2024 423.2 | Mar 2025 421.3 | Jun 2025 985.2 | Sep 2025 1,218.4 | Dec 2025 2,168.9 | Mar 2026 504.2 | Jun 2026 — - ESLT: Sep 2021 13.5 | Dec 2021 15.6 | Mar 2022 19.9 | Jun 2022 20.6 | Sep 2022 18.6 | Dec 2022 15.8 | Mar 2023 15.4 | Jun 2023 19.5 | Sep 2023 17.5 | Dec 2023 20.1 | Mar 2024 19.8 | Jun 2024 16.7 | Sep 2024 18.1 | Dec 2024 19.5 | Mar 2025 26.0 | Jun 2025 27.6 | Sep 2025 29.2 | Dec 2025 32.0 | Mar 2026 43.7 | Jun 2026 — - CW: Sep 2021 12.9 | Dec 2021 12.9 | Mar 2022 14.9 | Jun 2022 13.4 | Sep 2022 14.0 | Dec 2022 14.0 | Mar 2023 14.4 | Jun 2023 14.3 | Sep 2023 14.3 | Dec 2023 15.4 | Mar 2024 17.1 | Jun 2024 17.6 | Sep 2024 20.5 | Dec 2024 22.3 | Mar 2025 19.2 | Jun 2025 27.4 | Sep 2025 29.0 | Dec 2025 27.8 | Mar 2026 33.0 | Jun 2026 — - WWD: Sep 2021 20.0 | Dec 2021 19.9 | Mar 2022 24.0 | Jun 2022 18.4 | Sep 2022 16.7 | Dec 2022 20.2 | Mar 2023 21.2 | Jun 2023 21.8 | Sep 2023 20.5 | Dec 2023 19.0 | Mar 2024 18.6 | Jun 2024 20.3 | Sep 2024 19.7 | Dec 2024 19.6 | Mar 2025 21.3 | Jun 2025 28.2 | Sep 2025 26.2 | Dec 2025 27.9 | Mar 2026 31.0 | Jun 2026 — - FTAI: Sep 2021 24.2 | Dec 2021 17.6 | Mar 2022 33.0 | Jun 2022 28.2 | Sep 2022 7.7 | Dec 2022 13.9 | Mar 2023 12.0 | Jun 2023 11.8 | Sep 2023 12.1 | Dec 2023 13.9 | Mar 2024 17.4 | Jun 2024 22.4 | Sep 2024 24.7 | Dec 2024 39.7 | Mar 2025 18.5 | Jun 2025 17.1 | Sep 2025 21.6 | Dec 2025 24.1 | Mar 2026 28.8 | Jun 2026 — - TXT: Sep 2021 — | Dec 2021 2.0 | Mar 2022 15.0 | Jun 2022 13.7 | Sep 2022 11.4 | Dec 2022 10.7 | Mar 2023 — | Jun 2023 12.6 | Sep 2023 11.4 | Dec 2023 13.0 | Mar 2024 13.9 | Jun 2024 11.7 | Sep 2024 11.3 | Dec 2024 14.0 | Mar 2025 12.6 | Jun 2025 13.6 | Sep 2025 13.7 | Dec 2025 — | Mar 2026 12.2 | Jun 2026 12.2 - BWXT: Sep 2021 16.9 | Dec 2021 14.5 | Mar 2022 16.6 | Jun 2022 16.2 | Sep 2022 15.5 | Dec 2022 17.4 | Mar 2023 18.2 | Jun 2023 20.6 | Sep 2023 21.0 | Dec 2023 19.9 | Mar 2024 25.3 | Jun 2024 22.7 | Sep 2024 25.1 | Dec 2024 27.2 | Mar 2025 24.5 | Jun 2025 48.1 | Sep 2025 42.1 | Dec 2025 39.5 | Mar 2026 45.1 | Jun 2026 — - MOG-B: Sep 2021 — | Dec 2021 10.1 | Mar 2022 10.5 | Jun 2022 11.5 | Sep 2022 10.9 | Dec 2022 9.2 | Mar 2023 — | Jun 2023 11.3 | Sep 2023 12.8 | Dec 2023 14.0 | Mar 2024 13.6 | Jun 2024 14.1 | Sep 2024 16.8 | Dec 2024 15.6 | Mar 2025 15.0 | Jun 2025 15.7 | Sep 2025 15.1 | Dec 2025 — | Mar 2026 16.9 | Jun 2026 — - DRS: Sep 2021 — | Dec 2021 6.7 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 5.5 | Mar 2023 — | Jun 2023 8.5 | Sep 2023 16.4 | Dec 2023 16.5 | Mar 2024 24.2 | Jun 2024 26.5 | Sep 2024 27.4 | Dec 2024 21.7 | Mar 2025 28.3 | Jun 2025 38.2 | Sep 2025 35.4 | Dec 2025 19.9 | Mar 2026 31.9 | Jun 2026 — - EMBJ: Sep 2021 20.1 | Dec 2021 9.9 | Mar 2022 19.4 | Jun 2022 309.8 | Sep 2022 1,516.5 | Dec 2022 20.4 | Mar 2023 85.3 | Jun 2023 19.5 | Sep 2023 15.0 | Dec 2023 9.3 | Mar 2024 17.0 | Jun 2024 15.6 | Sep 2024 13.1 | Dec 2024 6.4 | Mar 2025 11.1 | Jun 2025 12.9 | Sep 2025 16.9 | Dec 2025 10.6 | Mar 2026 21.5 | Jun 2026 — - HII: Sep 2021 11.0 | Dec 2021 12.8 | Mar 2022 13.5 | Jun 2022 12.8 | Sep 2022 12.8 | Dec 2022 12.9 | Mar 2023 12.0 | Jun 2023 13.3 | Sep 2023 11.5 | Dec 2023 11.1 | Mar 2024 12.5 | Jun 2024 10.8 | Sep 2024 12.3 | Dec 2024 11.6 | Mar 2025 13.0 | Jun 2025 14.3 | Sep 2025 15.1 | Dec 2025 15.8 | Mar 2026 18.1 | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 17.9 | Mar 2025 18.4 | Jun 2025 20.1 | Sep 2025 16.8 | Dec 2025 15.8 | Mar 2026 14.5 | Jun 2026 — - KTOS: Sep 2021 45.3 | Dec 2021 39.4 | Mar 2022 47.2 | Jun 2022 37.7 | Sep 2022 39.3 | Dec 2022 37.4 | Mar 2023 47.6 | Jun 2023 39.9 | Sep 2023 — | Dec 2023 33.0 | Mar 2024 31.8 | Jun 2024 31.7 | Sep 2024 38.7 | Dec 2024 49.0 | Mar 2025 57.9 | Jun 2025 97.3 | Sep 2025 184.5 | Dec 2025 149.7 | Mar 2026 135.9 | Jun 2026 — - CAE: Sep 2021 25.8 | Dec 2021 22.9 | Mar 2022 22.0 | Jun 2022 23.6 | Sep 2022 16.0 | Dec 2022 16.2 | Mar 2023 15.9 | Jun 2023 14.1 | Sep 2023 14.7 | Dec 2023 13.7 | Mar 2024 62.8 | Jun 2024 15.2 | Sep 2024 14.5 | Dec 2024 17.7 | Mar 2025 14.0 | Jun 2025 14.2 | Sep 2025 13.1 | Dec 2025 13.6 | Mar 2026 14.8 | Jun 2026 — - HXL: Sep 2021 39.5 | Dec 2021 26.6 | Mar 2022 25.2 | Jun 2022 18.7 | Sep 2022 17.5 | Dec 2022 18.5 | Mar 2023 19.3 | Jun 2023 21.5 | Sep 2023 18.4 | Dec 2023 19.6 | Mar 2024 20.2 | Jun 2024 17.1 | Sep 2024 16.4 | Dec 2024 18.2 | Mar 2025 17.0 | Jun 2025 20.3 | Sep 2025 23.4 | Dec 2025 22.2 | Mar 2026 22.9 | Jun 2026 — - AVAV: Sep 2021 — | Dec 2021 44.7 | Mar 2022 27.8 | Jun 2022 41.6 | Sep 2022 37.8 | Dec 2022 53.2 | Mar 2023 38.3 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 41.7 | Sep 2024 45.9 | Dec 2024 70.1 | Mar 2025 72.0 | Jun 2025 52.7 | Sep 2025 185.3 | Dec 2025 226.2 | Mar 2026 — | Jun 2026 — ### 20-quarter P/BV history - GE: Sep 2021 1.9 | Dec 2021 1.6 | Mar 2022 1.6 | Jun 2022 1.3 | Sep 2022 1.3 | Dec 2022 1.7 | Mar 2023 2.6 | Jun 2023 3.1 | Sep 2023 3.4 | Dec 2023 4.0 | Mar 2024 5.1 | Jun 2024 9.3 | Sep 2024 10.8 | Dec 2024 9.3 | Mar 2025 11.1 | Jun 2025 14.3 | Sep 2025 16.9 | Dec 2025 17.3 | Mar 2026 16.4 | Jun 2026 22.0 - RTX: Sep 2021 1.8 | Dec 2021 1.8 | Mar 2022 2.0 | Jun 2022 2.0 | Sep 2022 1.7 | Dec 2022 2.0 | Mar 2023 2.0 | Jun 2023 2.0 | Sep 2023 1.5 | Dec 2023 1.9 | Mar 2024 2.1 | Jun 2024 2.3 | Sep 2024 2.6 | Dec 2024 2.6 | Mar 2025 2.9 | Jun 2025 3.1 | Sep 2025 3.5 | Dec 2025 3.8 | Mar 2026 3.9 | Jun 2026 — - BA: Sep 2021 -9.0 | Dec 2021 -7.9 | Mar 2022 -7.4 | Jun 2022 -5.5 | Sep 2022 -4.1 | Dec 2022 -7.2 | Mar 2023 -8.2 | Jun 2023 -8.2 | Sep 2023 -6.9 | Dec 2023 -9.2 | Mar 2024 -7.0 | Jun 2024 -6.2 | Sep 2024 -4.0 | Dec 2024 -33.9 | Mar 2025 -38.6 | Jun 2025 -48.1 | Sep 2025 -19.9 | Dec 2025 31.2 | Mar 2026 26.2 | Jun 2026 — - LMT: Sep 2021 9.9 | Dec 2021 8.8 | Mar 2022 12.0 | Jun 2022 9.7 | Sep 2022 9.0 | Dec 2022 13.3 | Mar 2023 12.5 | Jun 2023 12.5 | Sep 2023 11.0 | Dec 2023 16.1 | Mar 2024 16.4 | Jun 2024 17.9 | Sep 2024 19.1 | Dec 2024 18.0 | Mar 2025 15.4 | Jun 2025 20.1 | Sep 2025 18.1 | Dec 2025 16.5 | Mar 2026 18.9 | Jun 2026 13.3 - HWM: Sep 2021 3.7 | Dec 2021 3.8 | Mar 2022 4.4 | Jun 2022 3.8 | Sep 2022 3.9 | Dec 2022 4.5 | Mar 2023 4.6 | Jun 2023 5.4 | Sep 2023 4.9 | Dec 2023 5.5 | Mar 2024 6.8 | Jun 2024 7.4 | Sep 2024 9.1 | Dec 2024 9.7 | Mar 2025 10.9 | Jun 2025 14.9 | Sep 2025 15.4 | Dec 2025 15.4 | Mar 2026 16.7 | Jun 2026 — - GD: Sep 2021 — | Dec 2021 3.5 | Mar 2022 — | Jun 2022 3.7 | Sep 2022 3.5 | Dec 2022 3.3 | Mar 2023 — | Jun 2023 3.3 | Sep 2023 3.0 | Dec 2023 3.0 | Mar 2024 3.6 | Jun 2024 3.6 | Sep 2024 3.6 | Dec 2024 3.2 | Mar 2025 3.3 | Jun 2025 3.3 | Sep 2025 3.7 | Dec 2025 3.6 | Mar 2026 — | Jun 2026 3.6 - NOC: Sep 2021 5.0 | Dec 2021 4.7 | Mar 2022 2.6 | Jun 2022 5.4 | Sep 2022 5.2 | Dec 2022 5.5 | Mar 2023 4.6 | Jun 2023 4.5 | Sep 2023 4.2 | Dec 2023 4.8 | Mar 2024 5.0 | Jun 2024 4.5 | Sep 2024 5.2 | Dec 2024 4.5 | Mar 2025 4.9 | Jun 2025 4.6 | Sep 2025 5.4 | Dec 2025 4.9 | Mar 2026 5.7 | Jun 2026 4.1 - TDG: Sep 2021 -11.8 | Dec 2021 — | Mar 2022 -13.4 | Jun 2022 -12.6 | Sep 2022 -9.9 | Dec 2022 -10.3 | Mar 2023 — | Jun 2023 -13.9 | Sep 2023 -20.6 | Dec 2023 -16.0 | Mar 2024 -22.7 | Jun 2024 -28.5 | Sep 2024 -12.8 | Dec 2024 -11.6 | Mar 2025 -13.7 | Jun 2025 -16.9 | Sep 2025 -7.5 | Dec 2025 -8.0 | Mar 2026 -6.8 | Jun 2026 — - LHX: Sep 2021 — | Dec 2021 2.2 | Mar 2022 — | Jun 2022 2.5 | Sep 2022 2.4 | Dec 2022 2.1 | Mar 2023 2.0 | Jun 2023 2.0 | Sep 2023 1.8 | Dec 2023 2.1 | Mar 2024 2.2 | Jun 2024 2.3 | Sep 2024 2.3 | Dec 2024 — | Mar 2025 2.0 | Jun 2025 2.0 | Sep 2025 — | Dec 2025 2.9 | Mar 2026 2.9 | Jun 2026 3.4 - HEI: Sep 2021 — | Dec 2021 8.4 | Mar 2022 8.0 | Jun 2022 8.1 | Sep 2022 8.8 | Dec 2022 8.5 | Mar 2023 8.7 | Jun 2023 8.2 | Sep 2023 8.3 | Dec 2023 7.0 | Mar 2024 7.6 | Jun 2024 8.5 | Sep 2024 9.5 | Dec 2024 9.4 | Mar 2025 8.9 | Jun 2025 8.8 | Sep 2025 11.0 | Dec 2025 10.3 | Mar 2026 10.3 | Jun 2026 7.9 - AXON: Sep 2021 10.6 | Dec 2021 10.6 | Mar 2022 8.7 | Jun 2022 5.6 | Sep 2022 6.7 | Dec 2022 9.4 | Mar 2023 11.8 | Jun 2023 10.1 | Sep 2023 9.8 | Dec 2023 12.0 | Mar 2024 13.0 | Jun 2024 11.5 | Sep 2024 14.5 | Dec 2024 19.6 | Mar 2025 16.0 | Jun 2025 23.8 | Sep 2025 18.7 | Dec 2025 14.1 | Mar 2026 9.7 | Jun 2026 — - ESLT: Sep 2021 2.5 | Dec 2021 3.0 | Mar 2022 3.8 | Jun 2022 4.0 | Sep 2022 3.2 | Dec 2022 2.6 | Mar 2023 2.7 | Jun 2023 3.3 | Sep 2023 3.1 | Dec 2023 3.2 | Mar 2024 3.1 | Jun 2024 2.6 | Sep 2024 2.9 | Dec 2024 3.5 | Mar 2025 5.2 | Jun 2025 5.1 | Sep 2025 5.7 | Dec 2025 6.5 | Mar 2026 9.3 | Jun 2026 — - RKLB: Sep 2021 10.7 | Dec 2021 7.9 | Mar 2022 5.1 | Jun 2022 2.5 | Sep 2022 2.8 | Dec 2022 2.7 | Mar 2023 3.0 | Jun 2023 4.7 | Sep 2023 3.6 | Dec 2023 4.9 | Mar 2024 4.2 | Jun 2024 5.2 | Sep 2024 11.6 | Dec 2024 33.6 | Mar 2025 19.1 | Jun 2025 24.9 | Sep 2025 18.6 | Dec 2025 23.9 | Mar 2026 17.6 | Jun 2026 — - CW: Sep 2021 2.7 | Dec 2021 2.9 | Mar 2022 3.1 | Jun 2022 2.7 | Sep 2022 2.8 | Dec 2022 3.2 | Mar 2023 3.3 | Jun 2023 3.3 | Sep 2023 3.4 | Dec 2023 3.7 | Mar 2024 4.1 | Jun 2024 4.2 | Sep 2024 5.0 | Dec 2024 5.5 | Mar 2025 4.7 | Jun 2025 6.8 | Sep 2025 8.0 | Dec 2025 8.0 | Mar 2026 9.6 | Jun 2026 — - WWD: Sep 2021 3.2 | Dec 2021 3.1 | Mar 2022 3.7 | Jun 2022 2.9 | Sep 2022 2.5 | Dec 2022 3.0 | Mar 2023 2.9 | Jun 2023 3.4 | Sep 2023 3.6 | Dec 2023 3.7 | Mar 2024 4.0 | Jun 2024 4.8 | Sep 2024 4.7 | Dec 2024 4.5 | Mar 2025 4.7 | Jun 2025 6.0 | Sep 2025 5.9 | Dec 2025 7.0 | Mar 2026 8.4 | Jun 2026 — - FTAI: Sep 2021 1.8 | Dec 2021 2.2 | Mar 2022 2.8 | Jun 2022 2.3 | Sep 2022 0.8 | Dec 2022 90.4 | Mar 2023 37.9 | Jun 2023 34.8 | Sep 2023 37.7 | Dec 2023 26.5 | Mar 2024 38.1 | Jun 2024 151.7 | Sep 2024 115.0 | Dec 2024 181.5 | Mar 2025 401.9 | Jun 2025 71.5 | Sep 2025 67.8 | Dec 2025 60.4 | Mar 2026 58.2 | Jun 2026 — - TXT: Sep 2021 — | Dec 2021 2.6 | Mar 2022 2.5 | Jun 2022 2.3 | Sep 2022 1.9 | Dec 2022 1.8 | Mar 2023 — | Jun 2023 2.0 | Sep 2023 1.9 | Dec 2023 2.2 | Mar 2024 2.6 | Jun 2024 2.4 | Sep 2024 2.3 | Dec 2024 2.0 | Mar 2025 1.8 | Jun 2025 1.9 | Sep 2025 2.0 | Dec 2025 — | Mar 2026 1.9 | Jun 2026 1.9 - BWXT: Sep 2021 8.6 | Dec 2021 6.9 | Mar 2022 7.4 | Jun 2022 7.1 | Sep 2022 6.5 | Dec 2022 7.1 | Mar 2023 7.3 | Jun 2023 7.8 | Sep 2023 7.9 | Dec 2023 7.5 | Mar 2024 9.9 | Jun 2024 8.7 | Sep 2024 9.4 | Dec 2024 9.4 | Mar 2025 8.2 | Jun 2025 15.7 | Sep 2025 13.6 | Dec 2025 12.8 | Mar 2026 14.6 | Jun 2026 — - MOG-B: Sep 2021 — | Dec 2021 1.8 | Mar 2022 1.9 | Jun 2022 2.1 | Sep 2022 1.9 | Dec 2022 1.6 | Mar 2023 — | Jun 2023 2.0 | Sep 2023 2.3 | Dec 2023 2.9 | Mar 2024 2.9 | Jun 2024 3.0 | Sep 2024 3.5 | Dec 2024 3.4 | Mar 2025 3.1 | Jun 2025 3.1 | Sep 2025 3.3 | Dec 2025 — | Mar 2026 3.8 | Jun 2026 — - DRS: Sep 2021 1.5 | Dec 2021 — | Mar 2022 1.8 | Jun 2022 1.2 | Sep 2022 1.0 | Dec 2022 1.6 | Mar 2023 — | Jun 2023 — | Sep 2023 1.9 | Dec 2023 2.3 | Mar 2024 2.5 | Jun 2024 2.8 | Sep 2024 3.0 | Dec 2024 3.4 | Mar 2025 — | Jun 2025 — | Sep 2025 4.6 | Dec 2025 3.3 | Mar 2026 4.3 | Jun 2026 — - EMBJ: Sep 2021 1.2 | Dec 2021 0.6 | Mar 2022 0.9 | Jun 2022 0.6 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 1.2 | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.2 | Mar 2024 1.7 | Jun 2024 1.6 | Sep 2024 2.0 | Dec 2024 2.2 | Mar 2025 2.7 | Jun 2025 3.1 | Sep 2025 2.8 | Dec 2025 3.4 | Mar 2026 3.3 | Jun 2026 — - HII: Sep 2021 3.5 | Dec 2021 2.7 | Mar 2022 2.8 | Jun 2022 3.0 | Sep 2022 2.9 | Dec 2022 2.6 | Mar 2023 2.3 | Jun 2023 2.5 | Sep 2023 2.2 | Dec 2023 2.5 | Mar 2024 2.8 | Jun 2024 2.3 | Sep 2024 2.5 | Dec 2024 1.6 | Mar 2025 1.7 | Jun 2025 1.9 | Sep 2025 2.3 | Dec 2025 2.6 | Mar 2026 2.9 | Jun 2026 — - SARO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.5 | Mar 2025 3.7 | Jun 2025 4.2 | Sep 2025 3.5 | Dec 2025 3.6 | Mar 2026 3.2 | Jun 2026 — - KTOS: Sep 2021 3.0 | Dec 2021 2.6 | Mar 2022 2.8 | Jun 2022 5.9 | Sep 2022 1.5 | Dec 2022 1.3 | Mar 2023 1.8 | Jun 2023 1.9 | Sep 2023 — | Dec 2023 2.0 | Mar 2024 2.1 | Jun 2024 2.3 | Sep 2024 2.6 | Dec 2024 3.0 | Mar 2025 3.4 | Jun 2025 3.9 | Sep 2025 7.4 | Dec 2025 6.6 | Mar 2026 4.0 | Jun 2026 — - CAE: Sep 2021 3.0 | Dec 2021 2.6 | Mar 2022 2.6 | Jun 2022 2.5 | Sep 2022 1.6 | Dec 2022 1.9 | Mar 2023 2.2 | Jun 2023 2.1 | Sep 2023 2.2 | Dec 2023 2.0 | Mar 2024 2.1 | Jun 2024 1.9 | Sep 2024 1.9 | Dec 2024 2.5 | Mar 2025 2.3 | Jun 2025 2.6 | Sep 2025 2.6 | Dec 2025 2.6 | Mar 2026 2.2 | Jun 2026 — - HXL: Sep 2021 3.3 | Dec 2021 2.9 | Mar 2022 3.4 | Jun 2022 3.0 | Sep 2022 3.0 | Dec 2022 3.2 | Mar 2023 3.6 | Jun 2023 3.9 | Sep 2023 3.3 | Dec 2023 3.6 | Mar 2024 3.7 | Jun 2024 3.3 | Sep 2024 3.2 | Dec 2024 3.3 | Mar 2025 2.9 | Jun 2025 2.9 | Sep 2025 3.2 | Dec 2025 4.5 | Mar 2026 4.8 | Jun 2026 — - AVAV: Sep 2021 — | Dec 2021 3.7 | Mar 2022 2.2 | Jun 2022 3.3 | Sep 2022 3.6 | Dec 2022 3.7 | Mar 2023 3.6 | Jun 2023 4.8 | Sep 2023 4.4 | Dec 2023 4.0 | Mar 2024 4.2 | Jun 2024 5.5 | Sep 2024 5.8 | Dec 2024 7.3 | Mar 2025 5.9 | Jun 2025 4.8 | Sep 2025 2.9 | Dec 2025 4.2 | Mar 2026 3.3 | Jun 2026 2.2 - PL: Sep 2021 — | Dec 2021 -8.3 | Mar 2022 2.5 | Jun 2022 2.1 | Sep 2022 2.3 | Dec 2022 2.4 | Mar 2023 2.3 | Jun 2023 2.0 | Sep 2023 1.9 | Dec 2023 1.2 | Mar 2024 1.3 | Jun 2024 1.0 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 4.2 | Jun 2025 2.2 | Sep 2025 4.4 | Dec 2025 12.1 | Mar 2026 44.4 | Jun 2026 29.7 ## Market action Planet Labs PBC has the strongest one-year price move in Aerospace & Defense at +230.4%. Hexcel Corporation leads on Mansfield relative strength against the S&P 500 at +27.3%. 13 of 27 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Planet Labs PBC (PL): 230% 2. Moog Inc. (MOG-B): 112% 3. Hexcel Corporation (HXL): 85% 4. Elbit Systems Ltd. (ESLT): 76% 5. Woodward, Inc. (WWD): 58% ### Strongest relative strength versus NIFTY 500 1. Hexcel Corporation (HXL): 27% 2. Howmet Aerospace Inc. (HWM): 18% 3. Woodward, Inc. (WWD): 17% 4. Elbit Systems Ltd. (ESLT): 15% 5. RTX Corporation (RTX): 11% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. ## Every company - Space Exploration Technologies Corp. (SPCX) — market value ₹15.3 L Cr; latest fundamentals Mar 2026 - GE Aerospace (GE) — market value ₹3.8 L Cr; latest fundamentals Jun 2026 - RTX Corporation (RTX) — market value ₹2.9 L Cr; latest fundamentals Mar 2026 - The Boeing Company (BA) — market value ₹1.7 L Cr; latest fundamentals Mar 2026 - Lockheed Martin Corporation (LMT) — market value ₹1.3 L Cr; latest fundamentals Jun 2026 - Howmet Aerospace Inc. (HWM) — market value ₹1.1 L Cr; latest fundamentals Mar 2026 - General Dynamics Corporation (GD) — market value ₹1.1 L Cr; latest fundamentals Jun 2026 - Northrop Grumman Corporation (NOC) — market value ₹78.0K Cr; latest fundamentals Jun 2026 - TransDigm Group Incorporated (TDG) — market value ₹73.2K Cr; latest fundamentals Mar 2026 - Honeywell Aerospace Inc. (HONA) — market value ₹68.4K Cr; latest fundamentals Mar 2026 - L3Harris Technologies, Inc. (LHX) — market value ₹56.9K Cr; latest fundamentals Jun 2026 - HEICO Corporation (HEI) — market value ₹50.8K Cr; latest fundamentals Jun 2026 - Axon Enterprise, Inc. (AXON) — market value ₹44.1K Cr; latest fundamentals Mar 2026 - Elbit Systems Ltd. (ESLT) — market value ₹38.6K Cr; latest fundamentals Mar 2026 - Rocket Lab Corporation (RKLB) — market value ₹38.2K Cr; latest fundamentals Mar 2026 - Curtiss-Wright Corporation (CW) — market value ₹26.9K Cr; latest fundamentals Mar 2026 - Woodward, Inc. (WWD) — market value ₹24.5K Cr; latest fundamentals Mar 2026 - FTAI Aviation Ltd. (FTAI) — market value ₹21.8K Cr; latest fundamentals Mar 2026 - Textron Inc. (TXT) — market value ₹15.6K Cr; latest fundamentals Jun 2026 - BWX Technologies, Inc. (BWXT) — market value ₹15.5K Cr; latest fundamentals Mar 2026 - Moog Inc. (MOG-B) — market value ₹13.3K Cr; latest fundamentals Mar 2026 - Leonardo DRS, Inc. (DRS) — market value ₹13.1K Cr; latest fundamentals Mar 2026 - Embraer S.A. (EMBJ) — market value ₹12.1K Cr; latest fundamentals Mar 2026 - Huntington Ingalls Industries, Inc. (HII) — market value ₹11.8K Cr; latest fundamentals Mar 2026 - StandardAero, Inc. (SARO) — market value ₹10.0K Cr; latest fundamentals Mar 2026 - Kratos Defense & Security Solutions, Inc. (KTOS) — market value ₹9.1K Cr; latest fundamentals Mar 2026 - CAE Inc. (CAE) — market value ₹8.5K Cr; latest fundamentals Mar 2026 - Hexcel Corporation (HXL) — market value ₹8.3K Cr; latest fundamentals Mar 2026 - AeroVironment, Inc. (AVAV) — market value ₹7.9K Cr; latest fundamentals Jun 2026 - Planet Labs PBC (PL) — market value ₹7.3K Cr; latest fundamentals Jun 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which Aerospace & Defense company is the biggest? The Boeing Company is the largest, with trailing-twelve-month revenue of $92,184 million, ahead of RTX Corporation at $90,373 million. That covers 22 of 30 companies with comparable reporting through Mar 2026. ### Which Aerospace & Defense company is growing fastest? AeroVironment, Inc. has the fastest revenue growth at 100% year on year, across 22 of 30 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which Aerospace & Defense company has the best profit margins? TransDigm Group Incorporated has the highest operating margin at 46.3%, from 30 of 30 comparable companies. Rocket Lab Corporation shows the biggest recent improvement, at +20.4 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Aerospace & Defense company makes the most profit? GE Aerospace earns the most, at $8,974 million of trailing-twelve-month net profit, from 22 of 30 comparable companies. FTAI Aviation Ltd. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Aerospace & Defense company earns the highest return on capital? Honeywell Aerospace Inc. leads on return on capital employed at 14.4%, across 30 of 30 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which Aerospace & Defense stock is the cheapest? On guarded PEG — where a LOWER number is cheaper — Embraer S.A. screens cheapest at 0.51×. Only 14 of 30 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Which Aerospace & Defense company has the strongest balance sheet? Rocket Lab Corporation carries the lowest comparable gross debt at $139 million, from 30 of 30 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment. ### Which Aerospace & Defense company is investing most in new capacity? Space Exploration Technologies Corp. reports the largest capital spending at $8,919 million, across 30 of 30 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation. ### Is the Aerospace & Defense sector beating the market? Aerospace & Defense has outperformed S&P 500 by 10.2% over the last 52 weeks and 1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 13 of 27 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which Aerospace & Defense stock has the strongest price momentum? Hexcel Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which Aerospace & Defense company scores highest for research priority? Howmet Aerospace Inc. scores 70.3 out of 100 with 82% evidence confidence, from 25.6 points on growth and earnings, 15.3 on capital efficiency, 10.9 on valuation and 18.5 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many Aerospace & Defense companies does this comparison cover, and over what period? It compares 30 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the Aerospace & Defense sector? The 30 Aerospace & Defense companies on this page carry $3,389,884 million of combined market value. Space Exploration Technologies Corp. is the largest at $1,534,656 million, about 45% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the Aerospace & Defense sector's P/E ratio? The median price-to-earnings ratio across the 30 Aerospace & Defense companies on this page is 45.9×, measured on the 26 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the Aerospace & Defense sector performing? 13 of the 27 covered Aerospace & Defense companies are beating S&P 500 on Mansfield relative strength. The sector itself is 10.2% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many Aerospace & Defense stocks are listed in the US? This comparison covers 30 listed Aerospace & Defense companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/aerospace-defense